Leasinvest Real Estate - Annual results financial year 2014
(Thomson Reuters ONE) -
* Successful letting of Royal 20
* High occupancy rate of the real estate portfolio
* Recurrent rental income rises by 14%
* Net current result increases to ? 26.1 million, or by 8.3%
* Net result rises by 21.2% to ? 32.6 million
* Outlook for 2014 confirmed
* Increase of gross dividend to ? 4.55 per share
1. Activity report period 01/01/2014-31/12/2014
1. 1 Investments and divestments
Acquisition retail portfolio in Switzerland
On 7 November 2014 Leasinvest Real Estate has acquired, via its 100% Luxembourg
subsidiary Leasinvest Immo Lux SA SICAV-SIF, a high-quality real estate
portfolio in Switzerland. The portfolio was purchased from the European high
street retail specialist Redevco.
The acquired retail portfolio consists of 3 very well located retail buildings
in the Canton of Vaud in the West French-speaking part of Switzerland. Two
commercial centers are located respectively in the well-developed retail park
areas of Etoy (Littoral Park) and Villeneuve (Zone Pré Neuf). The third asset is
located on the main retail street of Yverdon-les-Bains along the Lake of
Neuchâtel, the second most important city in the Canton of Vaud.
These 3 buildings were acquired for a price of 45.6 million CHF (including
registration duties and costs), or approximately ? 37.8 million (at the exchange
rate at the time of the acquisition), which is lower than the fair value. The
total portfolio has a surface area of 11,649 m² and is fully let to
international retailers such as Fust (part of the second largest Swiss retailer
Coop group), C&A, Casa, JYSK, Maxi Zoo and Heytens. The annual net rental income
amounts to 2.8 million CHF (or approximately ? 2.24 million at the exchange rate
at the time of the acquisition). The commercial center located in Etoy generates
nearly half of the portfolio's rental income while 31% is generated by
Villeneuve and 23% by Yverdon-les-Bains.
Sale of office building avenue Louise 66 in Brussels
On 27 January 2014 Leasinvest Real Estate sold the office building located
avenue Louise 66 in Brussels to Immo Graanmarkt SPRL for an amount of ?
10,350,000 which exceeds the fair value at end-2013. This office complex located
in front of the Steigenberger (ex-Conrad) hotel consists of 2 connected
buildings and 1 commercial surface (ground floor). It has a total rental surface
of 3,398 m² and is entirely let.
Sale of semi-industrial building in Meer
On 28 May 2014 Leasinvest Real Estate has sold a semi-industrial building
located in Meer to RAMA SA for a net amount of ? 1,650,000, which is not lower
than the fair value end March 2014. It has a gross letting area of 5,015 m² and
is entirely let to Dobla, producer of high-end chocolate decorations.
Signing of sales agreement for Phase 2 of Canal Logistics in Neder-over-
Heembeek
On 31 December 2014 Leasinvest Real Estate has signed a sales agreement with
regard to the sale of phase 2 of the logistics building Canal Logistics in
Neder-over-Heembeek (Brussels) for an amount of ? 16.75 million net, which is
not lower than the fair value.
The building comprises 20,664 m² of storage space and 1,250 m² of offices and is
very well located alongside the Brussels-Charleroi canal, just 10 minutes away
from the city center and Brussels Airport.
1. 2 Developments and redevelopments
Square de Meeûs and Montoyer 63
Leasinvest has taken advantage of the opportunity to reconstruct Montoyer 63
(6,500 m²) and Square De Meeûs 5-7 (5,500 m²) as Triple A buildings that respond
to the highest quality standards with regard to sustainability and technology.
Due to their unique location, in the heart of the European district, they will
be marketed (2017/2018) when the offer of new buildings will be limited.
These redevelopments will have a temporary influence on the rental income and
the net result, respectively as of 06/2015 and 01/2016.
The authorization procedure is ongoing for both buildings. Montoyer 63 was
designed by SVR Architects (Antwerp) and Square de Meeus by Assar Architects
(Brussels).
1.3 Lettings and terminations
Extension of the lease with SKF in Tongres
SKF, of which the real estate leasing contract would expire at the end of 2016,
has opted for a further extension till end 2025. The site comprises a logistics
building of 25,000 m² in Tongres, and is used as a European logistics hub for
the Swedish multinational.
