Leasinvest Real Estate SCA: Interim statement of the manager over the third quarter of the financial year 2013 (01/07/13-30/09/13) and the first nine months of 2013
(Thomson Reuters ONE) -
* Higher net current (+22%) and net result (+56%)
* Direct real estate portfolio increases by 12% over 9 months
* Realisation of the strategic reorientation
* Successful conclusion of investment in shopping center Pommerloch in
Luxembourg increases retail part to 40%
* Part of Grand Duchy of Luxembourg reaches nearly 60% of the direct real
estate portfolio
* Successful issue of public bond loan of ? 75 million
1. Activity report period 01/07/13- 30/09/13
Acquisition of economic property of shopping center Knauf Pommerloch
The in principle agreement signed in August 2012 with the owner of the two Knauf
shopping centers located in the North of the Grand Duchy of Luxembourg has been
fully realized on 10 September 2013, after the acquisition of the real estate
certificates of the first Knauf shopping center Schmiede in September 2012,
through the acquisition of the economic property of the second Knauf shopping
center in Pommerloch.
In execution of this agreement Leasinvest Real Estate has acquired on 10
September 2013, through its 100% subsidiary Leasinvest Immo Lux SA located in
Luxembourg, the economic property of Knauf Pommerloch for a value of ? 96.5
million through the entire subscription of a private issue of real estate
certificates. This shopping center consists of 60 shops with over 26,000 m² GLA
(gross letting area) and more than 1,000 parking spaces, and 2,700 m² of offices
currently commercialized. The shopping center is entirely let to different
renowned retailers and attracts after more than 10 years visitors from both
Luxembourg and Belgium.
With the acquisition of these 2 Knauf shopping centers, Leasinvest Immo Lux has
a leading market position in the North of Luxembourg. After this acquisition
Leasinvest Immo Lux owns in the Grand Duchy of Luxembourg nearly 100.000 m² of
shops in 6 regions, namely Schmiede, Pommerloch, Diekirch, Strassen, Foetz and
Dudelange.
The amount of the successful capital increase of end-June 2013 of ? 60.7
million, together with the available credit lines, has been used to finance this
acquisition of ? 96.5 million.
Issue of bonds
On 27 September Leasinvest Real Estate raised, already after one day, the
foreseen maximum amount of ? 75 million through the issue of a public bond. The
Joint Lead Managers received subscriptions for a higher amount, subject to which
the subscriptions were proportionally reduced.
These bonds have been issued and have been admitted for trading on the regulated
market of NYSE Euronext Brussels on 9 October 2013 and offer an annual gross
coupon of 3.75%. This represents a gross actuarial yield of 3.399% on an annual
basis and the net annual actuarial yield is 2.472% (after deduction of 25%
withholding tax).
The net proceeds of this issue have been used for concretising the company's
strategy and more specifically to fund its growth and the further
diversification of the real estate portfolio, as well as to diversify its
funding sources, and moreover to ensure an extension of the average duration of
debt.
Building permit for the building 'Royal 20' located Boulevard Royal in the Grand
Duchy of Luxembourg
On 09 October 2013 the building permit for the development of a new office
project located Boulevard Royal in the City of Luxembourg was obtained. The
demolition works of the former "Hotel Rix" have started and the completion of
the building is foreseen in the spring of 2015. On this top location a new
office building of approximately 5.000 m², named "Royal20", that will meet high
energy performance standards, will be realised, and it will be designed by the
renowned French architect firm Agences Elisabeth & Christian de Portzamparc.
Dividend Retail Estates
At the beginning of July 2013 the annual dividend from the participation in
Retail Estates over the financial year 2012/2013 for ? 1.7 million (? 0.34 per
share) was received. This dividend has been included in the results per 30
September 2013.
Divestment office building Delta Business Park in Kontich
On 13 September 2013 the office building of the Delta Business Park located at
Kontichsesteenweg in the technology park Satenrozen in Kontich was sold for an
amount of ? 2.2 million, which nearly reflected the fair value.
2. Important events after the closing of the period 01/07/13- 30/09/13
Divestment of logistics building rue Lusambo in Forest
On 9 October 2013 the semi-industrial building, consisting of offices and
storage, located at rue Lusambo in Forest was sold, together with the underlying
long lease of the BRDA (Brussels Regional Development Agency) for an amount of ?
1 million, reflecting its fair value.
3. Key figures
Key figures on 30/09/13 and over the third quarter of 2013
+---------------------------------------------------+--------+--------+--------+
|Key figures real estate portfolio (1) |30/09/13|30/09/12|31/12/12|
+---------------------------------------------------+--------+--------+--------+
| Fair value real estate portfolio (? 1,000) (2) |694,006 |600,346 |617,763 |
| | | | |
| Fair value investment properties incl. stake in |733,378 |634,941 |649,254 |
|Retail Estates (? 1,000) (2) | | | |
| | | | |
| Investment value investment properties (? 1,000) |707,053 |614,008 |633,301 |
|(3) | | | |
| | | | |
| Rental yield FV (4) (5) |7.28% |7.34% |7.30% |
| | | | |
| Rental yield IV (4) (5) |7,15% |7.16% |7.14% |
| | | | |
| Occupancy rate (5) (6) |96.35% |94.45% |94.9% |
| | | | |
| Average duration leases (years) |4.74 |4.70 |4.9 |
+---------------------------------------------------+--------+--------+--------+
(1) The real estate portfolio comprises the buildings in operation, the
development projects, the assets held for sale and the buildings presented under
financial leasing according to IFRS.
