Slide 1: Annual General Meeting Annual results 2015/2016
Annual General Meeting Annual results 30 June 2016 2015/2016 Brussels, 28 October 2016 -1-
Slide 2: Table of contents
Table of contents > Strategy and achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Strategy and achievements
Strategy and achievements -3-
Slide 4: Aedifica
Aedifica (As of 30 June 2016) > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1,000 m − free float of 100 % − portfolio ~ €1.2 billion − approx. 547,000 m² − see appendix for characteristics of a Belgian REIT > Focusing on healthcare real estate: “housing with care” − demographic evolution: ageing > E
Slide 5: Demographic evolution: Ageing in Belgium
Demographic evolution Ageing in Belgium Source: "Perspectives de population 2015-2060", Belgian Federal Planning Bureau, 2015. -5-
Slide 6: Demographic evolution: Ageing in Germany
Demographic evolution Ageing in Germany Source: "Bevölkerung Deutschlands bis 2060", Statistisches Bundesamt (Deutschland), 2015. -6-
Slide 7: Demographic evolution: Ageing in The Netherlands
Demographic evolution Ageing in The Netherlands Source: "Prognose bevolking kerncijfers 2015-2060“, Centrale Bureau voor de Statistiek (CBS), 26 January 2016. -7-
Slide 8: Healthcare real estate
Healthcare real estate > Focus on senior housing − Rest homes ̶ Belgium: Woonzorgcentrum / Maison de repos ̶ Germany: Pflegeheim ̶ The Netherlands: Verpleeghuis, Zorgvilla, ... − Assisted living / Independent living ̶ Belgium: Assistentiewoning / Résidence-services ̶ Germany: Betreutes Wohnen ̶ The
Slide 9: Segment information
Segment information (As of 30 June 2016) Senior housing Apartment buildings in Hotels in Europe Belgium’s main cities in Belgium Weight: 74 % 20 % 6% Yield: 5.9 % 5.3 % 6.3 % EBIT margin: 99 % 59 % 99 % Cash flow Value play1 Cash flow (long leases) (long leases) + growth potential 1 Expected c
Slide 10: Milestones years evolution
Milestones 10 years evolution (As of 30 June 2016) Investment properties at fair value €m CAGR: 26 % -10-
Slide 11: Milestones: Focus on Senior Housing
Milestones Focus on Senior Housing (As of 30 June 2016) Evolution by segment (fair value) Marketable property at fair value (€1,131 m, incl. assets held for sale) -11-
Slide 12: Milestones: Focus on Europe
Milestones Focus on Europe (As of 30 June 2016) Geographical breakdown (fair value) Marketable property at fair value (€1,131 m, incl. assets held for sale) -12-
Slide 13: Equity: Latest SPOs (2010, 2012, 2015)
Equity Latest SPOs (2010, 2012, 2015) (As of 30 June 2016) > Reminder: Gross proceeds = €67 m (Oct. 2010) + €100 m (Dec. 2012) + €153 m (June 2015) = €320 m > Since then, significant growth of investment properties: − 30 June 2010: €435 m − 30 June 2011: €518 m + €171 m − 30 Sept. 2012: €606 m + €72
Slide 14: Equity: Latest contributions-in-kind
Equity Latest contributions-in-kind Heydeveld Prinsenhof Residentie Poortvelden Acquisition date 2/10/2015 17/12/2015 24/03/2016 Number shares issued 19,856 104,152 22,093 Amount (€ m) 1 6 1 € / shares 50.36 54.98 56.58 Dividend right entitlement Prorata Full Full Segment Senior housing Senior housi
Slide 15: Equity and investment property growth
Equity Equity and investment property growth (As of 30 June 2016) €m -15-
Slide 16: Investments since capital increase of June 2015
Investments Since capital increase of June 2015 (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Résidence de la Houssière Belgium 10 - - 10 Senior Flandria Belgium 10 - - 10 Mechelen Belgium - - 17 17 Vinkenbosch Belgium 4 - 12
Slide 17: Portfolio analysis
. . Ae Portfolio analysis social housing with care -17-
Slide 18: Investment activity - Belgium FY 2015/2016
