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Annual Report 2019
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Blue Towers

Ghelamco, a successful Belgium based company

Ghelamco, 100% family owned, was created in 1985 by Mr Paul Gheysens and is today a major player in the Belgian and Polish real estate market.

Ghelamco Group was established by Paul Gheysens in Belgium in 1985. The company started as a general contractor focusing on industrial real estate. As the company grew, we expanded our operations to small office and residential projects in Belgium.

In the early nineties, Ghelamco Group identified opportunities in the Polish office, warehousing and residential market. This heralded a highly successful expansion into this Central European country, where we have now gained invaluable experience in obtaining and executing building permits for the best available land plots.

Urban projects

In 2005, Ghelamco Group further expanded its operations in the logistics market in Russia and Ukraine. In Belgium, we grew our activities in the retail market and in mixed use urban projects.

Today, Ghelamco Group is synonymous with a market leader that combines its strengths of a reliable, high quality and diversified real estate developer in a wide field of market segments, with inherent flexibility to anticipate new market trends.

Dedicated teams

Our business model is Identify, Secure (including financing), Rent, Own, and later Dispose the assets to be developed.

Ghelamco Group has dedicated teams for monitoring each project throughout the business cycle i.e.: land purchase, planning & pre-commercialization, development & financing, construction, leasing and sale. Each project is housed in a separate SPV to ringfence risks.

Ghelamco’s business model could be summarized as follows:

  • Early adopter of sustainable real estate principles focusing on ecological footprint: all assets are “green” i.e. BREEAM “excellent” (or equivalent) certified.
  • Designed to capture the full Value Creation chain by being able to dispose assets when appropriate and not when construction is completed.
  • Based on Multi Usage projects and/or project mix between Lodging (residential and hospitality) and Commercial (mainly offices) in order to diversify risks and exit strategies.

Ghelamco Invest cash revenues are coming from:

  • Rental incomes from investment properties
  • Sale proceeds of residential development properties and disposal of Investment properties held for sale.

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