Slide 1: 3rd quarter results 2016/2017
3rd quarter results 2016/2017 31 March 2017 Brussels, 16 May 2017 -1-
Slide 2: Table of contents
Table of contents > Highlights Q3 2016/2017 > Strategy > Achievements > Portfolio analysis > Financials > Shares & shareholders > Outlook > Conclusion -2-
Slide 3: Highlights Q3 2016/2017
Highlights Q3 2016/2017 seditcal housing with care
Slide 4: Highlights Q3 2016/2017 (1)
Highlights Q3 2016/2017 (1) > Real estate portfolio of €1.5 billion, an increase of more than €300 million compared to 30 June 2016 > Senior housing: 80% of the portfolio, totaling €1,176 million and spread across 3 countries − €857 million in Belgium (71 sites) − €203 million in Germany (21 sites)
Slide 5: Highlights Q3 2016/2017 (2)
Highlights Q3 2016/2017 (2) > Capital increase of €219 million successfully completed > Debt-to-assets ratio: 39.6 % > Market capitalisation: approx. €1.3 billion > Dividend forecast: unchanged at €2.25 gross per share -5-
Slide 6: Investment activity Q3 2016/2017
Investment activity Q3 2016/2017 (As of 31 March 2017) > 2 additions − Het Dokhuis (Oude Pekela, The Netherlands) − Villa Walgaerde (Hilversum, The Netherlands) > 3 rest homes available for use following extension works − Vinkenbosch (Hasselt, Belgium) − La Ferme Blanche (Remicourt, Belgium) − Prins
Slide 7: Investment activity Q4 2016/2017
Investment activity Q4 2016/2017 (As of 16 May 2017) > 2 additions − Het Gouden Hart (Kampen, The Netherlands) − Huize Dennehof (Driebergen, The Netherlands) > 1 turnkey project to be delivered − LTS (Winschoten, The Netherlands) > 1 rest home available for use following extension works − Op Haanven
Slide 8: Portfolio outlook
Portfolio outlook (As of 31 March 2017) > Total Portfolio outlook: ~ €1,567 m − €1,464 m (marketable investment properties incl. assets classified as held for sale, as of 31 March 2017) − - €4 m (assets classified as held for sale) − + €107 m (committed investments in pipeline, as of 31 March 2017)
Slide 9: Strategy
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Slide 10: Aedifica
Aedifica > Belgian REIT (RREC/SIR/GVV) − market cap ~ €1.3 billion − free float of 100 % − marketable investment properties €1.5 billion − approx. 758,000 m² > Focusing on healthcare real estate: “housing with care” − demographic evolution: ageing > European focus − Belgium − Germany − The Netherlan
Slide 11: Demographic evolution: Ageing in Belgium
Demographic evolution Ageing in Belgium Source: "Perspectives de population 2017-2061", Belgian Federal Planning Bureau, 2017. -11-
Slide 12: Demographic evolution: Ageing in Germany
Demographic evolution Ageing in Germany Source: "Bevölkerung Deutschlands bis 2060", Statistisches Bundesamt (Deutschland), 2015. -12-
Slide 13: 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. -13-
Slide 14: 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 15: Segment information
Segment information Fair value of total portfolio: €1.5 billion Senior housing Apartment buildings in Hotels in Europe Belgium’s main cities in Belgium Weight4: 80 % 15 % 5% Gross yield4: 5.8 % 4.9 % 6.5 % EBIT margin3: 99 % 75 % 2 100 % Cash flow Value play1 Cash flow (long leases) (long leas
Slide 16: Achievements
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Slide 17: Milestones: investment properties evolution
Milestones Investment properties* 10 years evolution €m CAGR: 27 % * Incl. assets classified as held for sale. -17-
Slide 18: Milestones: Focus on Senior Housing
Milestones Focus on Senior Housing Evolution by segment (fair value) Marketable investment properties incl.assets classified as held for sale (€1,464 m) -18-
Slide 19: Milestones: Focus on Europe
Milestones Focus on Europe Geographical breakdown (fair value) Marketable investment properties incl.assets classified as held for sale (€1,464 m) -19-
Slide 20: Equity funding: Capital increase March 2017
Equity funding Capital increase March 2017 > 4th SPO: rights issue > 86% take up during subscription period > 14% rump placement: oversubscribed by institutional investors > Approx. €219 million capital increase > 3,595,164 new Aedifica shares at €61.00 -20-