Investment activity - Belgium FY 2015/2016 (As of 30 June 2016) > 7 additions − La Houssière (Braine-le-Comte) − Senior Hotel Flandria (Brugge) − Vinkenbosch (Hasselt) − Heydeveld (Opwijk) − Prinsenhof (Koersel) − Residentie Poortvelden (Aarschot) − Leopoldspark (Leopoldsburg) > 2 acquisitions subje
Slide 19: Investment activity - Belgium FY 2016/2017
Investment activity - Belgium FY 2016/2017 (As of 30 September 2016) > 9 additions (Foyer de Lork portfolio) − Oosterzonne (Zutendaal) − De Witte Bergen (Lichtaart) − Seniorenhof (Tongeren) − Beerzelhof (Putte) − Uilenspiegel (Genk) − Coham (Ham) − Sorgvliet (Linter) − Ezeldijk (Diest) − Residentie
Slide 20: Investment activity - Germany FY 2015/2016
Investment activity - Germany FY 2015/2016 (As of 30 June 2016) > 1 addition − Käthe-Bernhardt-Haus (Schleswig-Holstein) > 1 completion − Die Rose im Kalletal (North Rhine-Westphalia) -20-
Slide 21: Investment activity - Germany FY 2016/2017
Investment activity - Germany FY 2016/2017 (As of 31 August 2016) > 5 additions (Vitanas portfolio) − Am Kloster (Saxony-Anhalt) − Rosenpark (Bavaria) − Patricia (Bavaria) − St Anna (Bavaria) − Frohnau (Berlin) -21-
Slide 22: Investment activity - The Netherlands FY 2015/2016
Investment activity - The Netherlands FY 2015/2016 (As of 30 June 2016) > 4 additions − Holland (Baarn) − Benvenuta (Hilversum) − Saksen Weimar (Arnhem) − Martha Flora Lochem (Lochem) > On top of these, 2 turn key projects to be delivered − Molenenk (Deventer), under construction − Walgaerde (Hilver
Slide 23: Investment activity - The Netherlands FY 2016/2017
Investment activity - The Netherlands FY 2016/2017 (As of 14 September 2016) > 3 additions − Genderstate (Eindhoven) − Petruspark (Eindhoven) − Parc Imstenrade (Heerlen) -23-
Slide 24: Segments
Segments (As of 30 June 2016) Apartment buildings (865 apartments in 36 sites) 20 % Senior housing (7,397 units 74 % in 80 sites) 6% 6 hotels & other (521 rooms) Marketable property at fair value (€1,131 m, incl. assets classified as held for sale) -24-
Slide 25: Geographical breakdown
Geographical breakdown (As of 30 June 2016) The Netherlands Germany 2% Wallonia 12 % 11 % Brussels 27 % 48 % Flanders Marketable property at fair value (€1,131 m, incl. assets classified as held for sale) -25-
Slide 26: Belgian portfolio
Belgian portfolio (As of 30 June 2016) > Belgium: − 2006: Initial home market for senior housing > Senior housing portfolio of 61 assets*: − Capacity of 5,968 residents − Total fair value of €685 m − Yield on fair value of 5.7 % − Triple net long leases − Typical lease maturity: 27 years > Portfolio
Slide 27: Belgian portfolio
Belgian portfolio (As of 30 September 2016) Belgium Senior housing Apartment buildings Hotels & other -27-
Slide 28: German portfolio
German portfolio (As of 30 June 2016) > Germany: − 2013: 1st investment abroad since Aedifica’s creation in 2005 − Aedifica = 1st Belgian REIT to invest in Germany > Portfolio of 15 assets* (14 Pflegeheime + 1 Betreutes Wohnen): − Capacity 1,330 residents − Total fair value of €131 m − Yield on fair
Slide 29: German portfolio
German portfolio (As of 31 August 2016) Germany Senior housing Apartment buildings Hotels & other -29-
Slide 30: Dutch portfolio
Dutch portfolio (As of 30 June 2016) > The Netherlands: − 2016: 3rd home market of Aedifica, after Belgium and Germany > Portfolio of 4 assets* (4 zorgresidenties): − Capacity 99 residents − Total fair value of €24 m − Yield on fair value of 7.0 % − Triple net long leases − Typical lease maturity: 2
Slide 31: Dutch portfolio
Dutch portfolio (As of 14 September 2016) The Netherlands Senior housing To be completed Hotels & other -31-
Slide 32: Dutch Portfolio
