Immobel has decided not to exercise the purchase option on the Proximus Towers.
This decision follows a period of intensive negotiations in which various solutions were examined and proposed to Proximus. Despite significant progress, a result acceptable to all parties could not ultimately be achieved.
The listed real estate group Immobel reports this in a press release.
Given the current market conditions and the lack of a balanced solution, Immobel has decided not to exercise the purchase option on the Proximus Towers. Under the existing conditions – including a purchase price of 143 million euros – the continuation of the project would have too great a financial impact on the company, its balance sheet and liquidity position.
Immobel will therefore write off the Proximus project, resulting in a depreciation of 48 million euros. These costs were largely incurred in 2023 and also include the payment of EUR 30 million to Proximus in December 2023. This write-off will have no further impact on the liquidity position. Immobel is investigating what is possible to recover this depreciation as much as possible.
Immobel regrets this outcome and the impact that the termination of the project will have on the various stakeholders, not least the 6,000 employees of Proximus. After all, the project was designed together with Proximus employees and other stakeholders as an iconic and sustainable campus that would function as a vibrant hub in the Noordwijk.
However, Immobel remains prepared to discuss possible alternatives together with Proximus that can contribute to the final realization of the project, the real estate group concludes in the message.
