Extensa Square I entirely let after departure of Mobistar.
Leasinvest Real Estate has entirely let the building Extensa Square I, rue Colonel Bourg 153-155, as from 1 July 2005, to ING Lease and Agoria. This letting is an important achievement for Leasinvest Real Estate, taking into account the difficult market conditions in the decentralized zone of Brussels. The building, which accounted for 7.9% of annual rental income, was previously let to Mobistar.
Sale of Kontichsesteenweg 38A in Aartselaar.
Leasinvest Real Estate has sold the building situated Kontichsesteenweg 38A in Aartselaar. The deed has been signed after the end of the third quarter of the current financial year. Leasinvest Real Estate has recorded a gain of € 177,000 on this transaction.
Valuation of the real estate portfolio.
The investment value of the portfolio, as valued by the real estate experts Cushman & Wakefield, Healey & Baker and Winssinger & Associates, amounted to € 294.8 million on 31/03/2005 and has remained nearly stable compared to the investment value of € 294.9 million on 31/12/2004.
The occupancy rate (2) on 31/03/2005 was 91.2% (3) and has slightly decreased compared to 31/12/2004, i.e. 92.4 %. The rental yield amounted to 6.78% (7.36% on 31/12/2004) due to the departure of Mobistar on 01/02/2005.
After 9 months of the 2004-2005 financial year, the capital and reserves amount to € 180.6 million, which corresponds to a net asset value per share (including dividend) of € 55.58. The net asset value per share on 31/12/2004 amounted to € 54.69.
The debt ratio of Leasinvest Real Estate is only 33.7%, which leaves an extra investment capacity via debt financing of € 89.7 before the maximum debt ratio of 50% is reached.
The rents for the 9 previous months amounted to € 14.9 million and for the last 3 months to € 5.2 million (compared to € 15.4 million and € 5.0 million respectively for the previous financial year).
Leasinvest Real Estate SCA
Real estate fund Leasinvest Real Estate SCA invests mainly in high-quality and well-situated office buildings (79%) in and around Brussels (79%).
The investment value on 31 March 2005 was € 294.8 million. The portfolio represents an area of more than 192,000 m2, in 16 different locations and spread across 39 buildings.
The real estate fund is listed on the Euronext in the Next Prime segment and was included, in January 2005, in the EPRA Eurozone Total Return Index. Leasinvest Real Estate SCA has a market capitalisation of € 167 million (value on 19 May 2005).
(1) The financial year runs from 1 July till 30 June; the figures mentioned in this press release are unaudited figures.
(2) The occupancy rate has been calculated based on the estimated rental value (all buildings of the Leasinvest Real Estate portfolio have been taken into account).
(3) For this calculation the building Extensa Square I has been considered as fully let.