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Immobel and Allfin not to merge

Allfin head Marnix Galle is the new chairman of the board of Immobel
Allfin head Marnix Galle is the new chairman of the board of Immobel

A probable top-level merger in the real estate world is, in the end, not going to take place. Allfin is just on the point of acquiring a fraction under 30% of the shares of Immobel, and a full merger had been a clear possibility. However, Immobel has decided that it does not wish the merger to take place. A significant change is taking place within Immobel nevertheless, with the resignation of its CEO Gaëtan Piret, who has been with the company for 25 years. The resignation is operational in December, and a new CEO is expected to be named shortly.

Speaking to our colleague Brigitte Wolf-Cambier of ‘Le Soir’, Allfin CEO Marnix Galle, who also becomes chairman of the board of Immobel, said: “We came to the conclusion that everything was not in place for a merger to be a success. This is therefore no longer on the agenda for the moment. We will concentrate on our preferred solution, a change of management”. Marnix Galle also pointed out the significance of the volume of shares bought: “We had to remain below 30% or else we would be legally obliged to make a public offering for the whole of the company”.

Allfin and Immobel have been particularly active at the top end of the Brussels market over recent times. Allfin is the developer of the mammouth Solvay redevelopment in Ixelles, and for the equally massive ‘Chambon’ programme in the historic centre of Brussels. Immobel, for its part, can point to ‘Black Pearl’ in the European district, among its latest development activities.
Tim Harrup

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