Interim statement first 9 months of the financial year 2007/2008 (01/07/07-31/03/08)

 

 

 

On 29/02/08 Leasinvest Real Estate has acquired, directly and indirectly, 100% of two companies, owners of the following buildings:

-     a storage and distribution site in Wommelgem of nearly 28,000 m² (including 4,200 m² of offices),

-          two storage spaces of respectively 5,000 and 8,000 m² situated in the 'transportzone Meer', and

-          a retail building of 4,800 m² which will be contributed in kind for a value of 3.5 million euros, through a partial splitting-up, into real estate fund Retail Estates in exchange for new shares (before the end of June 2008).

 

Furthermore, Leasinvest Real Estate has concluded an agreement for the acquisition, subject to the realisation of a number of conditions precedent, of 100% of the company Canal Logistics Brussels in the second half of 2009. With this take over, Leasinvest Real Estate will acquire an important future storage and distribution site of more than 50,000 m2 of storage space and 2,500 m2 of offices in Neder-over-Heembeek, of which the completion is foreseen for mid-2009.

 

 

 

The fair value of the real estate portfolio in operation amounts to 468.9 million euros on 31/03/08 compared to 441.1 million euros on 31/12/07. The acquisitions in the Antwerp region, mentioned above, explain to a large extent the increase by 6%. If the acquisition of Canal Logistics is realised, the real estate portfolio will increase to over 500 million euros.

 

The shareholders' equity, share of the group (based on the fair value of the real estate portfolio), amounts to 263.5 million euros on 31/03/08 (31/12/07: 260.7 million euros), which corresponds to a net asset value per share of 65.94 euros (31/12/07: 65.21 euros).

 

The debt ratio, calculated according to the RD of 21/06/06, amounts to 43.38% and has increased compared to 31/12/07 (40.34%).

 

The occupancy rate[3] amounts to 96.46% on 31/03/08 (31/12/07: 97.74%).

 

The rental yield based on the fair value is 7.14% on 31/03/08 (31/12/07: 7.21%); based on the investment value, this amounts to 6.96% (31/12/07: 7.03%).

 

 

 

Also thanks to the expected revaluation gain, in the 4th quarter, on the completion of the renovation and extension of the 'CFM' buildings in Luxembourg, the net result on 30/06/08 (12 months) will be in line with the net result of the previous financial year (34.9 million euros); this is not taken into account further changes in the value of the portfolio during the 4th quarter of this financial year.

 

 

 

The change[4] of the financial year end of Leasinvest Real Estate from 30 June into 31 December will be proposed to the general meeting of shareholders in order to make the financial year correspond, as from now on, to the calendar year. Consequently, the current financial year will be extended by 6 months, to end on 31/12/08. An extraordinary general meeting of shareholders of Leasinvest Real Estate will be convened to approve this amendment to the articles of association.

 

 

 

 

T: +32 3 238 98 77 - E: jeanlouis.appelmans@leasinvest.be