Annual results 2017

Press releases

Intervest in 2017: overview

  • Real estate portfolio growth of 8% or € 52 million in line with the strategic growth plan based on the reorientation of the office portfolio and the expansion of logistics real estate. 
  • As at 31 December 2017, the fair value of the total real estate portfolio amounted to € 663 million. 
  • Acquisition of three logistics sites situated in Belgium: in Oevel, Aarschot and Zellik (53.000 m²).
  • The first step in the Netherlands: acquisition of a complex in Tilburg and a distribution centre in Raamsdonksveer (34.000 m²).
  • Development potential of approximately 250.000 m² logistics real estate pursuant to the selection of ‘Genk Green Logistics’ by the Flemish government as preferred bidder to redevelop the Ford site: negotiations for a contractual agreement with the Flemish government are ongoing.
  • Delivering of the newly-built distribution centre at Herentals Logistics 3.
  • Reorientation of the office portfolio continued by the redevelopment of Greenhouse BXL with third RE:flex. Construction work on schedule and commercialisation fully under way. First rental agreement for a period of 9 years signed. Purchase of empty building adjacent to Greenhouse BXL for extra parking in park area after demolition of existing building. 
  • Ratio of 54% of logistics real estate and 46% office buildings as at 31 December 2017 (51% and 49%, respectively, at the end of 2016).
  • Occupancy rate of the real estate portfolio: 86% as at 31 December 2017; 91% without the Greenhouse BXL redevelopment project (91% as at 31 December 2016).
  • Occupancy rate of the office portfolio: 76% as at 31 December 2017; 85% without the Greenhouse BXL redevelopment project (86% as at 31 December 2016).
  • Occupancy rate of the logistics portfolio: 98% as at 31 December 2017 (96% as at 31 December 2016).
  • 30 lease agreements were entered into or extended, representing 9% of the rental income, activity mainly in the logistics portfolio.
  • 26 flexible contracts entered into for RE:flex and the managed offices in Mechelen and Berchem.
  • The fair value of the existing real estate portfolio (excluding acquisitions and divestments) decreased in 2017 by 1% .
  • EPRA earnings: € 1,58 per share based on a weighted average number of shares (€ 1,73 in 2016).
  • Gross dividend in accordance with the strategy announced: € 1,40 per share for financial year 2017 (€ 1,40 for 2016); gross dividend yield of 6,2%.
  • Strengthening of the shareholders’ equity by € 36 million through the acquisition of real estate by the contribution in kind and by the optional dividend with 55% of the shareholders opting for new shares.
  • Decrease in the financing costs: average interest rate of the financing is 2,6% in 2017 (3,1% in 2016).
  • Extension of the duration of the long-term financing to 4,6 years as at 31 December 2017 (2,9 years as at year end 2016).
  • Debt ratio: 44,6% as at 31 December 2017 (45,7% as at 31 December 2016). 
  • Buffer of available credit lines for further growth: € 101 million.