IMMOBEL to acquire a 89% stake in Europa-Allee Wohnen.

IMMOBEL, Belgian property development firm, agreed to acquire a 89% stake in Europa-Allee Wohnen, owner of the EDEN project planned for the center of Frankfurt. Financial terms were not disclosed. This acquisition in the German market is in line with the announcements on the intensification of the Group’s international diversification. “The performance of the German economy in relation to the European situation makes this country naturally attractive in the context of the geographical diversification strategy we have announced. This acquisition demonstrates IMMOBEL Group’s interest in Germany, where we are seeking more projects, to create, in the medium term, a development platform similar to those we have deployed in the countries in which we operate,” Marnix GALLE, IMMOBEL Executive Chairman.