Key Executives
Paul Gheysens serves as the Chief Executive Officer and founder of Ghelamco, a position he has held since establishing the company in 1985 as a general contractor focused on industrial real estate.[1] Under his leadership, Ghelamco has evolved into a major European real estate investor and developer, emphasizing strategic expansion and innovation in commercial properties across multiple countries. Gheysens was awarded the CEEQA lifetime achievement award in 2014 for his contributions to the Central and Eastern European property sector, and in 2014, he received the distinction of Commander in the Order of Leopold II for his business and societal impact.[11][12]
Several family members hold key executive roles, contributing to the company's family-owned culture that prioritizes long-term decision-making and alignment with core values. Michael Gheysens, son of Paul Gheysens, is the Managing Director for Belgium, overseeing operations in the company's home market where Ghelamco maintains a significant portfolio of office and logistics developments.[13] Marie-Julie Gheysens, another family member, acts as Managing Director for the UK and leads international business development, driving Ghelamco's entry into the British market with projects like The Arc in London, which exemplify the firm's focus on high-quality, sustainable urban developments.[13][14] Simon Gheysens, also part of the family, serves as Chief Technology and Project Design Officer, integrating advanced technologies into project design and operations to enhance efficiency and sustainability across Ghelamco's portfolio.[13]
Jarosław Zagórski, a non-family executive, has been Managing Director for Poland since April 2023, bringing over 25 years of experience in the Polish real estate market.[15] Zagórski, who joined Ghelamco in 2007, specializes in commercialization and development strategies, overseeing major initiatives in Warsaw and other key cities that have solidified the company's position as a leader in Poland's commercial real estate sector.[16] This blend of family leadership and specialized expertise fosters a cohesive approach to Ghelamco's strategy, emphasizing regional adaptation while maintaining a unified vision for growth and innovation.[13]
Corporate Governance
Ghelamco operates as a fully family-owned enterprise, with 100% of its shares held by the Gheysens family since its founding in 1985. The company's governance is structured under four major holdings—Ghelamco Group Comm. VA (Investment Holding), International Real Estate Services Comm. VA (Development Holding), Deus Comm. VA (Portfolio Holding), and Ghelamco European Property Fund NV (Long-term Investment Holding)—all under the common control of ultimate beneficial owners Paul Gheysens and Ria Vandoorne, as of December 2023. This model centralizes decision-making while maintaining separation of liabilities across holdings, with no cross-guarantees between entities. As a private company, Ghelamco has no external shareholders or public investor relations beyond bondholder disclosures required for its EMTN program listings on Euronext.[2][4]
The Board of Directors of Ghelamco Invest NV, the key entity for Belgian and Western European activities, comprises a mix of family representatives, non-executive, and independent members to balance control with professional oversight, as of December 2023. Current members include Opus Terrae BV (represented by Paul Gheysens, Chairman and CEO), SIDLABZ BV (represented by Simon Gheysens), GHEMIC BV (represented by Michael Gheysens), GHLOBAL BV (represented by Marie-Julie Gheysens), JINVEST BV (represented by Jurgen Ingels, Independent Non-executive Director and Audit Committee Chairman), Pure F BV (represented by Philip Neyt, Non-executive Director), and WAC BV (represented by Karel de Boeck, Non-executive Director). The Board approves financial statements, assesses going concern status, and oversees strategic decisions, including risk management and capital allocation. An Audit Committee, chaired by the independent director, reviews internal controls, financial reporting risks, and audit processes to ensure compliance with Belgian law and IFRS.[17][4][18]
The Senior Management Committee coordinates operations across commercial, legal, financial, and technical domains, supervising country teams and subsidiaries, as of December 2023. It includes Paul Gheysens (CEO), Simon Gheysens (Chief Technology and Project Design Officer), Michael Gheysens (Managing Director Belgium), Marie-Julie Gheysens (Managing Director UK), Philippe Pannier (Chief Financial Officer), Chris Heggerick (Chief Operational Officer), and Jarosław Zagórski (Managing Director CEE). Subsidiaries typically feature statutory boards of 3 to 4 directors, including the CEO where applicable, with Polish entities having 7 to 11 members to meet local requirements. The Committee is responsible for day-to-day decision-making, risk assessment, and implementation of internal controls.[4][18]
Internal controls emphasize milestone adherence throughout project phases, from land purchase and planning to construction coordination and commercialization via sale or lease. The integrated business model enables strict cost oversight, fixed-price contracts with related and external parties to mitigate inflation risks, and regular reviews of financial reporting processes, including consolidation, impairment testing, and covenant compliance. Central finance functions under the CFO handle reporting, treasury, and investor relations, with semi-annual consolidations audited by an independent firm (KPMG). Risks such as liquidity, credit, and market exposures are monitored through rolling forecasts, sensitivity analyses, and Audit Committee discussions, ensuring no breaches of borrowing agreements.[4][18]
As a private family business with public debt obligations, Ghelamco commits to ethical standards through arm's-length related-party transactions (e.g., 10-20% margins on construction services), statutory warranties (10 years for structural defects in Belgium, 5 years in Poland), and adherence to EU taxonomy for sustainable development. Transparency is maintained via audited IFRS financial statements, bi-annual covenant disclosures on the company website, detailed risk reporting (including fair value assumptions and post-balance-sheet events), and independent valuations for investment properties. These practices align with Belgian Companies and Associations’ Code requirements, providing a true and fair view of the group's position without external shareholder reporting.[4][18]