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Interim statement of the
Statutory Management
Company
30 September 2014
23/10/2014 - embargo till 08:00 AM
Regulated information
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Increased rental income of € 28.3 mln (2013: 26.8 mln)
Value real estate portfolio, including development projects: € 649.4 mln
Acquisition part of shopping centre Ring Shopping Kortrijk Noord (11,161 m²)
Operational activities
Portfolio investment properties
At 30 September 2014, the fair value of the investment properties portfolio – excluding development
projects – increased to € 550.5 mln (31 December 2013: € 505.3 mln). During the third quarter, a part
(11,161 m²) of the shopping centre Ring Shopping Kortrijk Noord was acquired (€ 27.2 mln).
The redevelopment of the mixed inner city project (retail 3,700 m² - 119 student accommodations),
located on the Overpoortstraat in Ghent, has been completed. Consequently the project has been
transferred to the portfolio investment properties (€ 16.4 mln). At 30 September, the occupancy rate
of this project amounts to 92%.
During the first nine months of 2014, the variation balance in fair value of the investment properties
and of the investments in existing buildings amounted to € 1.6 mln.
An agreement has been reached with Delhaize regarding the acquisition (€ 4.7 mln) of the
commercial unit (3,000 m²) located in the shopping centre ‘Les Bastions’ in Tournai. The notarial
deed is scheduled at the end of October. Wereldhave Belgium now owns 100% of the shopping
centre. During the first nine months of 2014, two smaller, non-strategic assets were sold (€ 1.3 mln).
Fair value is established after deduction of transaction costs (10%-12.5%) incurred by the sales
process.
Investment properties portfolio
30/09/2014
(x € 1,000)
Fair value excluding development
projects
Development projects
Real estate certificates
31/12/2013
550,507
98,874
19,655
505,322
90,159
18,506
Debt ratio on total of assets
27.7%
20.6%
Net asset value per share (€)
Share price on closing date
77.67
95.96
77.45
83.22
EPRA-occupancy
96.5%
97.0%
Press release results Q3 2014
2
Wereldhave Belgium
Regulated information
23/10/2014 - embargo till 08:00 AM
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 sicafi aims
to maintain and strengthen the market position of its shopping centres. This year, the importance of
shopping centres in the investment properties portfolio increased to about 81%. The shopping
centres’ EPRA occupancy rate amounts to 98.0% (31 December 2013: 99.2%).
The occupancy rate remains at a high level. Because of the acquisition of a part of the shopping
centre 'Ring Shopping Kortrijk Noord' (occupancy rate 96.1%) and the reclassification of the inner city
project in Ghent (occupancy rate 92.0%), the occupancy rate of the shopping centres segment
decreased slightly.
Nine new leases (762 m²) were signed or renegotiated in the shopping centres in Liège, Nivelles and
Tournai.
Over 2014, the like for like rental growth of the core portfolio investment properties (shopping
centres), is expected to amount to at least 3.25% (including indexation).
Wereldhave Belgium continues to look for new opportunities to further reinforce the portfolio
through acquisitions or new developments.
Offices
EPRA occupancy levels increased to 92.5% at 30 September 2014 (31 December 2013: 91.8%).
In the business park ‘De Veldekens’ in Antwerp, an additional take up of office space took place as
another lease was signed with Argenta (1,700 m²).
Consolidation of the current occupancy and renegotiation of lease agreements at maturity is of
prime importance.
Development projects
At 30 September 2014, the fair value of the development projects portfolio amounts to € 98.9 mln
(31 December 2013: € 90.2 mln). The net increase of € 8.7 mln can be attributed to investments in
the development projects in Genk (‘Shopping 1’) and Tournai.
Press release results Q3 2014
3
Wereldhave Belgium
Regulated information
23/10/2014 - embargo till 08:00 AM
The redevelopment of the mixed inner city project (retail 3,700 m² - 119 student accommodations),
located on the Overpoortstraat in Ghent, has been completed. Consequently, the project has been
transferred to the portfolio investment properties (€ 16.4 mln).
During the first quarter, the sicafi acquired 6 additional commercial units in the shopping centre
‘Shopping 1' in Genk (€ 2.6 mln).
The construction works consisting in the redevelopment and extension of the shopping centre
‘Shopping 1’ in Genk are progressing according to schedule. Reception of the new or refurbished
commercial units started in April 2014 and runs gradually until the end of November 2014.
Completion of the renovation and expansion is scheduled for the end of 2014. After the realisation of
this extension (11,800 m²), the shopping centre will have a lettable area of 27,400 m². The number of
parking places will increase from 530 to 1,250 places. Commercialisation is in progress and up to
today 75% has been leased.
The project in Tournai, consists in a substantial extension of the shopping centre (14,500 m²) whilst a
retail park (10,000 m²) will also be integrated. The socio-economic permit was delivered and the
building permit application procedure is ongoing but expected by the end of the year.
The soil remediation works on the site, intended for the building of the retail park have been
realized. Construction works can start at the beginning of 2015 provided that the required building
permit is delivered.
All other development projects are still in the planning and consent stages.
Real estate certificates
As at 30 September 2014, Wereldhave Belgium holds two interests in listed stock exchange real
estate certificates ‘Kortrijk Ring Shopping Centre’ (16.2%) and ‘Basilix’ (17.8%).
At 30 September 2014, fair value of the portfolio real estate certificates amounts to € 19.7 mln
(31 December 2013: € 18.5 mln). In 2014, no real estate certificates were purchased.
Results
The direct result evolves in line with the expectations of the Management Company. During the first
nine months 2014, rental income increased from € 26.7 mln to € 28.3 mln. This increase is mainly
the result of a higher occupancy in the offices portfolio and the growth of the portfolio investment
properties (Ghent, Genk and Kortrijk).
Press release results Q3 2014
4
Wereldhave Belgium
Regulated information
23/10/2014 - embargo till 08:00 AM
Change of status in ‘public regulated real estate
company’
On September 23 the FSMA (Financial Services and Markets Authority) approved, under certain
conditions precedent, the change of status of Comm. VA Wereldhave Belgium into a public regulated
real estate company (‘Société Immobilière Réglementée’ / ‘Gereglementeerde
Vastgoedvennootschap’) (‘public SIR/GVV’). This in accordance with the Act of 12 May 2014 on
regulated real estate companies.
In view of the proposed change of status the Company has convened an extraordinary general
meeting on 27 October 2014.
More information can be found on the website www.wereldhavebelgium.com
Prospects
Save in the event of unforeseen circumstances, the Management Company expects a direct result
per share over 2014 between € 5.25 and € 5.30 (2013: € 5.09).
Statutory Management Company - NV Wereldhave Belgium SA
Financial calendar
03.02.2015
March 2015
08.04.2015
23.04.2015
23.07.2015
22.10.2015
Annual figures 2014
Financial report 2014
Annual General Meeting of Shareholders
First quarter results 2015
Half-year results 2015
Third quarter results 2015
For further information: E. De Landtsheer - Finance director - + 32 2 732 19 00
[email protected]
Wereldhave Belgium focuses on shopping centres that are dominant in their catchment area.
The shares are noted on the NYSE Euronext Brussels stock exchange and on 30 September 2014, Wereldhave Belgium’s
market cap amounts to € 605 million.
More information can be found on the website www.wereldhavebelgium.com
Press release results Q3 2014
5
Wereldhave Belgium