Belgian high-rise builder Besix to acquire Kevin Seymour’s 15% Watpac holding

Belgian-based international construction company Besix Group has acquired Kevin Seymour’s 15% holding in construction and Property Development Group Watpac.

Besix is part of the joint venture that built the world’s tallest tower, the Burj Khalifa in Dubai, rising 800 metres.

The total acquisition of 15.6% of Watpac is subject to approval by the Foreign Investment Review Board (FIRB) and due for approval within 30 days.

BRW-rich lister Kevin Seymour retired as chairman of Watpac just over 12 months ago and was replaced by Mirvac executive Chris Freeman.

Seymour has told Watpac he intends to resign from the board in September.

In a statement to the ASX, Watpac said Besix has been "actively monitored the Australian market for many years".

Besix has also signed a memorandum of understanding to investigate joint venture opportunities with Watpac

Current Besix projects include the Ferrari Experience theme park in Dubai and the Carpe Diem office tower in Paris.

Besix is currently operating in the marine works sector in Australia as part of a joint venture project to build a construction port for an LNG terminal for Chevron at Wheatstone in WA.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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