Ethical Property defies downturn in Europe

A social enterprise that sells office space to ethical companies has defied the property collapse and raised €3.1m for an office block in Belgium.

Mundo-B, Ethical Property's new centre for environmental organisations campaigning in the European Parliament, opened its doors last June.

A private share issue in Belgium, through new sister company Ethical Property Europe and Triodos, raised more than expected from private investors in Belgium.

Ethical Property Company managing director Jamie Hartzell said: 'The success of this issue demonstrates the beauty of the Ethical Property model.

'Not only is there a demand in Europe for the centres we set up, there is also a large pool of ethical investors willing to support the development of new centres.'

The funds will now be used by Ethical Property to extend its services to other major European cities. Centres in Paris, Ghent and Namur are already planned and a full public ethical share issue is already being considered for 2011.

'Global problems require global solutions,' said Hartzell. 'Ethical Property's move into continental Europe is part of its long-term strategy to strengthen the social change sector to effectively address global issues.

'We see a network of centres across Europe that allow social change organisations to work together effectively as an important part of bringing about the changes in the European Union that are urgently needed if we stand any chance of tackling issues such as fair trade and climate change.'

Sue Cooper, deputy head of business banking at Triodos Bank, said: 'Europe has a strong network of organisations working for social change and the success of Ethical Property's share issue demonstrates that this strength is matched by a growing movement of conscious investors who are looking for a social, as well as financial return on their investment.'