March 2025 Life Sciences Update

Belgium

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Fast Lab Stats

• The Belgian market stabilized in late 2024 after a period of slowing activity and rising yields over the previous 12-18 months. In the life sciences sector, investor interest has remained subdued due to limited supply and lower risk tolerance, particularly for development projects. However, values have shown greater resilience compared to other sectors. • Belgium's internationally recognized life sciences industry has long played a prominent role in the national economy. It ranks as the EU's second largest exporter of chemicals and pharmaceuticals, holding a 14% market share. The sector has experienced robust growth over the past two decades, supported by a highly skilled, multilingual workforce. This growth accelerated after the pandemic, drawing increased funding, investment and educational focus to the industry. • Belgium continued to grow as a major hub for pharmaceutical and life sciences companies last year, with GSK, Pfizer and UCB expanding their facilities. • As the industry continues to grow due to rising interest, the supply of adequate infrastructure must follow. Today, there is a clear lack of real estate suited to accommodate the occupational demand. The country's three regions share the same vision and are working together with the private sector to reduce this gap and ensure Belgium maintains its position as a leader in life sciences. As a result, we observe an increasing number of real estate players seeking to develop and invest in this asset class.

€ Raised (MM)

Company

Deal Type

Completed

VC Round

317.4K Total Life Sciences Employment 1,000 Life Science Companies 63 Research facilities/ institutes

Pantera (Drug Discovery)

Early Stage VC

Sep 2024

1st Round

€ 134.0

AgomAb

Later Stage VC

Oct 2024

5th Round

€ 89.0

Confo Therapeutics

Later Stage VC

Jul 2024

3rd Round

€ 60.0

atbtherapeutics

Early Stage VC

Oct 2024

3rd Round

€ 54.0

Protealis

Early Stage VC

Jan 2024

2nd Round

€ 22.0

miDiagnostics

Later Stage VC

Dec 2024

5th Round

€ 21.7

Augustine Therapeutics

Later Stage VC

Jun 2024

3rd Round

€ 17.5

Exo Biologics

Later Stage VC

Apr 2024

3rd Round

€ 16.0

Perseus Biomics

Later Stage VC

Jan 2024

2nd Round

€ 9.6

AmphiStar

Early Stage VC

Apr 2024

1st Round

€ 6.5

Representative Investment Sale Transactions (2023-2024)

Address

Type

Volume (€m)

GLA (sqm)

Date Buyer

Representative Life Sciences Companies

Life Sciences Labor: Employment in the pharmaceutical industry

Intarsia Vastgoed @ Arenberg Science Park

Lab / Office

12

5,500

Q3 2022 AXA Group

Company

Type

44,000

Lab / Office

60

4,800

Q3 2022 TPG Real Estate

Pfizer

Biotechnology, Pharma

Bio-Accelerator

Sanofi

Pharma

42,000

Novartis

Pharma

40,000

Representative Lease Transactions (2023-2024)

Gilead

Pharma

38,000

Company

Address

GLA (sqm)

New/Renewal

Type

Quarter

Landlord

Takeda

Pharma

36,000

Fendigo

180 New letting

Office

Q4 2024 N/A

Vanderelst Building, Leuven

Johnson & Johnson

Pharma, Medical devices

Rue de Waremme 119 4530 Villers-le-Bouillet

34,000

Q1 Scientific

1,860 New letting

Storage/labs

Q4 2023 N/A

GSK

Biotechnology, Pharma

EG nv/sa

2,109 New letting

Office

Q1 2023 N/A

Temselaan 102

32,000

2018 2019 2020 2021

2022

Perrigo

2501 New letting

Office

Q2 2023 N/A

Gaston Crommenlaan 4-14

Bio Degree-Awarding Institutions, Metro Area

KU Leuven

• • • • • • •

Ghent University

Universite Catholique Louvain Universite Libre de Bruxelles

University of Liege

Vrije Universiteit Brussel University of Antwerp

Contributor Andy Lemmens Andy.lemmens@cushwake.com

Sources: Cushman & Wakefield Research, CoStar, Pitchbook, EFPIA

Cushman & Wakefield

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