The Belgian government has struck a deal to purchase 23 office buildings from the European Commission, marking a significant step toward the revitalization of Brussels'

European Quarter. The majority of these buildings will undergo a transformation into sustainable offices, shops, public facilities, and residences, promising a substantial overhaul of the area.

The European Commission is selling this portfolio of 23 buildings to the Federal Holding and Investment Company (SFPIM) of the Belgian government for approximately €880 million. Subsequently, the government's investment entity has leased the 21 buildings located within Brussels' European Quarter to the Belgian fund Cityforward. This fund, established by SFPIM and insurer Ethias and managed by their Brussels-Antwerp partner Whitewood, will oversee the transformation process.

These 21 buildings, covering a total area of 300,000 square meters, will be repurposed into sustainable offices (70%), residential apartments (25%), and retail or public facilities (5%). This ambitious project aims to introduce 750 to 800 new residences to the district, with the first occupants expected to move in by 2028.

The estimated cost of renovating these buildings is on par with the purchase price, resulting in a total investment nearing €2 billion. This substantial investment is poised to trigger a profound metamorphosis of the European Quarter.

Frédéric Van der Planken, CEO of Whitewood and manager of Cityforward, expressed optimism about the project, stating, "The groundwork has been laid for the European Quarter to evolve into a diverse urban environment with sustainable workplaces and a high quality of life."

In addition to the buildings within the European Quarter, two other buildings outside the area have been sold to the Vicinity Affordable Housing Fund and neighborhood developer Matexi. These buildings will undergo redevelopment into sustainable and affordable rental and owner-occupied residences, contributing to the broader vision of urban rejuvenation. Photo by William Murphy from Dublin, Ireland, Wikimedia commons.