Creating the largest listed real-estate development group in Belgium

PROJECT TO MERGE

INTRODUCTION

Combining businesses and expertises

  • ALLFIN and IMMOBEL, two major players in real-estate development in Belgium, are proposing to combine their businesses and expertise by means of a merger by absorption of ALLFIN by IMMOBEL.
  • The new entity, which will operate under the name IMMOBEL, will become the largest publicly traded Belgian real-estate developer, with an expected market capitalisation of more than 400 MEUR and assets of over 920 MEUR.
  • The new entity will be stronger both operationally and financially. It will have the size and the financial resources needed to ensure good growth take new opportunities. A prospect that will benefit all the shareholders.

IMMOBEL & ALLFIN

Key facts

  • Listed on NYSE Euronext Brussels since 1863 and a major player in property development for 153 years.
  • Working mainly in the office segment and housing development, and to a lesser extent in residential property.
  • Operating in Belgium, Luxembourg and Poland.

50

Talents

96.6 MEUR

Turnover (2015) (1)

(1) According to IFRS principles, before application of IFRS 11

0.7 MEUR

Net earnings (2015)

248 MEUR

Adjusted Net Financial Debt (2015) (2)

(2) Net Financial Debt, adjusted with debt like and cash like items.

  • Founded by Marnix Galle in 2001.
  • 360° developer with integrated sales and after-sales services.
  • Working mainly in the residential segment which offers better returns and a lower risk.
  • Has offices in Belgium and Luxembourg.

44

Talents

111.2 MEUR

Turnover (2015) (1)

(1) According to IFRS principles, before application of IFRS 11.

24.4 MEUR

Net earnings (2015)

45 MEUR

Adjusted Net Financial Debt (2015) (2)

(2) Net Financial Debt, adjusted with debt like and cash like items.

Iconic projects

BLACK PEARL

  • Brussels, Belgium
  • Architect: Art & Build
  • 11,000 sqm
  • Estimated sales value: > 55 MEUR
  • Offices
  • Acquired in 2010

MÖBIUS (BRUSSELS TOWER)

  • Brussels, Belgium
  • Architect: Assar Architects
  • 60,000 sqm
  • Estimated sales value: confidential
  • Offices
  • Acquired in 2005

UNIVERSALIS PARK

  • Brussels, Belgium
  • Architect: Art & Build
  • 110,000 sqm
  • Estimated sales value: > 350 MEUR
  • Residential
  • Acquired in 2007
  • 50% partnership

CBD ONE

  • Warsaw, Poland
  • Architect: Kazimierski i Ryba Sp.j.
  • 18,700 sqm
  • Estimated sales value: > 80 MEUR
  • Offices and retail
  • Acquired in 2013

O'SEA

  • Ostend, Belgium
  • Architect: Coninx RDBM
  • 80,000 sqm
  • Estimated sales value: > 330 MEUR
  • Mixed-used development
  • Acquired in 2016

INFINITY

  • City of Luxembourg, Luxembourg
  • Architect: Arquitectonica & 3M
  • 33,000 sqm
  • Estimated sales value: >190 MEUR
  • Mixed-used development
  • Acquired in 2016

POLVERMILLEN

  • City of Luxembourg, Luxembourg
  • Architect: Assar Architects
  • 27,000 sqm
  • Estimated sales value: >160 MEUR
  • Mixed-used development
  • Acquired in 2016

CHAMBON

  • Brussels, Belgium
  • Architect: Jaspers & Eyers, A2RC
  • 50,000 sqm
  • Estimated sales value: >160 MEUR
  • Mixed-used development
  • Acquired in 2011

MERGED IMMOBEL

A stronger group

profitability

The many projects in development and to be developed in the ALLFIN portfolio (327,000 m²) will give Merged IMMOBEL better margins and thereby improve the new entity’s profitability. Faster rotation will also improve the RoE.

 

development

Merged IMMOBEL will be the largest listed real-estate development group in Belgium, with a market capitalisation exceeding 400 MEUR and assets of over 920 MEUR (+ cumulative m²).

talents

Merged IMMOBEL will have 94 highly talented staff, with very complementary skills, such as ALLFIN’s integrated sales and after-sales services, the presence of ALLFIN in Luxembourg and of IMMOBEL in Poland.

dividend

Since the two portfolios are complementary, it will be possible to offer shareholders a policy of a regular, growing and much more stable dividend.

 

cash flow

The robust financial health of ALLFIN will help reduce Merged IMMOBEL’s debt while generating higher cash flow.

 

investments

The improved financial situation of Merged IMMOBEL will also make available the amounts needed to invest in new projects with better overall profitability than the current IMMOBEL portfolio, both in Belgium and abroad.

 

diversification

Better diversification by geography and by segment. In addition to Poland, greater presence in Belgium and Luxembourg. The residential segment, which is more profitable and less risky, accounts for 58% of the new entity’s estimated gross margin (between 2016 and 2019).

TEAM

Converging expertises

“The new entity will have the size and the financial resources needed to ensure good growth and take new opportunities. A prospect that will benefit all the shareholders."

Alexander HODAC

CEO of IMMOBEL

 

34, after having obtained a degree in business engineering (Solvay/VUB), he started his professional career at Deloitte Corporate Finance-Real Estate (2005-2013) and served as Chief Commercial Officer of the Belgian residential REIT Home Invest Belgium from 2013 till 2015. In this last function he was responsible for the entire acquisition and disposal process of existing assets/ portfolios and development projects.

 

Marnix GALLE

Chairman of IMMOBEL, CEO of ALLFIN

 

52, having completed his schooling in the United States (baccalaureate from Indian Springs High School in Birmingham, Alabama), he also completed a “Bachelor Degree in Arts & Sciences” with Economics as a major and Law as a minor at Tulane University (New Orleans, Louisana). He began his professional career at Cegos Belgium in 1987 as a consultant and made his first steps in real estate in 1989 (family portfolio) until 2002. He is currently the CEO of ALLFIN Group, one of  Belgium’s leading real estate developers, since its founding in 2001, and Chairman of Urban Land Institute Belgium.

DOWNLOADS

Press releases

Other documents

Project to merge IMMOBEL and ALLFIN:

Creating the largest listed real-estate

development group in Belgium

 

20/04/2016 I PDF

ALLFIN evolution of equity value

 

20/04/2016 I PDF

IMMOBEL announces the merger with ALLFIN

 

06/04/2016 I PDF

Infographic: merged IMMOBEL

 

20/04/2016 I PDF

Press conference presentation

 

20/04/2016 I PDF

Assemblée Générale Extraordinaire du vendredi 10 juin 2016 : Documents

 

06/05/2016 I LINK

Buitengewone Algemene Vergadering op vrijdag 10 juni 2016 : Documenten

 

06/05/2016 I LINK

CONTACT

  • For any question regarding Shareholders matters, contact us directly via
    Valéry Autin - Tel.: +32 (0)2 422 53 61 - Mail: valery.autin@immobel.be

 

  • For any question regarding Corporate matters, contact us via
    Joëlle Micha - Tel.: +32 (0)2 422 53 57 - Mail : joelle.micha@immobel.be

 

  • For any question regarding Press and Communication matters, contact us via
    Sandrine Jacobs - Tel.: +32 (0)2 227 22 17 - Mail : s.jacobs@allfin.be

 

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