QRF SICAFI CVA : - Agreement to acquire 2 retail units let to H&M and The Sting at Hasselt, Demerstraat 21-25

a509adef-5103-4061-8928-47a261d97bf8.pdf Press release

Regulated information Embargo until 21/06/2016 - 7:00 am

QRF REACHES AGREEMENT TO ACQUIRE 2 RETAIL UNITS LET TO H&M AND THE STING AT HASSELT, DEMERSTRAAT 21-25

ANTWERP, 21th June 2016 - Qrf, the specialist in inner-city retail property, has reached an agreement to acquire 100% of the shares in RIGS NV, which owns a retail property located at Hasselt, Demerstraat 21-25. The investment value of the property amounts to 27.8 MEUR. The property is fully let to H&M and The Sting and generates 1,374 KEUR in annual rental income. The transaction will be realised by means of the acquisition of RIGS NV and will be partially financed by a contribution in kind. This enables Qrf to increase its Shareholders' equity by 7.9 MEUR. This transaction lifts the Fair Value of the Qrf portfolio to approximately 245 MEUR and increases the proportion of inner-city property within the portfolio to 84%.

Qrf Comm. VA • B-REIT under Belgian law• Leopold de Waelplaats 8/1 • B-2000 Antwerp

Tel. +32 3 233 52 46 • Fax +32 3 369 94 24 • info@qrf.be • www.qrf.be • Company No. 537 979 024 • RPR Antwerp

1. Hasselt, Demerstraat 21-25

   Qrf has reached an agreement in-principle, subject to conditions precedent, regarding the acquisition of 100% of the shares in RIGS NV, which owns a retail property located at 21-25 Demerstraat in Hasselt. The acquisition price of the shares is based on an investment value for the property of 27.8 MEUR.1

   This retail property has a total gross lettable area of 4,082 m² and is fully let to the international chain stores, H&M and The Sting, providing an annual rental income of 1,374 KEUR. Other retailers in the vicinity of the location include C&A, Zara, WE, Coolcat, Hugo Boss, Vans, Versato, Yves Rocher and others. The property has a street frontage of approximately 20 metres and was developed in 2010 in compliance with current standards, which include a separate delivery area for the stores.

   The Hasselt catchment area, which comprises some 390,000 consumers, makes the city an ideal location that fits well into Qrf's investment strategy. Hasselt is also one of Belgium's top 6 retail centres.

   As a result of this transaction, more than 70% of the Qrf portfolio is now spread across 10 large cities in Belgium (Antwerp, Brussels, Liège, Ghent, Hasselt, Bruges, Leuven, Aalst, Namur and Mechelen).

   Within those cities, Qrf invests in streets located in the Golden Mile - an area with a strong power of attraction and high footfall within the city catchment area. In that regard, Demerstraat is one of the busiest shopping streets in Hasselt, along with Koning Albertstraat and Hoogstraat.

   Qrf recently acquired other premises in Hasselt, at Koning Albertstraat 48-50 (let to Galeria Inno and Kruidvat) and at Koning Albertstraat 60 (let to G-Star).

   1 The purchase value complies with the requirements of article 49 § 1 of the Regulated Real Estate Companies Act of 12th May 2014.

2. Transaction structure and financing

   The acquisition price for 100% of the shares in RIGS NV is based on an investment value for the property of

   27.8 MEUR.

   As a result of this transaction, Qrf will increase its Shareholders' equity by approximately 7.9 MEUR by means of a contribution in kind, within the framework of the authorised capital, of part the shares of RIGS NV. In total, 325.466 new Qrf shares will be issued as remuneration for the contribution in kind.

   These are ordinary shares that have the same rights as the existing shares, except that they will not be entitled to the dividend for the financial year ending December 30, 2016. The shares will participate in the result as from December 31, 2016.

   The balance of the investment will be financed by bank loans. After this transaction, the company expects its debt ratio to be approximately 51%.

   The transfer of the shares, subject to the realisation of customary suspensive conditions, is expected to be completed on June 30, 2016.

3. Development of the portfolio

   As a result of this transaction, Qrf's real estate portfolio will increase to approximately 245 MEUR. The proportion of inner-city property in the portfolio will rise further to around 84%.

   Qrf welcomes "The Sting" as a new tenant in its portfolio. The Sting - Network of Brands is a Dutch chain of clothing stores which has branches in major towns in Belgium, Germany, England and Holland. H&M's share within the portfolio rises to 17.7%2, spread across 5 locations, making H&M Qrf's largest tenant.

4. Outlook 2016

Qrf is seeking to further its strategic line in 2016. This means that Qrf intends to continue growing by acquiring retail sites located within the "Golden Mile", i.e. those streets in inner city areas that are dominant for their audience. Qrf also opts for large towns and cities that have a minimum catchment area of 50,000 consumers and specifically for streets with high footfall. Qrf believes in retailers with strong concepts that enable them to offer their customers a unique shopping experience. The perfect combination of online and offline shopping is crucial in achieving that aim.

Close contacts with retailers and the city authorities themselves remain an important criterion for Qrf. Notwithstanding its long-term views of retail, Qrf remains cautious with regard to the uncertain economic and geopolitical climate in 2016.

2 Based on Contractual rents on an annual basis.

Caution concerning forward-looking statements

This press release contains forward-looking statements involving risks and uncertainties, including statements regarding Qrf's plans, targets, expectations and intentions. This press release contains forward-looking statements involving risks and uncertainties, including statements regarding Qrf's plans, targets, expectations and intentions. Readers are reminded that such forward-looking statements involve known and unknown risks and are subject to major corporate, economic and competitive uncertainties to a large extent outside the control of Qrf. Qrf consequently assumes no responsibility for the accuracy of these forecasts.

MORE INFORMATION:

Investor relations: Anneleen Desmyter (CEO) Anneleen.desmyter@qrf.be +32 3 233 52 46 +32 476 98 21 94 Preben Bruggeman (CFO) Preben.bruggeman@qrf.be +32 496 15 80 44

Retailers or sellers of inner-city retail property: Bert Weemaes (COO) Bert.weemaes@qrf.be +32 477 47 79 11

PRESS DATABASE

You can find pictures of this property in high resolution here.

About Qrf:

Qrf is a listed Belgian REIT (B-REIT/GVV/SIR) specialized in the niche market of retail properties. More specifically, the company focuses on the acquisition, development and leasing of centrally located city premises, within areas known as the "golden mile" - inner-city streets with major catchment areas. In doing so, Qrf targets cities with a catchment area of at least 50,000 consumers and specific streets with high numbers of footfall. At March 31, 2016, the real estate portfolio consisted of 40 retail properties with a total fair value of approx. 217 MEUR.

Qrf has been listed on Euronext Brussels (QRF:BB) since December 2013. At March 31, 2016, the company's market capitalization was 122 MEUR.

For more information and the latest press releases, please visit our website: www.qrf.be or our linkedin page: www.linkedin.com/company/qrf or our Twitter account http://twitter.com/QrfCityRetail.