Slide 21: Equity funding: Previous SPOs
Equity funding Previous SPOs (2010, 2012, 2015) > Reminder: Gross proceeds = €67 m (2010) + €100 m (2012) + €153 m (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 + €1,021 m − 30 June 2014: €785
Slide 22: Equity and investment property growth
Equity funding Equity and investment property growth €m -22-
Slide 23: Investments since capital increase of March 2017
Investments Since capital increase of March 2017 (in € million) Marketable investment Development Total properties projects carried out subject to outstanding conditions Martha Flora Hilversum The Netherlands - - 8 8 Villa Walgaerde1 The Netherlands 4 - - 4 La Ferme Blanche1 Belgium 6 - - 6 Het Goud
Slide 24: Portfolio analysis
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Slide 25: Segments
Segments (As of 31 March 2017) Apartment buildings (865 apartments in 36 sites) Senior housing (9,929 units in 102 sites) 6 hotels & other (521 rooms) Marketable investment properties incl.assets classified as held for sale (€1,464 m) -25-
Slide 26: Geographical breakdown
Geographical breakdown (As of 31 March 2017) The Netherlands Germany Wallonia Brussels Flanders Marketable investment properties incl.assets classified as held for sale (€1,464 m) -26-
Slide 27: Belgian healthcare portfolio
Belgian healthcare portfolio > Senior housing portfolio of 71 assets: − Capacity of 7,140 residents − Total fair value of approx. €857 m − Yield on fair value of 5.6 % − Triple net long leases − Typical lease maturity: 27 years − 4 main tenants: Armonea, Orpea, Senior Living Group, Vulpia > Belgium:
Slide 28: Belgian healthcare portfolio (map)
Belgian healthcare portfolio Belgium Senior housing To be completed -28-
Slide 29: Belgian healthcare portfolio (examples)
Belgian healthcare portfolio Residentie Sporenpark, Oase Aarschot Beringen Wissenstraat, Aarschot • €17 m invested • €24 m invested amount amount • 127 units • 120 units Leopoldspark, Hestia, Wemmel Leopoldsburg • €22 m invested • €21 m invested amount amount • 222 units • 150 units -29-
Slide 30: German healthcare portfolio
German healthcare portfolio > Senior housing portfolio of 21 assets: − Capacity of 2,167 residents − Total fair value of €203 m − Yield on fair value of 6.4 % − Double net long leases − Typical lease maturity: 20 - 25 years − 8 tenants (Aaetas Management, Alloheim, Deutsches Rotes Kreuz, Orpea, Resi
Slide 31: German healthcare portfolio (map)
German healthcare portfolio Germany Senior housing Apartment buildings Hotels & other -31-
Slide 32: German healthcare portfolio (examples)
German healthcare portfolio Service-Residenz Residenz Zehlendorf, Schloss Bensberg, Berlin Bergisch Gladbach • €8 m invested • €14 m invested amount amount • 145 units • 87 units Am Kloster, Käthe-Bernhardt-Haus, Halberstadt Husum • €11 m invested • €7 m invested amount amount • 136 units • 80 units
Slide 33: Dutch healthcare portfolio
Dutch healthcare portfolio > Senior housing portfolio* of 12 assets: − Capacity of 668 residents − Total fair value of €128 m − Yield on fair value of 5.8 %** − Mostly triple net long leases − Typical lease maturity: 15 - 20 years − 6 main tenants (Domus Magnus, Stepping Stones Home & Care, Martha F
Slide 34: Dutch healthcare portfolio (map)
Dutch healthcare portfolio The Netherlands Senior housing To be completed Hotels & other -34-
Slide 35: Dutch healthcare portfolio (examples)
Dutch healthcare portfolio Saksen Weimar, Benvenuta, Arnhem Hilversum • €8 m invested • €3 m invested amount amount • 42 units • 10 units Genderstate, Het Dokhuis, Eindhoven Oude Pekela • €10 m invested • €5 m invested amount amount • 44 units • 32 units -35-
Slide 36: Healthcare real estate tenants
Healthcare real estate tenants > 102 sites with 64 tenants (or 23 ‘groups’)* representing European, national and local profit and not-for-profit operators * As of 31 March 2017. -36-
Slide 37: Lease maturity
Lease maturity Initial lease maturity < 15 years 15 % 85 % ≥ 15 years, irrevocable Average remaining lease maturity 20 years Marketable investment properties incl.assets classified as held for sale (€1,464 m), as of 31 March 2017. -37-
