As a leading real estate player, Intervest Offices & Warehouses (hereafter Intervest) has made the strategic choice to focus on the logistics real estate segment, driven by changing consumer and business needs.

The main driving factors for this strategic choice are:

Changing macroeconomic environment

The macroeconomic environment plays a crucial role in shaping investment strategies. Factors such as changes in economic indicators, interest rates, financing, inflation and market sentiment influence the performance of investment properties. This changed environment for property investments is leading to an accelerated revaluation of certain assets, especially offices, which are not core assets for Intervest.

Accelerating trends

  • Demand for traditional office space has shifted due to changing living and working patterns. The ‘hotelification’ of offices requires investors to rethink their offerings. After all, office users desire more services and want to be able to work and live within 15-minute. Flexibility is key for users, while it is difficult for an RREC to provide this flexibility given its long-term vision.
  • The sustainability of the industry and logistics sector is supported by several factors driving demand and thanks to increased barriers to new supply. The drivers of demand are diverse and include nearshoring, e-commerce and under-supplied markets. Increased barriers include the ever-greater scarcity of land and a tighter regulatory environment.

Increasing the professionalism of asset categories

Different types of real estate have continued to evolve, due to trends such as climate impact, ESG compliance, scarce space, available workforce and digitisation. As a result, the expertise required to effectively maximise returns has become increasingly unique.


Focus areas 2023 - 2025

1. Accelerated office sales

  • Office sales target by Q2 2025: 90% of leasable space (excluding offices with potential redevelopment to create a logistics site or located on a logistics site).

  • Separating Greenhouse operations (co-working and serviced offices) from Intervest operations.

2. Strengthening the balance sheet position

  • Reduce the debt ratio, by repaying existing credit lines after selling the offices.
  • Adjustment and evolution in dividend policy of historical high dividend level, in function of the accelerated sales of offices by Q2 2025, taking into account the minimum mandatory dividend payment under the RREC regime1: at least 80% of the adjusted result and net capital gains on the realisation of real estate not exempt from the mandatory payment, less debt reduction during the financial year.

3. Organic growth due to strong pipeline

  • 279,000 m² of potential projects in the logistics segment, with a future expected potential value increase of € 230 million, for which as at 30 June 2023, capex of circa € 195 million is still to be spent
  • Acquisition of additional development potential of around 70,000 m² in Liège via partial contribution in early August 2023 with neutral impact on debt ratio and limited impact on EPRA EPS.

4. An optimal platform for a pure logistics real estate player

  • Focus on operating margin (target: 85%) with an effective and efficient team for a pure logistics real estate investor. Further professionalisation through ongoing digitalisation and innovation.

5. Increased ESG & innovation commitment

  • Update ESG strategy by early 2024 with the aim of increasing sustainable impact for our logistics customers, in-house team, shareholders and environment.
  • Through innovation, the profitability of our sustainable actions will be increased.

Strategic targets 2023 - 2025

  • Divestment of offices: 90%2 (by Q2 2025)

  • Operating margin: 85%
  • Debt ratio between: 45% - 47%
  • Logistics occupancy rate: > 98%
  • Net debt / EBITDA: < 10
  • Hedge ratio: > 90%
  • Yield on cost: 6.5%

1 The amount eligible for distribution is determined in accordance with Article 13 §1 of the RREC Royal Decree and Chapter III of Annex C of the RREC Royal Decree: at least 80% of the sum of the adjusted result and net capital gains on the sale of real estate not exempted from the mandatory distribution must be distributed; however, the reduction in debt during the financial year may be deducted from the amount to be distributed.

2 Calculation based on leasable space and excluding offices with potential redevelopment to create a logistics site or located on a logistics site.