Short description
Nextensa originated from the merger of the real estate lessor LeasInvest and the real estate developer Extensa, both originating from the stable of Ackermans & van Haaren. With this merger, they combine recurrent rental income with capital gains from development.
This real estate portfolio is distributed with 44% in Luxembourg, where they mainly operate through joint ventures. 41% is located in Belgium and 15% in Austria. In Austria, it concerns 5 retail parks that are fully leased. In Luxembourg and Belgium, it is a mix of offices, retail, and residential real estate.
The development arm is mainly known for the projects Tour & Taxis in Brussels and Cloche d’Or in Luxembourg. The latter project is being developed in collaboration with the Luxembourgish developer Promobe. With 400,000 m² of urban expansion (comprising offices, retail, and housing), they are creating a complete urban district in Luxembourg City.
Tour & Taxis tells a similar story, with 350,000 m² of space for events, offices, housing, and retail. Recently (after creating the image below), they obtained the permit for the final phase here, called Lake Side, with 136,000 m² of apartments, co-living spaces, offices, public facilities, and retail, spread over 17 buildings.
For their development branch, they prefer the renovation of existing structures in the city center to create mixed-use projects. However, not all projects need to be as large as Tour & Taxis or Cloche d’Or. The redevelopment of well-located offices, retail parks, and medium-sized shopping centers in the three countries is also considered. Non-strategic properties are gradually being sold off.
Why we selected Nextensa
CEO Michel Van Geyte summarizes it well: "Nextensa is celebrating its 25th anniversary on the Brussels stock exchange this year and has weathered several crises over the years. Real estate is inherently a cyclical sector, and we are currently experiencing turbulent times again. We remain focused on the long term and are fully committed to sustainable projects, which gives us confidence in the future."
We bought during this difficult period at half the tangible book value, and this opportunity is still available today.