Slide 1: 3rd quarter results 2015/2016
3rd quarter results 2015/2016 31 March 2016 Brussels, 18 May 2016 -1-
Slide 2: Table of contents
Table of contents > Highlights Q3 2015/2016 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q3 2015/2016
Highlights Q3 2015/2016 seditcal housing with care
Slide 4: Highlights Q3 2015/2016 (1)
Highlights Q3 2015/2016 (1) > Occupancy rate: 98.3 % for unfurnished portion and 79.3 % for the furnished portion (only 6 % of the fair value of marketable investment properties) > Rental income: +21 % YoY > Profit excl. IAS 39 and IAS 40: ahead of budget > Total fair value of investment properties:
Slide 5: Highlights Q3 2015/2016 (2)
Highlights Q3 2015/2016 (2) > 6 additions in the senior housing segment − 2 in Belgium, − 1 in Germany and − 3 in The Netherlands* > Senior housing constitutes 74 % of the portfolio > Dividend forecast: unchanged at €2.05 gross per share * Of which 1 post 31 March 2016. -5-
Slide 6: Investment activity - Belgium
Investment activity - Belgium Q3 2015/2016 (As of 13 May 2016) > 2 additions − Residentie Poortvelden (Aarschot) − Leopoldspark (Leopoldsburg) > 2 completions − Marie-Louise (Wemmel) − Helianthus* (Melle) * Post 31 March 2016. -6-
Slide 7: Investment activity - Germany
Investment activity - Germany Q3 2015/2016 (As of 13 May 2016) > 1 addition − Käthe-Bernhardt-Haus (Schleswig-Holstein) -7-
Slide 8: Investment activity - The Netherlands
Investment activity - The Netherlands Q3 2015/2016 (As of 13 May 2016) > 2 additions − Holland (Baarn) − Benvenuta (Hilversum) − Saksen Weimar* (Arnhem) > On top of these, 2 projects − Molenenk (Deventer), under construction − Walgaerde (Hilversum), subject to outstanding conditions * Post 31 March
Slide 9: Portfolio outlook
Portfolio outlook (As of 13 May 2016) > Total Portfolio outlook: ~ €1,256 m − €1,128 m (including projects on balance sheet, excl. assets classified as held for sale) − + €8 m (Saksen Weimar) − + €120 m (committed investments in pipeline) > Average remaining lease maturity: 20 years -9-
Slide 10: Strategy
Strat egy sedifica
Slide 11: Aedifica
Aedifica (As of 31 March 2016) > Belgian REIT (RREC/SIR/GVV) − market cap ~ €877 m − free float of 100 % − portfolio > €1 billion − approx. 540,000 m² − see appendix for characteristics of a Belgian REIT > Focusing on healthcare real estate: “housing with care” − demographic evolution: ageing > Euro
Slide 12: Demographic evolution: ageing in Belgium
Demographic evolution Ageing in Belgium Source: "Perspectives de population 2014-2060", Federal Planning Bureau, 2015. -12-
Slide 13: Demographic evolution: ageing in Germany
Demographic evolution Ageing in Germany Source: "Bevölkerung Deutschlands bis 2060", Statistisches Bundesamt (Deutschland), 2009. -13-
Slide 14: Demographic evolution: ageing in The Netherlands
Demographic evolution Ageing in The Netherlands Source: "Prognose bevolking kerncijfers 2014-2060“, Centrale Bureau voor de Statistiek (CBS), 18 December 2014. -14-
Slide 15: 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 >
Slide 16: Segment information
Segment information (As of 31 March 2016) Senior housing Apartment buildings in Hotels in Europe Belgium’s main cities in Belgium Weight: 74 % 20 % 6% Yield: 5.9 % 5.4 % 6.2 % EBIT margin2: 99 % 59 % 98 % Cash flow Value play1 Cash flow (long leases) (long leases) + growth potential 1 Expected
Slide 17: Achievements
[] aedifica , PNM HH vert rs betiet a baad -17-
Slide 18: Milestones years evolution
Milestones 10 years evolution (As of 31 March 2016) Investment properties at fair value €m CAGR: 26 % -18-
Slide 19: Milestones: Focus on Senior Housing
Milestones Focus on Senior Housing (As of 31 March 2016) Evolution by segment (fair value) Marketable property at fair value (€1,133 m, incl. assets held for sale) -19-
Slide 20: Milestones: Focus on Europe
