BESIX RED reports record results in 2022 thanks to its experienced and united team

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Despite the challenging and uncertain business environment, BESIX RED closes 2022 with unprecedented financial results. The real estate developer records a turnover of €191.5M, a return on equity of 47.2% and a diversified portfolio of 33 projects in 19 cities across Europe. 

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27/04/2023 |
  • Icone

“Amid global turmoil and a challenging socioeconomic context, we stayed afloat in 2022. Again, this evidences that human beings always prevail and can make a difference. BESIX RED owes its accomplishments to our solid, experienced and cohesive team”, says Gabriel Uzgen, CEO BESIX RED.

He adds: “Our contribution to the Group’s results also shows that the diversification strategy of BESIX Group is successful”.


Transaction of prime asset in Brussels

The sale of CSM Properties SA, holding the Cours Saint-Michel site in Etterbeek, Brussels to the United States Government, with partner Immobel, contributed significantly to the financial performance. This transaction highlights the quality of the exceptional site location, identified in 2018.

New acquisitions

BESIX RED conducted strategic and impactful new acquisitions: 

  • By acquiring the shares of the company Stampen, holding the office building located at the Boulevard du Souverain 360 in Auderghem, Brussels. This project consists in the reconversion of an obsolete office building into a high-end residential project of 48 apartments. Souverain 360 is a prime example of circularity, fitting into BESIX RED’s ESG strategy.
  • By securing the acquisition of a 5,300 m² office building with a strategic CBD location in Brussels. Named The Lighthouse, this development will consist in the complete restructuring of dated offices into a sustainable and state-of-the-art office project of 5,600 m² benefiting from breath-taking views of the Brussels skyline. In line with BESIX RED’s ESG strategy, it is conceived to reach BREEAM ‘Outstanding’ and WELL Platinum certifications,
  • By securing a commitment with Securex for the development of a site located next to the ‘Watersportbaan’ in Ghent. The site will become a 8,700 m² residential development of 115 student units and 49 apartments.

Large-scale projects’ milestones

  • The permit for Matisse, strategically located close to NATO in Evere, Brussels, was submitted in July. Designed by the award-winning Neutelings & Riedijk Architects, Matisse is a 41,500 m² sustainable mixed-use development including 20,000 m² of high-quality offices and 21,500 m² of apartments, co-living spaces and areas for public equipment. It is designed to obtain a BREEAM Outstanding certification, a WELL Platinum reference and follows a fossil-free approach.
  • The Vice-Minister of the Walloon government, Willy Borsus, approved the PRU (Plan de Remembrement Urbain, i.e. Land Reparcelling Plan) for the 45,000 m² mixed-use project Le Côté Verre located at the Square Leopold, right by Namur railway station. The application for the ‘permis intégré’ (integrated building permit) was submitted in Q1 2023. In collaboration with renowned architect Jean-Paul Viguier, Le Côté Verre will offer a new 360° living, working, dining, shopping and leisure experience while being an integral part of the dynamic city centre. Based on circular business models, Le Côté Verre is being conceived to obtain a BREEAM Excellent certification and a WELL Platinum reference. 



  • In March 2022, AG Real Estate, on behalf of its parent company AG Insurance, has finalised the signature of the contract to acquire 100% of the shares of B-9 S.A., owner of the ICÔNE office building in Belval, Luxembourg. This 18,800 m² office development in Belval was delivered early 2023 to Société Générale Luxembourg that has signed a 15-year lease contract for the entire building.  

On this major transaction, Gabriel Uzgen explains: “We are very proud that the ICÔNE concept has been able to appeal to a major player such as Société Générale, and meet the expectations of a renowned investor like AG Real Estate. Both have identified the importance of new ways of working and the well-being and comfort of users. The working experience conceived for ICÔNE is going to be replicated in our upcoming office projects such as The Lighthouse and Matisse in Brussels, and PURE in Lille.”


  • The PAP (‘Plan d’Aménagement Particulier’) for the project Faïencerie - Villeroy & Boch in Rollingergrund was validated by the City of Luxembourg at the end of the year.     BESIX RED and its partners, ICN Development and Tralux Immobilier, aim to transform this site into a new sustainable living experience, comprising 46,000 m² of residential, and featuring a strong landscaping component. The developers note the very successful collaboration with the City’s technical departments.
  • In the Grand Duchy, the developer confirmed its position as a major actor in the market by acquiring a new site in Strassen with the ambition to develop a sustainable residential project.



  • In Amsterdam, Sluishuis, a 39,500 m² zero-energy residential building located on the IJ-lake, has been completed after four years of construction. Today, this new landmark is almost completely sold out. It is getting international recognition, winning the MIPIM Award as ‘Best Residential Project’, the award for ‘Best Architecture Multiple Residence’ at the European Property Awards 2022, being named ‘Residential Building of the year’ by Architectenweb and being nominated for the ‘Zuiderkerk Prize’, the Municipality of Amsterdam’s most important award for housing.

