Extensa Group

Beneficial interest AvH: 100%
AvH Contact: Jan Suykens

Extensa is a real estate developer focused on residential and mixed projects in Belgium and the Grand Duchy of Luxembourg.

Information from the 2016 annual report

Financial overview 2016

The net result of Extensa Group for the 2016 financial year - excluding the contribution of LRE to the result - amounted to 30.4 million euros, compared with 31.0 million euros in 2015 (excluding the remeasurement of 23.5 million euros at yearend 2015 on the acquisition of control over Tour & Taxis).

The net contribution of the Tour & Taxis project amounted to 27.1 million euros and is generated by the rental and management of properties (such as the Sheds, Hôtel de la Poste, car parks, events) and the recognition of a partial result (according to percentage of completion) of the margin on the Herman Teirlinck building and the Gloria residence. In Luxembourg, the residences and two office projects in Cloche d’Or contributed 11.7 million euros.

The balance sheet total increased from 559 million euros at year-end 2015 to 654 million euros at year-end 2016, which is largely explained by the construction projects in progress. The equity increased from 205 million euros to 242 million euros over this period.

Operational overview 2016

Urban development projects

The procedure for drawing up a special zoning plan for the Tour & Taxis site in Brussels was initiated in 2015 and was approved by the city of Brussels in December 2016. After approval by the Brussels-Capital Region at the beginning of 2017, the planning process for the site can be completed at last.

Construction work on the Herman Teirlinck office building (48,096 m² gross) began in April 2015 and will be completed in the second quarter of 2017.

This highly energy-efficient building has been prelet to the Flemish Community and will be the new Flemish Administrative Centre in Brussels. In 2015, Participatiemaatschappij Vlaanderen (PMV) took a 49% stake in the project company as planned. At year-end 2016, Extensa reached an agreement on the sale of the project company to the insurance company Baloise. The contribution of both transactions is recognized according to percentage of completion of the building, and amounted to 20.2 million euros in 2016. The proceeds will enable Extensa to repay the remaining balance of the bridge loan of 75 million euros which it had taken out at the beginning of 2015 to acquire the 50% stake in Tour & Taxis.

The 115 apartments of the Gloria residence, the first apartment building on the Tour & Taxis site, are fully completed in the first quarter of 2017. Allmost all residential units were sold by the end of 2016. A planning application was submitted in the fourth quarter of 2016 for the remainder of this residential quarter, situated on either side of a new avenue with rows of trees. The project comprises a residential care centre, service flats and 350 apartments, all designed by the architects AWG, Sergison Bates and noA. The planning permission can be approved as soon as the special zoning plan has become final. Hence, it should be possible to start the construction in 2017.

In May 2016, Extensa acquired the Hôtel des Douanes from Sopima (Belgian federal government). This former office building of the customs authorities with a (gross) area of 8,872 m² is strategically situated in the southern corner of the Tour & Taxis site. It is situated opposite the Picard Bridge, on which construction work will begin in the second quarter of 2017. At year-end 2016, Publicis One centralized its Belgian operations in this building pending its permanent relocation to the ‘Gare Maritime’ at the end of 2018.

The renovation of the existing structure of the ‘Gare Maritime’ has started and will be completed by the end of 2017. This former freight station (40,000 m²) will be the new focal point of the Tour & Taxis site, and combines work space, thematic retail stores and sales outlets of food and drink. Some of the surrounding buildings (the Quai, ‘Dangerous Products’) were also refurbished and will be used mainly for events.

On the site adjoining the future Picard Bridge, Extensa will put up an apartment building with 138 residential units. Sales and construction are expected to start in the first half of 2017.


In the context of the Cloche d’Or project, Grossfeld PAP (Extensa 50%) has purchase options on very well located sites in the south of Luxembourg city. The major routes that structure the area are currently under construction by the city of Luxembourg and the Luxembourg state.

Off-plan sales of the apartments began in October 2014. By the end of 2016, 567 housing units were sold. Construction work on phases 1, 2 and 3 has begun. Sales of phase 4 began in the first quarter of 2017.

Construction work has started on the head offices of Alter Domus (10,500 m²) and Deloitte Luxembourg (30,000 m²). Completion is scheduled for the third quarter of 2018.

On the building lot that was sold in 2014, Auchan Group is currently putting up a regional shopping centre, which will open in 2019. This will make the site even more attractive for residents and business customers.


Developments and residential projects in Belgium

Several new construction projects are going through the administrative procedures for enforceable building permits. In Flanders, projects in Edegem, Schilde, Wuustwezel, Kapellen, Brasschaat and Leuven are under investigation. The Groeninge project in Kontich (651 houses and apartments) made substantial progress in the planning procedure. In Wallonia, the outcome for the projects in Wavre, La Hulpe and Tubize looks favourable.


Slovakia, Romania, Turkey

In Trnava, Slovakia, Top Development (Extensa 50%) consolidated its retail park (7,789 m²) by adding a petrol station. Further developments on the available building lots are under investigation.

In view of market conditions, no special progress was made in the development of the Romanian land positions.

Control was acquired over a new land position in the vicinity of the Topkapi Palace (Zeytinburnu) in Istanbul (Turkey) with a view to the development of around 250 apartments (of which 147 units for Extensa).


Real estate investments

At the beginning of 2016, apart from the heritage buildings on the Tour & Taxis site, four other rented buildings with a total carrying value of 12 million euros are all that remains in the real estate lease portfolio. These properties are actively managed.


Outlook 2017

Extensa’s developments on Tour & Taxis and Cloche d’Or will continue to support the results of Extensa in 2017 and subsequent years.

16-3618-Extensa _Tabel _UK



Press releases

16/01/2015 Extensa acquires 100% of Tour&Taxis