Belval - positive development last year

The Agora development company is positive about the development of Belval in the past year. The number of users has continued to increase. At the end of 2019, the district had around 18,000 users daily, including around 10,000 employees and 5,700 students, researchers and academic staff. Around 3,300 people now call Belval their new home and around 250 companies, institutions and shops are based in Belval. In the shopping centre Belval Plaza more shops have been added last year, a big supermarket has moved its headquarters from Esch to Belval, more restaurants have opened and since a few weeks there is the first pharmacy on Belval. In the office segment, take-up was well above the level of previous years at almost 21,000 m² and the vacancy rate was reduced by a further one per cent to 4.1 per cent. A further sign of the good state of the market in Belval is that in private buildings currently under construction, space of more than 8,000 m² has already been pre-let. Two current transactions also show that Belval has great potential. For example, the Belval Plaza Shopping Center was acquired in March of this year by the asset manager Firce Capital with investment partners such as Savile Capital and Rebus. The "Terres Rouges" building, which houses RBC Dexia among others, also changed hands at the beginning of the year. The owner is now the Belgian property developer IRET, to whom BIL sold the building. Work in all Belval districts has continued to progress in recent months. Details of the progress in the individual quarters can be found in the Agora press release of 9 June 2020 (only available in German and French).