May 2026
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Largest Real Estate Development Public Companies in Belgium
Benchmark revenue and EBITDA valuation multiples for public comps like
Immobel, Texaf, Inclusio, Atenor and IEP Invest.
 | Immobel develops mixed real estate with a variety of functions such as living, working, shopping, and leisure. Its project portfolio includes residential, offices, and land banking. The company's real estate development is carried out in Belgium, Luxemburg, France, Germany, Poland, Spain, and the United Kingdom. | $25 | +14% | $253M | $1B | 2.2x | 13.1x | ||
| Texaf SA is an investment company that invests in industrial, real estate, and agriculture sectors. | $50 | +28% | $183M | $214M | 5.3x | 10.0x | ||
| Inclusio SA holds and manages social housing residential assets. The company is engaged in acquisition, development and management buildings made available to low and middle income tenants. Its portfolio includes new or renovated residential buildings leased to social partners, schools, nurseries, and reception centers for asylum seekers. | $20 | +2% | $153M | $342M | 17.4x | 14.6x | ||
| Atenor SA is a Belgium-based real estate development company engaged in the business activity of developing real estate projects. Its project portfolio comprises offices, mixed-use, and residential complexes. The company's projects include Up-Site, Hermes Business Campus, Vaci Greens, Victor, Trebel, and South City Hotel. The group operates in Belgium, the Grand Duchy of Luxembourg, Hungary, and Romania. | $2 | -34% | $126M | $732M | 4.1x | (10.4x) | ||
| IEP Invest NV is a real estate development company. | $6 | -5% | $52M | $23M | 3.6x | 10.6x | ||
| Banimmo SA is engaged in the redevelopment of buildings. | $3 | -1% | $38M | $164M | 18.5x | 34.9x | ||
| 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 | -13% | $38M | $24M | 3.6x | 9.2x | ||
| Compagnie Financiere de Neufcour SA is engaged in real estate business. The company owns and manages real estate properties of the late 19th century and early 20th century. | $13 | +9% | $5M | $5M | - | 3.7x | ||
| Softimat SA operates in the real estate sector. The company has a real estate portfolio composed of both office and industrial spaces. The company earns revenue by renting out its properties. | $1 | +5% | $4M | $3M | 3.6x | 1.5x | ||
| Median | $6 | +2% | $52M | $164M | 3.9x | 10.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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