Extension of the lease for Monterey in Luxembourg
The rental contract with regard to the Monterey building located avenue Monterey
in the Grand Duchy of Luxembourg has been successfully extended for a new fixed
9-year period with the current tenant.
Lease of Royal20, Boulevard Royal in Luxembourg
On 19 December 2014 Leasinvest Real Estate, via its 100% subsidiary Leasinvest
Immo Lux, has concluded a pre-letting agreement for 100% of the prestigious
office building Royal20, located Boulevard Royal in the center of the city of
Luxembourg.
The rental contract has been concluded with the Luxembourg branch of the China
Merchants Bank Co Ltd, the 6(th) Chinese bank in terms of assets.
The agreement will enter into force as of the reception of the office building
Royal20, foreseen for the spring of 2016. Awaiting the delivery, China Merchants
Bank occupies a floor in our office building Monnet located in Kirchberg (see
below).
The prestigious building Royal20 designed by the renowned French architecture
agency Agences Elisabeth & Christian de Portzamparc will comprise approximately
5,000 m² of office space and will respond to high energetic performance demands.
The rental contract was concluded for a fixed period of 10 years with an annual
rent of ? 3 million.
Further improvement of the occupancy rate of The Crescent in Anderlecht
By new service agreements in the building The Crescent, the occupancy rate has
further increased to over 80%. As negotiations are currently ongoing, it is
foreseen that the business center will reach maximum capacity. Due to the high
number of employees, the sale of services offered also rises (such as catering,
fitness, seminar centers), resulting in a higher financial occupancy rate.
Termination of rental contract for Monnet in Luxembourg
The tenant Sal. Oppenheim has cancelled its rental contract for the office
building located at Kirchberg (Luxembourg) that expired on 31/12/2014. Some
renovation works have to be carried out. Given the very good situation of this
building and the low vacancy rate at this location, re-letting is expected to be
realized by the end of 2015.
1.4 Change of status into a public regulated real estate company (RREC)
The Extraordinary General Meeting of shareholders of LRE ("EGM") held on 6
November 2014, has unanimously approved the change of status from a public
sicafi into a public RREC, in accordance with the RREC Law.
Leasinvest Real Estate is pleased with the approval of this new status by its
shareholders. This will allow to continue its current activities in the interest
of the Company, its shareholders and other stakeholders, and to consequently
position itself as a REIT (Real Estate Investment Trust) in order to optimize
its visibility and its understanding by international investors.
2. Consolidated key figures
+--------------------------------------------------------+----------+----------+
|Key figures real estate portfolio (1) |31/12/2014|31/12/2013|
+--------------------------------------------------------+----------+----------+
|Fair value real estate portfolio (? 1,000) (2) | 756,327| 718,234|
| | | |
|Fair value real estate portfolio, incl. participation | | |
|Retail Estates (? 1,000) (2) | 808,126| 759,290|
| | | |
|Investment value investment properties (? 1,000) (3) | 770,680| 731,850|
| | | |
|Rental yield based on fair value (4) (5) | 7.23%| 7.31%|
| | | |
|Rental yield based on investment value (4) (5) | 7.10%| 7.18%|
| | | |
|Occupancy rate (5) (6) | 96.24%| 96.90%|
| | | |
|Average duration of leases (years) | 5.08| 5.23|
+--------------------------------------------------------+----------+----------+
(1) The real estate portfolio comprises the buildings in operation, the
development projects, the assets held for sale, as well as the buildings
presented as financial leasing under 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 31/12/2014.
(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 consolidated real estate portfolio of Leasinvest Real Estate comprises, at
the end of 2014, 34 sites (including the assets held for sale & the development
projects) with a total surface area of 433,401 m², of which 18 are located in
the Grand Duchy of Luxembourg (59% compared to 60% the previous financial year),
13 in Belgium (36% compared to 40% the previous financial year) and 3 in
Switzerland (5%). The breakdown according to asset class has changed with a
further increase of retail compared to offices.
The fair value of the real estate portfolio amounts to ? 756.3 million end-2014
compared to ? 718.2 million end-December 2013. The increase is mainly explained
by the investment in Switzerland for ? 38 million, the carried out works for
Royal 20, compensated by the sale of the building located avenue Louise 66
(Brussels) in the first quarter of 2014 (? -8.2 million) and the sale of the
logistics building situated in Meer (? -1.7 million).