Milestones Focus on Europe (As of 31 March 2016) Geographical breakdown (fair value) Marketable property at fair value (€1,133 m, incl. assets held for sale) -20-
Slide 21: Equity: Latest SPOs
Equity Latest SPOs (2010, 2012, 2015) (As of 13 May 2016) > Reminder: Gross proceeds in 2010 and 2012 = €67 m (Oct. 2010) + €100 m (Dec. 2012) > Since then, significant growth of investment properties: − 30 June 2010: €435 m − 30 June 2011: €518 m + €171 m − 30 Sept. 2012: €606 m + €570 m − 30 June
Slide 22: Equity: Latest contribution in kind
Equity Latest contribution in kind > 24 March 2016: Contribution in kind of the bare ownership of the plot of land on which Residentie Poortvelden rest home in situated > Issuance of 22,093 new Aedifica shares in the amount of €1 m for €56.58 per share > Full dividend entitlement -22-
Slide 23: 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 24: Portfolio analysis
. . Ae Portfolio analysis social housing with care -24-
Slide 25: Segments
Segments (As of 31 March 2016) Apartment buildings (865 apartments in 36 sites) 20 % Senior housing (7,296 units 74 % in 78 sites) 6% 6 hotels & other (521 rooms) Marketable property at fair value (€1,133 m, incl. assets classified as held for sale) -25-
Slide 26: Geographical breakdown
Geographical breakdown (As of 31 March 2016) The Netherlands Germany 1% Wallonia 12 % 12 % Brussels 27 % 48 % Flanders Marketable property at fair value (€1,133 m, incl. assets classified as held for sale) -26-
Slide 27: Belgian portfolio
Belgian portfolio (As of 13 May 2016) > Belgium: − 2006: Initial home market for senior housing > Senior housing portfolio of 61 assets: − Capacity of ~ 6,000 residents − Total fair value of ~ €650 million − Initial gross rental yield of ~ 6 % − Triple net long leases − Typical lease maturity: minim
Slide 28: Belgian portfolio
Belgian portfolio (As of 13 May 2016) Belgium Senior housing Apartment buildings Hotels & other -28-
Slide 29: German portfolio
German portfolio (As of 13 May 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 > 1,300 residents − Total fair value of ~ €127 million − Initi
Slide 30: German portfolio
German portfolio (As of 13 May 2016) Germany Senior housing Apartment buildings Hotels & other -30-
Slide 31: Dutch portfolio
Dutch portfolio (As of 13 May 2016) > The Netherlands: − 2016: 3rd home market of Aedifica, after Belgium and Germany > Portfolio of 5 assets (5 zorgresidenties): − Capacity ~ 85 residents − Total fair value of ~ €38 million, of which ̶ €23 million already cash-flow producing (3 sites) ̶ €15 million
Slide 32: Dutch portfolio
Dutch portfolio (As of 13 May 2016) The Netherlands Senior housing To be completed Hotels & other -32-
Slide 33: Dutch Portfolio
Dutch Portfolio (As of 13 May 2016) Holland Molenenk Acquisition of a care Acquisition of a care residence in Baarn residence under (Province of Utrecht) construction in Deventer • €12 m invested (Province of Overijssel) amount • €10 m budget • 34 units • 40 units Acquisition of a care Announcement
Slide 34: Main tenants (1)
Main tenants (1) Segment Country Group controlling Tenants Number of 31 March 2016 30 June 2015 the legal entities in sites contractual relation with Aedifica SENIOR HOUSING 78 74% 73% Belgium 61 59% 58% Armonea * 19 21% 21% Armonea SA 8 10% 11% Restel Flats SPRL 1 1% 1% LDC De Wimilingen ASBL 1 0%
Slide 35: Main tenants (2)
Main tenants (2) Segment Country Group controlling Tenants Number of 31 March 2016 30 June 2015 the legal entities in sites contractual relation with Aedifica SENIOR HOUSING 78 74% 73% Belgium 61 59% 58% Orpea 9 10% 11% Château Chenois Gestion SPRL 3 3% 3% New Philip SA 3 2% 2% Parc Palace SA 1 2% 2
Slide 36: Main tenants (3)
Main tenants (3) Segment Country Group controlling Tenants Number of 31 March 2016 30 June 2015 the legal entities in sites contractual relation with Aedifica SENIOR HOUSING 78 74% 73% Germany 15 13% 15% Orpea 5 5% 5% Senioren Wohnpark Weser GmbH 3 3% 3% Bonifatius Seniorendienstr GmbH *** 1 1% 1% S
