Inclusio goes public and joins Euronext Brussels’ Real Estate Franchise


  • Inclusio’s IPO raised €60 million while the market capitalisation stands at approx. €154 million
  • Inclusio is the 18th Belgian Regulated Real Estate Company (RREC) listed on Euronext Brussels

Brussels – 10 December 2020 The real estate company with social purpose Inclusio (ticker symbol: INCLU) today began trading on Euronext Brussels (Compartment B), with an initial market capitalisation of €154 million. Through this IPO, Inclusio joins a franchise of 17 regulated real estate companies currently listed on Euronext Brussels, representing a total market capitalisation of approx. €19 billion (per 30 November 2020).

Inclusio is a company established under Belgian law active in the field of social real estate in Belgium. The project took its concrete shape at the end of 2014 at initiative of three partners, which reunited their social real estate ambitions: Bank Degroof Petercam (through a subsidiary), Kois and Re-Vive. Through regular investments mainly in affordable housing, the disability sector and social infrastructure over the last 5 years, the portfolio value reached €141 million as of 31 August 2020.

The main objective of the IPO is to raise additional funds to support the execution of Inclusio’s strategy. The proceeds will enable the company to continue its growth at an accelerated pace.

Inclusio was listed through the admission to trading of 7.187.558 shares. The admission and issue price of Inclusio’s new shares was set at €21.4 per share. Market capitalisation was €154 million on the day of listing. The IPO raised €60 million altogether.

Marc Brisack, Vice CEO of Inclusio, declared: “We are very pleased with the success of our fundraising. We want to thank our historic shareholders and the new investors for their confidence. Through their support, Inclusio will develop a new REIT model combining social ambitions with yield prospects. Our listing and the €60 million we have raised will allow us to accelerate the development of our activities consisting of bringing additional quality affordable housing units to fragile segments of the population and investing for the long term in social infrastructure.”


To celebrate Inclusio’s first trading day, Xavier Mertens, Chief Executive Officer of Inclusio, and Marc Brisack, Vice Chief Executive Officer of Inclusio, rang the bell to open the markets in Brussels today.

About Inclusio nclusio is a company established under Belgian law active in the field of real estate of a social nature in Belgium. The project took its concrete shape at the end of 2014 at initiative of three partners, which reunited their social real estate ambitions: Bank Degroof Petercam (through a subsidiary), Kois and Re-Vive. Inclusio is the result of the transformation at the end of 2014 of the company Bon Pasteur NV/SA, incorporated in October 2011 (by Degroof Petercam). Following the construction and delivery of a first residential project called Bon Pasteur located in Evere, Inclusio carried out various fundraisings between 2015 and 2019 (with last round being carried out in April 2019), raising EUR 92 million of equity in total . The Company's shareholder base has gradually opened up to a large number of investors, including public and private institutional investors, non-profit organizations and individuals. Its equity capital, combined with lines of credit, has enabled Inclusio to develop its investment activities, mainly in affordable housing, the disability sector and social infrastructure, to reach a portfolio value of EUR 141 million as of 31 August 2020.

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