October 2026
Largest Asset Management Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
Sofina, Groupe Bruxelles Lambert, KBC Ancora, Aedifica and Cenergy Holdings.
 | Sofina SA is a long-term oriented, investment holding company that favors allocating capital to entrepreneurs. The company also provides its investees access to a support network. Sofina only takes minority ownership positions in its long-term holdings with capital from its own balance sheet. Its portfolio holdings constitute the majority of its net asset value and come mostly from Europe. A smaller percentage of its net asset value base comes from investments in venture capital and private equity funds, mostly in the United States and in Asia. | $291 | +5% | $10B | $12B | 53.9x | - | ||
| Groupe Bruxelles Lambert SA is an investment holding company. The company operates as a foremost investor in Europe, focused on long-term value creation. The business activities of the firm are operated through Holding, Imerys, Webhelp/Sapiens, Canyon/GfG CapitaL, and Sienna Investment Managers. Geographically, it derives a majority of its revenue from Europe and also has a presence in Asia-Oceania, North America, and other countries. The segments of the company are Holding, Imerys, Canyon, Affidea, Sanoptis, and others. | $81 | -9% | $9.5B | $16B | 2.3x | 51.1x | ||
| KBC Ancora SA is a financial services holding company whose sole asset is a substantial participating interest in KBC Group. Its operational activities are fairly limited. The group engages in retail banking, insurance, and asset management services, deriving the vast majority of its profits from activities in Belgium. Other profit-driving markets include the Czech Republic, Bulgaria, and Ireland. Revenue is reported through net interest income, insurance premiums, and fees and commissions, reflecting a diverse range of services. | $108 | +37% | $8.3B | $8.5B | 19.0x | - | ||
| Aedifica SA is a Belgian real estate investment trust that invests in, develops, and leases healthcare properties. The company focuses on providing housing for the aging population in Western Europe and the growing populations in Belgium's cities. The majority of Aedifica's real estate portfolio is composed of Elderly care homes. The company derives the vast majority of its income in the form of rental revenue. Its geographical segments are Belgium, Germany, Netherlands, Ireland, United Kingdom, Finland, and Sweden. Majority of revenue is from United Kingdom. | $71 | -4% | $5.9B | $13B | 30.4x | 31.8x | ||
| Cenergy Holdings SA is engaged in the production, distribution, and trading of cables for power transmission, distribution and renewables, oil and gas transportation and drilling, telecommunications, data transmission, and construction and industrial markets, and steel pipes. The company is divided into two segments, namely Cables and Steel Pipes. The Cables segment manufactures power, telecommunication, and submarine cables, as well as enameled wires and compounds. The Steel Pipes segment produces steel pipes for the transportation of natural gas, oil, and water networks, as well as steel hollow sections used in construction projects. Geographically, it operates in Belgium, Greece, Germany, Romania, other European Union countries, which generate maximum revenue, and other countries. | $24 | +47% | $5.2B | $5.7B | 2.5x | 15.1x | ||
| Montea NV is a real estate investment trust under Belgian law. It is engaged in the development and management of logistics and semi-industrial real estate properties. Geographically, its portfolio is located in Belgium, the Netherlands, Germany, and France. The revenue is generated from gross rental income and proceeds resulting from the services and the management of the buildings. | $71 | -13% | $1.6B | $1.6B | 8.8x | 10.4x | ||
| Xior Student Housing NV is a real estate company specializing in the student housing sector, operating in Belgium, the Netherlands, Spain and Portugal. It offers a variety of properties, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios. The company also provides additional facilities, including access to certain buildings via a badge system, extra comfort, communal living facilities such as lounges and TV rooms, 24/7 emergency services, vending machines, washing machines, automated key systems, and so on. The company mainly operates in Belgium and the Netherlands. | $27 | -19% | $1.2B | $3.3B | 13.3x | 25.9x | ||
| Retail Estates SA is a real estate investment trust that invests mainly in retail properties located on the periphery of residential areas or along access roads to urban centers, mainly in the Flemish and Wallonia Regions of Belgium. The company buys these properties from third party or builds and markets retail buildings for its account. It rents its properties in a structural state, with the furnishings, fittings, and maintenance left to the discretion of the tenants. Geographically, it derives a majority of its revenue in the form of rental income from Belgium. | $70 | -2% | $1.1B | $2B | 11.2x | 11.4x | ||
| Wereldhave Belgium is a publicly-regulated real estate company with a focus on commercial property and operating in Belgium. Wereldhave Belgium targets shopping centers as new investments. Its operational shopping center portfolio includes locations in Liege, Nivelles, Tournai, Ghent, Genk, Waterloo, and Kortrijk. The company also owns office properties in Brussels, Vilvoorde, and Antwerp. The company's focus is to create value through both active management and redevelopment, with tactics that include maintaining contact with lessees to acquire up-to-date market information. The company has two segments: offices and retail. | $57 | +13% | $649M | $1.1B | 9.8x | 17.0x | ||
