Trading update first 3 months of the financial year 2005-2006 (01/07/2005-30/09/2005) (1)

On 15 November a new business center was opened in collaboration with Taminiau Business Service, in the Riverside Business Park in Anderlecht. This business center offers extended service packages (meeting rooms, ..) to the tenants and fits within the dynamic commercial management of our real estate fund.

 

As Leasinvest Real Estate closes its financial year on 30/06, the transfer date to IFRS has been set at 01/07/2004. Leasinvest Real Estate is currently preparing the transfer of the financial statements from Belgian accounting rules to IFRS standards.

On 30/06/2006 reporting will be under IFRS with comparative figures on 30/06/2005.

 

At the end of the first Quarter of the financial year 2005-2006 the equity amounts to 181.6 million EUR which corresponds to a net asset value per share (including dividend) of 55.89 EUR (2). The net asset value per share on 30/09/2004 was 53.17 EUR (3).

 

The debt ratio of Leasinvest Real Estate only amounts to 31.9% (4), which offers an additional investment capacity via debt financing of 103 million EUR before reaching the maximum allowed debt ratio of 50%.

 

The rental income for the past 3 months was 4.63 million EUR compared to 4.73 million EUR on 30/09/2004.

 

The value of the real estate portfolio ('gross investment value') (5), as estimated by the real estate experts Cushman & Wakefield, Healey & Baker and Winssinger & Associates,

amounted to 277.85 million EUR on 30/09/2005 and has risen by 2.39 million EUR compared to the investment value of 275.46 million EUR on 30/06/2005.

The occupancy rate (6) on 30/09/2005 amounted to 91.90% and has slightly increased in comparison with 30/06/2005, or 91.15%. The rental yield was 7.09% (7.14% on 30/06/2005).

 

 

Real estate fund Leasinvest Real Estate SCA invests mainly in high-quality and well-situated office buildings (79%) in and around Brussels (79%).

The portfolio represents an area of more than 192,000 m², in 13 different locations and spread across 37 buildings.

The real estate fund is listed on the Euronext in the Next Prime segment and was included, in January 2005, in the EPRA Eurozone Total Return Index. Leasinvest Real Estate has a market capitalisation of 210.9 million EUR (value 4 November 2005).

 

(1) The financial year starts on 1 July and ends on 30 June; the figures mentioned in this press release are unaudited and are figures under BGAAP.

(2) The number of shares on 30/09/2005 is 3.249.221.

(3) The number of shares on 30/09/2004 was 2.830.371.

(4) Calculated under BGAAP and in accordance with Article 52 of the RD on sicafis.

(5) The value 'net investment value' (after deduction of 13% of costs) on that same date amounts to 245.88 million EUR.

(6) The occupancy rate has been calculated based on the estimated rental value (all buildings of the Leasinvest Real Estate portfolio are taken into account).