Belgian property tycoon sells golf project as debts mount

Paul Gheysens, once one of Belgium’s biggest property developers, has sold his long-planned golf project in Knokke to a group led by his former rival, Peter Taffeiren.

The site covers 120 hectares and was meant to include a golf course, hotel, conference centre and luxury homes. Gheysens had worked on the idea for more than 25 years, but it faced long delays over planning permission and environmental concerns.

Taffeiren had earlier opposed the project, saying it would damage the local landscape. He is now expected to change the plans to make them more acceptable.

The sale comes as Gheysens struggles with heavy debts. For the past three years, he has been selling assets to raise money. His problems followed rapid expansion in countries such as Poland, the UK and France, combined with the impact of the pandemic and higher interest rates.

Banks have become reluctant to lend to his company, Ghelamco. The timing of the sale also matches a €57 million bond repayment in Poland.

​#FlandersNewsService | Ghelamco CEO Paul Gheysens © BELGA PHOTO JASPER JACOBS