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Vastned Profile 5 Preface Taco De Groot 7 Big citiesSmal Stories ANNUAL REPORT 2017 Contents Vastned profile 5 Preface Taco de Groot 7 1. About Vastned 10 5. Report of the Supervisory Mission and core values 12 Board 126 Trends and market developments 13 SWOT analysis 14 Materiality matrix 15 Strategy 16 6. EPRA performance measures 150 Objectives 22 Composition of the Management team 24 Composition of the Supervisory Board 26 7. Direct and indirect result 158 2. 2017 Key data 40 8. 2017 Financial statements 162 2017 Key events 42 2013-2017 Financial key data 44 Portfolio key data 45 9. 2017 Remuneration report 238 3. Shareholder information 46 10. Property portfolio 244 Information on the Vastned share 48 2018 Financial calendar 52 11. Abbreviations and definitions 258 4. Report of the Executive Board 66 Review of the property portfolio 68 General information Vastned 264 Review of the 2017 financial results 77 Dividend policy and proposal 86 Events after balance-sheet date 86 2018 Outlook 87 Sustainability 88 Personnel and organisation 96 Corporate Governance 98 Risk management 104 Responsibility statement 112 This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparity the Dutch version shall prevail. No rights can be derived from the translated document. Vastned profile Vastned is a European listed property company with focus At year-end 2017, the value of the portfolio was on the best retail property on the popular high streets of approximately € 1.6 billion and comprised 79% core city bigger European cities with a historical inner city, also assets. The remaining part of the portfolio is defined known as core city assets. Vastned’s tenants are strong, as mixed retail locations, which comprise for example leading international and national retailers. By investing Belgian baanwinkels, supermarkets and high street shops in historical city centres and extending the life cycle in smaller cities. of historical properties Vastned also contributes to the liveability and safety of the various city centres. It also Vastned’s team numbers 42 FTEs divided over four contributes to the preservation of cultural heritage by European cities. By means of close collaboration the creating and renovating residential housing above retail strategy is carried out in a hands-on and pragmatic way, units. In this way Vastned endeavours to create value for aiming to keep enhancing the quality of the portfolio. its shareholders, retailers and residential tenants, local communities and visitors to the cities. Vastned’s financing strategy is conservative and risk- averse, aiming for a loan-to-value ratio of between 35% and 45%. 5 Preface Dear shareholders, tenants, colleagues and other relations, Before we look back at 2017, I would like to thank you all for AT HOME IN AMSTERDAM your trust in the execution of our strategy, and compliment The relocation of Vastned’s head office to Amsterdam my colleagues on their dedication; we could not have done also contributed to the positive results. 2017 was the it without you. first full year since we moved there. The move has had many benefits. We are much closer to the thrill: closer to We implemented the high street strategy at the end of 2011, Amsterdam airport, to our relations and to our biggest which since has been further updated in 2014 and 2017. We portfolio. The decision to streamline our management focus on the best retail property in the best high streets of structure also produced results. The new organisation now the bigger European cities. This means: acquiring property has even shorter communication lines, which enables us to that adds value to the existing portfolio, and selling act faster and more effectively. In addition, it is important property that does not. Since the end of 2011 we have made for our company culture - a key aspect of governance. divestments totalling approx. € 1 billion and acquisitions People now take up issues more quickly, and this benefits totalling approx. € 700 million. Meanwhile, part of the both the company’s atmosphere and the results. € 100 million in non-strategic assets in the Netherlands has been sold, and we are positive about selling the remaining part. That virtually completes the transition of TAKEOVER OFFER FOR VASTNED RETAIL the portfolio. BELGIUM In order to optimise the organisation further we One of the highlights of the past year was the decision to announced at the start of 2018 that we intend to make a divest our Istanbul portfolio. It was an excellent portfolio voluntary and conditional public offer for all shares in initially, but we sold it nevertheless due to the unstable Vastned Retail Belgium NV that we do not yet hold. Due economic and geopolitical situation in Turkey. The to a change in the law it has become