Of-Town Retail Real Estate
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annual report 22,94% The Netherlands 19 2018 - 2019IN BRIEF GEOGRAPHICAL DISTRIBUTION TYPE OF BUILDING COMMERCIAL ACTIVITIES OF TENANTS 3,13% 20,93% Other 22,94% 44,97% Clothes/shoes 22,57% The Netherlands Flanders Commodities 15,09% Individual peripheral retail properties 8,09% Various 12,23% Retail clusters 69,55% Retail parks 10,14% 32,09% Food Wallonia 38,26% Voluminous RETAIL PROPERTIES NUMBER OF EMPLOYEES The real estate portfolio of Retail Estates nv consists of retail 906 14 Retail properties properties located outside 16 the largest cities of Belgium and the Netherlands 30 160 Employees 746 Retail Retail properties properties in in Belgium The Netherlands GROWTH PORTFOLIO RETAIL ESTATES NV BETWEEN 1998 AND 2019 Area m2 Fair value (in thousands EUR) ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 1 049 101 m2 1 529 629 € Retail area Fair value Retail Estates invests in acquisitions, Retail Estates nv has concentrated investments in project developments on continuously improving the quality and investments in the optimisation of its properties and the expansion of its real estate portfolio. of its real estate portfolio. GEOGRAPHICAL SPREAD CLUSTERS NEW CLUSTERS IN THE NETHERLANDS 2018 1 Retail park Spijkenisse 2018-2019Cruquius 98.28% Amsterdam Investment: 47.2 miljoen € 31 retail units Apeldoorn 2 Stable occupancy rate 28 527 m Alphen aan den Rijn The current outlet renting market in the Leiderdorp This annual financial report is a registration document suburban areas shows great stability with within the meaning of Article 28 of the Law of 16 June 2006 respect to both investors and lessees. Veenendaal concerning the public offer of investment instruments and the Rotterdam 1 NEW CLUSTERS admissionIN BELGIUM of investment 2018instruments to trading on a regulated Spijkenisse market. The Dutch version of this report was approved by the 2 6 Retail park Fosses-la-VilleBelgian Financial Services Retail andpark Markets Merksem Authority (FSMA) in compliance with Article 23 of the aforementioned Law on 11 Investment: 29 miljoen €June 2019. The approvalInvestment: of this registration 6.26 miljoen document € does not imply any opinion of the FSMA on the state of the Company 29 retail units (in compliance with5 Article retail 23,units 2° of the aforementioned Middelburg Roosendaal Law). Purely for informational causes, the present report is 2 2 17 132 m also made available 3 in 800 Dutch m and French on the Company’s website (www.retailestates.com). The Dutch version as well Antwerpen-Noord 6 as the French and English version of this annual report are ANTWERPEN 3 7 Merksem Lommel Retail park Mons Genk BRUGGE-NOORD Eeklo legally binding. Within the framework of their contractual Sint-Niklaas Antwerpen-Zuid Lier Westerlo relationship with the Company, investors can therefore Investment: 27.8 miljoen € Investment: 8.78 miljoen € Mechelen-Noord Beringen always appeal to the translated versions. Retail Estates, WEST-VLAANDEREN GENT-ZUID Dendermonde Mechelen-Zuid LIMBURG Heerlen represented by its responsible people, is responsible for the Wetteren 5 7 7 retail units 6 retail units Roeselare VLAAMS - BRABANT Genk OOST-VLAANDEREN translation and conformity of the Dutch, French and English Kampenhout HASSELT BRUSSEL 2 language versions. However,2 in case of discrepancies between BRUXELLES LEUVEN-Oost 11 779 m 4 381 