Intervest Offices & Warehouses - Half-yearly financial report from the board of directors for the period 01.01.2017 to 30.06.2017
(Thomson Reuters ONE) -
Growth in the portfolio in line with the strategic growth plan based on the
reorientation of the office portfolio and the expansion of logistics real estate
in Belgium, the Netherlands and Germany.
Allocation to 'Genk Green Logistics' (a joint venture of Intervest and Group
Machiels) of the redevelopment of the Ford site in Genk, which represents an
expanded new-build potential for logistics real estate by approximately 250.000
m².
Expansion of the logistics portfolio by 4% with the acquisition of two logistics
sites located in Oevel and Aarschot, totalling approximately 25.500 m²; first
step in the Netherlands with the acquisition of a logistics site of 13.300 m² in
Tilburg, and the delivery of a new-build distribution centre of 12.200 m² at
Herentals Logistics 3.
Reorientation of the offices portfolio continued with the redevelopment of
Greenhouse BXL with third RE:flex. Construction works according to plan and
commercialisation of Greenhouse BXL fully under way; interest from several
parties. Purchase of a vacant building adjacent to Greenhouse BXL, for
demolition and redevelopment into park and relaxing area, as extension to
Greenhouse BXL, with extra parking.
Ratio of 52% of logistics real estate and 48% office buildings as at 30 June
2017.
Rental transactions primarily in the logistics portfolio: prolongations for 7%
of the annual rental income of the logistics segment.
Occupancy rate 85% as at 30 June 2017 (91% as at 31 December 2016), 97% for the
logistics portfolio, 75% for the office portfolio.
Occupancy rate without taking into account the redevelopment project of
Greenhouse BXL: 90% as at 30 June 2017 (90% as at 31 December 2016); 97% for the
logistics portfolio, 83% for the offices portfolio.
Decrease in fair value of the real estate portfolio in the first quarter of
2017 by 0,8%.
EPRA earnings per share: ? 0,74 in the first semester of 2017 (? 0,88 in the
first semester of 2016).
Drop in the financing cost: average interest rate of the financing 2,6% in the
first semester of 2017 (3,1% in the first semester of 2016).
Strengthening of the shareholders' equity in the first semester of 2017 by ?22
million through the optional dividend, with 55% of shareholders opting for
shares and through the contribution in kind of the logistics site in Oevel and
Aarschot.
Debt ratio: 46,5% as at 30 June 2017 (45,7 % as at 31 December 2016).
Full press release:
Half-yearly financial report 01.01.2017 to 30.06.2017:
http://hugin.info/137397/R/2121790/808571.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Intervest Offices & Warehouses NV via GlobeNewswire
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