Dutch Portfolio Benvenuta Saksen Weimar (As of 30 June 2016) Acquisition of a Acquisition of a care residence in Hilversum care residence in Arnhem (Province of North Holland) (Province of Gelderland) • €3 m invested amount • €8 m invested amount • 10 units • 42 units Acquisition of a Acquisition of
Slide 33: Lease maturity
Lease maturity (As of 30 June 2016) Initial lease maturity < 15 years 19 % 81 % ≥ 15 years, irrevocable Average remaining lease maturity 20 years Marketable property at fair value (€1,131 m, incl. assets classified as held for sale) -33-
Slide 34: Age of buildings
Age of buildings (As of 30 June 2016) Other contracts Buildings > 10 years 16 % Other contracts Long-term Buildings between 14 % triple net 0-10 years 70 % contracts Marketable property at fair value (€1,131 m, incl. assets classified as held for sale) -34-
Slide 35: Occupancy rate
Occupancy rate 98 % 95 % Very high and stable occupancy rates Red line: Total portfolio (excl. furnished apartments) (94% of portfolio) : (contractual + guaranteed rents) / (contractual rents + ERV for unlet spaces). Green dots: Furnished apartments (6% of portfolio) : Rented days QTD / total numb
Slide 36: Yields on fair value
Yields on fair value (As of 30 June 2016) Weighted average 5.8 % -36-
Slide 37: Segment EBIT margins
Segment EBIT margins* (As of 30 June 2016) Senior Apartment Hotels buildings Unallocated & housing & TOTAL inter-segment other FY 2007/2008 100 % 64 % 98 % - 68 % FY 2008/2009 100 % 64 % 96 % - 71 % FY 2009/2010 100 % 64 % 99 % - 73 % FY 2010/2011 100 % 64 % 98 % - 75 % FY 2011/2012 100 % 63 % 99 %
Slide 38: Valuation of property
Valuation of property* 2008 → 2016 FY 2008/2009 FY 2009/2010 FY 2010/2011 FY 2011/2012 FY 2012/2013 FY 2013/2014 FY 2014/2015 FY 2015/2016 €k % €k % €k % €k % €k % €k % €k % €k % Senior housing 13 0% 1,684 1% 6,072 2% 5,991 2% 7,347 2% 5,896 1% 13,343 2% 17,588 2% Apartment buildings -7,851 -4% -1,9
Slide 39: Development projects
Development projects (As of 30 June 2016) Projects and renovations Estimated Inv. as of Future inv. Date of Comments inv. balance completion (in € million) sheet date I. Projects in progress t Hoge Kortrijk 2 0 1 2016/2017 Extension and renovation of a rest home Molenenk Deventer 10 4 6 2016/2017 Co
Slide 40: Development projects
Development projects +60 312 +97 252 +17 138 -20 +12 -18 +11 +11 -8 +10 -4 -4 +8 -3 -2 -2 +4 +4 0 -40-
Slide 41: Financials
Ae Financials sede] housing with care -41-
Slide 42: Income Statement: Business driven
Income Statement Business driven Income Statement - analytical scheme 30 June 2016 30 June 2015 Var. (x €1,000) Rental income 59,822 49,903 +20% Rental-related charges -35 -50 Net rental income 59,787 49,853 +20% Operating charges -12,173 -10,831 Operating result before result on portfolio 47,614 39
Slide 43: Income Statement: Business driven
Income Statement Business driven Income Statement - analytical scheme 30 June 2016 30 June 2015 Var. (x €1,000) Rental income 59,822 49,903 +20% Rental-related charges -35 -50 Net rental income 59,787 49,853 +20% Operating charges -12,173 -10,831 Operating result before result on portfolio 47,614 39
Slide 44: Rental income
Rental income (As of 30 June 2016) 59,822 + 9,951 -123 +91 49,903 Change: +29.2 % -1.1 % +2.4 % +19.9 % Like-for-like change: +0.8 % -1.1 % +2.4 % +0.5 % 20 % increase YoY -44-
Slide 45: Result excl. changes in fair value
Result excl. changes in fair value (As of 30 June 2016) +9,951 -421 -123 +185 +93 -1,463 +810 +422 -303 -243 -248 +372 -204 34,326 25,498 -45-
Slide 46: Result excl. changes in fair value vs Budget
Result excl. changes in fair value vs Budget (As of 30 June 2016) 34 32 -46-
Slide 47: Income Statement: Market driven
