Home Invest Belgium (HOMI) will develop approximately 800 residential units in Brussels’ European Quarter over the coming years, the publicly listed residential property rental company announced on Wednesday.
A preliminary agreement has been signed with the Cityforward fund, which previously announced a redevelopment project for 17 office buildings owned or formerly owned by the European Commission.
Cityforward aims to create "a new sustainable and dynamic European Quarter with a mix of offices, residences, commercial spaces, and public facilities."
Home Invest Belgium will oversee the residential segment of the project, encompassing nine of the 17 buildings. This includes not only the housing units but also the commercial spaces and public facilities at the base of the buildings.
Around 800 residential units are expected to be completed over seven to nine years, with the first apartments potentially being delivered by 2028. Cityforward will handle the office portion of the project.
HOMI will gain full ownership of the projects after securing a final building permit and meeting several suspensive conditions.
The company will make an advance payment of €50 million to Cityforward upon signing the final agreements, expected in the second quarter of 2025.