m Kortrijk-Noord Oudenaarde Zaventem language versions, the Dutch version always prevails. Tongeren BRABANT WALLON Barchon 4 8 Halle Retail park Arlon Retail park Frameries Herstal ALTERNATIVE PERFORMANCE MEASURES Braine-l’Alleud Rocourt Ath Eupen Tournai Nivelles LIÈGE Verviers Alternative performance measures are standards that Investment: 17.4 miljoen € Investment: 21.5 miljoen € Gembloux LIEGE HAINAUT Retail Estates nv uses to measure and track its financial NAMUR-Nord 3 Sambreville 2 performance. The measures are used in this annual MONS Fosses-la-Ville 6 retail units 14 retail units 8 Namur-Sud Aiseau-Presles report but are not defined in a law or generally accepted Frameries 11 123 m2 accounting principles 14 (GAAP).917 m2 The European Securities and NAMUR Markets Authority (ESMA) has issued guidelines applicable Dinant Marche-en-Famenne from 3 July 2016 for the use and explanation of alternative 5 Retail park Hasselt performance measures. The terms considered by Retail Estates nv as an alternative performance measure are Investment: 14.9 miljoencontained € in chapter 8 of this report, Miscellaneous, called “Glossery - Alternative performance measures”. The definition, 4 retail units LUXEMBOURG purpose and reconciliation of the alternative performance 2 measures are foreseen as required by the ESMA Directive. 5 762 m 4 ARLON GEOGRAPHICAL SPREAD CLUSTERS NEW CLUSTERS IN THE NETHERLANDS 2018 1 Retail park Spijkenisse 2018-2019Cruquius 98.28% Amsterdam Investment: 47.2 miljoen € 31 retail units Apeldoorn 2 Stable occupancy rate 28 527 m Alphen aan den Rijn The current outlet renting market in the Leiderdorp This annual financial report is a registration document suburban areas shows great stability with within the meaning of Article 28 of the Law of 16 June 2006 respect to both investors and lessees. Veenendaal concerning the public offer of investment instruments and the Rotterdam 1 NEW CLUSTERS admissionIN BELGIUM of investment 2018instruments to trading on a regulated Spijkenisse market. The Dutch version of this report was approved by the 2 6 Retail park Fosses-la-VilleBelgian Financial Services Retail andpark Markets Merksem Authority (FSMA) in compliance with Article 23 of the aforementioned Law on 11 Investment: 29 miljoen €June 2019. The approvalInvestment: of this registration 6.26 miljoen document € does not imply any opinion of the FSMA on the state of the Company 29 retail units (in compliance with5 Article retail 23,units 2° of the aforementioned Middelburg Roosendaal Law). Purely for informational causes, the present report is 2 2 17 132 m also made available 3 in 800 Dutch m and French on the Company’s website (www.retailestates.com). The Dutch version as well Antwerpen-Noord 6 as the French and English version of this annual report are ANTWERPEN 3 7 Merksem Lommel Retail park Mons Genk BRUGGE-NOORD Eeklo legally binding. Within the framework of their contractual Sint-Niklaas Antwerpen-Zuid Lier Westerlo relationship with the Company, investors can therefore Investment: 27.8 miljoen € Investment: 8.78 miljoen € Mechelen-Noord Beringen always appeal to the translated versions. Retail Estates, WEST-VLAANDEREN GENT-ZUID Dendermonde Mechelen-Zuid LIMBURG Heerlen represented by its responsible people, is responsible for the Wetteren 5 7 7 retail units 6 retail units Roeselare VLAAMS - BRABANT Genk OOST-VLAANDEREN translation and conformity of the Dutch, French and English