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Letting activity
The marketing and Property Management teams are constantly working with a view to
improve the occupancy rate, the rental conditions and the lease term of the portfolio.
Rental situation by destination
In collected rents, offices represent 41.4% of the portfolio, health-
care real estate 38.8%, property of distribution networks 17.7%
and the other business sectors 2.1%. The difference between the
Properties
Super
structure
(in m²)
Contractual
rents
(x €1,000)
Contractual
rents
(in %)
Occupancy
rate
Rents + ERV
1
on unlet
(x €1,000)
ERV
1
(x €1,000)
Total offices & offices which receivables
have been sold
618,579
87,797
41.4%
90.35%
97,170
94,115
Healthcare real estate
682,461
82,233
38.8%
99.13%
82,953
83,327
Pubstone
360,887
29,854
14.1%
98.97%
30,166
27,406
Cofinimur I
59,867
7,731
3.6%
96.28%
8,030
8,311
Other
23,026
4,301
2.0% 99.84%
4,308
4,100
Total investment properties &
properties which receivables have been
sold
1,744,821
211,916
99.9%
95.19% 222,627
217,259
Projects and renovations
35,536
-
-
-
-
-
Land reserve
-
149
0.1%
-
149
176
GLOBAL PORTFOLIO
1,780,357
212,065
100%
95.19% 222,776
217,435
Breakdown by activity of the tenants – in consolidated
contractual rents and in contractual rents of the public RREC
(in %)
Main clients - in contractual rents (in %)
Korian/Medica Group
15.8%
AB InBev Group
14.1%
Armonea
9.8%
Buildings Agency (Belgian State)
5.6%
AXA Group
5.5%
Top 5 tenants
50.8%
International public sector
4.6%
ORPEA
4.3%
Senior Assist
3.7%
MAAF
3.6%
IBM Belgium
2.2%
Top 10 tenants
69.2%
Top 20 tenants
78.3%
Other tenants
21.7%
TOTAL
100%
1
ERV = Estimated Rental Value.
2
The contractual rents of the public RREC are related to Cofinimmo SA/NV.
MANAGEMENT REPORT /
Transactions and performances in 2014
rents actually collected and the contractual rents results from the
rent-free periods granted at the beginning of certain leases and the
prorata temporis vacancy of properties during the past 12 months.
0 5 10 15 20 25 30 35 40
Belgian public
sector
Healthcare
Information
technology
Insurance
International
public sector
Other
Chemicals, oil &
pharmaceuticals
Pubstone
Retail
Sollicitors &
consulting
Tele
communications
Consolidated contractual rents
Contractual rents of the RREC
2
Since the merger of both entities in March 2014, the Korian/Medica
Group has become the largest tenant of the portfolio. AB InBev,
which rents the entire Pubstone portfolio, comes second.
The public sector, both Belgian and international, represents 10.2%
of the tenants.
The other tenants in the segment of healthcare real estate are also
well represented, with Armonea, first nursing home operator in
Belgium, and ORPEA, one of the foremost European players in the
care market.
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