Income Statement Market driven Income Statement - analytical scheme 30 June 2016 30 June 2015 (x €1,000) Profit excl. changes in fair value 34,326 25,498 IAS 39 impact: changes in fair value of financial assets and liabilities -5,685 374 IAS 40 impact: changes in fair value of investment properties
Slide 48: Hedging policy
Hedging policy (As of 30 June 2016) > Economic stability and Business driven: foreseeability of Avg effective interest rate of 2.9 %, interest cash below PY (3.0 %) and budget (3.0 %) outflows... > ... even in spite Market driven: of accounting Change in FV of derivatives (non cash items) under IAS
Slide 49: Consolidated balance sheet
Consolidated balance sheet (€ m) (As of 30 June 2016) Assets Equity & Liabilities -49-
Slide 50: Debt-to-assets ratio
Debt-to-assets ratio (As of 30 June 2016) Headroom* : - Debt increase of €204 m without investments or €512 m with investments - Drop of MTM of buildings of 29 % Before After SPO 2015 SPO 2015 * Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €263 m, €752 m
Slide 51: Credit facilities
Credit facilities (€ m) (As of 30 June 2016) Maturity Lines Utilisation 2016/2017 30 30 2017/2018 92 60 2018/2019 131 111 2019/2020 80 80 2020/2021 91 66 2021/2022 95 75 > 2022/2023 234 58 Total as of 30 June 2016 753 480 Weighted Average Maturity (years) 4.5 3.7 More than €400 m refinanced or add
Slide 52: Net asset value
Net asset value Net asset value per share (in €) 30 June 2016 30 June 2015 Var. Based on fair value of investment properties Net asset value based on fair value 43.74 41.04 7% IAS 39 impact 3.34 2.70 Net asset value after deduction of dividend, excl. IAS 39 47.08 43.74 8% Premium on 21 Oct. 2016: 76
Slide 53: Value potentially not reflected in the NAV
Value potentially not reflected in the NAV > Belgian REIT → highly regulated framework > Assessment: long term cash flows at interesting yields > Pipeline: − Committed − Pre-let > Track record of successful investments > Track record of successful financing (equity and debt) -53-
Slide 54: Shares & shareholders
Shares & shareholders ie aedifica | housing with care -54-
Slide 55: Dividend track record
Dividend track record * 2016/2017 Budgeted dividend (see section 7 of the Board of Directors’ Report included in the 2015/2016 Annual Financial Report). -55-
Slide 56: Share price since IPO
Share price since IPO (As of 21 October 2016) Spot Var. (%) Aedifica 76,78 112 BEL MID 4.539,53 23 EPRA Belgium 1.326,23 -6 EPRA Europe 2.032,06 -24 Aedifica: based on the IPO price (€41), adjusted to take into account the rights issues of 2010 (- €1.89), 2012 (- €1.93) and 2015 (- €0.89), i.e. an a
Slide 57: Total return since IPO
Total return since IPO (As of 21 October 2016) Var. (%) Aedifica total return* 113 211 EPRA Belgium total return 3.843 78 EPRA Europe total return 2.288 7 * Aedifica: based on the IPO price (€41), adjusted to take into account the rights issues of 2010 (- €1.89), 2012 (- €1.93) and 2015 (- €0.89), i
Slide 58: Shareholding
Shareholding* (As of 18 December 2015) Free float 100 % * A total of 14,172,176 shares are listed on Euronext Brussels (30 June 2016). -58-
Slide 59: Rankings
Rankings > The highest free float of all Belgian REITs > 4th largest market cap amongst all Belgian REITs1 > 8th largest real estate portfolio in Belgium2 (36th in 2006) > Aedifica accounts for 36 % of the invested volume in Belgian rest homes in 2005-20153 1 Based on the 26 Aug. 2016 “Weekly Table
Slide 60: Awards
Awards EPRA “EPRA Reporting: Best Practices Recommendations” (BPR) > Annual Report 2012/2013 (1st implementation of BPR) > Annual Report 2013/2014 > Annual Report 2014/2015 -60-
Slide 61: Outlook
fre Outlook aecifica | housing with care -61-