Slide 37: Main tenants (4)
Main tenants (4) Segment Country Group controlling Tenants Number of 31 March 2016 30 June 2015 the legal entities in sites contractual relation with Aedifica SENIOR HOUSING 78 74% 73% The Netherlands 2 2% 0% Domus Magnus 2 2% 0% Panta Rhei V BV 1 1% 0% DM Benvenuta BV 1 0% 0% HOTELS AND OTHER 10 7%
Slide 38: Lease maturity
Lease maturity (As of 31 March 2015) Initial lease maturity < 15 years 19 % 81 % ≥ 15 years, irrevocable Average remaining lease maturity 20 years Marketable property at fair value (€1,133 m, incl. assets classified as held for sale) -38-
Slide 39: Age of buildings
Age of buildings (As of 31 March 2015) Other contracts Buildings > 10 years 16 % Other contracts Long-term Buildings between 15 % triple net 0-10 years 69 % contracts Marketable property at fair value (€1,133 m, incl. assets classified as held for sale) -39-
Slide 40: 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 41: Yields on fair value
Yields on fair value (As of 31 March 2016) Weighted average 5.8 % -41-
Slide 42: Segment EBIT margins
Segment EBIT margins* (As of 31 December 2015) 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 % 9
Slide 43: 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 YTD Q3 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% 10,969 1% Apartment buildings -7,851 -4%
Slide 44: Development projects
Development projects (As of 31 March 2016) Projects and renovations Estimated Inv. as of Future inv. Date of Comments inv. 31 March completion (in € million) 2016 I. Projects in progress Other Sundry 1 1 0 2015/2016 Renovation of 2 buildings 't Hoge Kortrijk 2 0 1 2015/2016 Extension and renovation
Slide 45: Development projects
Development projects 138 +17 -2 143 -20 +12 -18 +11 +10 -8 -4 +4 -4 +3 +4 -2 -45-
Slide 46: Financials
Ae Financials sede] housing with care -46-
Slide 47: Income Statement
Income Statement Business driven Income Statement - analytical scheme 31 December 2015 31 December 2014 Var. (x €1,000) Rental income 28,654 22,914 +25% Rental-related charges -19 -5 Net rental income 28,635 22,909 +25% Operating charges -5,281 -4,910 Operating result before result on portfolio 23,3
Slide 48: Income Statement
Income Statement Business driven Income Statement - analytical scheme 31 December 2015 31 December 2014 Var. (x €1,000) Rental income 28,654 22,914 +25% Rental-related charges -19 -5 Net rental income 28,635 22,909 +25% Operating charges -5,281 -4,910 Operating result before result on portfolio 23,3
Slide 49: Rental income
Rental income (As of 31 March 2016) + 7,539 -28 +4 43,801 36,286 Change: +30.9 % -0.3 % +0.3 % +20.7 % Like-for-like change: +0.7 % -0.3 % +0.3 % +0.4 % 21 % increase YoY -49-
Slide 50: Result excl. IAS 39 & IAS 40
Result excl. IAS 39 & IAS 40 (As of 31 December 2015) +5,600 -265 +151 +41 -17 -698 +544 +3 +296 -162 -95 -281 -90 16,820 11,793 -50-
Slide 51: Result excl. IAS 39 & 40 vs Budget
Result excl. IAS 39 & 40 vs Budget (As of 31 December 2015) 16,820 -51-
Slide 52: Income Statement - market driven
Income Statement Market driven Income Statement - analytical scheme 31 December 2015 31 December 2014 (x €1,000) Profit excl. IAS 39 & IAS 40 16,820 11,793 IAS 39 impact: changes in fair value of financial assets and liabilities -951 -3,294 IAS 40 impact: changes in fair value of investment properti
Slide 53: Hedging policy
Hedging policy (As of 31 December 2015) > Economic stability and Business driven: foreseeability of Avg effective interest rate of 3.0 %, interest cash well below H1 PY (3.2 %), outflows... and lower than budget (3.2 %) > ... even in spite Market driven: of accounting Change in FV of derivatives (no
Slide 54: Consolidated balance sheet (€ m)