About the MIPIM recognition, Gabriel Uzgen says: “An immense thank you to all the teams who made Sluishuis a reality. I would like to highlight particularly the successful collaboration we have had with the municipality of Amsterdam. It shows that having the public and private sector work hand in hand leads to great and purposeful developments for the city and its inhabitants. This should be an inspiration for several other European cities. We are also thankful to the MIPIM jury and attendees who voted for Sluishuis.”


BESIX RED continued to consolidate its position in the Netherlands with the acquisition of a stake in Argentum Vastgoed B.V., owning the Kijkduin-development located in The Hague. In the coastal neighbourhood of Kijkduin, BESIX RED and partner Duqer aim to develop a 48,000 m² mixeduse development featuring a 17,400 m² high-end hotel, 56 short stay apartments and 145 regular apartments in collaboration with van Egmond architects.  



  • BESIX RED obtained the building permit to develop PURE in the Lille metropolitan area. Designed by the renowned architect Coldefy and the local landscape architect LAND, PURE will feature 8,000 m² of modern offices embracing a concept rooted in the wellbeing of users. It is designed to achieve BREEAM ‘Excellent’ and WELL-certifications. PURE’s delivery is expected for Q3 2025.



  • In Lisbon, the building permit for DUUO, its first residential development in the country, has been obtained and construction started in March 2023.


  • Still in Lisbon, BESIX RED rethought the programme of Parque Oriente. Parque Oriente is a mixed-use project of 42,000 m² located in the Parque das Nações district. The project will feature 28,000 m² of residential,  7,500 m² of offices, 2,000 m² of equipment and 4,500 m² of retail, food and beverage and community services. BESIX RED foresees submitting the permit in May 2023.

Other promising opportunities in Portugal are currently under review.


  • 2022 was also marked by BESIX RED’s continued efforts to further elaborate its ESG strategy that will include concrete and measurable KPIs. The real estate developer appointed Laurent Sempot as Sustainability Advisor. He will be dedicated to accompany all BESIX RED Pan-European operations from a sustainability perspective.
  • ESG was also placed on top of the Urban Land Institute’s agenda in Belgium & Luxembourg, under the Presidency of the developer’s CEO, Gabriel Uzgen.
  • In line with its digitalization programme and ESG commitment, BESIX RED invested in PropTech company Square Sense. Square Sense platform allows to calibrate and optimize the performance of a building, according to the most recent and ambitious environmental standards.


In 2022, BESIX RED’s turnover was driven by the transactions of the Cours Saint Michel project in Brussels with the United States Government, and ICÔNE with AG Real Estate in Luxembourg. It was also supported by the sale of 72 residential units (Les Promenades d’Uccle and SO Stockel in Brussels, Esprit Courbevoie in Louvain-la-Neuve, Meadow in Herent and Sluishuis in Amsterdam).

In 2022, BESIX RED delivered the following residential projects:

  • SO Stockel (Brussels): the remaining 73 units out of 138 apartments were delivered. The first phase of So Stockel is entirely sold out, except the commercial unit of 200 m².
  • Les Promenades d’Uccle (Brussels): the second phase of this residential project, located in the heart of Uccle in a green environment, corresponding to 69 apartments and totalling 7,450 m² was successfully delivered. This phase is sold out.
  • Sluishuis (Amsterdam): this 39,500 m² landmark project, comprising of 442 energy-neutral owner-occupied and rental apartments as well 34 houseboat lots, 54 berths for pleasure crafts and 1,112 m² space for retail and catering facilities, was delivered over the summer. Today, the project is almost completely sold out, except for a handful of apartments and houseboat lots. 

Developments in progress include:

  • Les Promenades d’Uccle (Brussels): the construction work of the houses M19-M31 (2,700 m²) continued. Besides, the construction of 32 apartments totalling 3,700 m² was launched.
  • Viridis (Brussels): the construction site is progressing. Viridis totalises 17,500 m² of build-to-rent apartments and commercial premises in the up-and-coming Reyers district. BESIX RED will ensure the turnkey development until completion before delivery to investor Patrizia.
  • Meadow (Herent): the third phase of this residential project in the village of Herent, near Leuven, comprises of 8,218 m² with 68 apartments and its preliminary delivery is planned for Q2 2023. The project is 90% sold.
  • Esprit Courbevoie (Louvain-la-Neuve) : plots 705B, 706 and 708 (25,000 m² of residential) and plot 707 (8,500 m² offices) of this new district are under construction.
  • ICÔNE (Belval): this landmark project includes nearly 17,300 m² of office space and an additional 1,500 m² of shops and restaurants. ICÔNE was delivered early 2023. 

BESIX RED has also made progress in the development of programmes for the introduction of permits for significant Belgian projects such as: Molière, the second phase of So Stockel in Brussels, O’Vert in Ghent, Gelatines in Hasselt, Kaai District in Aalst and Croisée des Champs in Gembloux. 


BESIX RED has a solid portfolio, corresponding to more than 3.9 billion euros in market value, and totalling more than 1,003,829 m²* under development (*including partnerships). “We approach 2023 cautiously, and remain attentive to the current socio-economic context and its impact on the real estate market. At the same time, we need to act on the environmental side. The latest IPCC report points out the urgency to take serious and tangible measures, which is exactly what we are currently defining for BESIX RED and all our activities.” concludes Gabriel Uzgen.

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