Slide 38: Age of buildings
Age of buildings Other contracts Buildings > 10 years 12 % Other contracts Long-term Buildings between 17 % triple net 0-10 years 71 % contracts Marketable investment properties incl.assets classified as held for sale (€1,464 m), as of 31 March 2017. -38-
Slide 39: Occupancy rate
Occupancy rate 98 % 95 % Very high and stable occupancy rates Red line: Total portfolio (excl. furnished apartments) (95% of portfolio) : (contractual + guaranteed rents) / (contractual rents + ERV for unlet spaces). Green dots: Furnished apartments (5% of portfolio) : Rented days QTD / total numb
Slide 40: Gross yields on fair value
Gross yields on fair value (As of 31 March 2017) Weighted average 5.7 % -40-
Slide 41: Segment EBIT margins
Segment EBIT margins* (As of 31 December 2016) Senior Apartment Hotels & Unallocated & TOTAL housing buildings other inter-segment 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 42: Valuation of property
Valuation of property* 2008 → 2017 FY 2008/2009 FY 2009/2010 FY 2010/2011 FY 2011/2012 FY 2012/2013 FY 2013/2014 FY 2014/2015 FY 2015/2016 Q3 2016/2017 €k % €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% 14,280 1% Apartme
Slide 43: Portfolio growth: development projects
Portfolio growth Development projects as of 31 March 2017 Projects and renovations Estimated Inv. as of Future inv. Date of Comments inv. 31 March completion (in € million) 2017 I. Projects in progress 't Hoge II Kortrijk (BE) 2 1 1 2016/2017 Extension and renovation of a rest home Molenenk Deventer
Slide 44: Development projects
Development projects 252 -97 -11 -11 -10 -10 -8 8 -3 107 -6 5 -4 -4 2 2 1 1 -44-
Slide 45: Financials
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Slide 46: Rental income
Rental income (As of 31 March 2017) +14,519 -693 +135 57,762 43,801 Change: +45.4 % -7.8 % +6.5 % +31.9 % Like-for-like change: +1.5 % -7.8 % +6.5 % -0.4 % 32 % increase YoY -46-
Slide 47: Debt-to-assets ratio
Debt-to-assets ratio Before After Before After SPO 2015 SPO 2015 SPO 2017 SPO 2017 Headroom*: - Debt increase of €308 m without investments or €771 m with investments - Drop of MTM of buildings of 34 % ** Based on bank covenant of max. 60 %. Based on legal max. of 65 %, headroom is respectively €383
Slide 48: Credit facilities
Credit facilities Maturity Amount (€m) 2016/2017 0 2017/2018 37 2018/2019 131 2019/2020 80 2020/2021 91 2021/2022 167 2022/2023 160 2023/2024 156 2024/2025 and subsequent : 78 Total 899 Hedging policy Weighted Average Maturity (years) 4.7 - Hedges for ≥ 60% of drawn amount - Currently ±95% -48-
Slide 49: Net asset value
Net asset value Net asset value per share (in €) 31 March 2017 30 June 2016 Var. Based on fair value of investment properties Net asset value 48.16 41.64 16% Effect of the changes in fair value of hedging instruments 2.06 3.34 Net asset value excl. changes in fair value of hedging instruments 50.23
Slide 50: Number of shares
Number of shares Number of shares 31 March 2017 30 June 2016 Number of shares outstanding* 17,975,820 14,192,032 Total number of shares 17,975,820 14,192,032 Total number of shares on the stock market** 17,975,820 14,172,176 Weighted average number of shares outstanding (IAS 33) 14,325,655 14,122,75
Slide 51: 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) -51-
Slide 52: Shares & shareholders
Shares & shareholders ie aedifica | housing with care -52-
Slide 53: Dividend track record
Dividend track record * 2016/2017 forecast dividend (see section 7 of the Securities note of 15 March 2017). -53-
Slide 54: Share price since IPO
Share price since IPO (As of 12 May 2017) Spot Var. (%) Aedifica 74.00 113 BEL MID 4,954.34 34 EPRA Belgium 1,328.72 -6 EPRA Europe 2,203.20 -17 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 55: Total return since IPO
Total return since IPO (As of 12 May 2017) Var. (%) Aedifica total return* 110 217 EPRA Belgium total return 4,007 86 EPRA Europe total return 4,331 27 * 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.
