The property development group Immobel has purchased about 40 ha of land for residential development from family construction group Bostoen. The sale comprises 13 sites, located mainly in East and West Flanders. One of the sites is subject to suspensive conditions.

Both companies have worked together for many years on specific projects, with Bostoen mainly building single-family homes on land belonging to Immobel.

Meanwhile, as with the recent merger with Allfin, this move confirms Immobel’s commitment and drive to establish a more prominent presence in Flanders, too, for the development of residential construction projects in cooperation with professional partners in the sector and in close consultation with the local authorities. This transaction is in line with the company’s strategy and will contribute positively to the results on the short and middle term.

“This agreement consolidates our position on the East and West Flanders market and leads to a better geographic spread of the residential building land supply across the country. At the same time, the purchase increases the book value of the land parcelling portfolio by over 20%, bringing it to more than EUR 110 million for 430 ha of land,” says Philippe Helleputte, Head of Landbanking at Immobel.

The transaction means that Bostoen can release resources to develop its activities in other segments and regions. The group aims to focus on urban development and strengthening its activities along the Antwerp-Ghent-Brussels axis.

“We will continue our policy and further invest in land that we can develop within three to five years along socially responsible, urban planning lines, where safety, the environment, sustainability and mobility will be important aspects” says Johan De Vlieger, Director Legal and Project Development at Bostoen.

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