Kampenhout HASSELT BRUSSEL 2 language versions. However,2 in case of discrepancies between BRUXELLES LEUVEN-Oost 11 779 m 4 381 m Kortrijk-Noord Oudenaarde Zaventem language versions, the Dutch version always prevails. Tongeren BRABANT WALLON Barchon 4 8 Halle Retail park Arlon Retail park Frameries Herstal ALTERNATIVE PERFORMANCE MEASURES Braine-l’Alleud Rocourt Ath Eupen Tournai Nivelles LIÈGE Verviers Alternative performance measures are standards that Investment: 17.4 miljoen € Investment: 21.5 miljoen € Gembloux LIEGE HAINAUT Retail Estates nv uses to measure and track its financial NAMUR-Nord 3 Sambreville 2 performance. The measures are used in this annual MONS Fosses-la-Ville 6 retail units 14 retail units 8 Namur-Sud Aiseau-Presles report but are not defined in a law or generally accepted Frameries 11 123 m2 accounting principles 14 (GAAP).917 m2 The European Securities and NAMUR Markets Authority (ESMA) has issued guidelines applicable Dinant Marche-en-Famenne from 3 July 2016 for the use and explanation of alternative 5 Retail park Hasselt performance measures. The terms considered by Retail Estates nv as an alternative performance measure are Investment: 14.9 miljoencontained € in chapter 8 of this report, Miscellaneous, called “Glossery - Alternative performance measures”. The definition, 4 retail units LUXEMBOURG purpose and reconciliation of the alternative performance 2 measures are foreseen as required by the ESMA Directive. 5 762 m 4 ARLON GEOGRAPHICAL SPREAD CLUSTERS NEW CLUSTERS IN THE NETHERLANDS 2018 1 Retail park Spijkenisse 2018-2019Cruquius 98.28% Amsterdam Investment: 47.2 miljoen € 31 retail units Apeldoorn 2 Stable occupancy rate 28 527 m Alphen aan den Rijn The current outlet renting market in the Leiderdorp suburban areas shows great stability with CONTENTS respect to both investors and lessees. Veenendaal Rotterdam 1 NEW CLUSTERS IN BELGIUM 2018 1 RISK FACTORS 5 Spijkenisse 2 6 Retail park Fosses-la-Ville Retail park Merksem 2 LETTER TO THE SHAREHOLDERS 27 Investment: 29 miljoen € Investment: 6.26 miljoen € 3 MANAGEMENT REPORT 31 29 retail units 5 retail units Middelburg Roosendaal 2 2 4 RETAIL ESTATES ON THE STOCK EXCHANGE 83 17 132 m 3 800 m Antwerpen-Noord 5 REAL ESTATE REPORT 91 6 3 7 Merksem ANTWERPEN Retail park Mons Genk Lommel IN RETAIL WE TRUST BRUGGE-NOORD Eeklo Sint-Niklaas Antwerpen-Zuid Lier Westerlo Investment: 27.8 miljoen € Investment: 8.78 miljoen € 6 FINANCIAL REPORT 125 Mechelen-Noord Beringen WEST-VLAANDEREN GENT-ZUID Dendermonde Mechelen-Zuid LIMBURG Heerlen Wetteren 5 7 7 retail units 6 retail units Roeselare VLAAMS - BRABANT Genk 7 PERMANENT DOCUMENT 197 OOST-VLAANDEREN Kampenhout HASSELT BRUSSEL 2 2 BRUXELLES LEUVEN-Oost 11 779 m 4 381 m Kortrijk-Noord Oudenaarde Zaventem 8 MISCELLANEOUS 217 Tongeren BRABANT WALLON Barchon 4 8 Halle Retail park Arlon Retail park Frameries Herstal Braine-l’Alleud Rocourt Ath Eupen Tournai Nivelles LIÈGE Verviers Investment: 17.4 miljoen € Investment: 21.5 miljoen € Gembloux LIEGE HAINAUT NAMUR-Nord 3 Sambreville 2 MONS Fosses-la-Ville 6 retail units 14 retail units 8 Namur-Sud Aiseau-Presles Frameries 11 123 m2 14 917 m2 NAMUR Dinant Marche-en-Famenne 5 Retail park Hasselt Investment: 14.9 miljoen € 4 retail units LUXEMBOURG 2 5 762 m 4 ARLON IN RETAIL WE TRUST RISK FACTORS O1 MARKET RISKS 8 O2 OPERATIONAL RISKS 11 O3 FINANCIAL RISKS 13 O4 REGULATORY RISKS 15 The main risks facing the company are listed below.