Consolidated balance sheet (€ m) (As of 31 December 2015) Assets Equity & Liabilities 1 -54-
Slide 55: Debt-to-assets ratio
Debt-to-assets ratio (As of 31 March 2016) Headroom* : - Debt increase of €199 m without investments or €499 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 €257 m, €734
Slide 56: Credit facilities (€ m)
Credit facilities (€ m) (As of 18 May 2016) Lines Utilisation - 2015/2016 : - - - 2016/2017 : 150 105 - 2017/2018 : 92 60 - 2018/2019 : 131 131 - 2019/2020 : 80 80 - 2020/2021 : 66 31 - 2021/2022 : 55 50 - > 2022/2023 : 44 14 Total 618 471 Weighted Average Maturity (years) 3.0 2.9 No credit facili
Slide 57: Net asset value
Net asset value Net asset value per share (in €) 31 March 2016 30 June 2015 Var. Based on fair value of investment properties Net asset value based on fair value 42.91 41.04 5% IAS 39 impact 3.21 2.70 Net asset value after deduction of dividend, excl. IAS 39 46.12 43.74 5% Premium on 13 May 2016: 43
Slide 58: Number of shares
Number of shares Number of shares 31 March 2016 30 June 2015 Number of shares outstanding* 14.192.032 14.045.931 Total number of shares*** 14.192.032 14.045.931 Total number of shares on the stock market 14.172.176 14.045.931 Weighted average number of shares outstanding (IAS 33) 14.099.834 10.658.9
Slide 59: Value potentially not reflected in the NAV
Value potentially not reflected in the NAV > Belgian REIT → highly regulated framework > Assessment: − Apartment buildings: valued as a whole vs individual units − Senior housing: yield compression − Inflation-linked contracts > Pipeline: − Committed − Pre-let > Track record of successful investment
Slide 60: EPRA
EPRA > Aedifica included in the EPRA indices Key performance indicators according to the EPRA principles 31 December 2015 31 December 2014 EPRA Earnings (in €/share) 1.20 1.14 EPRA Cost Ratio (including direct vacancy costs) (in %) 18% 21% EPRA Cost Ratio (excluding direct vacancy costs) (in %) 18%
Slide 61: Shares & shareholders
Shares & shareholders ie aedifica | housing with care -61-
Slide 62: Dividend track record
Dividend track record * 2015/2016 Budgeted dividend (see section 7 of the Board of Directors’ Report included in the 2014/2015 Annual Financial Report), updated in the interim Board of Director’s report. -62-
Slide 63: Share price since IPO
Share price since IPO (As of 13 May 2016) Spot Var. (%) Aedifica 61.21 69 BEL MID 4,338.08 18 EPRA Belgium 1,271.38 -10 EPRA Europe 2,141.22 -20 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 adjus
Slide 64: Total return since IPO
Total return since IPO (As of 13 May 2016) Var. (%) Aedifica total return** 90 148 Bel Re Inv Trusts* 1,786 58 EPRA B. total return 3,652 69 * As of 12 February 2016 (discontinued). ** Aedifica: based on the IPO price (€41), adjusted to take into account the rights issues of 2010 (- €1.89), 2012 (-
Slide 65: Shareholding
Shareholding* (As of 18 December 2015) Free float 100 % * A total of 14,172,176 shares are listed on Euronext Brussels (31 March 2016). -65-
Slide 66: 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 16 May 2016 “Weekly Table V
Slide 67: Awards (1)
Awards (1) EPRA “EPRA Reporting: Best Practices Recommendations” (BPR) > Annual Report 2012/2013 (1st implementation of BPR) > Annual Report 2013/2014 > Annual Report 2014/2015: not yet assessed -67-
Slide 68: Awards (2)
Awards (2) ABAF/BVFA 2015 > 55th Award for Financial Communication > Small & Mid Cap ranking − 1st place for Best Financial Communication − 1st place in the Non-Financial Information category − 3rd place in the Investor Relations category L’Echo, 13 October 2015, p. 32 -68-
Slide 69: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 10 Directors − Management in the box ̶ 8 non-executive Directors of which 5 independent ones − Belgian Code 2009 on ̶ 2 executive Directors Corporate Governance − Audit Committee − Nomination & Remuneration Committee − Investment Com