Slide 62: Outlook FY 2016/2017: Portfolio - Focus on investments
Outlook FY 2016/2017 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Molenenk Villa Temporis I Villa Temporis II Au Bon Vieux Temps Op Haanven La Ferme Blanche Vinkenbosch I Prinsenhof Hotel Martin’s Brugge Walgaerde Glabbeek Jardins de la Mémoire -62-
Slide 63: Outlook FY 2016/2017: Portfolio - Focus on investments
Outlook FY 2016/2017 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Molenenk Villa Temporis I Villa Temporis II Au Bon Vieux Temps Op Haanven La Ferme Blanche Vinkenbosch I Prinsenhof Hotel Martin’s Brugge Walgaerde Glabbeek Jardins de la Mémoire -63-
Slide 64: Outlook FY 2016/2017: Objective for future investments
Outlook FY 2016/2017 Portfolio - Focus on investments > Objective for future investments: Enhancing long-term cash flows in senior housing Growing in the 3 home markets Belgium The Netherlands Germany Exploring new segments -64-
Slide 65: Outlook FY 2016/2017: Objective for future investments
Outlook FY 2016/2017 Portfolio - Focus on investments > Objective for future investments: Enhancing long-term cash flows in senior housing Growing in the 3 home markets Belgium (Foyer de Lork deal closed on 19 Aug. 2016) The Netherlands (Vitalis deal closed on 14 Sept. 2016) Germany (Vitan
Slide 66: Outlook FY 2016/2017
Outlook FY 2016/2017 > Budgeted rental income: €76 m > Budgeted result excl. changes in fair value: €42 m > Budgeted EPS excl. changes in fair value: €2.97/share > Budgeted DPS: € 2.25/share (gross), higher than FY 2015/2016 -66-
Slide 67: Portfolio outlook
Portfolio outlook > Total Portfolio outlook: ~ €1,511 m − €1,126 m (marketable investment properties as of 30 June 2016, excl. assets classified as held for sale) − + €252 m (committed investments in pipeline, as of 30 June 2016) − + €60 m (acquisition Vitanas portfolio, closed 31 August 2016) − + €
Slide 68: Outlook FY 2016/2017: Tax shift
Outlook FY 2016/2017 > “Tax shift”: − Withholding tax raised to 27 % (2016) instead of 15 % (2015) − Could be reduced to 15 % for healthcare REITs like Aedifica in 2017 (pending new tax regulation) -68-
Slide 69: Conclusion
fey d | housing with care aedific ‘ae Conclusion -69-
Slide 70: Conclusion: Attractiveness for shareholders
Conclusion Attractiveness for shareholders: > Strong underlying demographic trends > Long-term growth potential > Fair value history of portfolio showing resilience > Average remaining lease duration: 20 years > Investment, equity and debt-financing track record > Dividend track record -70-
Slide 71: sedifica |
sedifica | housing with care
Slide 72: Stefaan Gielens, Jean Kotarakos, Martina Carlsson
Stefaan Gielens - Chief Executive Officer Jean Kotarakos - Chief Financial Officer Martina Carlsson – Control & Communication manager -72-
Slide 73: Aedifica SA/NV
Aedifica SA/NV Public REIT under Belgian Law Regulated Real Estate Company (RREC) Société immobilière réglementée (SIR) Gereglementeerde vastgoedvennootschap (GVV) Avenue Louise 331 bte 8 1050 Brussels Tel: +32 (0)2 626 07 70 - Fax: +32 (0)2 626 07 71 info@aedifica.be www.aedifica.be -73-
Slide 74: Forward looking statement
Forward looking statement To the extent that any statements made in this presentation contain information that is not historical, these statements are essentially forward-looking. The achievement of forward- looking statements contained in this presentation is subject to risks and uncertainties beca
Slide 75: Appendix
. fre Appendix aedifica |’
Slide 76: Belgian REIT
Belgian REIT > “sicafi / vastgoedbevak” until 17 October 2014 > RREC (SIR / GVV) since 17 October 2014 > Investment property: maximum 20 % in one (group of) asset(s) > Appraisal: − At fair value on a quarterly basis by an independant expert − No depreciation of properties > Dividend: at least 80 % o