The global direct and indirect real estate portfolio (including the
participation in Retail Estates SA) amounts to nearly ? 808 million at the end
of 2014.
By the realized transactions, the retail part increases to 45% and the offices
part in the direct portfolio further decreases to 35%, of which 20% is located
in the Grand Duchy of Luxembourg and 15% in Belgium.
The geographical breakdown of the portfolio is as follows as from now: Grand
Duchy of Luxembourg: 59%, Belgium: 36%, Switzerland: 5%.
The rental yield of the real estate portfolio in operation based on the fair
value amounts to 7.23% (compared to 7.31% end-2013), and based on the investment
value, to 7.10% (compared to 7.18% end-2013).
The data per share have been calculated based on the number of shares at the
reporting date, namely 4,938,870, following the public capital increase at the
end of June 2013.
+--------------------------------------------------------+----------+----------+
|Key figures of the balance sheet |31/12/2014|31/12/2013|
+--------------------------------------------------------+----------+----------+
|Net asset value group share (? 1,000) | 336,410| 335,334|
| | | |
|Net asset value group share per share | 68.1| 67.9|
| | | |
|Net asset value group share per share based on | | |
|investment value | 71.0| 70.7|
| | | |
|Net asset value group share per share < EPRA | 75.5| 71.5|
| | | |
|Total assets (? 1,000) | 836,914| 777,867|
| | | |
|Financial debt | 441,155| 407,602|
| | | |
|Financial debt ratio (1) | 54.27%| 53.53%|
| | | |
|Average duration credit lines (years) | 3.2| 3.7|
| | | |
|Average funding cost (excl. fair value changes hedges) | 3.63%| 3.29%|
| | | |
|Average duration hedges (years) | 6.13| 5.63|
+--------------------------------------------------------+----------+----------+
(1) Legal rate calculated according to the regulation on RRECs.
The net result, group share, amounts to ? 32.6 million at the end of 2014
compared to ? 26.9 million end 2013. In terms of net result per share, this
results in ? 6.60 end 2014 compared to ? 5.45 end 2013. The rise is explained by
the higher rental income (+? 5 million), compensated by a more negative
financial result (-? 4.2 million), mainly by the negative impact of the
evolution of the fair value of the financial assets and liabilities (-? 1.7
million) and higher costs (-? 0.8 million). The result on the real estate
portfolio amounts to ? 7.5 million end 2014 in comparison with ? 1.8 million end
2013, which explains the increase of the net result.
The net current result end 2014 amounts to ? 26.1 million (or ? 5.28 per share),
in comparison with a net current result of ? 24.1 million (or ? 4.89 per share)
end 2013. This increase is mainly the consequence of the higher rental income in
comparison with the same period of last year.
+--------------------------------------------+------------+------------+
| Key figures of the income statement | 31/12/2014 | 31/12/2013 |
+--------------------------------------------+------------+------------+
| Rental income (? 1,000) | 50,175 | 45,186 |
| | | |
| Net rental result per share | 10.16 | 9.15 |
| | | |
| Net current result (? 1,000) (1) | 26,062 | 24,128 |
| | | |
| Net current result per share (1) | 5.28 | 4.89 |
| | | |
| Net result group share (? 1,000) | 32,572 | 26,928 |
| | | |
| Net result group share per share | 6.60 | 5.45 |
| | | |
| Comprehensive result group share (? 1,000) | 21,321 | 37,305 |
| | | |
| Comprehensive result group share per share | 4.32 | 7.55 |
+--------------------------------------------+------------+------------+
(1) The net current result consists of the net result excluding the portfolio
result and the changes in fair value of the ineffective hedges.
3. Outlook financial year 2015
Except for extraordinary circumstances and new investments, the company expects
to realize a lower net result and net current result in 2015 than in 2014 due to
the influence on the evolution of the rents of the planned redevelopments of
Monnet and Square de Meeûs. Notwithstanding this evolution, the company expects
to maintain the dividend over 2015 at minimum the same level.
