New Year’s Message from Sandra Huber – CEO of IKO
At the beginning of this new year, I would like to take a moment to reflect on the months that have passed and to share a few thoughts as we look ahead to the year to come.
2025 has been a demanding year. For IKO, as for the entire real estate sector, it has been shaped by a particularly constrained market environment, a slowdown in momentum and an unprecedented level of uncertainty. Some projects evolved differently from what was initially envisaged, others were postponed or rethought, and financing conditions became more complex, placing increased pressure on the organisation as a whole.
This year has also been significant on a personal level, as it marks my first months as CEO of IKO since April 2025. Taking on this role in such a context has been both deeply engaging and particularly challenging. It has required me to take structuring decisions, sometimes difficult ones, always guided by the determination to safeguard the Group’s future, its credibility and its people. This period has confirmed the strength of IKO’s teams and the relevance of the projects developed by the Group.
Despite this environment, 2025 has also been a year of tangible achievements.
On the office and retail side, the year confirmed our ability to stay the course in a demanding context. Our shopping centres remain vibrant and attractive places, supported by continuous work on quality of use, tenant relations and the ongoing adaptation of the retail mix. The Unicity project, delivered this year, is a strong illustration of this, with a pre-letting rate exceeding 80%, confirming the relevance of its positioning from the moment it entered the market. The Ekxo project, now leased to Baker McKenzie, has also been launched and represents a new benchmark within our tertiary portfolio. At Rout Lëns, the TT Store continues its development and is entering a new phase with the active search for an operator.
On the residential side, 2025 has been a year focused on long-term development. The Rout Lëns project continues its gradual transformation, with key milestones bringing to life an ambitious and sustainable urban vision. Progress on Lot 14, scheduled for delivery at the end of 2026, the signing of Lot 2, and the launch of the new school campus by the City of Esch-sur-Alzette represent essential milestones in the life of the neighbourhood. At the same time, construction works at Livvy and Calluna have begun, and new residential typologies have been delivered through the 1276 Brabant project in Merl, illustrating our ability to evolve our offering and to meet the highest standards in terms of quality, usability and sustainability.
From a commercial perspective, the year was also marked by sustained momentum, with a reinforced presence at the Real Estate Fair, the launch of new programmes and several planning applications submitted towards the end of the year, actively preparing future developments.
I would also like to extend my sincere thanks to all our partners.
To our suppliers and contractors, who are themselves navigating a challenging economic environment and who continue, despite this, to demonstrate professionalism, commitment and trust alongside us.
To our banking partners, whose dialogue, presence and support are essential in securing projects and building sustainable solutions in this complex period.
Finally, I would like to warmly thank all our clients — private individuals, companies and institutional stakeholders alike — for the trust they place in us. Their loyalty and their high expectations drive us on a daily basis and give full meaning to our work: to design, develop and support projects over the long term, with rigour and responsibility.
2025 has also been a year of learning. It reminded us of the importance of robust processes, clear governance and close collaboration between teams and with our partners. It led us to adjust our methods and strengthen our organisation in order to approach the future on more solid foundations.
As we enter 2026, I am confident.
Not because challenges will disappear, but because we are approaching this new year with greater clarity, maturity and coherence. Our pipeline remains solid, our structuring projects are progressing, and we can rely on committed teams and engaged partners.
I would like to sincerely thank all our employees, partners and stakeholders for their trust, support and commitment throughout the year. I look forward to continuing this journey with you in 2026, with determination, responsibility and confidence.
I wish you all a very successful year 2026.
Kind regards,
Sandra Huber