Van Hool Site Sold for €21.5 Million as Buyer Confusion Unfolds
The former Van Hool industrial site in Koningshooikt, Belgium, has been sold for €21.5 million to Dutch transport company G.A. Den Otter Trucks B.V., marking the latest chapter in the liquidation of the bankrupt bus manufacturer. The sale was confirmed on Friday, though it was briefly clouded by confusion over the buyer’s identity when initial reports mistakenly suggested Turkish bus builder Karsan was the real purchaser.
The Sale and the Buyer
The 30-hectare site, located in the municipality of Lier, was acquired through a bidding process that concluded earlier this week. According to VRT NWS, the winning bid of €21.5 million came from G.A. Den Otter Trucks B.V., a Dutch transport company based in Meer, Hoogstraten. The company’s owner, Gerrit Den Otter, said he became interested in the property after seeing it advertised on regional television.
“Such a large plot comes on the market only once in a lifetime,” Den Otter told VRT NWS. “I was curious about the price, because I thought it would be much higher. In the end, the auction ended at €21.5 million.”
Confusion Over the Buyer’s Identity
Earlier on Friday, confusion arose over who had actually purchased the site. The city of Lier initially reported that Den Otter Trucks was the buyer. However, Mayor Rik Verwaest (N-VA) later suggested that Turkish bus manufacturer Karsan was the real purchaser, with Den Otter merely acting as an intermediary. VRT NWS later issued a correction, clarifying that the confusion stemmed from the fact that the investment company behind Den Otter Trucks is named “Karsar,” which closely resembles “Karsan.” The actual buyer remains G.A. Den Otter Trucks B.V.
Flemish Government Outbid
The Flemish government had also bid on the site, hoping to secure the land for industrial development and job creation. As VRT NWS reported on June 16, Minister-President Matthias Diependaele (N-VA) confirmed that the government’s bid of approximately €20 million was surpassed by private investors.
“We made a bid, but we did not become the owner. That is not a problem,” Diependaele said. “Our fear was that no one would want to develop the land, so that it would disappear into the bankruptcy.” He added that the emergence of multiple private bidders demonstrated strong market interest, which he described as a positive outcome.
Uncertainty Over Future Use
While the sale ensures the site will not remain vacant, significant uncertainty remains about its future use. Den Otter has indicated that his company has no immediate plans to operate on the site itself but intends to find a tenant.
“We are trying to find a tenant who can make their wishes known,” Den Otter said. “Then we want to consult with all relevant authorities to see how we can realize those plans. The most important thing is that there is activity here again as soon as possible.”
Den Otter suggested that warehousing and logistics are more likely than manufacturing, citing high labor costs in Belgium. “For production, Belgium has become an expensive location due to high wage costs. I am thinking more of warehousing. You simply cannot find such a large plot between Zeebrugge, Antwerp, and Brussels.”
Local Hopes for High-Tech Industry
Local stakeholders, including employer organization Voka Mechelen-Kempen, are pushing for high-tech industrial development that would create more and better jobs. Wim Brillouet, Director of Advocacy at Voka, said: “You hardly find such a large industrial site in Flanders anymore. That is why you first look at industrial activities, preferably high-tech industry. That provides the greatest added value and also creates the most jobs.”
The sale conditions prohibit subdividing the site into small parcels, preserving the potential for large-scale development. Mayor Verwaest emphasized that the city and regional authorities will maintain oversight through permitting processes.
Background: The Van Hool Bankruptcy
The sale is part of the ongoing liquidation of Van Hool, the iconic Belgian bus manufacturer that filed for bankruptcy in April 2024. Founded in 1947 by Bernard Van Hool, the company grew from a small coachbuilder into a global manufacturer employing up to 4,500 people at its peak. The bankruptcy resulted in over 2,400 job losses. Some operations were subsequently taken over by Netherlands-based VDL Groep and Germany-based Schmitz Cargobull, which resumed production and rehired several hundred workers at the adjacent Koningshooikt site.
The 30-hectare site sold this week was owned separately by the Van Hool family holding company Immoroc and had been acquired for expansion projects that were never realized.
What’s Next
The proceeds from the sale will be distributed among Van Hool’s creditors. For the region, the key question remains what kind of development will ultimately take place on the site. While Den Otter Trucks has signaled a preference for logistics, local authorities and business groups continue to advocate for industrial use. The coming months will be critical as the new owner searches for a tenant and engages with local stakeholders to determine the site’s future.