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EURONEXT BRUSSELS
Le Groupe Intervest se
compose de deux sociétés d'investissement spécialisées
qui investissent dans l'immobilier:
Intervest Offices SA
investit à long terme dans les espaces professionnels en périphérie
(bureaux et espaces de stockage) en Belgique;
Intervest Retail SA investit
dans les magasins situés à des emplacements avantageux en
Belgique
Les deux fonds sont cotés
au segment Next Prime de l'Euronext à Bruxelles.
The Intervest Group comprises
two specialised investment companies which make investments in real estate:
Intervest Offices NV/SA
makes long-term investments in business premises (offices and warehouses)
at city peripherical sites in Belgium.
Intervest Retail NV/SA
invests in retail premises at prime sites in Belgium.
Both funds are listed
on the Next Prime segment of Euronext Brussels.
The
real estate value of Intervest Retail continues to grow
Antwerp,
31 October 2007 - Public property investment fund Intervest Retail[1] releases
today its results on 30 September 2007. (comparable figures 30 September
2006 between brackets)
The
growing demand for commercial real estate on the rental and investment
market persists. Rental renewals in the commercial portfolio of Intervest
Retail are hence concluded at higher rents. Consequently, the real estate
portfolio of the property investment fund knows during the first nine months
of 2007 a revaluation of Eur 15 million of 5 %.
On
30 September 2007, the total occupancy rate[2] of the portfolio amounts
to 96,2 % (95,5 % end 2006). Without taking into account Factory Shopping
Messancy the occupancy rate amounts to 99,1 %.
The
sale of Factory Shopping Messancy has been further organised during the
third quarter of 2007. Negotiations are ongoing with several interested
parties.
During
the first nine months of 2007, the net rental income decreases to Eur 12,6
million (Eur 14,1 million) as a result of the sale of properties mid 2006,
the increase of the financials compensations for the tenants of Factory
Shopping Messancy, the growing number of doubtful debtors in Factory Shopping
Messancy and the one-time indemnity in the third quarter of prior year
from the property developer of Factory Shopping Messancy (Eur 0,8 million
related to rental income).
The
property charges amount to Eur 2,9 million (Eur 2,6 million). The rise
is due to the increasing operating costs in Factory Shopping Messancy.
It concerns principally marketing and service charges which, from a commercial
point of view, can not be charged to the tenants. The general costs decrease
to Eur 0,7 million during the first nine months of 2007 (Eur 0,9 million).
The
operating result before the result on the portfolio amounts to Eur 8,8
million (Eur 10,7 million). The decrease of Eur 1,9 million is the direct
result of the lower net rental income and the increasing property charges.
During
the third quarter of 2007, Intervest Retail has sold a inner-city shop
located in Charleroi with a surface area of 948 m², with a gain in
value of Eur 0,6 million compared to the fair value of Eur 2,4 million.
The
positive change of the fair value of the entire real estate portfolio of
the investment property fund amounts to Eur 15,5 million on 30 September
2007 compared to Eur 3,4 million on 30 September 2006.
The
financial result amounts to - Eur 3,3 million (- Eur 2,8 million) due to
the increase of the interest charges as a result of the rise of the short-term
interest rates. Besides, the property investment fund received as a result
of the arbitrational judgment against the property developer of Factory
Shopping Messancy in the third quarter of 2006 a one-time amount of Eur
0,1 million moratory interests.
The
net result of the first nine months of 2007 amounts to Eur 21,4 million
(Eur 10,1 million). The important increase of the net result is due to
the revaluation of the real estate portfolio in 2007 with Eur 15,5 million
compared to 2006 (Eur 3,4 million). The net result can be divided in a
distributable operating result of Eur 5,5 million (Eur 7,9 million) and
the result on the portfolio of Eur 15,9 million (Eur 2,2 million). On 30
September 2007 this means distributable earnings per share of Eur 1,10
(Eur 1,56).
The
fair value of the portfolio on 30 September 2007 amounts to Eur 296 million
(Eur 281 million on 31 December 2006). This rise is mainly the combined
effect of the increase in value of the commercial portfolio (Eur 15 million),
the investment in the Julianus project in Tongeren (Eur 3 million) and
the sale of three non strategic properties in 2007 (- Eur 4 million).
On
30 September 2007 the net asset value (fair value) of the share amounts
to Eur 36,51 (Eur 34,21 on 31 December 2006). Given that the share price
on 30 September 2007 is Eur 30,60, the Intervest Retail share is quoted
with a discount of 16 % compared to this net asset value (fair value).
In
accordance with the calculation method of article 6 of the RD of 21 June
2006, the debt ratio amounts to 38 % on 30 September 2007 (39% on 31 December
2006).