(2) Fair value: the investment value as defined by an independent real estate
expert and of which the transfer rights have been deducted. The fair value is
the accounting value under IFRS. The fair value of Retail Estates has been
defined based on the share price on 30/06/13.
(3) The investment value is the value as defined by an independent real estate
expert and of which the transfer rights have not yet been deducted.
(4) Fair value and investment value estimated by real estate experts Cushman &
Wakefield / Winssinger and Associates / Stadim.
(5) For the calculation of the rental yield and the occupancy rate only the
buildings in operation are taken into account, excluding the assets held for
sale.
(6) The occupancy rate has been calculated based on the estimated rental value.
The data per share are calculated on the basis of the number of shares at the
reporting date, namely for 2013: 4,938,870, following the public capital
increase at the end of June 2013, and 4,012,832 for 2012.
+---------------------------------------------------+--------+--------+--------+
| |30/09/13|30/09/12|31/12/12|
+---------------------------------------------------+--------+--------+--------+
| NAV group share (? 1,000) |328,251 |250,684 |256,005 |
| | | | |
| NAV group share per share |66.5 |62.5 |63.8 |
| | | | |
| NAV group share per share IV |69.1 |65.9 |67.7 |
| | | | |
| NAV group share per share EPRA |70.4 |68.5 |70.6 |
| | | | |
| Total assets (? 1,000) |754,317 |648,889 |667,026 |
| | | | |
| Financial debt |388,015 |356,642 |364,409 |
| | | | |
| Financial debt ratio (in conformity with RD |52.73% |56.12% |56.19% |
|7/12/2010) | | | |
| | | | |
| Average duration credit lines (years) |3.17 |2.89 |2.64 |
| | | | |
| Average financing cost (excl. fair value changes |3.24% |3.12% |3.04% |
|financial instruments) | | | |
| | | | |
| Average duration hedges (years) |5.63 |5.11 |5.43 |
+---------------------------------------------------+--------+--------+--------+
+---------------------------------------------------+--------+--------+--------+
| |30/09/13|30/09/12|31/12/12|
+---------------------------------------------------+--------+--------+--------+
| Rental income (? 1,000) |32,915 |27,446 |37,959 |
| | | | |
| Net rental result per share |6.66 |6.84 |9.46 |
| | | | |
| Net current result (? 1,000) (1) |18,598 |15,302 |21,113 |
| | | | |
| Net current result per share |3.76 |3.81 |5.26 |
| | | | |
| Net result group share (? 1,000) |21,918 |14,005 |20,508 |
| | | | |
| Net result group share per share |4.44 |3.49 |5.11 |
| | | | |
| Global result group share (? 1,000) |30,224 |4,425 |9,744 |
| | | | |
| Global result group share per share |6.12 |1.10 |2.43 |
+---------------------------------------------------+--------+--------+--------+
(1) The net current result consists of the net result excluding the portfolio
result and the changes in fair value of the ineffective hedges.
The rental income of Leasinvest Real Estate over the first nine months of 2013
has risen by 20% (+ ? 5,469 thousand) and amounts to ? 32,915 thousand in
comparison with ? 27,446 thousand over the first nine months of 2012.
This evolution is mainly the consequence of the investments realized in
September 2012 in the Knauf Shopping Center Schmiede, the State Archives in
Bruges, and of the contribution of 1 month of rental income from Knauf Shopping
Center Pommerloch, or ? 4,388 thousand in total, compensated by a lower income
following the realized sales (-? 971 thousand).
Moreover, the rental result was positively influenced for ? 967 thousand within
the framework of an early break of a rental contract through an amicable
settlement of a rental contract. If we make abstraction of this settlement, the
rental income rises by 16%.
At constant portfolio the rental income increases by 5.4% or ? 956 thousand in
comparison with the same period of the previous year.
The rental income over the third quarter of 2013 has increased by 25% compared
to the rental income over the third quarter of the previous financial year, and
amounts to ? 12,087 thousand in comparison with ? 9,651 thousand.
The average duration of the rental contracts has increased to 4.74 years
compared to end-June 2013 (4.36 years) and amounts currently to nearly 4.8 years
in Luxembourg.
The gross rental yields are comparable with those at the end of 2012 and amount
to 7.28% (end 2012: 7.30%) based on fair value and to 7.15% (end 2012: 7.14%)
based on the investment value.
The additional rental contracts in the business center The Crescent and the
Brixton Business Park, our proactive asset management and the investment in the
Knauf Shopping Center in Pommerloch have contributed to a higher occupancy rate
amounting to 96.35% at the end of September 2013, in comparison with 95.92% at
the end of June 2013 and with 94.9% end-2012.
