Brussels, 22 August 2024 – Immobel has decided not to exercise the call option on the Proximus Towers. This decision follows a period of intensive negotiations during which various solutions were explored and proposed to Proximus. Despite significant progress, a mutually acceptable outcome has ultimately not been reached.

Given the current market conditions and the lack of a balanced solution, Immobel has decided not to exercise the call option on the Proximus Towers. Under the existing terms and conditions – including a purchase price of EUR 143 million – proceeding with the project would have too significant a financial impact on the company, its balance sheet and liquidity position.

Immobel will therefore write off the project, resulting in an impairment charge of EUR 48 million. These costs were largely incurred in 2023 and included the payment of EUR 30 million to Proximus in December 2023. This adjustment will have no further impact on the company’s liquidity position. Immobel is exploring options in order to maximize the recovery of this impairment.

The building permit was obtained in June 2024 and Immobel remains the sole owner and rightsholder of both the building permit and the intellectual property rights to the project.

Immobel regrets this outcome and the impact the cancellation of the project will have on the various stakeholders, in particular on the 6,000 employees of Proximus. As such, the project has been designed together with Proximus’ employees and other stakeholders in order to create an iconic and sustainable campus that would act as a vibrant hub in the North District.

Immobel remains open to discuss any alternatives together with Proximus that could contribute to the realisation of the project.