possible to hold a Turkish Lira tumbled with that instability causing an non-listed property company in Belgium. Cancelling imbalance between the rents and the retailers’ turnover; the stock exchange listing allows us to save costs, which a problem we could only have solved through sharp rent in turn enables us to offer the shareholders in Vastned reductions. With hindsight, we made the sale at exactly Retail Belgium an attractive premium. Integrating the the right time. This is a typical case of less is more. We two companies will result in a simpler and more effective have used part of the proceeds of the sale of the Turkish organisational structure, which will also enhance our portfolio for a share buyback. After the divestment of growth possibilities in Belgium. the Turkish portfolio we can now focus on the big cities: Amsterdam, Antwerp, Paris, Madrid and Barcelona. STRONG POSITION We are in a strong position to assist new retailers who wish ACQUISITIONS IN CORE CITIES to enter new markets. In spite of the relative calmness The dynamic market conditions and the corresponding on the acquisition front, we still have a few highlights to uncertainty demand a careful acquisition policy. External report. For example, Uniqlo arrived on Rokin to open its factors have pushed up the prices of top quality property. first store. This Japanese chain is the new tenant of the That makes it hard for us to acquire core city assets. After property formerly occupied by Forever21. We have brought all, we don’t buy property just for the sake of it, but to a great new retailer to the Netherlands with Uniqlo. We add value - and that becomes harder when margins get often attract newcomers with our properties, as we have smaller. This is why we often decide against acquiring done with John Fluevog Shoes, Falke, Scalpers and El properties. We have promised our investors stable and Ganso, and now with Uniqlo - a great brand with a lot of predictable returns, so we can’t afford to go in all guns potential. Such entrances show that our portfolio is solid blazing. We must err on the side of caution. Especially in and attractive for retailers and newcomers who are looking an overheated market you have to keep your wits about for exposure in the busy high streets of big European cities. you and keep asking whether an acquisition will add value. As a result, over the past year we only made limited acquisitions in Amsterdam, Antwerp, Paris and Utrecht for approx. € 38 million in total. 7 SUSTAINABILITY BIG CITIES, SMALL STORIES Vastned is working on sustainability in various ways. For Finally the theme of this annual report: Big cities, small example, we started a pilot scheme among twenty retailers stories. This is about creative souls in the world of who have been offered the opportunity of having their entrepreneurs: people with good ideas and the energy to shop analysed in search of energy-saving measures. But carry them out. At the end of the day, it’s the people who sustainability is not just about energy. We are also working make cities. on social sustainability, for example with the construction/ renovation of starter apartments above shops. Big cities represents our focus on selected cities in Europe. Obviously only sustainable materials are used in these We maintain our strong belief in the attractiveness of transformations and renovations, and the listed status of big cities. And why small stories? Because big cities are the properties is also taken into account. The apartments nurtured by people with an innovative view on reality. A clearly meet a demand and contribute to a safe and lively good idea, an inspiration, an original thought. Things that city. This is something I am really proud of! add something to a company, a street or a city. It doesn’t always have to be grand and compelling. Small things may be vital. Here is one example: one of the drawbacks OUTLOOK 2018 of Amsterdam’s success as a city is that people get more In the present dynamic market, we remain critical with callous towards one another. You can counterbalance this an eye for important details. This produced good results with your behaviour, by being kind, by smiling, by holding in 2017 the reward of our consistency. Still, we have some a door open for someone... Gestures like that can brighten worries, for example about the separation movement in somebody’s day and really make a difference. This is the Catalonia, regarding our ambitions in Barcelona, and case in many areas, and also in retail. A small boutique populism in a few markets. Such movements are bad for with a passionate seller can make a customer very happy stability and therefore bad for us. Another issue is the because he gets the right kind of attention. amount of debt in the world.
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