4. Financial overview
Consolidated statement of comprehensive income 2014 2013
-------------------------------------------------------------------------------
(in ? 1,000)
| |
(+) Rental income | 50,175| 45,186
| |
(+) Write-back of lease payments sold and discounted | 0| 0
| |
(+/-) Rental-related expenses | -31| 0
---------------------------------------------------------------+-------+-------
NET RENTAL INCOME | 50,145| 45,186
---------------------------------------------------------------+-------+-------
(+) Recovery of property charges | 367| 92
| |
(+) Recovery income of charges and taxes normally | 4,008| 3,509
| |
payable by tenants on let properties | |
| |
(-) Costs payable by tenants and borne by the landlord for | 0| 0
| |
rental damage and refurbishment at end of lease | |
| |
(-) Charges and taxes normally payable | -4,008| -3,509
| |
by tenants on let properties | |
| |
(+/-) Other rental-related income and expenditure | -1,637| -1,617
---------------------------------------------------------------+-------+-------
PROPERTY RESULT | 48,875| 43,661
---------------------------------------------------------------+-------+-------
(-) Technical costs | -1,307| -1,559
| |
(-) Commercial costs | -1,059| -696
| |
(-) Charges and taxes on un-let properties | -504| -295
| |
(-) Property management costs | -3,893| -3,639
| |
(-) Other property charges | -472| -528
| |
PROPERTY CHARGES | -7,235| -6,717
---------------------------------------------------------------+-------+-------
PROPERTY OPERATING RESULT | 41,640| 36,944
---------------------------------------------------------------+-------+-------
(-) Corporate operating charges | -2,704| -2,374
| |
(+/-) Other operating charges and income | -307| -343
---------------------------------------------------------------+-------+-------
OPERATING RESULT BEFORE RESULT ON THE PORTFOLIO | 38,629| 34,227
---------------------------------------------------------------+-------+-------
(+/-) Result on disposal of investment properties | 1,767| -146
| |
(+/-) Changes in fair value of investment properties | 5,687| 1,978
---------------------------------------------------------------+-------+-------
OPERATING RESULT | 46,083| 36,059
---------------------------------------------------------------+-------+-------
(+) Financial income | 3,111| 2,254
| |
(-) Net interest charges |-13,811|-10,810
| |
(-) Other financial charges | -1,728| -1,365
| |
(+/-) Changes in fair value of financial assets and liabilities| -729| 966
| |
FINANCIAL RESULT |-13,157| -8,955
---------------------------------------------------------------+-------+-------
PRE-TAX RESULT | 32,926| 27,104
---------------------------------------------------------------+-------+-------
(+/-) Corporate taxes | -353| -178
| |
(+/-) Exit tax | 0| 0
| |
TAXES | -353| -178
---------------------------------------------------------------+-------+-------
NET RESULT | 32,572| 26,926
---------------------------------------------------------------+-------+-------
Comments on the income statement
The rental income has increased by 11% (+ ? 4,989 thousand) and amounts to ?
50,175 thousand in comparison with ? 45,186 thousand end 2013.
This evolution is mainly the consequence of the investments realized in 2013 in
Knauf Shopping Center Pommerloch and Hornbach, ? 6.4 million in total, and
realized in Switzerland in 2014 (? 0.4 million), compensated by the decrease of
rental income following divestments (- ? 1.4 million).
The growth in rental income on a like-for-like basis rises by 3% or ? 1.3
million (mainly Knauf Shopping center in Schmiede & The Crescent in Anderlecht)
at constant portfolio, in comparison with the same period of last year (excl.
rental rebates).
Making abstraction of the settlement obtained in 2013, the rental income rises
by 13.5% in comparison with the same period last year.
The average duration of the leases has slightly decreased to 5.08 years in
comparison with 5.23 years end 2013, but recorded a strong rise in the asset
class logistics/Belgium through the rental contract with SKF till end 2025 and
in the asset class offices/ Grand Duchy of Luxembourg by the extension of the
lease with the current tenant for a fixed period of 9 years for the Monterey
building.
The average duration also increased by the acquisition in Switzerland (5.6
years).
The gross rental yields have slightly decreased in comparison with end 2013 and
amount to 7.23% (end 2013: 7.31%) based on the fair value and to 7.10% (end
2013: 7.18%) based on the investment value, which is the result of the
investment in Switzerland. The occupancy rate remained nearly stable and amounts
to 96.24% in comparison with 96.90% end 2013.
