VASTNED RETAIL BEL : Belgium : Half-yearly financial report from the Board of Directors for the period 01.01.2015 to 30.06.2015

• Strategic focus on premium city high street shops continues to be primary theme in activities
• Acquisition of a premium city high street shop on Schuttershofstraat in Antwerp for an investment amount of € 4 million
• Start of prominent redevelopment and thorough restoration of a premium city high street shop of 3.000 m² on Zonnestraat in Ghent
• Divestment of three non-strategic retail properties in Bruges, Dilsen and Vilvoorde
• As at 30 June 2015, 51% of the real estate portfolio consists of premium city high street shops, 18% of high street shops and 31% of non-high street shops (retail parks and retail warehouses)
• Realisation of 14 rental transactions representing approximately 10% of the total annual rental income, resulting in an average increase in rent of 26%
• Occupancy rate as at 30 June 2015: 96% (98% as at 31 December 2014)
• Increase by € 4 million or approximately 1%  in the fair value of the existing real estate portfolio in the first semester of 2015, mainly as a result of the stronger yields of the premium city high street shops in the larger cities
• Refinancing for the 2015 financial year fully completed, which resulted in a better spread of the expiry dates
• Decrease in the operating distributable result to € 1,21 per share in the first semester of 2015 (€ 1,34 for first semester of 2014), primarily due to lower rental income as a result of the divestment of approximately 12% of the real estate portfolio in 2014
• Limited debt ratio of 33% as at 30 June 2015
• Expected gross dividend for 2015 between € 2,35 and € 2,45 per share

Full press release