Inclusio raises €13.5 million from VDK Bank and a Belgian pension fund
The public regulated real estate company under Belgian law, specializing in social and affordable housing, obtained these resources from two distinct lenders: a bank with which it already works and a new institutional investor.
An €8.0 million credit from VDK Bank and €5.5 million from a pension fund
Announced on October 28, 2026, the two transactions are divided into two components. The first is an investment credit of €8.0 million granted by VDK Bank, with a duration of 5 years. The second is bilateral financing of €5.5 million granted by a Belgian pension fund, also with a duration of 5 years.
According to Jean-Luc Colson, Chief Financial Officer of Inclusio, these operations strengthen the company's financing structure and contribute to the diversification of its sources. He indicated that the company continues its collaboration with VDK Bank and welcomes a new Belgian institutional investor.
Eight development projects to accommodate 1,000 additional people
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For Lionel Van Rillaer, Chief Executive Officer of Inclusio, this financing illustrates the confidence of financial partners in the company's business model. This model combines, according to him, financial returns for shareholders with positive social and environmental impact.
The executive clarified that Inclusio currently houses over 6,000 people in Belgium, primarily vulnerable populations. These new resources should enable the continuation of development of the 8 projects in its portfolio, in order to accommodate 1,000 additional vulnerable people.
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 8,7 millions d'euros
Quarterly revenue: 8,7 millions d'euros
Net income: 11,6 millions d'euros
Guidance from the release
Inclusio anticipe pour l'exercice 2026 un chiffre d'affaires de plus de 18,0 M€ et le Conseil d'administration anticipe la distribution d'un dividende brut de minimum de 0,94 €/action
Risks mentioned
Dépendance à la demande structurelle de logements sociaux en Belgique, avec des risques de changements de politique gouvernementale impactant les subventions et partenariats public
Volatilité des taux d'intérêt impactant le coût de la dette (taux euribor) qui s'est accentué au S1 2026 (2,93% vs 2,70% en 2025)
Risques de concentration géographique avec 47,7% du portefeuille à Bruxelles, exposé à la performance de ce seul marché régional
Opportunities identified
7 projets en développement (57 M€ d'investissement) apporteront ~930 personnes hébergées supplémentaires et génèreront 3,5 M€ de revenus locatifs bruts annuels
Amélioration continue de la performance énergétique du portefeuille (134 kWh/m²/an en moyenne) créant une demande croissante pour des biens énergétiquement efficaces
Potentiel de croissance du portefeuille immobilier qui a franchi les 400 M€ avec 99,2% d'occupation et 11,7 ans de durée résiduelle moyenne des baux
Outlook / guidance
Expected revenue: 18 millions d'euros
Management commentary: Inclusio anticipe pour l'exercice 2026 un chiffre d'affaires de plus de 18,0 M€. Le Conseil d'administration anticipe la distribution d'un dividende brut de minimum de 0,94 €/action pour l'exercice 2026.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
