Redevelopment plan for Proximus towers is scrapped

Real estate development company Immobel has abandoned its plan to renovate Proximus’s iconic towers near Brussels-North station.

Immobel said the decision “follows a period of intensive negotiations during which various solution were explored and proposed,” but that this did not result in “a mutually acceptable outcome”.

Immobel said that given the existing terms and conditions, notably the €143 million purchase price, “proceeding with the project would have had too significant an impact financially on the company”.

The company said it was disappointed with this outcome, and that it regrets the impact its cancellation will have on the various stakeholders, particularly Proximus’s 6,000 employees.

It emphasises its willingness to discuss possible alternatives that could contribute to the eventual realisation of the project, which had aimed to create “an iconic and sustainable campus that would act as a vibrant hub in the North District”, including housing, shops and public spaces.

Meanwhile, Proximus said that, in December 2023, both parties agreed to extend the initially scheduled closing period by nine months, where Immobel had the sole right to call the transaction, at the latest on 21 August 2024.

“At the same time, Immobel agreed to an irrevocable payment of €30 million, received in December 2023," Proximus said.

“As the agreed nine-month period has expired without Immobel exercising the call option, Proximus will not receive the remaining proceeds of €113 million in 2024, yet maintains full ownership of the headquarter building”.

It added: “Proximus is considering alternative scenarios for its headquarters and will start to discuss with interested parties to safeguard economic value for the future.”

The telecoms and real estate groups reached an agreement on the project back in March 2022. Immobel had pledged to buy and renovate the building by the end of 2026, after which Proximus would lease back part of the complex.

Immobel obtained the building permit in June 2024 and remains sole owner and rights holder of this permit and of the project’s intellectual property rights.