Operational activities

Transcription

1 Interim statement of the Statutory Management Company 31 March 2015

2 Increased rental income of 11.6 mln (2014: 9.1 mln) Value real estate portfolio, including development projects: mln Start construction works retail park Les Bastions in Tournai Capital increase of 50 mln successfully completed Operational activities Portfolio investment properties During the first quarter of 2015, the fair value of the investment properties portfolio excluding development projects remained stable mln (31 December 2014: mln). On 12 January 2015, the remaining part (22,000 m²) of the shopping centre Ring Shopping Kortrijk Noord was legally acquired ( 80.5 mln). As of this date, 100 % of this shopping centre will be in Wereldhave Belgium s hands. The manager focuses, providing a proactive approach, at least on the preservation of the occupancy rate, optimisation of the branch mix, rental growth and overall attractiveness of the shopping centre. The construction permits of the retail park and the extension of the shopping centre Les Bastions in Tournai was delivered at the end of In March 2015, the construction works of the retail park (10,000 m²) were started, the deliverance of the works being schedule during the first quarter of The structural renovation and extension of the shopping centre Les Bastions will start at the end of The total investment amounts to about 85 mln; the expected initial yield when fully let, is 6.5% %. Investment properties portfolio (x 1,000) 31/03/ /12/2014 Fair value excluding development projects 724, ,296 Development projects 26,763 25,802 Real estate certificates 8,947 9,116 Debt ratio on total of assets 27.4% 34.8% Net asset value per share ( ) Share price on closing date EPRA-occupancy 93.7% 94.1% Press release results Q Wereldhave Belgium

3 Shopping centres Wereldhave Belgium focuses on mid-sized centres that are dominant in their catchment area, and preferably with the potential for further expansion. By means of a proactive approach, the RREC aims to maintain and strengthen the market position of its shopping centres. The importance of shopping centres in the investment properties portfolio amounts to about 83%. The shopping centres EPRA occupancy rate amounts to 94.2% (31 December 2014: 94.6%). Due to the acquisition of the remaining part of the shopping centre 'Ring Shopping Kortrijk Noord', the operational start of the shopping centre Shopping 1 in Genk and of the inner city project in Ghent, the occupancy rate remains at 94.2%. During the first quarter of 2015, a new lease has been signed in the shopping centre Belle-Île with AS Adventure (1,235 m²); mid-april, Tally Weijl (fashion) opened its first store in Belgium in the shopping centre Belle-Île. This rotation matches perfectly with the optimization of the branch mix. Over the first quarter of 2015, the like for like rental growth of the core portfolio investment properties (shopping centres) amounted to 1.03% (including average health indexation (0.03%)). Wereldhave Belgium continues to look for new opportunities to further expansion of its portfolio through acquisitions and new developments. Offices EPRA occupancy level increased from 92.5% at 31 December 2014 to 91.6% at 31 March Consolidation of the current occupancy rate and renegotiation of lease agreements at maturity is of prime importance. Subject to a rotation of an existing tenant (588 m²) there was no additional take-up of office space. In early April, an agreement will be entered into regarding an additional lease (1,000 m²) in the business park De Veldekens in Berchem-Antwerp. Press release results Q Wereldhave Belgium

4 Development projects At 31 March 2015, the fair value of the development projects portfolio amounts to 26.8 mln (31 December 2014: 25.8 mln). The net increase of 1.0 mln can mainly be attributed to investments in the development project in Tournai (Retail Park) see supra. All other development projects are still in the planning and consent stages. Real estate certificates As at 31 March 2015, Wereldhave Belgium holds an interest in the listed stock exchange real estate certificate Basilix (17.8%). At 31 March 2014, the fair value of this interest amounts to 8.9 mln (31 December 2014: 9.1 mln). In 2015, no real estate certificates were purchased. Corporate Capital increase The emission of new shares with preferential rights ( 50 mln) was successfully completed on 16 February The new shares ( ) are entitled to dividend as from 1 January The number of shares in circulation is currently 6,939,017. Results The direct result evolves in line with the expectations of the Management Company. During the first quarter of 2015, rental income increased from 9.1 mln to 11.6 mln. This increase is mainly the result of the purchase of the shopping centre Ring Shopping Kortrijk Noord and the gradual higher occupancy in the shopping centre Shopping 1 in Genk and the inner city project in Ghent. The Statutory Management Company - NV Wereldhave Belgium SA Press release results Q Wereldhave Belgium

5 Financial calendar Half-year results Third quarter results 2015 February 2016 Annual figures 2015 March 2016 Financial report Annual General Meeting of Shareholders For further information: E. De Landtsheer - Finance director investor.relations@wereldhavebelgium.com Wereldhave Belgium focuses on shopping centres that are dominant in their catchment area. The shares are noted on the Euronext Brussels stock exchange and on 31 March 2015, Wereldhave Belgium s market cap amounts to 760 million. More information can be found on the website Press release results Q Wereldhave Belgium