Slide 77: Milestones
Milestones > Nov. 2005: Creation of Aedifica > Dec. 2005: Filed as Vastgoedbevak/Sicafi + 1st acquisitions > Oct. 2006: IPO > Oct. 2010: 1st SPO > Dec. 2012: 2nd SPO > Oct. 2014: SIR/GVV > June 2015: 3rd SPO -77-
Slide 78: Highlights FY 2015/2016 (1)
Highlights FY 2015/2016 (1) > Real estate portfolio of €1.2 billion > Investments since June 2015 capital increase: €342 million > Senior housing: almost 75% of the portfolio, or €840 million spread over 3 countries − €685 million in Belgium (61 sites) − €130 million in Germany (15 sites) − €24 mill
Slide 79: Highlights FY 2015/2016 (2)
Highlights FY 2015/2016 (2) > Debt-to-assets ratio: 42.5 % > Rental income: +20 % YoY > Profit excl. changes in fair value: +35 % YoY > Change in FV of investment properties: +€11 m > Dividend proposed: €2.10 gross per share, representing a pay-out ratio of 92% > Awards: − “EPRA Gold Award” for 2014
Slide 80: Investments in 2015/2016 (1)
Investments in 2015/2016 (1) Flandria 9 July 2015 Acquisition of an assisted-living building in Bruges (Province of West-Flanders, Belgium) • €10m invested amount • 108 units Résidence La Houssière 1 October 2015 Acquisition of a rest home in Hasselt (Province of Limburg, Belgium) 2 July 2015 • €4 m
Slide 81: Investments in 2015/2016 (2)
Investments in 2015/2016 (2) Heydeveld 2 October 2015 Acquisition of a rest home in Opwijk (Province of Flemish Brabant, Belgium) • €9m invested amount • 75 units Prinsenhof 17 December 2015 Acquisition of a rest home in Koersel (Province of Limburg, Belgium) • €6 m invested amount • 41 units -81-
Slide 82: Investments in 2015/2016 (3)
Investments in 2015/2016 (3) 29 February 2016 Acquisition of a rest home and an assisted-living building in Husum (State of Schleswig-Holstein, Germany) • €7 m invested amount • 83 units Käthe-Bernhardt-Haus 1 March 2016 Acquisition of a portfolio (1 site under construction and 1 site subject to out
Slide 83: Investments in 2015/2016 (4)
Investments in 2015/2016 (4) 24 March 2016 Acquisition of a rest home and an assisted-living building in Aarschot (Province of Flemish Brabant, Belgium) • €12 m invested amount • 84 units Residentie Poortvelden 29 March 2016 Acquisition of a rest home and an assisted-living building in Leopoldsburg
Slide 84: Investments in 2015/2016 (5)
Investments in 2015/2016 (5) 13 May 2016 Acquisition of a care residence in Arnhem (Province of Gelderland, The Netherlands) • €8 m invested amount • 42 units Saksen Weimar 15 April 2016 Completion of the extension of a rest home in Melle (Province of East Flanders, Belgium) • €4 m invested amount •
Slide 85: Investments in 2015/2016 (6)
Investments in 2015/2016 (6) 28 June 2016 Completion of the extension of a rest home in Kalletal (State of North Rhine- Westphalia, Germany) • Less than €3 m invested amount • 28 extra units Die Rose im Kalletal Martha Flora Lochem Jardins de la Mémoire 2 June 2016 28 June 2016 Acquisition of a care
Slide 86: Investments in 2016/2017 (1)
Investments in 2016/2017 (1) 14 September 2016 Acquisition of a portfolio of 3 senior housing sites in The Netherlands • €73 m invested amount • 446 units Parc Imstenrade 31 August 2016 Acquisition of a portfolio of 5 rest homes in Germany • €60 m invested amount • 657 units Ezeldijk 19 August 2016
Slide 87: Investments in 2016/2017 (2)
Investments in 2016/2017 (2) 30 September 2016 30 September 2016 Acquisition of a rest home Completion of a rest home in in Glabbeek (Province of Mont-Saint-Guibert (Province Flemish Brabant, Belgium) of Walloon Brabant, Belgium) • €12 m invested amount • €10 m invested amount • 90 units • 104 units