The
net result of the financial year 2007 is negatively influenced by the financial
situation in Factory Shopping Messancy. Hence, it is expected for 2007
that the earnings per share will be significantly lower than in 2006. On
the basis of the forecast published in the half-year brochure of 2007,
the company expects for the entire year 2007 distributable earnings per
share around Eur 1,45 (gross dividend). Indeed, the result of 2006 had
a one-time positive effect due to the indemnity received from the arbitrational
procedure against the property developer of Factory Shopping Messancy (Eur
1 million).
Increase
in value of the semi-industrial portfolio of Intervest Offices
Antwerp,
7 May 2007 - Public property investment fund Intervest Offices[1] releases
today its results on 31 March 2007. (comparable figures for 2006 between
brackets)
With
the limited offer and the still increasing demand for qualitative logistic
real estate, the yields for semi-industrial real estate reach a historical
depth[2]. This yield shift is reflected in the valuations of the property
experts on 31 March 2007. Consequently, in the first quarter of 2007 the
semi-industrial real estate portfolio of Intervest Offices knows a revaluation
of € 4,3 million or 3 %.
Furthermore,
Intervest Offices obtained during the first quarter of 2007 the fiscal
ruling which constituted the suspending condition for the disinvestment
of five office buildings. The transaction has indeed been concluded at
the end of 2006 under the suspending condition of obtaining a fiscal ruling
by which the transfer, by means of the establishment of a long lease right
against payment of a one time ground rent, followed by the transfer of
the bare ownership, is not susceptible to requalification. Intervest Offices
expects that the finalisation of this transaction and the transfer of the
financial means for an amount of € 92,5 million will take place during
the second quarter of 2007.
The
rental income slightly decreases with 1,6 % to € 10,5 million (€
10,7 million) during the first quarter of 2007. This decrease mainly results
from the sale at of a semi-industrial property in Merksem the end of December
2006.
During
the first quarter of 2007, new leases for a surface area of 2.035 m²
have been concluded (4 new transactions) and 14 leases for a surface area
of 12.779 m² have been signed with existing tenants. The new leases
have mostly been realised in Antwerp (Gateway House) and Malines (Intercity
Business Park). The total occupancy rate[3] on 31 March 2007 remains herewith
at the level of 31 December 2006, i.e. 92 %.
The
property charges amount to € 1 million for the first quarter of 2007
(€ 0,8 million). The rise is mainly due to the increase of the property
management costs as a result of the reinforcement of the commercial team
of the investment fund. The general costs amount to € 0,4 million,
which is € 0,1 million lower than during the same period of prior
year.
The
operating result before the result on the portfolio amounts to € 9,3
million (€ 9,4 million).
During
the first quarter of 2007, the positive change in fair value of the real
estate portfolio amounts to € 4,7 million (€ 11,7 million). The
fair value of the office buildings portfolio knows this quarter a limited
rise of € 0,4 million while the semi-industrial properties increase
in value by € 4,3 million. This results mainly from the important
demand on the investment market of the logistic real estate.
The
financial result remains at the same level as prior year (- € 2,8
million). In spite of the strong increase of the short-term interest rates,
Intervest Offices could maintain the stability of its interest charges
by the refinancing of its credits in 2006 and the use of interest rate
swaps. On 31 January 2007, the syndicated credit was replaced by four long-term
bilateral credits that Intervest Offices concluded with its existing European
bankers at significantly more attractive conditions than the previous credit.
The
net result of the first quarter of 2007 amounts to € 11,2 million
(€ 18,3 million) and can be divided in operating result (€ 6,5
million compared to € 6,6 million on 31 March 2006) and result on
the portfolio (+ € 4,7 million compared to + € 11,7 million on
31 March 2006). This represents for the first quarter of 2007 distributable
earnings per share of € 0,47 (€ 0,48).
The
fair value of the real estate portfolio on 31 March 2007 amounts to €
511 million (€ 507 million on 31 December 2006). The increase results
almost entirely from the revaluation of the semi-industrial portfolio.
On
31 March 2007, the net asset value (fair value) of the share amounts to
€ 24,83 (€ 23,99). Given that the share price on 31 March 2007
is € 31,95, the Intervest Offices share is quoted with a premium of
29 % compared to this net asset value.
Finally,
Intervest Offices continuesly aims in 2007 to improve the quality of the
portfolio by investing the financials means, coming from the sale of five
office buildings, in high qualitative buildings. Furthermore, the letting
and marketing efforts will be maintained, as part of a creative marketing
program in order to reduce the vacancy.
[1]
Intervest Offices is a public property investment fund listed on Euronext
Brusesls in the Next Prime Segment.
[2]
Note: decreasing yields means increasing acquisition prices.
[3]The
occupancy rate is calculated as the ration of the actual rental income
to the same rental income plus the estimated
rental value of the vacant locations for rent.
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