The REIT's acquisition last year of the Egmont complex, the home of Belgium's Ministry for Foreign Affairs, Foreign Trade and Development Cooperation, exemplifies the company's strategy. "We have a chance of having the EU institutions," but much will "depend on EU's capacity of growth and Brussels' ability to compete against Switzerland and others," Fautre says.

He adds that multinationals continue to look to set up European headquarters here. "Brussels is on the map," he says, and in many places in the world, the city is better known than the country. Yet, competition between European cities is tough and much will depend on Brussels' ability to attract big businesses.

Looking ahead, Cofinimmo was cautious. The company's report states that, while Brussels has missed out on surging real estate prices in European capitals, it has the advantage of hosting the European Union, a stabilizer that will keep the market from collapsing in any Downturn. Cofinimmo will "concentrate on the quality and the length of its leases in order to assure stability," the CEO insisted. He emphasized the importance of long contracts and client relations. He also contrasted his company's strategy with that of foreign investors. "Foreign investors buy quickly, too quickly", he says, "but they sell quickly too. They don't have a policy, even less a strategy." Cofinimmo reported profits for 2004 of euro 83.6 million ($109 million).