QRF "The acquisitions made in 2015 contributed to the growth of the real estate portfolio and the positive movement in the operating results. In 2015 Qrf succeeded in increasing its net current result per share by 6.7% to 1.49 EUR. It also raised the gross dividend to 1.32 EUR per share."
- Anneleen Desmyter, CEO Qrf
Summary of consolidated annual results 2015:
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Net current result up by 12.0%, from 4.57 MEUR in 2014 to 5.12 MEUR in 2015.
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Net current result per share up by 6.7%, from 1.40 EUR in 2014 to 1.49 EUR in 2015.
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Increase in the proposed gross dividend to 1.32 per share (88.6% payout ratio).
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57.22% increase in the Fair Value of the real estate portfolio, from 139.22 MEUR at 30 December 2014 to
218.84 MEUR at 30 December 2015.
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Acquisition in 2015 of 7 retail properties for 79.6 MEUR. These acquisitions are generating an additional
4.3 MEUR per year in Rental Income.
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The share of inner-city real estate in the portfolio increased further, from 73% at 30 December 2014, to 82% of the portfolio on 30 December 2015.
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38.1% growth of the shareholders' equity, i.e. excluding minority interests, from 75.70 MEUR at 30 December 2014, to 104.54 MEUR at 30 December 2015.
- The debt ratio increased from 45.39% at 30 December 2014 to 49.27% at 30 December 2015.
Qrf Comm. VA • Openbare GVV naar Belgisch recht • Leopold de Waelplaats 8/1 • B-2000 Antwerpen
Tel. +32 3 233 52 46 • Fax +32 3 369 94 24 • info@qrf.be • www.qrf.be • Ondernemingsnummer 537 979 024 • RPR Antwerpen
Key figures 2015
Net current result
5.12 MEUR
1.49 EUR per share
Net rental income
9.30 MEUR
Fair Value of the real estate portfolio
218.84 MEUR
Occupancy rate
98.44%
(97.18% excl. rental guarantees on vacant property)
Portfolio spread
82% (inner-city) 18% (periphery)
Gross dividend
1.32 EUR per share
(payout ratio of 88.6%)
NAV per share
23.32 EUR (IFRS)
23.81 EUR (EPRA)
Debt ratio
49.27%
2015 transactions and achievements
Acquisitions
Hasselt - Koning Albertstraat 48-50
On 9 December 2015, via a partial contribution in kind and within the context of authorised capital, Qrf carried out the acquisition of 100% of the shares in TT Center Plus NV, which owns a retail property in Hasselt, Koning Albertstraat 48-50. The contributing party, Baltissimmo NV, received 383,363 shares in Qrf.
The retail property is fully leased to Galeria Inno and Kruidvat and generates an annual rental income of approximately 1,970 KEUR.
Hasselt has a catchment area of approximately 390,000 consumers. Koning Albertstraat is one of the busiest shopping streets in Hasselt, with more than 90,000 visitors per week. With the upgraded presence of Galeria Inno as a 'draw' in this
street, there is potential for further footfall.
The retail complex features total gross floor space of 9,266 m², spread over three levels, with a total frontage of approx. 30 metres.
Leuven - Bondgenotenlaan 58
On 8 December 2015, via a contribution in kind by AXA Belgium NV and within the context of authorised capital, Qrf acquired a retail complex in Leuven, Bondgenotenlaan 58. AXA Belgium NV received 633,680 shares in Qrf in exchange for its contribution in kind.
The retail property has been let to tenants such as Match, Blokker and WE Fashion and generates an annual rental income of approximately 850 KEUR.
Leuven has a catchment area of approximately 250,000 consumers. With more than 56,000 students, Leuven is also a major student city. Bondgenotenlaan, in conjunction with Diestsestraat, where Qrf already owns a property, forms the heart of the bustling student city.
Through this acquisition, Qrf acquired a complex with total gross floor space of 10,360 m², spread over 4 levels, as well as land exceeding 3,000 m² in a top location in city centre of Leuven. The property has a broad frontage of 40 metres on Bondgenotenlaan and is also opens to Koning Leopold I-straat and Bogaardenstraat.
Aalst - Nieuwstraat 29-33
On 7 September 2015, Qrf acquired a property situated in Aalst, Nieuwstraat 29-33, through the purchase of 100% of the shares in Imrohem NV.
Aalst has a catchment area of approximately 355,000 consumers. Nieuwstraat is the main shopping street in Aalst, with approx. 57 retail outlets over a distance of 300 metres. The density and situation of Nieuwstraat (close to the market square and other city centre car parks) make this retail property a top location with the city's 'Golden Mile'.
The retail premises themselves consist of several units and are leased to H&M, Kruidvat and M&S Mode. There are 77 parking spaces on the roof, operated by Indigo, the car park operator. Together, these leases generate an annual rental income of 978 KEUR. The car park can also be access by car from Ridderstraat, parallel to Nieuwstraat, as well as on foot via the H&M store.
The shopping complex has a total gross floor space of 7,080 m², spread over three levels, with a total frontage approximately 33 metres in width.
