Aan tafel met Ascencio
12 februari 2025
Introduction : who we are, our team, our strategy
Connected | Ambition |
With our customers, our employees, our | To grow, while respecting |
partners, our markets. | market cycles. |
Positive Mind
Because our projects and adventures are always more attractive thanks to the positive energy brought to them by our talented team.
The team
The Management Team
Vincent | Philippe | Cédric |
H. Querton | Scheirlinckx | Biquet |
Chief Executive Officer | Asset Management | Chief Financial Officer |
& Investment Director |
Stéphanie | Bernard |
Vanden Broecke | Sergeant |
Secretary General | Director Operations |
& General Counsel | & ESG |
Geographic distribution & by property type
Listed | Investing in supermarkets & |
REIT | retail parks |
Geographic distribution
4%
Present in Belgium,
France & Spain
Type of properties
Others
5.5%
Clusters
18.7%
41%
55%
Stand Alone
(Food)
36.4%
Retail Parks
39.4%
Belgium France Spain
Stand Alone (Food) | Retail Parks | Cluster | Others |
Based on Fair Value
Key Performance Indicators
440,000 m2 | 102 |
Size of the portfolio | Number of properties |
€750 million | €54 million | 97.8% |
Fair value of the | Annual rental | Occupancy |
portfolio | income | rate |
€123/m² | 6.99% | 2.8 years | 7.2 years |
Average rent | Portfolio yield | WALB | WALT |
Retail sector & tenant distribution
Sectors
Tenants
Other 11.3%
Horeca 2.4%
Pet shop 3.3%
Shoe 3.3%
Electro / Multimedia 6.7%
Sport 6.7%
Fashion 8.0%
Furniture / Interior deco 9.2%
Food 40.3% | Intermarché 18.1% |
Grand Frais 8.6%
Other 49.6% | ||
Brico 7.4% | ||
Carrefour 5.7% | ||
Decathlon 2.8% | ||
Do It Yourself | Auchan 1.9% | Hubo 2.0% |
10.8% | Krëfel 1.9% | |
Delhaize 1.9% | ||
Based on rents
Financial structure
Key figures (as of 30.09.2024)
Total balance sheet | Total equity |
€442.9 million | |
€780.4 million | |
Total financial debt | Debt ratio |
42.1% | |
€311.7 million | |
Outstanding debt (as of 30.09.2024)
€25,000 | ||
€30,500 | Bonds | |
Medium Term Notes | €369,542 | Debt duration : 3.0 years |
€39,500 | Bank borrowings | (vs 3.4 years) |
Commercial Papers | ||
Cost of debt : 2,22% (vs 2,02%)
€90,387
Available amounts
Shareholding structure
5% | |
Patronale Life | 10% |
Carl, Eric, John Mestdagh and | |
controlled companies |
85%
Free float
Outstanding debt maturities (as of today)
(€000s)
100
90
80
70
60
50
40
30
20
10
0
2024/25 | 2025/26 | 2026/27 | 2027/28 | 2028/29 | 2029/30 | 2030/31 | 2031/32 |
Bank borrowings | Bonds issues | Medium Term Notes | Refinanced maturities |
Hedging strategy
Hedge structure (as of 30.09.2024)
(€ million) | 100% | ||||||||||||||||
300 | |||||||||||||||||
90% | |||||||||||||||||
250 | 80% | ||||||||||||||||
70% | |||||||||||||||||
200 | |||||||||||||||||
60% | |||||||||||||||||
150 | 50% | ||||||||||||||||
Range targeted hedge ratio | 40% | ||||||||||||||||
100 | 30% | ||||||||||||||||
Forecasted financial Lfl debt | |||||||||||||||||
20% | |||||||||||||||||
50 | Hedge structure in place | ||||||||||||||||
10% | |||||||||||||||||
0 | 0% | ||||||||||||||||
09-2024 | 03-2025 | 09-2025 | 03-2026 | 09-2026 | 03-2027 | 09-2027 | 03-2028 | 09-2028 | 03-2029 | 09-2029 | 03-2030 | 09-2030 | 03-2031 | 09-2031 |
Cost of debt evolution
5%
4%
3%
2%
1%
0%
Hedging Policy
- High targeted hedge ratio
- Yearly hedge ranges for flexibility
Hedge Ratio
(as of 30.09.2024)
- 95.5%
-1% | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025* | 2026* | |||||
Average cost of debt | Euribor 3 months | IRS 5 years | |||||||||||||||
*based on forward interest rates curves as of 27/11/2024 |
- Hedge horizon : 7 years