Slide 70: Outlook
fre Outlook aecifica | housing with care -70-
Slide 71: Outlook FY 2015/2016
Outlook FY 2015/2016 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Salve Helianthus Pont d’Amour Marie-Louise Leopoldspark Residentie Poortvelden > New investments in senior housing: Germany: targets being studied Belgium: targets being studied > Objective for fu
Slide 72: Outlook FY 2015/2016
Outlook FY 2015/2016 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Salve Helianthus Pont d’Amour Marie-Louise Leopoldspark Residentie Poortvelden > New investments in senior housing: Germany: targets being studied Belgium: targets being studied > Objective for fu
Slide 73: Outlook FY 2015/2016
Outlook FY 2015/2016 > Budgeted rental income: €59 m > Budgeted EBIT margin: 79 % > Budgeted result excl. IAS 39 & 40: €32 m > Budgeted dividend: €29 m > Budgeted DPS: €2.05/share (gross), higher than FY 2014/2015 -73-
Slide 74: Outlook FY 2015/2016
Outlook FY 2015/2016 > “Tax shift”: − Withholding tax raised to 27 % (2016) instead of 15 % (2015) − Opportunity: end of “80 % residential threshold” implying: ̶ End of tax-driven limitation of investment scope ̶ Favourable impact on arbitration policy − PY pay-out ratio at a low 86 % -74-
Slide 75: Conclusion
Ae Conclusion social housing with care -75-
Slide 76: 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 -76-
Slide 77: sedifica |
sedifica | housing with care
Slide 78: Stefaan Gielens, Jean Kotarakos, Martina Carlsson
Stefaan Gielens - Chief Executive Officer Jean Kotarakos - Chief Financial Officer Martina Carlsson – Control & Communication manager -78-
Slide 79: 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 -79-
Slide 80: 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 81: Appendix
. fre Appendix aedifica |’
Slide 82: 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 83: 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 -83-
Slide 84: Investment activity in Germany (2014)
Investment activity in Germany (2014) Rheinbach Wenden-Rothemühle Olpe-Rüblinghause Bad Harzburg Kalletal Kirchlengern Enger Kierspe -84-
Slide 85: Investment activity in Germany (2015)
Investment activity in Germany (2015) Service-Residenz Schloss Bensberg -85-
Slide 86: Investments H1 2015/2016 (1)
Investments H1 2015/2016 (1) Flandria 9 July 2015 Acquisition of an assisted-living building in Bruges (Province of West-Flanders) • €10m invested amount • 108 units Résidence La Houssière 1 October 2015 Acquisition of a rest home in Hasselt 2 July 2015 (Province of Limburg) Acquisition of a rest ho
Slide 87: Investments H1 2015/2016 (2)
Investments H1 2015/2016 (2) Heydeveld 2 October 2015 Acquisition of a rest home in Opwijk (Province of Flemish Brabant) • €9m invested amount • 75 units Prinsenhof 17 December 2015 Acquisition of a rest home in Koersel (Province of Limburg) • €6 m invested amount • 41 units -87-
Slide 88: Investments Q3 2015/2016 (1)
Investments Q3 2015/2016 (1) 29 February 2016 Acquisition of a rest home and an assisted-living building in Husum (Land of Schleswig-Holstein) • €7 m invested amount • 83 units Käthe-Bernhardt-Haus 1 March 2016 Acquisition of a portfolio of 4 senior housing sites Marie-Louise January 2016 Completion
Slide 89: Investments Q3 2015/2016 (2)
Investments Q3 2015/2016 (2) 24 March 2016 Acquisition of a rest home and an assisted-living building in Aarschot (Province of Flemish Brabant) • €12 m invested amount • 60 units Residentie Poortvelden 29 March 2016 Acquisition of a rest home and an assisted-living building in Leopoldsburg (Province
Slide 90: Investments Q4 2015/2016
Investments Q4 2015/2016 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) • €4 m invested amount • 69 units Hel
Slide 91: Notes
fre ; Notes aecifica |' housing with care -91-
Slide 92: Notes
fre ; Notes aecifica |' housing with care -92-