Victrix, the family holding of Virginie Saverys, is investing 40 million euros through the property developer Revive. 10 million of which will go immediately to the new investment fund "Revive Impact Fund". Property developer Revive aims to raise up to 300 million euros from institutional investors through a private placement, and with the launch of this fund, it is the fifth time it has been at the forefront of setting up a residential property investment fund. It is to be the largest round of capital financing to date for the Belgian market leader in property reconversion.
Due to rising interest rates and increasing obligations for buyers, there is a growing demand for sustainable and less risky real estate. The Ghent property developer, one of the largest developers in our country, is now taking the next step towards sustainable and 'future proof' real estate with the launch of the 'Revive Impact Fund'. The fund has just been set up with an initial capital of 30 million euros and aims to raise up to 300 million euros from institutional investors and family offices. In addition to Victrix and the management, SPDG (Périer / D'Ieteren family), Too'Gezer and Paverco (Verstraete family), among others, also subscribed to the new fund.
With the fund, Revive will soon invest in some 20 to 30 inner-city real estate developments in Belgium, Portugal and Poland, together accounting for over 5,000 new homes. The units will meet the highest quality standards in terms of sustainability, just like the EKLA projects in Brussels and the Minerve project in Edegem.
Dark green fund
The Revive Impact Fund is unique because it is one of the few real estate funds in our country to comply with the dark green 'Article 9' obligations under European legislation on sustainability reporting (the 'EU Sustainable Finance Disclosure Regulation' or 'SFDR'). Therefore, several concrete sustainability targets have been set in the investment strategy. These include excluding fossil fuels and focusing on affordable housing and social cohesion.
"Despite the volatile property market and inflation, there are still many opportunities to build in a future-proof and sustainable way. The fact that the fund is leaning towards the dark green category again demonstrates our role as a pioneer and the uniqueness of the project within the real estate sector. In other words, the Revive Impact Fund offers European professional investors the opportunity to create a sustainable impact with a low risk." - Nicolas Bearelle, Executive Chairman Revive
Victrix invests 40 million in Revive impact story
In a first stage, several family investors are co-sponsoring the capital round. For instance, the Saverys family is injecting 10 million euros into the Revive Impact Fund via Victrix, the family holding of Virginie Saverys. Victrix is committing to a total investment of 40 million euros and is also acquiring a minority stake in Revive. The holding company had previously invested in one of Revive's funds.
"The values of Victrix and Revive are very similar and the ambitions to realise impact together was the trigger to take this important step. Victrix has acquired 15% of Revive World, the top holding of the Revive group, and is subscribing to a hard commitment of 40 million euros. In doing so, we want to further support and strengthen the great story of the past 14 years." - Basile Aloy, CEO Victrix
This new participation fits within the recent changes in Revive's shareholder structure. In 2019, Nicolas Bearelle became the sole shareholder and by the end of 2022, the nine-member leadership team acquired 15% of the shares. This secured Revive's long-term management to support its growth ambitions.
"Revive today employs 80 experts, is active in three countries and has strong growth ambitions. So it is the ideal time for the group to be carried by multiple shoulders. For the management to benefit from this opportunity seemed a very logical first step. The entry of Victrix as a long-term partner confirms that our strategy, based on very clear sustainability ambitions, is paying off. Together, we can continue to make a difference and further strengthen our growth." - Nicolas Bearelle, Executive Chairman Revive
New Advisory Board and fund management structure
For Revive, this is the next step in their international growth story of recent years. This growth is supported by a strengthening of the corporate structure. A new Advisory Board ensures that the developer remains focussed on its core values: environment, social inclusion and good governance, aka ESG. The Advisory Board includes Piet Colruyt, Wouter Torfs, Walter Mastelinck, Basile Aloy, Sarah Parent (Go Forest) and Koen Schoors (Ghent University).
To manage their fifth investment fund, Revive has founded the company Revive Fund Management. This specialised company is in charge of managing the real estate fund. Fréderic Collin, former CFO at Vicinity and TwentyTwo Real Estate, will lead Revive Fund Management, supported by Jan Suykens and Koen Hoffman as independent directors.
"Our new management structure allows us to further expand the management of private investment funds and accelerate our internationalisation. Frédéric Collin, with his experience in managing an AIFM business and as a true Reviver, is the ideal person to lead the company." – Alexandre Huyghe, CEO Revive
Revive is unique and not like other property developers. Every day, our team of more than 80 employees works on a totally new vision of urban (re)development in Belgium, Poland, Portugal, ... At Revive, we develop neighbourhoods that offer a qualitative and sustainable alternative in an urban context. Living, working, enjoying and so much more in the city, with the smallest possible ecological footprint. We focus strongly on the collective and public domain in order to improve liveability and social cohesion.
All Revive neighbourhoods are climate-neutral in use and the climate impact is also minimised during the construction process. We are also committed to local energy supply and optimal water management. In addition, Revive invests in more biodiversity and in infrastructure to improve the physical and mental well-being of residents. In this way, we aim to create vibrant neighbourhoods where it is pleasant to live.
In recognition of our sustainable and transparent approach, we were the first Belgian company to be awarded the B-Corp label, in 2012. This is the most objective proof that a company considers its social and environmental objectives to be at least as important as making a profit.
More information at: www.revive.be