Befimmo buildings (not including the Fedimmo portfolio)
Befimmo always endeavours to maintain its property assets and to improve the quality of its buildings, and during the year carried out work costing €2.3 million, notably in the Central Gate, Fountain Plaza, Goemaere, Guimard, Media and Eagle buildings, etc. These works have been booked as costs during the fiscal year.
Befimmo is also undertaking a major programme of investment in its buildings in Brussels (CBD). Overall, the Company has invested €15.5 million in renovation work on its property portfolio over the fiscal year.
Following the signing in June 2007 of a new 20.5-year lease with the Belgian State to rent the Extension Justice building, Befimmo completed a major renovation of the building in late February 2009. The work cost a total of €22.1 million. - Befimmo also invested in initial installation work on behalf of the tenant. This work will be paid for by a supplement to the rent. The new lease started as per the agreement on 1 March 2009.
Under the agreements reached in late 2005 for the transfer of the leases from the Belgian Post to the Buildings Agency with effect from 1 January 2009, Befimmo carried out the renovation programme of Tower 2 of the World Trade Center. - This work, costing a total of €19.2 million, took place in several phases and was completed, as agreed, in late 2008.
Befimmo has begun renovating the Telex building, which features visionary architecture offering many advantages. The renovation programme will offer all the prestige, flexibility and convenience of contemporary buildings while strictly complying with energy-efficiency standards (EPD (1)). The total investment is estimated at €25.0 million. Phase one of the work, costing €8.3 million, is in progress. - (1) EPD: Energy Perfomance Diagnosis.
In order to encourage new customers to rent the space still available in Ikaros park and to secure existing tenants, Befimmo has decided to devote one of the buildings located at the park entrance to service activities. Contracts are currently being negotiated with a gymnasium chain, a restaurant and an ironing shop. A creche and meeting centre with services are under consideration. Occupants of the site will thus enjoy a number of services on the spot. The fitting-outwork will begin as soon as the planning permit is obtained, likely during the first quarter of 2010. The centre should be able to accomodate its first visitors during the first half of 2010.-Befimmo will ensure that the services offered are in line with the expectations of the occupants of the site and future tenants who are increasingly demanding, given the wide choice of empty suburban office space in the current economic climate.
General renovation programme
In December 2006 Fedimmo gave the Belgian State an undertaking to carry out a major renovation and overhaul programme in its portfolio. The leases with the Belgian State allow for a rent increase proportional to the progress of the work. The overall budget for the work amounts to some €49.0 million, €26.8 million of which is to be carried out by the end of 2009. This work is being carried out in accordance with the planned timetable. At 30 September 2009, work costing a total of €21.0 million had been completed. The remaining work relates to the renovation of Tower 3 of the World Trade Center (with a budget €22.2 million), let for an initial term of 21 years to the Belgian State.
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This renovation was postponed (2009/2011) at the request of the Buildings Agency, in order to allow it to complete the studies for housing the various services due to occupy the Tower. The initial phase of the work is currently in progress and is due for completion by April 2010. At the same time Fedimmo is also acting as coordinator for major initial installation work at the Buildings Agency's own expense
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Paradis in Liège
The “single permit” procedure for applying for the administrative permits was initiated in September 2009. The work should be completed during the first quarter of 2013. The total cost of the project is estimated at €91.1 million.
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Science-Montoyer
Since, as anticipated, the Buildings Agency has confirmed its intention to end the current lease, Fedimmo is preparing to carry out renovation work on the building as soon as the occupants leave at the end of March 2010. The project involves a full renovation of the building, with a reorganisation of the vertical and horizontal routes in order to optimise the existing space. At this stage, the estimated budget for the work is €9.5 million. The necessary planning and environmental permits have been obtained. This building, which enjoys an excellent location in the Leopold district, should be ready during the second half of 2011.
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Froissart
After the lease with Berlaymont 2000 expired at the end of June 2009,Fedimmo began renovating the building in mid-August 2009 (budget: €5.7 million). The building is ideally located right next to Schuman Roundabout, in the heart of the European Quarter, and will be ready after the summer of 2010. As landlord, Fedimmo has carried out maintenance work and major repairs costing €0.8 million, booked as costs during the fiscal year.
