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The
Cushman & Wakefield
Group, through its subsidiaries in Belgium,
in France and in the Netherlands, is responsible for the property valua-
tion of the most important share of the portfolio.
In Belgium, the valuation is entrusted to the company Cushman &
Wakefield SA/NV (with registered offices located at Chaussée de La
Hulpe/Terhulpsesteenweg 166, 1170 Brussels). It is registered with the
Register of Legal Entities of Brussels under the number 0422 118 165
and is represented by Mr. Christophe Ackermans.
In France, the valuation is entrusted to Cushman & Wakefield DTZ
Valuation France SA (with registered offices located 8 rue de l’Hôtel de
Ville, 92200 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 registered offices located at 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 valuing offices and
healthcare real estate.
In Belgium, valuation is carried out by PricewaterhouseCoopers
Enterprise Advisory SCRL (whose registered office is located at
Woluwedal 18, 1932 Sint-Stevens-Woluwe, Belgium). It is registered
under the Register of Legal Entities of Brussels under the num-
ber 0415 622 333 and is represented by Mrs. Ann Smolders and
Mr. Jean-Paul Ducarme.
In the Netherlands, valuation is carried out by PricewaterhouseCoopers
Belastingadviseurs NV (whose registered office is located at Thomas
R. Malthussstraat 5, 1066 JR Amsterdam, Netherlands). It is registered
under No. NL 34180284 and is represented by Mr. J.H. Elink Schuurman.
In Germany, valuation is carried out by PricewaterhouseCoopers
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft (whose
registered office is located at Lise-Meitner-Straße 1, 10589 Berlin,
Germany). It is registered under No. HRB 44845 and is represented by
Mr. Dirk Hennig.
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 47 of the Royal Decree of 12.05.2014 relating
to RRECs, the real-estate experts carry out a valuation of all the
properties in the portfolio of the public RREC and its subsidiaries at
the end of each financial year. The valuation determines the carrying
value of the property assets 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 previous financial year, by
reference to market developments and the nature of the properties
concerned. Finally, in accordance with the provisions of Article 47
of the same Royal Decree, any property which is to be acquired or
disposed of by the RREC (or a company which it controls) is valued by
the experts before the transaction. This transaction must be carried
out at the value determined by the experts where the other party is
a financial sponsor of the RREC (Cofinimmo does not have such a
financial sponsor), the depository bank or any company with which
the public RREC is linked by participating interests or where any of the
above-mentioned parties gains any advantage during the transaction.
The valuation of a property consists in determining its value on a spe-
cific 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 transaction, 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 purchaser,
including, where appropriate, the registration duties or VAT (if the
acquisition is subject to VAT).
The fair value, within the meaning of the IAS/IFRS accounting prin-
ciples, 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 port-
folio, or a portion thereof, as shown by the operations carried out by
Cofinimmo since it acquired the status of RREC (formerly Sicafi/Bevak).
The experts’ valuation depends in particular on:
•
the location;
•
the age and type of building;
•
the state of repair and level of comfort;
•
the rchitectural aspect;
•
the gross/net surface areas;
•
the number of parking spaces;
•
the ental 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
1,062,846 EUR (including VAT) in 2015.
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