| Care Property Invest NV/SA is a pure healthcare real estate company that invests in high-quality real estate solutions for seniors and people with disabilities in Europe. The company acquires, builds and renovates healthcare real estate, including residential care centres, groups of assisted living apartments and residential complexes, and leases these properties on a long-term basis to care operators. Its activities include the acquisition, construction, development, renovation and long-term leasing of healthcare real estate. The company operates through two segments: Investment Properties and Finance Leases, with Investment Properties generating maximum rental income. The geographical presence across four core markets: Belgium, the Netherlands, Spain, and Ireland. | $14 | +5% | $582M | $1.3B | 16.0x | 18.7x | ||
| TINC NV is a Belgium based investment company. It invests in companies that realize and operate infrastructure. The company holds a diversified investment portfolio of participation in various infrastructures, such as road and tram infrastructure, a business center, a car park, and energy infrastructure. It mainly invests in companies located in Belgium, the Netherlands, and Ireland. | $12 | +0% | $574M | $720M | 12.5x | 16.6x | ||
| Vastned NV, formerly Vastned Belgium is a Belgium-based property investment company. Principally, it invests in Belgian commercial real estate, prime retail properties located on the shopping streets in the cities of Antwerp, Brussels, Ghent and Bruges, inner-city shops, high-end retail parks and retail warehouses. | $31 | -9% | $524M | $1.1B | 13.7x | 17.0x | ||
| Nextensa SA operates as a real estate investment trust. The company is composed of three operational segments, namely investment, development and corporate. These segments are divided into sub-segments, namely Belgium, the Grand Duchy of Luxembourg and Austria for the investment segment, and Belgium, Luxembourg and other for the development segment. | $50 | +6% | $504M | $1.1B | 8.1x | 15.9x | ||
| Compagnie du Bois Sauvage SA is an investment management firm based in Belgium. Its core business involves investing in listed and unlisted companies to provide its investors with capital appreciation. The company's investment portfolio comprises of companies from various divisions such as real estate, a long-term investment division composed of strategic participating interests and a cash portfolio focused on liquid values that serve as a basis for derivatives activity. The firm's investment strategy is to actively involve itself in the management of the companies it invests in. | $310 | +4% | $497M | $697M | 1.9x | 6.7x | ||
| Ascencio is a regulated real estate company, specialized in commercial real estate in the periphery. The company has a portfolio of retail properties. Its operating segments include Belgium, Spain, and France. | $59 | +1% | $407M | $407M | 5.9x | 7.7x | ||
| Home Invest Belgium NV is a Belgium-based real estate company. It specializes in residential property for the letting market and offers premises and professional management to its tenants. The company is distinguished into four geographical segments: The Brussels Region, the Flemish Region, the Walloon Region, and the Netherlands. It derives the majority of its income from the Brussels Region. | $20 | -8% | $399M | $914M | ||||
| Qrf is a Belgian public regulated real estate company (RREC or BE-REIT) that invests in inner city real estate in Belgium and the Netherlands. The company focuses on the acquisition, redevelopment and leasing of commercial real estate focused on retail, leisure and hospitality. Its segments include Belgium and the Netherlands, of which the majority of the revenue is derived from Belgium. | $11 | -2% | $147M | $354M | ||||
| Warehouses Estates Belgium SA Formerly Warehouses Estates Belgium SCA is a real estate investment trust. It operates in commercial, semi-industrial and industrial tenancy. It also rents out industrial properties, shopping centers, retail warehouses, offices, and residential properties. | $41 | -4% | $145M | $327M | ||||
| Quest for Growth NV is a closed-end investment company. The company is engaged in investing in growth companies to realize capital gains that can be paid out to the shareholders without withholding tax being due. The company covers sectors such as hardware, software, and semiconductors. The Company has three reportable segments: Investments in quoted equities, Direct investments in venture and growth capital, and Investments in venture and growth funds. | $4 | -29% | $66M | $66M | ||||
| Palmboomen Cultuur Maatschappij Mopoli NV is an investment company specializing in acquiring minority shareholdings in agro-food businesses. | $269 | -22% | $41M | $810K | ||||
| Accentis NV operates in the real estate sector. The company owns and manages industrial and semi-industrial real estate properties, mainly in Belgium and Germany. The company aims to maximize the value of its portfolio, by optimizing the recurrent rent income on the one hand, and by active portfolio and risk management on the other. | $0 | -1% | $38M | $36M | ||||
| Immo Moury SCA is a Regulated Real Estate Company (Belgian REIT) that specializes in owning and managing business real estate properties. | $35 | -18% | $16M | $40M | ||||
| Alliance Developpement Capital SIIC is engaged in real estate investment. | $0 | -20% | $8M | $8M | ||||
| Candela Invest SA is a holding company whose main objective is the acquisition, management and sale of high-potential investments. | $2 | -34% | $2M | $3M | ||||
| Median | $38 | -3% | $514M | $988M | 9.9x | 16.6x |
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