The fair value of the real estate portfolio amounts to ? 756.3 million end 2014
compared to ? 718.2 million end December 2013. The increase is explained by the
investment in Switzerland of ? 38 million and the works carried out for Royal
20, compensated by the divestment of the building located avenue Louise 66
(Brussels) in the first quarter of 2014 (? -8.2 million) and the sale of the
logistics building located in (? -1.7 million).
The operating result before the portfolio result increases by 13% and amounts to
? 38.6 million end 2014 in comparison with ? 34.2 million end 2013.
The financial result decreases by ? 4.2 million and amounts to - ? 13,157
thousand. This evolution is explained by a higher average funding cost end 2014
(3.63%) in comparison with end 2013 (3.29%) which has an impact of -? 1.4
million, higher debts by the investments realized in 2013 or an impact of -?
1.7 million, the negative evolution of the fair value of the assets and
liabilities or an impact of -? 1.7 million, compensated by a higher dividend
received from Retail Estates or +? 0.6 million.
End December 2014 the debt ratio amounts to 54.27%, in comparison with 53.53%
end December 2013, which lies within the 50%-55% range.
The net result, group share, amounts to ? 32.6 million at the end of 2014
compared to ? 26.9 million end 2013. In terms of net result per share, this
results in ? 6.60 end 2014 compared to ? 5.45 end 2013. The rise is explained by
the higher rental income (+? 5 million), compensated by a more negative
financial result (-? 4.2 million), mainly by the negative impact of the
evolution of the fair value of the financial assets and liabilities (-? 1.7
million) and higher costs (-? 0.8 million). The result on the real estate
portfolio amounts to ? 7.5 million end 2014 in comparison with ? 1.8 million end
2013, which explains the increase of the net result.
The net current result end 2014 amounts to ? 26.1 million (or ? 5.28 per share),
in comparison with a net current result of ? 24.1 million (or ? 4.89 per share)
end 2013. This increase is mainly the consequence of the higher rental income in
comparison with the same period of last year.
Balance sheet | Period | Period
| |
(in ? 1,000) | 31/12/14 | 31/12/13
---------------------------------------------+----------+----------
ASSETS | |
| |
I. NON-CURRENT ASSETS | 804,789 | 757,058
| |
Intangible assets | 80 | 1
| |
Investment properties | 720,801 | 690,191
| |
Other tangible assets | 1,266 | 1,140
| |
Non-current financial assets | 64,743 | 47,827
| |
Finance lease receivables | 17,900 | 17,899
| |
II. CURRENT ASSETS | 32,125 | 20,809
| |
Assets held for sale | 17,626 | 10,144
| |
Current financial assets | 0 | 0
| |
Trade receivables | 8,207 | 5,427
| |
Tax receivables and other current assets | 1,010 | 1,197
| |
Cash and cash equivalents | 3,654 | 2,254
| |
Deferred charges and accrued income | 1,627 | 1,786
---------------------------------------------+----------+----------
TOTAL ASSETS | 836,914 | 777,867
---------------------------------------------+----------+----------
LIABILITIES | |
| |
TOTAL SHAREHOLDERS' EQUITY | 336,414 | 335,334
| |
I. SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE | 336,410 | 335,331
| |
SHAREHOLDERS OF THE PARENT COMPANY | |
| |
Capital | 54,315 | 54,315
| |
Share premium account | 121,091 | 121,091
| |
Reserves | 128,432 | 132,997
| |
Net result of the financial year | 32,572 | 26,928
| |
II. MINORITY INTERESTS | 4 | 4
| |
LIABILITIES | 500,499 | 442,533
| |
I. NON-CURRENT LIABILITIES | 357,650 | 301,299
| |
Provisions | 0 | 0
| |
Non-current financial debts | 319,423 | 282,731
| |
- Credit institutions | 222,029 | 186,776
| |
- Other | 97,394 | 95,955
| |
Other non-current financial liabilities | 38,227 | 18,568
| |
Other non-current liabilities | |
| |
II. CURRENT LIABILITIES | 142,849 | 141,234
| |
Provisions | |
| |
Current financial debts | 121,910 | 125,058
| |
- Credit institutions | 32,919 | 25,099
| |
- Other | 88,991 | 99,959
| |
Trade debts and other current debts | 8,631 | 6,077
| |
- Exit tax | |
| |
- Other | 8,631 | 6,077
| |
Other current liabilities | 3,250 | 2,203
| |
Accrued charges and deferred income | 9,059 | 7,896
---------------------------------------------+----------+----------
TOTAL EQUITY AND LIABILITIES | 836,914 | 777,867
---------------------------------------------+----------+----------
Comments on the balance sheet
End December 2014 shareholders' equity group share (based on the fair value of
the investment properties) amounts to ? 336.4 million (31/12/13: ? 335.3
million) or ? 68.1 per share (2013: ? 67.9).
