PRESS RELEASE - GHELAMCO REPAYS FINAL BELGIAN BOND LOAN DESPITE CHALLENGING MARKET CONDITIONS
13 June 2025 – Ghelamco, a leading player in both the Belgian and international real estate markets with Flemish roots, announces the full and timely repayment of Ghelamco Invest’s final outstanding public bond loan in Belgium, amounting to €84 million including interest. This bond was exclusively placed with professional investors.
The repayment comes at a time of exceptional challenges for the entire real estate development sector, marked by a stagnating demand, persistently high construction and financing costs, and tighter lending policies by financial institutions.
Paul Gheysens, CEO of Ghelamco, stated:
“Repaying this final public bond loan from Ghelamco Invest was a significant challenge, but one that we have successfully met. This achievement is crucial, as it demonstrates our commitment to upholding the trust placed in us.
We firmly believe that reliability and discipline, especially in difficult times, are the foundation of the trust our investors, banks, and partners have in us.
The bond repayment was largely funded from our own resources, complemented by asset sales and limited refinancing.”
Strategic Refocus and Debt Reduction
Since 2024, real estate projects with a total value of €950 million have been sold across Belgium, Poland, the UK, and France. These transactions have led to a reduction in net financial debt of around €760 million more than halving the company’s short-term debt within a year.
Michael Gheysens, Managing Director Belgium, added:
“This result stems from a clear strategy: rigorous debt reduction, a focus on quality, and continuing to build strong long-term relationships with our suppliers, banks, and tenants.
At the same time, there’s more work to do. We’re grateful that trust in us has endured through this difficult period and would like to explicitly thank our partners and employees.”
Market Conditions and Financial Challenges
The real estate sector is currently under unprecedented pressure. Since the Covid pandemic, demand for office space has declined. Meanwhile, long-term interest rates have risen, causing investors to delay decisions. Additionally, ongoing geopolitical uncertainty is fuelling market caution. This combination of factors is driving up financing costs and affecting the valuation of real estate portfolios.
Paul Gheysens commented:
“In this context, Belgian banks play a crucial socio-economic role. This isn’t about just one company—it’s an entire sector with a major economic and societal impact in Belgium.
We especially value banks that continue to engage constructively and collaborate with loyalty, while taking into account the economic vulnerabilities a business may face.”
Michael Gheysens added:
“To strengthen our financial position, Ghelamco has adapted to the shifting market landscape. We’re following a clear strategy focused on debt reduction, and only investing in market-driven, high-quality projects leased to top-tier tenants.
At the same time, we’re increasing our flexibility by actively diversifying our project pipeline. Through targeted investments in data centres, laboratory buildings, and affordable housing, we’re creating future-proof value and mitigating risks - both strategically and commercially.”
Timely Repayment Reinforces Confidence
The timely bond repayment is a testament to Ghelamco’s resilience and opens new financial opportunities. With this debt obligation fulfilled, several strict credit covenants are lifted, giving Ghelamco more leeway on financial markets.
Paul Gheysens concluded:
“Entrepreneurship involves taking risks, achieving successes, and weathering setbacks. At Ghelamco, our ability to spot and act on opportunities early has led to remarkable results at both national and international levels. Challenges remain, but thanks to the ongoing dedication of our employees, partners, and suppliers, we continue to work toward strong recovery and further growth.”
ABOUT GHELAMCO
Founded in Belgium in 1985, Ghelamco is an internationally active real estate developer specialising in sustainable, high-end office, retail, and residential projects. The company is recognised as a pioneer in innovation, quality, and sustainability, with landmark developments in Belgium, Poland, the UK, and France. These projects enhance urban landscapes and contribute to the economic vitality of their surroundings.
Ghelamco manages the full development cycle—from design and financing to leasing and property management—in close cooperation with international partners and investors.
Sustainability is at the core of its operations. Ghelamco prioritises energy efficiency, smart technologies, and green architecture, consistently achieving prestigious certifications such as BREEAM and LEED, reaffirming its leadership in sustainable real estate.
Fully family-owned, Ghelamco is proud of its Flemish heritage and continues to invest in its people, partners, and communities, delivering high-quality real estate to the highest international standards.
Responsible editor: Ghelamco Invest NV, 0431 572 596, Zwaanhofweg 10, 8900 Ieper
Note to editors:
Ghelamco Invest, Michael Gheysens, and Paul Gheysens are not available for interviews. However, a video statement is available on Ghelamco’s LinkedIn account and may be shared freely.
https://www.linkedin.com/company/ghelamco/
Contact person for practical information
Delfien Lamont
Management Assistant
GSM 0471/61.13.49
info@ghelamco.com
