The real estate group WDP has acquired the former Renault car factory site in the Flemish Brabant town of Vilvoorde for 100 million euro. The company sees "unique potential for new development" on the 1.2-kilometre-long site.
Property group WDP acquires form Renault car factory site in Vilvoorde for 100 million euro
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Although the French car manufacturer Renault closed its factory in Vilvoorde in 1997, the site is still known as the “Renault site”. WDP is buying the site from investment company Alcopa. Existing leases and activities on the site will continue.
The 19-hectare site, part of which runs under the Vilvoorde motorway bridge, “offers unique long-term redevelopment potential in an area of the country where plots of land of this size is not available” WDP said in a statement.
Unrivalled opportunity
WDP’s Country Manager Kristof De Witte says that the site provides an “unparalleled opportunity for both the city of Vilvoorde and WDP to transform a piece of industrial heritage into an innovative and future-oriented urban distribution centre that goes beyond traditional industrial and logistical usage”.
The aim is to create space for a with a “combination of functions” that with include small and medium-sized enterprises (SMEs) and manufacturing. The site with provide WDP with a net initial yield of around 7%.