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North Galaxy – Brussels
Excluding projects that were started but not yet completed in 2013,
the main projects for 2014 will be:
Property
Type
of works
Surface
area
(Expected)
End of
works
E-level
after
works
Max
authorised
E-level
Tervueren/
Tervuren
270-272
Medium-scale
renovation
(phase VI)
3,391m²
Q3 2014
90
1
N/A
Guimard 10-12 Renovation of
offices
15,400m²
Q3 2015
61
N/A
Science/
Wetenschap
15-17
Renovation of
offices and
addition of
housing units
20,000m²
Q2 2016
44
90
N/A: not applicable
Livingstone I
The former office building Livingstone I (16,000m
2
) is currently undergoing
a reconversion into a residential property. It will comprise four separate
apartment blocks, offering a total of 122 housing units for sale. The project
was selected as the winner of the “conversion of vacant office buildings
into housing” competition organised by the Brussels Capital Region.
As regards energy performance, the apartments will have a thermal insu-
lation rating of K30 and an energy consumption rating of E60.
At the start of 2013, Cofinimmo transferred the risk associated with sell-
ing the apartments of the Livingstone I building to the general contractor
Cordeel
2
. The latter guarantees the payment of a global amount of €24mil-
lion as the apartments are sold and in January 2017 at the latest. The
different permits required for the conversion works have been obtained
and works began in February 2013. Their delivery is scheduled for early
2015. They are financed entirely by Cordeel. At the publication date of this
Annual Financial Report, 50% of the apartments have already been sold
or reserved
3
.
In 2014, we will continue to
realise a careful arbitrage in
the composition of our office
portfolio. We favour flexible
buildings which meet the
demands of existing and future
tenants and which energy
performances meet or exceed
legal requirements.
Dirk Huysmans - Head of Offices Belgium
Livingstone II
The Livingstone II building, built in 1996, offers around 17,000m
2
of office
space over seven floors. It is undergoing a complete restructuring and ren-
ovation. It will continue to be used for offices. The entrance to the building
will however be moved to Rue Philippe le Bon.
The permits for theworks of Livingstone II buildingwere granted in 2012.Works
began in March 2013 and are expected to be completed in August 2014. The
estimated budget for the works amounts to €21 million, including VAT.
For more information, see the 2012 Annual Financial Report, pages 34-35.
Science/Wetenschap 15-17
This building, with a superstructure of around 20,000m
2
over eight floors
and two underground parking levels, is due to be completely redeveloped.
Cofinimmo has decided to go for a mixed project, with the lower floors
being dedicated to retail and cultural activities, while the upper floors will
retain their use primarily as office space. 17 residential units will also be
added.
Cofinimmo hopes to achieve an energy efficiency rating of E44 and a
“Very Good” BREEAM rating. The project’s design, its sustainable quality,
its ambition in terms of energy performance and its environmental quality
were what prompted the Brussels Capital Region to award it the prize for
“Exemplary Building 2011”.
The different permits required for this redevelopment were granted in
January 2014. The works will start as soon as a certain level of pre-letting
is achieved and are expected to take two years. The budget for the project
is estimated at €42 million, including VAT.
For more information, see the 2012 Annual Financial Report, page 34.
Woluwe 34
The reconversion works of the Woluwe 34 office building in Brussels
(±7,000m
2
) into housing began in July 2013, after having obtained the
required town-planning and environmental permits. They are due to be
completed at the start of 2015. The total budget for the project is estimated
at €13million, excluding VAT. At the publication date of this Annual Financial
Report, 74% of the apartments have been sold or reserved
3
.
As regards energy performance and sustainability, Cofinimmo intends to
obtain an overall thermal insulation rating of K40 and an energy consump-
tion rating of E70 per apartment.
1
Estimated value for the renovated offices. No official declaration to be made.
2
The agreement concluded at the beginning of 2013 formalised the fact that the company Cordeel renounced to the condition precedent of which it benefitted. Hence, and in accordance
with the convention which had been subject to an Article 18 communication in the form of the press release dated 16.08.2012, the reconversion works were started.
3
A reservation convention is a document by which a housing unit is reserved for potential acquirers.
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Offices
\ Management Report