2023-09-30 06:01:00
The common thread of his company, created not without difficulty in 2008, almost at the same time as the bankruptcy of Lehman Brothers, is “to buy brown buildings to make them green”. In other words, “sustainability and ESG (Environmental, Social, Governance) criteria are its leitmotifs for creating value. It’s “in our DNA”. And even if the approach may appear pie-in-the-sky, this jurist, trained by the Jesuits in Antwerp, claims to have been a pioneer in the field.
“The occupier market has changed, with the Covid crisis acting as a catalyst. 15 years ago, we negotiated with the CEOs of companies. Today, our interlocutors are human resources managers. The price is not more than an element of decision-making. The key criteria include quality, location, possible interactions and the services offered. The surface area is 40% lower, but the quality required is significantly higher.” , he emphasizes.
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Another of its strategic axes is to work in partnership. “It’s a notion in which we strongly believe,” insists Frédéric Van der Planken. Whitewood – whose portfolio exceeds 2 billion euros – is notably a partner of the SFPI (the financial arm of the federal state) and the insurance company Ethias in the Cityforward fund. This fund made two major acquisitions: the Engie tower (north of Brussels) and the ITT tower (Avenue Louise) where the Alides family group also intervened. “It was following these two transactions that we entered into discussions with the European Commission for the sale of the 21 buildings in the European district,” he explains.
Whitewood has therefore been on the rise for some time. But “we experienced much tougher times. Twice, we almost went bankrupt,” he says. The start-up, in the midst of a banking crisis, almost went wrong.
Motto of the Jesuits
Frédéric Van der Planken bans the word “failure”. He prefers the notion of challenges which allow us to “realize that before embarking on major projects, we must ensure that we have the necessary financing”.
The Antwerp developer has also not forgotten the motto of the Jesuits: “more is in us”, which means that human beings can continually surpass themselves. “It taught me to take responsibility, and it also gave me a taste for work.” From his first “mentor” whom he met in his first job at Proter&Gamble, he also learned “how to sell services”. The key is to “master the numbers. It was from that moment that I fell in love with numbers,” says the man who inherited his father’s entrepreneurial spirit. From whom he bought the artisanal marzipan manufacturing factory five years ago.
His parents, his three children whom he takes to hockey on Saturday mornings, his blended family with two additional children, everything keeps him in the beautiful Antwerp suburb of Wilrijk where he lives. And surprisingly, Whitewood has no investment plans at the moment in Antwerp. Frédéric Van der Planken intends to return there, however with the caveat that the rents are “not high enough” compared to Brussels.
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Pedestrian in Brussels
The capital of Europe is full of opportunities in his eyes. And he makes fewer criticisms than other real estate professionals. He doesn’t think pedestrianism is “a mistake.” On the other hand, he finds it “deplorable” that it took two years between the decision and the launch of the work. “There are often good ideas but their execution takes too long.” He clearly prefers Anspach Boulevard today than when it was an “urban highway”. Certainly, “there are problems but like in all urban neighborhoods”. He would even see his parents living in the Oxy building, the day they are ready to leave their house with a garden…
A 2 billion euro project
Whitewood employs 50 people, 35 in Brussels and Antwerp and 15 in Amsterdam for a portfolio of more than 2 billion euros. The company has, in addition to Frédéric Van der Planken, shareholder with 90% of the capital, two other partners, Valérie Vermandel and Tobias Swachgten.
One of Whitewood’s major projects concerns the sale of 21 buildings belonging to the European Commission. The SFPI (financial arm of the federal government), which works in partnership with Whitewood, is a candidate for the acquisition. The operation, which covers 300,000 m2, is valued at nearly 2 billion euros (950 million for the acquisition and 1 billion for the transformation). Roadshows are organized with institutions for financing. “We are confident. The transaction should be completed before Christmas,” explains Frédéric Van der Planken. It is planned to make 70% offices, 25% residential and 5% equipment and businesses (crèches, etc.). “The first housing units should be ready in 2028,” estimates the CEO.
In a few dates
April 8, 1977: naissance by Wilrijk de Frédéric Van der Planken.
1995-2000: law degree at UFSIA (Antwerp).
2003-2008: different functions at the real estate broker CBRE.
2008: founder and CEO of Whitewood Group.
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