• Strategic acquisition of the Gateway building (Brussels airport)
  • Stable fair value of portfolio at constant perimeter
  • Net asset value of €55.61 per share
  • EPRA earnings of €1.95 per share, in line with forecasts
  • Dividend forecast confirmed (€3.45 gross per share) for the 2015 fiscal year
Brussels, 31 July 2015 | Six months into the fiscal year, Befimmo is reporting solid results. The fair value of the portfolio is stable at constant perimeter (-0.05% over the half-year) and EPRA earnings amounts to €1.95 per share. Against this background, Befimmo confirms the dividend forecast (€3.45 gross per share) for the 2015 fiscal year.
 
A very nice strategic acquisition was made during the first half of the fiscal year. The Gateway project (34,000 m² off-plan), boasting a unique location in the heart of Brussels airport and let for a fixed 18-year term to a top-class tenant (Deloitte), is fully in line with Befimmo's investment strategy. This project represents an investment of about €140 million (of which €61 million have already been booked).
 
In a sluggish Brussels office rental market, the Befimmo sales teams managed to sign new leases and renewals for 8,440 m² during this first half of the fiscal year, in relation to 6,555 m² during the first half of last year.
 
On this basis, Befimmo announced a weighted average duration of leases of 8.78 years, with an occupancy rate of 93.7%. 
 
Over the first half of the 2015 fiscal year, Befimmo invested €5.85 million in works in its existing portfolio. This figure includes the investments specifically devoted to optimise the energy performances. This includes, among others, the ongoing renovation projects of the buildings Brederode 9, Namur 48 and Guimard.
 
At constant perimeter, the portfolio remained stable during this first half (-0.05%). As at 30 June 2015, the fair value was €2,346.8 million, as against a value of €2,285.2 million as at 31 December 2014. 
 
EPRA earnings amounted to €43.2 million as against €43.0 million for the first half of 2014. Given the increase in the average number of shares (+0.6 million), the EPRA earnings per share amounted to €1.95 as at 30 June 2015, compared with €2.00 as at 30 June 2014.
 
As at 30 June 2015, Befimmo's total net asset value amounts to €1,231 million. The net asset value is therefore €55.61 per share, as against €54 per share as at 31 December 2014.
 
Befimmo concluded several financing transactions affecting its financial structure. It has set up several European private placements for a total amount of €64 million (over durations of 7 and 10 years). Furthermore, it has reviewed the conditions of three bilateral lines over a total amount of €135 million. The Company has also significantly strengthened its portfolio of instruments to hedge the interest rate risk.
 
As at 30 June 2015, the Befimmo's debt ratio (LTV) amounts to 47.43%, the average annualised financing cost over the first six months of the fiscal year is 2.82% and the weighted average duration of debts is 3.65 years.
 
Please click on the following link to download the Half-Yearly Financial Report 2015:
Befimmo - Half-Yearly Financial Report 2015 - 31.07.2015 8.00 AM:
http://hugin.info/133954/R/1942578/702837.pdf


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Source: Befimmo SA via Globenewswire
HUG#1942578