Panquin: how PMV’s capital participation gave the project wings

The Panquin site is part of Tervuren Park and is protected as a monument and surrounded by a ranked landscape because of its high heritage value. The history of the site goes back to the 18th century when the construction of the Horseshoe Complex and the orangery took place. This construction was intended to create a new monumental castle entrance in the axis of Castle Street to the Ducal Palace in the Park.

Master plan

ION and PMV’s master plan is the result of an intensive consultation process and constructive cooperation with architects, engineers and the public authorities concerned, in particular the Municipality of Tervuren, Nature & Forest Agency, Heritage Agency. The architectural component will be carried out by a consortium of five architectural firms, each tackling a part of the site. They are the Italian firm C+S, DE Architects from Tervuren, A33 Architects from Leuven, Kopland from Roeselare (for restorations), and Omgeving from Berchem (for landscaping). The total land area of the project site covers 3.7 ha, while the total building area consists of 13,300 m² of new buildings and 7,900 m² of heritage. The Flemish government, through the Agency for Nature and Forests, is investing about €600,000 in this project.

New interpretation of heritage

The scenic and historical quality of the Horseshoe Complex, the Orangerie and the surrounding landscape is undeniable. But today the site manifests itself mainly as an island between the city centre and the Warande Park. That will now become a thing of the past. Historic buildings, new construction wings and open, publicly accessible spaces should now be recognisable as parts of a single architectural and landscape unit in connection with the park and the village centre. The Horseshoe Complex (the old barracks) and the Orangerie will be given a new public-access destination after restoration by ION & PMV.

100 houses

There will be a residential complex along the Duisburgsesteenweg (project title De Poort) that aims to act as a gateway to the city centre, connecting with the Orangerie and the Half Horseshoe Building. The ground floor of the Poort building will house offices, catering and retail. Between the Orangerie and the new pond will be the implantation of a new residential wing (project title The Square). The third residential wing joins the park forest and also overlooks the second residential wing. Some 100 residential units are planned in total. There will also be life-proof homes with wheelchair-accessible facilities for those getting a day older or with mild physical disabilities.

Open and fordable

The whole site should breathe and have an open character. Importantly, all these open spaces are interconnected through an overall network of informal and public paths for passers-by, residents, workers, pedestrians and cyclists. Therefore, the site will become fully ‘fordable’ between the centre, feeder valley and park, and atmospheric landscapes will be re-established or created.

Central power generation

The fact that the renewable energy for heating and cooling for the entire project is generated centrally reduces CO2 emissions. In the centre of Het Hoefijzer, a geothermal BEO field will be constructed to provide the basis for low-temperature heating in winter and passive cooling in summer. This will be combined with a CHP plant producing electricity using gas as fuel. The residual heat from the engine is used to heat the hotel and for sanitary hot water supply throughout the site. It is precisely the combination of housing and a hotel that makes the coupling of geothermal energy to CHP interesting: after all, the hotel needs high-temperature domestic hot water day and night, including for the swimming pool. This also allows the CHP plant to operate continuously. Consequently, a well-dimensioned CHP is the most energetic solution to guarantee both permanent residents and hotel guests the comfort of hot water permanently.

Energy as a service

That floors are used not only to heat rooms during winter but also to cool them in summer is remarkable. After all, in traditional projects, this is still too often considered an (expensive) option. Equally remarkable is that residential occupants and hotel operators lease renewable energy from an energy distributor. Whereas many large-scale projects even today still use individual boilers or a heat pump per residential unit, the central storage and distribution of energy at the Panquin site allows for better management. The customer gets guaranteed comfort – energy as a service – while the operator can efficiently keep the installations up-to-date.

How was the heritage project structured?

The award of the contract led to the drawing up of a cooperation agreement between the municipality of Tervuren and the consortium. The consortium will realise the project by dividing it into several project companies. After completion, a sub-project (the park and the above-ground car park) will be transferred back to the municipality. The total investment value of the project is around €55 million, including VAT.

PMV provided know-how as well as venture capital

PMV joined ION’s project team to bid in partnership for the redevelopment of the Panquin site. PMV provided its know-how for the legal and financial structuring of the project and facilitating discussions with public stakeholders. In addition, PMV granted the required risk capital for the established project companies.

The heritage project in numbers

• hotel **** with 100 rooms and brasserie (7,900 sq m);
• 100 residential units (13,300 m²) intended for different family typologies;
• offices, catering and retail on the ground floor;
• public functions for the municipality;
• 15,900 m² of green space with pond and squares.

Other partners

• ION is a Waregem-based property developer & real estate investor that emphasises both high-quality architecture and design sustainability. Its projects are geographically spread all over Belgium. With its extensive expertise, commercial, technical, fiscal, legal and financial, ION succeeds in creating added value for all stakeholders. ION specialises in mixed complex projects, a combination of residential and commercial real estate and is active in speculative developments, Public-Private Partnerships as well as tailor-made projects.
• Tervuren is located in the Grape Region, situated in the green outskirts of Brussels and a stone’s throw from Leuven. Framed by the vast Sonian Forest, the municipality has many assets in terms of nature and recreation for residents, entrepreneurs and visitors. Its rich history and the AfricaMuseum also put Tervuren on the map. Moreover, it is a municipality of over 21,000 inhabitants with a vibrant club life. But also with a diverse population that consciously chooses this pleasant place to live and work.

A capital participation: also for your project?

Find out how a capital participation from PMV can be the solution for financing your project: request the presentation.