Prism, Cloche d'Or (Luxembourg); Credit: Eaglestone Group

Eaglestone Group, a European real estate developer which operates in Belgium, Luxembourg and France, has published its annual report for 2023.

The group began by explaining that last year had been "marked by significant challenges for the real estate sector", highlighting "economic uncertainty" due to higher interest rates and the impact on both the purchasing power of households and the increase in real estate returns expected by institutional investors, which in turn "led to a certain drop in selling prices".

Nevertheless, Eaglestone Group said it had "successfully" met these challenges and reported "significant" results in its operations in Belgium, Luxembourg and France.

The real estate market in these three countries experienced "fluctuations" and "uncertainties" throughout the year, with economic instability impacting investor confidence and project timing "due to a decline in the pace of residential sales". And yet, Eaglestone said it saw "indicators of resilience and growth".

Despite market constraints, the group's project portfolio activities continued in 2023, representing 724,000 m² under development, of which €408 million in turnover is already guaranteed by off-plan housing projects (so called "vente en l'état futur d'achèvement" - VEFA) for the next three years. The group delivered more than 108,000 m² of real estate projects in 2023.

Last year, Eaglestone completed several "significant" transactions, such as the en bloc sale of the co-living part of the Twin Falls project by Eaglestone Belgium for €34 million to ION Residential Platforms. Eaglestone Belgium also sold the project The W (Brussels) to private buyers for €20 million and the WoW project (Walloon Brabant) for €11 million.

Moreover, Eaglestone Luxembourg finalised the rental of a strategic project located in the Cloche d'Or district - Prism - which will offer 5,000 m² of office space of "exceptional" architectural quality and certified BREEAM Excellent.

In France, the group reported that its subsidiaries Interconstruction and Cardinal (each 100% owned by Eaglestone France) together represent approximately 60% of the group's activities, thus "complementing" those in Belgium and Luxembourg.

The group ended 2023 with an EBITDA of €37 million. Through "prudent financial management" and "cost optimisation measures", the group said it had managed to maintain profitability and generate positive operational returns.

"Eaglestone Group's strategy for the coming years is focused on strengthening its position in the three countries in which it operates and on seeking acquisition opportunities in a constantly evolving economic climate. The group, comprised of 231 talented professionals, will continue to grow both organically and through strategic merger and acquisition transactions. We will continue to focus on creating value for our stakeholders through disciplined execution, strategic partnerships and innovation,” explained Gaétan Clermont, co-CEO Eaglestone Group.

"The group's growth is also supported by its ESG policy, which aims to obtain high-level environmental certificates for each of our real estate developments. Furthermore, the very high architectural quality, combined with the quality of use and the artistic integration of our developments contribute to the beautification of cities and remain the key values of the societal contribution of the Eaglestone group," concluded Nicolas Orts, co-CEO Eaglestone Group.