Fact panel
| Investee: Inclusio | Investor: Stock Market |
|---|---|
| Sector: Real Estate with social impact (social) | Sector: Social housing |
| Type of Organization: Real Estate Investment Trust (REIT), listed on Euronext Brussels | Range of investment ticket: Starting from 1 share |
| Type of Investee: C company | Type of investor: Retail investors |
| Investment strategy: Impact Investment | Type of investment: Listed shares |
| Country of Investee: Belgium | Expected return (of the fund): Similar to market return (Proposed gross dividend 2025: €0,92/share (gross yield of 5,0%)) |
| Investment Strategy: Impact investment | Size of the Fund: €331 million (fair value as of 30/06/2025) |
| Ticket size of investments: >€ 1 million | Specifics: A listed company fully dedicated to social impact real estate, |
| Year of Investment: IPO in 2020 | LP: SFPIM, impact funds, banks, institutional investors, family offices, |
The what: Inclusio, a C type listed company
Problem Addressed
Belgium faces a severe housing crisis: less than 6% of the housing stock is social, with record waiting lists (over 60,000 households in Brussels, 176,000 in Flanders, 44,000 in Wallonia). Vulnerable groups (low income, single parents, people with disabilities, migrants, …) are most affected. Public authorities are unable to meet the growing demand due to limited resources and development capacity.
Solution Provided by Inclusio
Inclusio invests in the acquisition, renovation, and construction of social and affordable rental housing, working in close partnership with public operators such as Social Rental Agencies (Agences Immobilières Sociales / Woonmaatschappijen), CPAS, municipalities, social housing companies, and non-profit organizations. Thanks to these collaborations and to fiscal advantages, Inclusio is able to offer rents that are 25-40% below market rates, while maintaining high standards of quality, sustainability, and social inclusion.
Inclusio has a diversity of Offerings varying from:
As of 30 June 2025, Inclusio constructed 224 buildings across 89 sites, offering 1,391 affordable housing units, 155 units for people with disabilities and 13 social infrastructure assets (centers for asylum seekers, homeless, children). The total of people housed is 5.596.
The how: Inclusio, a Real Estate Investment Trust
General presentation
Inclusio is Belgium’s leading listed real estate company specializing in social and affordable housing. Its mission is to provide long-term, high-quality, affordable rental homes to vulnerable groups (low-income households, people with disabilities, single-parent families, migrants, etc.), while delivering measurable social impact and stable returns for investors.
Intentionality
Inclusio places social impact at the heart of its strategy. The goal is to increase the supply of affordable rental housing, promote social diversity, and support the inclusion of vulnerable groups.
Impact Management
Impact is central to Inclusio’s mission. The company closely monitors its social and environmental impact, including the number of people housed, energy performance of buildings, and tenant satisfaction. Indicators such as affordable housing units, energy savings, and social inclusion are published and used to set ambitions for continuous improvement.
ESG management is taken seriously, with a dedicated ESG manager and regular oversight by the Board and executive team. In 2024, Inclusio conducted a double materiality analysis to identify key ESG priorities. This led to a clear roadmap with measurable goals, which are tracked and updated annually. Inclusio’s commitment to ESG is reflected in its transparent reporting, B Corp certification, and its role as a benchmark for impact real estate in Belgium.
Additionality
Inclusio’s additionality lies in its ability to mobilize private capital to finance affordable rental housing, a sector historically underfunded. Through its model, Inclusio accelerates the creation of housing. The company helps bridge the gap in affordable rental housing in Belgium while generating measurable social impact.
More information
- Inclusio
- Annual report
