General

Organisation

Wereldhave Belgium is a listed investment company for commercial real estate in Belgium. For its new investments, Wereldhave Belgium primarily focuses on shopping centres. The value of the investment properties portfolio, including development properties, amounts to € 472.8 mln. The existing retail portfolio of € 331.3 mln (70% of the total portfolio) contains shopping centres in Liège, Nivelles and Tournai. In addition, the portfolio contains offices in Brussels and Antwerp. The development portfolio comprises expansions of shopping centres in Nivelles, Tournai and Waterloo and an interest in the renovation and expansion of a shopping centre in Genk.

Wereldhave Belgium wants to create value by actively managing shopping centres and (re)developing shopping centres for its own portfolio. Via its own employees, Wereldhave Belgium maintains direct contact with the tenants. That way, Wereldhave Belgium is immediately aware of the concerns of its tenants and has recent market information at hand. This knowledge is also used when developing other projects.

Structure

Wereldhave Belgium has been a Real Estate Investment Fund (Sicafi) since January 15, 1998. The fund is governed by the Royal Decree of December 7, 2010 and by the law of July 20, 2004 and is recognized as such by the Financial Services and Markets Authority. The company has the fiscal status of a Real Estate Investment Fund and is, therefore, not subject to corporate tax, except on possible exceptional profits and on disallowed expenditures.

Wereldhave Belgium Services SA, a wholly-owned subsidiary of Wereldhave N.V., acts as real estate manager of the investment properties portfolio.

 Wereldhave Belgium shares are traded at the NYSE Euronext continuous stock exchange in Brussels.

Wereldhave N.V., The Hague, held 69.31% of the shares directly or indirectly at December 31, 2011.

ING Financial Markets acts as liquidity provider.

Property valuation

Wereldhave Belgium values its properties at market value, less transaction costs. The portfolio investment properties is valuated externally every three months by independent real estate experts.

Financial position

Wereldhave Belgium has solid balance sheet ratios. With a debt ratio of 18.3% (statutory 18.6%) and a solvency of 80.2%, Wereldhave Belgium is one of the most solid property funds listed in Europe.