PMV invests in Flagey
The Flagey broadcasting building (art deco) is located next to the ponds of Ixelles. It is the former broadcasting building (National Institute for Radio Broadcasting, NIR/INR), which was founded in 1935 and solemnly opened in 1938. It was designed by architect Joseph Diongre (after two architectural competitions).
The building is built in modernist style with a facade in yellow Venloo brick. On Place Sainte-Croix, the building has six floors and on Place Flagey, seven. The entire complex is built around two acoustic towers that housed the studios. It was used for radio broadcasts and recordings, concerts and TV broadcasts for 35 years.
Ambitious heritage project
As the building became too small for national broadcasters, it was abandoned and rented out to cultural organisations from 1960 onwards. In 1994, it was protected. Later, it was sold to a group of Belgian investors gathered in the nv Omroepgebouw Flagey. From 1998 to 2002, the world-renowned complex was completely asbestos-free and underwent a thorough renovation with the restoration of the protected parts, a restructuring and refurbishment of certain studios and an extension. With an additional 10 million euro subsidy from the Brussels Region and a bank loan, the ambitious 42 million euro project could be realised.
Business plan
The business plan of Omroepgebouw Flagey nv, as the owner of the property, was to rent out the office spaces and hospitality areas in the Flagey building and to give the former studios a cultural purpose. To this end, Flagey asbl was set up in 2001 as a completely separate entity. Today, it is an important Brussels cultural house.
Capital participation of PMV
PMV has been a shareholder in the nv since 2003. Thanks to the role of both private and public investors, the building was renovated and restored and given a new purpose. A suitable structure was set up to finance the project. Profitability is sought through a combination of cultural and commercial infill. PMV aims for both social and financial added value through its participation in the unique real estate heritage.
The heritage project in numbers
- Lettable area of 22,000 m²: 11,415 m² of cultural infill, 9,208 m² of offices and 1,377 m² of retail (
- PMV holds a 9.11% stake in Omroepgebouw Flagey nv.
Partners
- Flagey asbl is a Brussels cultural house known at home and abroad for music and visual projects. The asbl enjoys structural support from the various Belgian communities.
- FPIM is the Federal Investment Company that participates in companies that have a strategic interest for the federal policy level.
- The Brussels government holding company GIMB enables financing for Brussels companies that generate added value.
A capital participation from PMV: also for your project?
Find out how a capital participation from PMV might be the solution for financing your heritage project: request the presentation.
