Home Invest Belgium : continues growth with new development project in Brussels

Under embargo until May 18th 2020 - 5.40 PM

Regulated information

Home Invest Belgium continues growth with new development

project in Brussels

May 18th 2020 - Home Invest Belgium, the specialist in residential real estate, has bought 100% of the shares of Clarestates BV, owner of a building in Brussels, on May 18th.

The former office building, with an effective surface area of 4,880 m², is located rue Leon Theodor n°85-89 in Jette. The building comprises a ground floor rented to fitness company Jims, four upper floors which are currently being rented to the Secondary School of the Athenée Royal de Ganshoren and 55 underground car parks. The contractual rents represent € 400,000 on a yearly basis.

The project is located in the centre of Jette, close to the well-known place du Miroir, in a neighbourhood offering good rental potential. Once the lease agreements expire, Home Invest Belgium aims to reconvert the existing building into a residential project comprising more or less 35 residential units and a retail space on the ground floor. Home Invest Belgium plans to start the works in 2026. The total investment (acquisition, studies and construction works) represents

• € 11 million. The initial gross yield after reconversion is expected to reach around 5%.

The price of the company shares is based on the current property value of the building and stands at € 5 million. The takeover has been financed with existing credit lines from the RREC.

Sven Janssens, CEO of Home Invest Belgium: "This project is entirely in line with our strategy of developer-investor of residential projects intended for the rental market. For the next five years we will have a guaranteed rental income, which we will use to prepare the reconversion project. By transforming an old urban building into a contemporary residential project, we will contribute to a sustainable and qualitative development of the surrounding neighbourhood. Moreover, the building is located in the Brussels municipality of Jette, a municipality offering a big rental potential and with various intrinsic qualities: accessibility, affordability, various schools, many green areas and a close proximity to the city-centre."

FOR ADDITIONAL INFORMATION

Sven Janssens	Preben Bruggeman
Chief Executive Officer	Chief Financial Officer
Tel : [phone]	Home Invest Belgium
E-mail :[e-mail]	Boulevard de la Woluwe 46, Box 11
www.homeinvestbelgium.be	B - 1200 Brussels

ABOUT HOME INVEST BELGIUM

Home Invest Belgium is a public regulated real estate company (GVV/SIR) specializing in acquisition, sale, development and management of residential real estate. On December 31st 2019, Home Invest Belgium held a property portfolio of € 630 million in Belgium and The Netherlands.

Home Invest Belgium is listed on Euronext Brussel [HOMI] since June 1999. On December 31st 2019, the market capitalization amounted to

• 376 million.