Home Invest Belgium expands Brussels residential footprint

Home Invest Belgium (HOMI) has finalized an agreement with Cityforward to acquire a portfolio of residential development projects in Brussels' European district. 

Cityforward

This follows their initial announcement on March 5, 2025. This acquisition of 8 projects, totalling approximately 70,000 m2, strengthens HOMI's position as a major player in the Belgian residential market.
Cityforward's portfolio includes 17 office buildings, 8 of which are suitable for conversion into residential units. Cityforward will manage the permit application process in collaboration with HOMI and local authorities. One smaller project, Palmerston, is excluded from the deal due to its advanced development stage. HOMI will acquire each project upon receiving final building permits and meeting other conditions. They plan to convert these buildings into residential properties for long-term rental.
HOMI has made an advance payment of €50 mln to Cityforward, which will be credited towards the acquisition price, along with an annual return of 8.6% on the outstanding balance. This advance payment was financed through existing credit lines. The total investment for the projects is estimated at around €280 mln over 7-9 years, including the advance payment. 
Expected rental income at full occupancy is over €14 mln, with a gross initial yield of approximately 5.0%. HOMI anticipates internalizing market-rate development profits, boosting equity and EPRA NTA. This transaction, combined with existing projects, is projected to increase HOMI's real estate portfolio value to around €1.25 bn.