Heijmans takes over Belgian project developer Himmos

Heijmans N.V. (construction, property development and related activities) expects to reach an agreement on the takeover of Himmos N.V., a project development company in Antwerp (Belgium).

Upon reaching a final agreement, the transaction will take effect from 1 July 2002. The takeover will be funded with cash and will have a minor effect on the 2002 profit per Heijmans N.V. share.
Himmos is primarily active in project development in respect of commercial property (offices and shops) and residential property (flats and lofts). The activities are spread out from West Flanders, Antwerp and Brussels to the Belgian portion of Limburg. The clientele comprises 80% private individuals and 20% companies and shops. This is in line with the breakdown of turnover for residential and commercial property.

Currently, the turnover amounts to approximately EUR 14 million, but this will increase sharply in the coming years. The profitability currently falls below the Heijmans average, but this is expected to increase greatly in the future. In the coming years, some 400 flats and a number of commercial units will be developed on the parcels of land that Himmos owns.

The intended acquisition is in line with Heijmans’ strategy to further expand its property development activities in Belgium. Through the persistent involvement of the present management and the input of the staff of 13 highly educated employees, the acquisition will strengthen Heijmans’ position in Belgium, particularly in the property development and residential markets.

(source: Heijmans)

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