A new giant in Belgian real estate management emerges

French property manager Esset got off to a flying start in Belgium, with the acquisition of the property management companies Codabel and Cushman & Wakefield Asset Services in Belgium. Shopping centers Docks Brussels and Basilix then passed under French management.

third player

The new year starts with the arrival of a new real estate giant: the French real estate manager Emeria launches Eset Benelux and immediately carries out two acquisitions. Esset acquires Brussels property manager Codabel and the Belgian asset services division of Cushman & Wakefield. It is unclear how much the French will pay for these acquisitions.

As a result, the newcomer is immediately the third player in the professional real estate market: Eset is second only to JLL and CBRE, writes the Belgian newspaper Le Soir. The company is also launching itself as a fierce competitor in the field of commercial real estate: by taking over Codabel, the company obtains the management of the Brussels shopping centers Docks and Basilix.

1.6 million square meters

Esset Benelux starts with 1.6 million square meters of real estate in its management portfolio. In addition to shopping centers, it also concerns offices and other commercial buildings on the Belgian market. The sister company Trevi Corporate will also join the Esset group.

According to Eset Managing Director Nicolas Renders, a wave of consolidation is underway, both in property management and among institutional investors who own property. “These institutional parties increasingly need a broader partner with whom they can also cooperate internationally,” Renders told Belgian newspaper De Tijd. Other acquisitions could follow in the coming months, not only in commercial real estate but also in logistics real estate management.