98 / 220
The
DTZ
Group, through its subsidiaries in Belgium, in France and in the
Netherlands, is responsible for the property valuation of the most impor-
tant share of the portfolio.
In Belgium, the valuation is entrusted to the company Winssinger &
Associates SA/NV (with registered offices located Chaussée de La Hulpe/
Ter Hulpsesteenweg 166 in 1170 Brussels). It is registered with the Register
of Legal Entities of Brussels under the number 0422 118 165 and is repre-
sented by Mr. Christophe Ackermans.
In France, the valuation is entrusted to DTZ Eurexi SA (with registered
offices located 8 rue de l’Hôtel de Ville, 92 200 Neuilly-sur-seine, France).
It is registered with the Trade and Companies Register of Nanterre under
the number 332 11 574 and is represented by Mr. Jean-Philippe Carmarans,
Mr. Philippe Dorion and Mr. Jérôme Salomon, depending on the valued
portfolio.
In the Netherlands, the valuation is entrusted to DTZ Zadelhoff BV (with reg-
istered offices located Apollolaan 150, 1077 BG Amsterdam, Netherlands). It
is registered under the number NL 006 645 628 B01 and is represented by
Mr. Christophe Ackermans and Mr. Jean-Philippe Carmarans, depending
on the valued portfolio.
PricewaterhouseCoopers
is responsible for the property valuation of
offices and healthcare real estate in Belgium through its subsidiary
PriceWaterhouseCoopers Enterprise Advisory SCRL/CVBA (with registered
offices located Woluwedal 18, 1932 Sint-Stevens-Woluwe). It is registered
under the Register of Legal Entities of Brussels under the number 0415 622
333 and is represented by Mrs. Ann Smolders and Mr. Jean-Paul Ducarme.
Jones Lang LaSalle
is responsible for the property valuation of offices in
Belgium and healthcare real estate in France.
In Belgium, the valuation is entrusted to Jones Lang Lasalle SPRL/BVBA
(with registered offices located Avenue Marnix/Marnixlaan 23, 1000
Brussels). It is registered under the Register of Legal Entities of Brussels
under the number 0403 376 874 and is represented by Mr. Rod Scrivener.
In France, the valuation is entrusted to Jones Lang LaSalle Expertises SAS
(with registered offices located 40-42 rue La Boétie, 75008 Paris, France).
It is registered with the Trade and Companies Register of Paris under the
number 444 628 150 and is represented by Mrs. Marie Martins.
In accordance with Article 29 of the Royal Decree of 07.12.2010, the
experts carry out a valuation of all the properties in the portfolio of the
Sicafi/Bevak and its subsidiaries at the end of each financial year. The
valuation constitutes the accounting value of the buildings on the balance
sheet. Furthermore, at the end of each of the first three quarters of the
year, the experts update the overall valuation made at the end of the pre-
vious financial year, by reference to market developments and the nature
of the properties concerned. Finally, in accordance with the provisions of
Article 31 of the same Royal Decree, any property which is to be acquired
or disposed of by the Sicafi/Bevak (or a company which it controls) is val-
ued by the experts before the transaction. The transaction must be car-
ried out at the value determined by the experts where the other party is
a promotor of the Sicafi/Bevak (Cofinimmo has no such promotor), or any
company with which the Sicafi/Bevak is linked by a participating interest
or where any of the above-mentioned parties gains any advantage from
the transaction.
The valuation of a property consists in determining its value on a specific
date, i.e. the price at which the property is likely to be exchanged between
well-informed acquirers and sellers who wish to carry out such a transac-
tion, without any account being taken of any special advantage between
them. This value is known as the investment value when it corresponds to
the total price payable by the acquirer, including, where appropriate, the
registration duties or the VAT, if the acquisition is subject to the VAT.
The fair value, within the meaning of the IAS/IFRS accounting principles,
can be obtained by deducting from the investment value an appropriate
share of the registration duties and/or VAT.
Transactions other than sales may lead to the mobilisation of the portfolio,
or a portion thereof, as shown by the operations carried out by Cofinimmo
since it acquired the Sicafi/Bevak status.
The experts’ valuation depends in particular on the:
•
location;
•
age and type of building;
•
state of repair and level of comfort;
•
architectural aspect;
•
gross/net surface areas;
•
number of parking spaces;
•
rental conditions;
•
and, for healthcare real estate, the ratio of the rents on the operating
cash flow before rents.
The remuneration of the real estate experts, calculated quarterly on
the basis of a fixed lump sum plus a fixed fee, amounted to €1,0 million
(excluding VAT) in 2013.
Management Report
/ Corporate Governance Statement
92
/