Antwerp - Kammenstraat 34
On 24 June 2015, via a contribution in kind, Qrf acquired the retail section of a property situated in Antwerp, Kammenstraat 34. The retail premises were leased recently to Dstrezzed and generate an annual rental income of 75 KEUR.
Antwerp is Belgium's second-largest city, with a population of approximately 510,000. These residents have above-average purchasing power, estimated at 5% above the national average.
The property itself was recently renovated in full and is in good condition. With a frontage of approx. 7 metres and floor space of over 160 m², this property meets the outlet criteria for various retail concepts.
Namur - Rue de Fer 10
On 24 June 2015, via a contribution in kind, Qrf acquired the retail section of a property situated in Namur, Rue de Fer 10. The retail premises are leased to Armand Thiery and generate an annual rental income of 180 KEUR.
The catchment area of Namur, with the presence of approximately 170,000 consumers, provides strong, continuous footfall for its leading retail street. Rue de Fer and Rue de l'Ange together form the main commercial axis of the city and the 'Golden Mile' of the capital of Wallonia. The property is also very well located next to Zara on the axis of Rue de Fer / Rue de l'Ange, where the occupancy rate is very high.
The property has a modern, attractive frontage, was recently renovated and is in good condition. With a frontage +/- 6 metres wide and floor space of approx. 192 m², this outlet is accessible for a wide range of retail concepts.
Ghent - Lange Munt 61-63
On 27 May 2015, Qrf acquired a property situated in Ghent, Lange Munt 61-63, through the acquisition of 100% of the shares in Prado BVBA. Lange Munt is one of the leading shopping streets in Ghent, with strong upward potential.
The ground floor retail space is leased to Gerry Weber and generate an annual rental income of 132 KEUR. After the acquisition, the loft on the upper level was leased at an annual rent of 21.6 KEUR.
The catchment area of Ghent is one of the largest in Belgium, with the presence of more than 900,000 consumers.
With a frontage +/- 14 metres wide and situated on the corner of Lange Munt and Grootkanonplein, the premises are visible from the beginning of Lange Munt, as well as from Vrijdagmarkt.
Oudenaarde - Nederstraat 43-45
In the course of the 2015 financial year, Qrf implemented its acquisition strategy with inner-city purchases in Hasselt, Leuven, Antwerp, Ghent, Namur, Aalst and Oudenaarde. The properties are ideally located in the 'Golden Mile' shopping streets and hence are a logical implementation of Qrf's strategy. All units are rented out to national and international chains such as Galeria Inno, H&M, WE Fashion, Match, Gerry Weber, M&S Mode, Blokker and Kruidvat.
The new properties were purchased for an amount of 79.6 MEUR, which together generate additional annual rental income of 4.3 MEUR.
Summary of Qrf Acquisitions 2015
TRANSACTION DATE | CITY | STREET | TENANT(S) | TOTAL GROSS SURFACE | ANNUAL RENTAL INCOME ON DATE OF ACQUISITION |
9 December 2015 | Hasselt | Koning Albertstraat 48-50 | Galeria Inno, Kruidvat | 9,266 m² | 1,970 KEUR |
8 December 2015 | Leuven | Bondgenotenlaan 58 | Match, WE, Blokker | 10,360 m² | 850 KEUR |
7 September 2015 | Aalst | Nieuwstraat 29-33 | H&M, M&S, Kruidvat | 7,080 m² | 978 KEUR |
24 June 2015 | Antwerp | Kammenstraat 34 | Dstrezzed | 161 m² | 75 KEUR |
24 June 2015 | Namur | Rue de Fer 10 | Armand Thiery | 192 m² | 180 KEUR |
27 May 2015 | Ghent | Lange Munt 61-63 | Gerry Weber | 638 m² | 132 KEUR |
21 April 2015 | Oudenaarde | Nederstraat 43-45 | Esprit (Jomi BVBA) | 1,228 m² | 150 KEUR |
On 21 April 2015, Qrf acquired a property situated in Oudenaarde, Nederstraat 43-45. The property generates an annual Rental Income of 150 KEUR and is leased to Jomi BVBA, a franchisee of Esprit.
Like most cities in Flanders, Oudenaarde has seen strong demographic growth in the past 5 years. This reinforced consumer base and the existing catchment area of approx. 150,000 consumers makes Oudenaarde a stable base for retail.
The property was renovated recently and is in good condition. With a frontage +/- 11 metres wide, this is one of the properties with the widest frontages in the city centre. The premises are rectangular in shape and with floor space of over 800 m², the store lends itself very well to a variety of retail concepts.
As a result of the transactions mentioned above, the Fair Value of the real estate portfolio rose to 218.84 MEUR at 30 December 2015. The proportion of inner-city real estate in the portfolio increased from 73% on 30 December 2014 to 82% of the portfolio at 30 December 2015.
Qrf has a very diverse portfolio, in terms of its geographic spread, the type of retail premises, the tenants' trading activities and the final expiration date of the lease agreements.
Qrf Comm. VA issued this content on 29 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 February 2016 17:12:19 UTC
Original Document: http://www.qrf.be/sites/default/files/2015-02-29 EN - Press Release - Results 2015.pdf
