Atenor is a property developer active mainly in the office building sector, and more marginally in the residential and commercial sectors, which invests in large-scale real estate projects having strict criteria in terms of location, economic efficiency and respect for the environment.

10.7 %


€ 41m

Turnover: ca. (2022)


Date of acquisition

Euronext Brussels Stock Exchange
(ISIN: BE0003837540)
Stock exchange

Registered office
La Hulpe, Belgium
Business Sector

International sustainable urban real estate developer

Investment thesis

Our investment thesis is built on several attributes:  

  • Atenor is well positioned in European office real-estate development to take advantage of the underlying trend (i.e. market demand increasingly shifting towards high quality assets with high environmental standards)
  • Internationalisation strategy, which led to balancing its geographical exposure across 10 European countries
  • Exposure to countries offering stronger growth prospects and shorter pre-building phases (i.e. Hungary, Romania, Poland)
  • A well-recognised know-how in terms of selecting projects, planning, project management, marketing, and urban planning concepts


  • Atenor has successfully expanded and diversified its geographic exposure outside of Belgium, gradually focusing on larger, more innovative and audacious projects with a portfolio consisting of 35 projects totalling ca. 1,300,000 sqm, predominantly offices
  • Atenor started to diversify in Central Europe (Hungary/Budapest and Romania/Bucharest) in 2007/2008 and more recently in France/suburbs of Paris in 2017, in Poland/Warsaw in 2018, in Germany/Düsseldorf, Luxembourg and Portugal/Lisbon in 2019 and more recently in the UK/London
  • Atenor increased the proportion of green financing within its total debt, going from 13% financing by green bond & bank debt as of Dec-21 to 28% as of Jun-22