The duo announced the name Nextensa in a press release. Belgian investment company Ackermans & van Haaren (AvH) decided earlier this year to merge the two real estate players in its portfolio: Extensa, in which it has a 100% stake, and Leasinvest Real Estate (LRE), in which it has a 30% stake.

Both are based in Belgium and active in the grand duchy. LRE, which specialises in the office and retail segment, does 45% of its business in Luxembourg, with the rest in Belgium and Austria. Extensa, which focuses on " mixed use developments, urban regeneration, and larger suburban residential communities", as stated on its website, manages the urban development of the Cloche d'Or.

Nextensa therefore "has the best of both worlds". The integration of the Tour & Taxis assets in Belgium, Cloche d'Or and other sites on which Extensa is working on will generate a growth of around €280 million in the new group's investment portfolio. This will enable the listed real estate company, with a consolidated balance sheet of €1.9 billion euros, to "react more quickly to a dynamic real estate market".

Number of employees

The physical regrouping of the teams comprising of 85 employees in total--about fifty from Extensa and thirty from LRE--will take place at the end of the year. They will move to the new headquarters at the Gare Maritime, a restored Tour & Taxis building in Brussels.

The ultimate goal is "to become a next generation real estate investor and developer. An optimal structure to create places to live, work, shop and enjoy,” says CEO Michel Van Geyte.

This article  in Paperjam. It has been translated and edited for Delano.