MeetDistrict, a Belgian coworking brand owned by real estate developer Ghelamco, reported a €6.8M net loss in 2023, bringing cumulative losses to €22.4M despite a €19M capital injection from owner Paul Gheysens.

The company, which operates four high-tech workspace locations across Belgium, is experiencing internal governance challenges with tensions between siblings Simon and Michael Gheysens, culminating in Simon voting against the approval of the 2023 accounts due to disputes with technology partners.

MeetDistrict’s future remains uncertain as parent company Ghelamco manages over €1B in debt, and faces pressure to divest assets and stabilize its balance sheet.

Real estate group Ghelamco is investing €19M in additional capital into their coworking arm, MeetDistrict. The coworking brand has 4 locations, made a €6M loss in 2022, and has 2000 daily users. The firm who focus on the concept of "Personality Based Working" and letting users book everything within their app (from desks, to parking, to coffee), note their losses were required to invest heavily in digitalization. Interestingly, Silversquare (the coworking arm of real estate company Befimmo) operates 10 locations, doubled revenue to €15M in 2022, but still recorded a net loss of €7.3M.