The fair value of the real estate portfolio stands at ? 694 million at the end
of September 2013 compared to ? 598 million end-June 2013 and to ? 617.8 million
end-December 2012. The increase is the consequence of the acquisition of the
economic property of the shopping center Knauf Pommerloch in the third quarter
of 2013 (? 96.5 million). This investment has been partially funded with the
resources from the public capital increase realized end-June.
The global direct and indirect real estate portfolio (including the
participation in Retail Estates SA) amounts to ? 733 million at the end of
September 2013.
Due to the realized transactions the offices part further decreases to 38% of
the direct portfolio, of which 20% is located in the Grand Duchy of Luxembourg
and 18% in Belgium, and the retail part rises to 40%. Also, the part of the
direct real estate portfolio in the Grand Duchy of Luxembourg rose further (58%)
compared to Belgium (42%).
The financial results over the first nine months were further positively
influenced by the dividend received from Retail Estates for ? 1.7 million (?
1.1 million the previous year) and the positive changes in fair value of the
hedges (? 842 thousand) compared to negative changes over the first nine months
of the previous year (? -1.1 million).
The net current result over the first nine months amounts to ? 18.6 million (or
? 3.76 per share), in comparison with ? 15.3 million (or ? 3.81 per share based
on the number of shares on the reporting date under review) for the same period
of the previous year (+22%). The increase of the net current result is explained
by the rise of the rental income partially compensated by higher financial
charges following the investments.
The net result over the first nine months strongly rises and amounts to ? 21.9
million (or ? 4.44 per share), in comparison with ? 14 million (or ? 3.49 per
share based on the number of shares on the reporting date under review) for the
same period of the previous year (+56%).
At the end of the third quarter of the financial year 2013 shareholders' equity,
group share (based on the fair value of the investment properties) amounts to ?
328 million (end 2012: ? 256 million) and to ? 318 million end-June 2013. The
further growth is to be attributed to the evolution of the global result which
amounts to ? 30 million at the end of September 2013 in comparison with ? 20
million end-June 2013. (September 2012: ? 4,4 million).
End-September 2013 the net asset value per share amounts to ? 66.5 (end 2012: ?
63.8). End-September 2013 the share price of the Leasinvest Real Estate share
closed at ? 70.5 or 6% higher than the net asset value; if we take into account
the pro rata dividend of ? 2.14, the premium amounts to 9.5%.
The net asset value per share excl. the impact of fair value adjustments on
financial derivatives (EPRA) amounts to ? 70.4 per share and is comparable to
end 2012, or ? 70.6 per share.
Following the net investments realised in the third quarter, the debt ratio
increases in comparison with end-June 2013, and amounts to 52.73%. Following the
capital increase and the divestments realized in the first half-year of 2013,
the debt ratio is still lower than at the end of 2012, which was 56.19%, and is
consequently within our objective range of 50%-55% , standing at 52.73% at the
end of September 2013.
In the third quarter of 2013, besides the successful placement of a retail bond
for ? 75 million, a supplementary credit with an additional bank was also
concluded for ? 15 million till 2018, and consequently the available funding
resources have increased to ? 508 million. At the end of September 2013 the
financial debt amounts to ? 388 million, of which ? 278 million of credit lines
are withdrawn and ? 110 million of commercial paper has been issued.
4. Outlook
In 2013 Leasinvest Real Estate has largely concretized its strategic
reorientation. Except for unforeseen circumstances and unexpected capital losses
on its current real estate portfolio and hedges, the company expects to realize
a better net result and a better net current result than in 2012.
Subject to the approval by the general meeting of shareholders the gross
dividend of ? 4.45 for 2013, for the shares existing before the capital
increase, will be maintained based on this outlook.[1]
14 November 2013,
The manager
For more information, contact:
Leasinvest Real Estate
Jean-Louis Appelmans
CEO
T: +32 3 238 98 77
E: jeanlouis.appelmans(at)leasinvest.be
Leasinvest Real Estate SCA
Real estate investment trust (sicafi/vastgoedbevak) Leasinvest Real Estate SCA
mainly invests in high quality and well-located shops, offices and logistics
buildings in the Grand Duchy of Luxembourg and in Belgium. The consolidated real
estate portfolio comprises 53 buildings and represents a total surface of
424,858 m².
The sicafi is listed on Euronext Brussels and has a market capitalization of
approximately ? 360 million (value 12 November 2013).
--------------------------------------------------------------------------------
[1] The pro rata gross dividend for the shares created following the capital
increase, amounts to ? 2.31.
LRE_Q3 2013:
http://hugin.info/134797/R/1743013/586150.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Leasinvest Real Estate Comm. VA via Thomson Reuters ONE
[HUG#1743013]
Unternehmensinformation / Kurzprofil:
Datum: 14.11.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 316357
Anzahl Zeichen: 21419
contact information:
Town:
Antwerp
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 188 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Leasinvest Real Estate SCA: Interim statement of the manager over the third quarter of the financial year 2013 (01/07/13-30/09/13) and the first nine months of 2013"
steht unter der journalistisch-redaktionellen Verantwortung von
Leasinvest Real Estate Comm. VA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