Slide 56: Shareholding
Shareholding* (As of 31 March 2017) Free float 100 % * A total of 17,975,820 shares are listed on Euronext Brussels (28 March 2017). -56-
Slide 57: Rankings
Rankings > The highest free float of all Belgian REITs > 4th largest market cap amongst all Belgian REITs1 > 7th 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 15 May 2017 “Weekly Table V
Slide 58: 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 -58-
Slide 59: Corporate governance
Corporate governance > Transparency > Board of Directors − NV/SA − 9 Directors − Management in the box ̶ 7 non-executive Directors of which 5 independent ones − Belgian Code 2009 on ̶ 2 executive Directors Corporate Governance ̶ Gender diversity ratio: 44 % − 100% free float − Audit Committee − No p
Slide 60: Management team
Management team > Management committee Name Function Stefaan Gielens Chief Executive Officer (CEO) Jean Kotarakos Chief Financial Officer (CFO) Laurence Gacoin Chief Operating Officer (COO) Sarah Everaert Chief Legal Officer (CLO) / Secretary-General > Aedifica strengthened its team in 2016 and 2017
Slide 61: Outlook
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Slide 62: Outlook FY 2016/2017: Development pipeline
Outlook FY 2016/2017 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Molenenk Villa Temporis I Au Bon Vieux Temps Op Haanven La Ferme Blanche Vinkenbosch I Prinsenhof Hotel Martin’s Brugge Walgaerde Glabbeek Les Jardins de la Mémoire -62-
Slide 63: Outlook FY 2016/2017: Development pipeline
Outlook FY 2016/2017 Portfolio - Focus on investments > Development pipeline: ‘t Hoge Molenenk Villa Temporis I Au Bon Vieux Temps Op Haanven La Ferme Blanche Vinkenbosch I Prinsenhof Hotel Martin’s Brugge Walgaerde Glabbeek Les 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 > Focus on investments − Development pipeline: ̶ Deliveries on track − New investments in senior housing: ̶ Targets being studied in The Netherlands, Germany and Belgium − Objective for future growth: EPS growth through ̶ Enhancing long-term cash flows in healthcare real estate
Slide 67: Outlook FY 2016/2017: Dividend policy
Outlook FY 2016/2017 Dividend policy > DPS 2016/2017 guidance: €2.25 / share (gross) − higher than PY and in line with initial budget before capital increase − no dilution − coupon No. 17 (1.66 €) + coupon No. 18 (0.59 €) − subject to AGM to be held on 27 Oct. 2017 > Withholding tax: − General rule:
Slide 68: Conclusion
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Slide 69: Investment highlights
Investment highlights Attractiveness for shareholders: > Pure-play healthcare REIT in Europe > Strong underlying demographic trends > Long-term growth potential > Fair value history of portfolio showing resilience > Average remaining lease duration: 20 years > Solid investment, equity and debt-finan
Slide 70: sedifica |
sedifica | housing with care
Slide 71: Stefaan Gielens - CEO; Jean Kotarakos - CFO
Stefaan Gielens - Chief Executive Officer Jean Kotarakos - Chief Financial Officer -71-
Slide 72: 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 -72-
Slide 73: Forward looking statement
Forward looking statement This Presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results, condition, performance, prospects, growth, strategies and the industry in which the Company op
Slide 74: Appendix
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Slide 75: 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 76: 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 > March 2017: 4th SPO -76-
Slide 77: Income Statement: business driven
Income Statement Business driven Income Statement - analytical scheme 2016/2017 2015/2016 (x €1,000,000) Forecast Actuals Rental income 79 60 Rental-related charges 0 0 Net rental income 79 60 Operating charges -14 -12 Operating result before result on portfolio 64 48 EBIT margin % 82% 80% Financial
Slide 78: Rental income
Rental income (As of 31 December 2016) +9,006 -523 +116 37,253 28,654 Change: +43.5 % -8.7 % +7.8 % +30.0 % Like-for-like change: +1.5 % -8.7 % +7.8 % -0.5 % 30 % increase YoY -78-
Slide 79: Result excl. changes in fair value
