Step by step

Key dates of the project from the start


• Oliflora Invest, the fourth owner of the buildings at 1D-3A rue d’Arenberg since the early days of the Cinema Nova (see the history), is seeking to sell the long lease on the buildings.

• Nova negotiates the acquisition of the cinema separately from the office building. An agreement is reached.

• The group carrying out the project goes before a notary and sets up the Supernova Coop cooperative with social purpose.


• The selling of the building at 3A rue d’Arenberg to Supernova Coop comes across the legal complexities of the situation between the Vlaamse Gemeenschap (both owner of the ground and tenant), Oliflora Invest (owner of the long-term lease) and Nova (sub-tenant). Oliflora and Supernova thus agree to postpone the purchase until 2024, when the Vlaamse Gemeenschap’s lease will be ending.


• In the end, Société Civile des Galeries Royales Saint-Hubert obtains the long lease for the entire building. Supernova Coop proposes to buy the cinema alone, separate from the rest of the building complex.


• Galeries Royales Saint-Hubert agrees in idea to sell the cinema, but as a long-term lease.

• A first financial plan is drafted with Socofinam, an accounting firm specialised in financial advice.


• Supernova Coop and Galeries Royales Saint-Hubert negotiate the amount and duration of the long lease. They finally agree on a term of 68 years and a price of €680,000.

• Supernova Coop’s financial plan and business model are finalised together with SAW-B (Solidarité des Alternatives Wallonnes et Bruxelloises), a consulting agency specialised in the development of community enterprises. This guarantees Supernova a vision that integrates the social economy as a whole.

• Supernova Coop and Galeries Royales Saint-Hubert start negotiating the terms of the contract of emphyteusis.


• Supernova Coop is bringing its statutes into compliance with the new Company Code, which has in the meantime suppressed cooperatives with social objectives. On the 2nd of May, the statutes are signed formally in the presence of a notary.

• With the collaboration of Financité, Supernova Coop prepares the information notice. This document, which is required for any public offering of this type, contains a detailed description of the issuer, the amount and types of investment products being offered, the reasons for and terms of the offering, and any potential risks. On 9 June, the information note is published on the FSMA (Financial Services and Markets Authority) website. It is effective for 365 days. The goal is to collect €794,000 in subscriptions from the general public before 31 March 2024.

• In June, a geometer commissioned by both parties carries out the measurement, establishes the quotients and pre-registers the building.

• On 19 June, Supernova Coop is awarded the “Finance Solidaire” label.

• On 29 June, Supernova Coop is recognized by the SPF Économie as a social enterprise and as a cooperative enterprise.

• On 29 June, Supernova Coop and Galeries Royales Saint-Hubert jointly sign an long-term lease agreement. Supernova Coop must pay the one-off long lease fee before April 2024, with the deed of sale to be concluded before 11 May 2024, when the lease with the Vlaamse Gemeenschap, and by extension Cinema Nova, comes to an end.

• On 25 October, Supernova Coop is launching the public offering.

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