Message from the Executive Chair

2021 announced itself as the year of transition. At the start of the year, the massive vaccination drive brought a return to normal life within grasp. However, as autumn turned into winter, reality kicked in and it became clear that COVID and its impact on socio-economic life would not disappear overnight.

Next to the latest pandemic, in 2021 we faced several structural trends: the effects of climate change, rising environmental awareness, a need to address social inequality, and exploding digitalisation. The urban environment grapples with structural supply challenges because of increased urbanisation and an aging population. These megatrends impacted our business and society at large and will continue to do so in the long run.

Read the message from the Executive Chair
Marnix Galle

Our strategy

Through both property developments and investments, Immobel Group aims to build sustainable and high-quality urban environments on the European property market to meet the needs of the people who live, work and spend leisure time there. Immobel delivers major mixed-use urban projects thanks to the variety of expertise within its staff.

2021 Key figures

For cities

1,600,000 m² under development

> EUR 725 mio of market capitalisation

EUR 5.5 bio in gross development value (GDV)

85 projects under development

71% residential projects in portfolio

200 f/m talents

For people

2021 Highlights

Delivery of 165 premium apartments in Infinity: the tallest residential building of Luxembourg

Start of the construction works at the green residential project Îlot Saint-Roch in Nivelles, Belgium

Marketing of River Place and Canal 44, two new residential projects in Luxembourg and Esch-⁠sur-⁠Alzette

Sale of 129 residential units in the Brouck’R Brussels project to Quares Student Housing

The Multi office tower in Brussels is fully let to bpost, TotalEnergies, Immobel and a bank

First closing of the Immobel BeLux Office Development Fund. Two investments: the Scorpio office building in Luxembourg and Sabam’s headquarters in Brussels

Sales agreement for Commerce 46 building in Brussels with Allianz

Inclusion in the MSCI World Small Cap Index

Planning permission is received for the development of “Wonen aan het groen” in Tielt, Belgium

Immobel and BPI Real Estate sell part A of the Key West project in Brussels to Home Invest Belgium

Purchase of a new site in Godbrange, Grand Duchy of Luxembourg

Successful commercialisation of phase 1 of Fort d'Aubervilliers; marketing phase 2 starts earlier than foreseen, France

Pictet Alternative Advisors and Immobel acquire an office building located in the Paris-Opera district

Immobel and BPI Real Estate obtain building permit for the Brouck'R project in Brussels

Building permit request for the renovation of the Isala building in Brussels

Immobel and Goldman Sachs Asset Management acquire and plan to redevelop a 2,700 m² high-quality building in the centre of Paris

Redevelopment of Tati Barbès as a mixed-use building, Paris

12th Belgian and 2nd Luxembourg editions of Immorun, two must-attend after-work events sponsored by Immobel, take place

EUR 125 million green bonds issued to finance the development of our high-quality sustainable projects

Urban approval for the Four Seasons Resort at Marbella, Spain

Construction works of Central Point in Poland finalised. First tenants occupy the building

Immobel joins PropTech Lab Belgium, the community of innovators in the real estate value chain

Immobel selected by Proximus as preferred candidate to finalise negotiations for the acquisition and redevelopment of Proximus’ new headquarters in Brussels

Sales agreement for the BREEAM Excellent Möbius II building in Brussels with the Belgian State

Immobel France becomes member of the association "Everybody against cancer"

End of the structural works for the iconic Nova office development, Luxembourg

Eden’s green façade is completed, Frankfurt

ESG commitment

Since we are very aware that buildings become a part of cities for a very long time, we want our projects to be healthy living places. The current health crisis has shown us, more than ever, what will count in the future: the ability of places to contribute to our quality of life, to reduce our environmental footprint and to actively contribute to the vitality of the region.


What’s a city without its people?

Simply a collection of empty shells. At Immobel we are committed to co-create cities that live and breathe. Cities that are attractive places to live and work in, and to enjoy.

Places that inspire, connect, and bring peace and fulfillment. Everyone has their own individual story of what a city means to them. In the following articles we share some of these stories. We hope you enjoy reading how people are shaping or reshaping our cities, for the benefit of the users, the community, and the environment.

River place

Combining easy living with urban vibrancy

Central Point

at the crossroads where ancient glory meets modern design


At the core of ‘Reinventing Paris’


Bringing back the buzz to the city of Brussels


Turning a business district into a vibrant place to live

The Slachthuis Site

Transforming an area of rich history into a new and dynamic neighbourhood with a bright future

Giving buildings a second life

Contributing to a more inclusive society

Canal 44

Diversity, heritage and biodiversity in the heart of the city centre

Horizon Nature

When the sustainable outcome is greater than the sum of the individual environmental elements


Europe’s most sustainable building

Embracing circularity

Shareholder information

Immobel aspires to a dividend increase of up to 10% every year, subject to the absence of any unforeseen exceptional events. For the 2021 financial year, the Board of Directors confirms an increase of 10%, bringing the dividend to EUR 3.05 per share.

Portfolio by property type

* Gross Development Value: the total expected turnover (group share) of all projects in the portfolio

15.9 %

ROE - average over 6 years

Dividend per share (€/share)

Activities by country


2021 was again a very active year for Immobel in Belgium. We confirmed our leading market position with about 635,000 m² of residential and office projects under development.


2021 proved to be a more successful year for Immobel France than 2020 in terms of business activity. However, we have not yet returned to the pre-pandemic levels of 2017 to 2019.


Despite the health crisis, demand in the Luxembourg residential market has increased, leading to upward pressure on prices. Customers are looking for comfortable outdoor spaces and are placing greater emphasis on single-family homes on the outskirts. During 2021 we worked on new acquisitions.


The impact of COVID-19 on construction work and sales activities remained fairly limited in Poland.


The German market has once again proved to be one of the most resilient. The impact of COVID-19 is still clearly noticeable in the office and hotel markets, but residential, logistics and retail are doing better. In the residential market in particular, which we focus on, there is an immense surplus of demand.


In 2021 the Spanish market was dynamic, especially in residential real estate and logistics. Immobel Spain’s main achievement in 2021 was approval of urban planning permission for the Marbella Four Seasons Resort.

United Kingdom

In 2020 and 2021 Immobel laid the groundwork for its investment management activity. Since early 2022, these activities are grouped in Immobel Capital Partners which operates from the United Kingdom.

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