Result excl. changes in fair value (As of 31 December 2016) +9,006 +45 -523 +529 +187 -707 -4,112 +2,406 +32 -140 -175 23,368 16,820 -79-
Slide 80: Result excl. changes in fair value vs Budget
Result excl. changes in fair value vs Budget (As of 31 December 2016) -80-
Slide 81: Income Statement: market driven
Income Statement Market driven Income Statement - analytical scheme 31 December 2016 31 December 2015 (x €1,000) Profit excl. changes in fair value 23,368 16,820 Changes in fair value of financial assets and liabilities 3,443 -951 Changes in fair value of investment properties 597 7,866 Non cash Gai
Slide 82: Income Statement: market driven
Income Statement Market driven Income Statement - analytical scheme 2016/2017 2015/2016 (x €1,000,000) Forecast Actuals Profit excl. changes in fair value 46 34 Changes in fair value of financial assets and liabilities 3 -6 Changes in fair value of investment properties 1 11 Non cash Gains on dispos
Slide 83: Hedging policy
Hedging policy (As of 31 December 2016) > Economic stability and Business driven: foreseeability of Avg effective interest rate of 2.4 %, interest cash below H1 PY (3.0 %) and FY budget (2.5 %) outflows... > ... even in spite Market driven: of accounting Change in FV of derivatives (non cash items)
Slide 84: Main tenants (1)
Main tenants (1) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% Belgium 71 58% 59% Armonea 19 17% 21% Armonea SA 8 8% 10% Restel Flats SPRL 1 1% 1% LDC De Wimilingen ASBL 1 0% 0% Happ
Slide 85: Main tenants (2)
Main tenants (2) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% Belgium 71 58% 59% Orpea 9 8% 10% Château Chenois Gestion SPRL 3 2% 3% New Philip SA 3 2% 2% Parc Palace SA 1 2% 2% Pro
Slide 86: Main tenants (3)
Main tenants (3) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% Germany 21 16% 13% Orpea 5 4% 5% Senioren Wohnpark Weser GmbH 3 2% 3% Bonifatius Seniorendienstr GmbH °°° 1 1% 1% Senio
Slide 87: Main tenants (4)
Main tenants (4) Segment Country Group controlling the legal Tenants Number of 31/12/2016 30/06/2016 entities in contractual relation sites with Aedifica SENIOR HOUSING 100 81% 75% The Netherlands 8 7% 3% Domus Magnus 2 1% 2% Panta Rhei V BV 1 1% 1% DM Benvenuta BV 1 0% 0% Stepping Stones Home & Car
Slide 88: EPRA
EPRA > Aedifica included in the EPRA indices Key performance indicators according to the EPRA Best Practice Recommendations 31 December 2016 31 December 2015 EPRA Earnings* (in €/share) 1.64 1.20 EPRA Cost Ratio (including direct vacancy costs)* (in %) 14% 18% EPRA Cost Ratio (excluding direct vacan
Slide 89: Belgian portfolio
Belgian portfolio Belgium Senior housing Apartment buildings Hotels & other -89-
Slide 90: 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 91: 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
Slide 92: Investments in 2016/2017 (3)
Investments in 2016/2017 (3) 15 December 2016 Acquisition of a rest home in Berlin (Germany) • €8 m invested amount • 145 units Residenz Zehlendorf 8 December 2016 21 December 2016 Acquisition of a rest home Acquisition of a care in Anderlecht (Brussels, residencein Vleuten Belgium), announced on (P
Slide 93: Investments in 2016/2017 (4)
Investments in 2016/2017 (4) 19 January 2017 19 January 2017 Acquisition of a care Completion of the residence in Oude Pekela extension of a rest home in (Province of Groningen, Hasselt (Province of The Netherlands) Limburg, Belgium) • €5 m invested amount • €15 m invested amount • 32 units (includi
Slide 94: Investments in 2016/2017 (5)
Investments in 2016/2017 (5) 31 March 2017 Acquisition subject to an outstanding condition of a care residence to be constructed in Hilversum (Province of North Holland, The Netherlands) • €8 m invested amount • 33 units Martha Flora Hilversum (drawing) 31 March 2017 4 April 2017 Acquisition of a ca
Slide 95: Investments in 2016/2017 (6)
Investments in 2016/2017 (6) 4 April 2017 4 April 2017 Acquisition of a care Acquistion of a care residence in Kampen residence in Driebergen (Province of Overijssel, (Province of Utrecht, The The Netherlands) Netherlands) • €7 m invested amount • €1 m invested amount • 37 units • 9 units Het Gouden
Slide 96: Notes
fre ; Notes aecifica |' housing with care -96-