The increase of the shareholders' equity in comparison with end 2013 is due to
the evolution of the comprehensive result of ? 21.3 million end 2014 compensated
by the dividend (? - 20.2 million).
End December 2014 the net asset value per share amounts to ? 68.1 (2013: ?
67.9). The closing price of the share was ? 91.61, or 34.5% higher than the net
asset value. The net asset value per share excl. the influence of the fair value
adjustments on financial instruments (EPRA) amounts to ? 75.5 end 2014 in
comparison with ? 71.5 end 2013.
On 29 October Leasinvest Real Estate, through its 100% subsidiary Leasinvest
Immo Lux, has acquired all the shares of S. Invest, holding in its turn all the
shares of Porte des Ardennes Schmiede SA, issuer of the real estate certificates
of the shopping center Knauf Schmiede.
5. Important events after the closing of the financial year 2014
No important event took place after the closing of the financial year 2014.
6. Appropriation of the result - dividend payment
The board of directors of the statutory manager proposes to the ordinary general
shareholders' meeting to pay a gross dividend of ? 4.55, and net, free of
withholding tax of 25%, ? 3.4125 on 26 May 2015.
Subject to the approval of the ordinary general shareholders' meeting of 18 May
2015 dividends will be paid out on presentation of coupon no 18 as of 26 May
2015 at the financial institutions Bank Delen (main paying agent), ING Bank,
Belfius Bank, BNP Paribas Fortis Bank and Bank Degroof.
The Ex-date is 22/05/2015 and the Record date is 25/05/2015.
7. Statement without reservation of the auditor
The auditor has confirmed that his audit of the consolidated annual accounts,
established according to the International Financial Reporting Standards as
adopted by the European Union, has been fully completed and has not shown any
important corrections, which should be made to the accounting data, adopted from
the consolidated accounts, and presented in this press release.
8. Financial calendar
31/03/2015 Annual financial report 2014
18/05/2015 Annual meeting of shareholders
19/05/2015 Interim statement Q1 (31/03/2015)
26/05/2015 Dividend payment
22/05/2015 Ex-date
25/05/2015 Record date
26/08/2015 Half-year financial report 2015
17/11/2015 Interim statement Q3 (30/09/2015)
18/02/2016 Year results 2015 (31/12/2015)
9. Annual financial report
The annual financial report regarding the financial year 2014 in the form of a
brochure, which comprises the annual accounts, the annual report and the report
of the auditor, is available as from 31/03/2015 (PDF online) and can be
obtained, on simple demand, at the following address:
Leasinvest Real Estate SCA
Schermersstraat 42 (administrative office), 2000 Antwerp
T +32 3 238 98 77 - F +32 3 237 52 99
E investor.relations(at)leasinvest.be
W www.leasinvest.be (investor relations · reports)
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
Regulated real estate company (B-REIT) Leasinvest Real Estate SCA invests in
high quality and well-located retail buildings, offices and logistics buildings
in the Grand Duchy of Luxembourg, in Belgium and in Switzerland.
At present the real estate portfolio of Leasinvest comprises 34 sites of which
18 are located in the Grand Duchy of Luxembourg, 13 in Belgium and 3 in
Switzerland, with a total real estate value of over ? 750 million.
The RREC is listed on Euronext Brussels and has a market capitalization of
approximately ? 466 million (value 11 February 2015).
LRE Annual results financial year 2014:
http://hugin.info/134797/R/1894239/671460.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Leasinvest Real Estate Comm. VA via GlobeNewswire
[HUG#1894239]
Unternehmensinformation / Kurzprofil:
Datum: 13.02.2015 - 07:31 Uhr
Sprache: Deutsch
News-ID 371471
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