Antwerp 28 November 2017 - Room to bloom · Evolution of the portfolio 0 3 Portfolio per 30/09/2017...

Antwerp28 November 2017

AGENDA

01 Who we are?

Market of student housing

Portfolio

Financial

Future

05Proposal06

01Who we are?

Who we are?

AGENCY

INVESTMENT

(BENELUX)MANAGEMENT

(BENELUX)CONSULTING

(BENELUX)

Who we are?

AGENCY

INVESTMENT

(BENELUX)MANAGEMENT

(BENELUX)CONSULTING

(BENELUX)

Offices• Antwerp• Mechelen• St-Niklaas

Who we are?

AGENCY

INVESTMENT

(BENELUX)MANAGEMENT

(BENELUX)CONSULTING

(BENELUX)

• 2nd largestindependantReal Estate Manager

• 2.000.000 m² undermanagement

Who we are?

AGENCY

INVESTMENT

(BENELUX)MANAGEMENT

(BENELUX)CONSULTING

(BENELUX)

• 2nd largestindependantReal Estate Manager

• 2.000.000 m² undermanagement

Quares Student Housing

Who we are?

• Non-listed investment vehicle – latest exit horizon 2026

• Return on Equity based upon capitalisation (no dividends)

• Student housing

• Geographical area: Belgium with 5 largest student cities

• Portfolio of € 56,3 mio

• Shareholders structure:

• www.qshf.be

Fam.Costermans

+/- 180 shareholders

02Market of student housing

International context

Bologna Process

Creation of 1 European higher education framework

• Mutual recognition of study periods

• Similar qualifications

• Uniform quality standards

“Higher education is becoming an worldwide business”

Number of international students20144.1 m

20207.0 m

Globalisation of higher education

BelgiumImpact on globalisation for Belgium

Higher instream of international and European Students through:

• Higher transparency of Belgian study possibilities

• Higher mobility of European & international students;

+9,36%

+40,83%

Source: In-house researchQuares; Engelstaligonderwijs bezig aan forseopmars, De Tijd, 8 mei2015, Bedrijven snakkennaar internationaalonderwijs,De Tijd, 8 mei 2015.

BelgiumImpact op globalisation for Belgium

… enabled by:

• Erasmus programs

Source: In-house research Quares; Focus on: What future for student mobility, Ross McQueen and David Crosier, Eurydice, 14/02/2017; Recordaantal Vlaamse studenten op Erasmus, Persbericht kabinet Vlaamse minister van Onderwijs Crevits, 12/08/2016; Onderwijs Vlaanderen. Dit is een grafiek op basis van de inkomende studenten die Erasmus volgen. Dit is geen netto-grafiek die rekening houdt met de studenten die buiten België gaan studeren via Erasmus. Noteer dat de contracten aangaande studentenhuisvesting mbtErasmus studenten veelal een kortere termijn hebben dan 1 jaar (wat gebruikelijk is).

• Geographical situation

• Low life, housing and study costs compared to other countries

• Agenda of Lisbon agreement 2020

• Tendancy to prolongation of study period

BelgiumIncreasing number of students

Belgium – evolution number of students

Source: In-house research Quares

Flanders – scattered landscape

Source: In-house research Quares; Centrumsteden in evolutie, editie 2016, Mercedes Van Volcem.

Source: In-house research Quares.

Wallonia – scattered landscape

Brussels – scattered landscape

Student Housing in the press - Belgium

Source: VRT, 29 augustus 2017; De Tijd, 2 september 2017; De Tijd, 13 september 2017

Student Housing in the press - Antwerp

Source: De Standaard, 26 augustus 2017; De Tijd, 2 september 2017; De Standaard, 6 september 2017.

Student Housing in the press - Brussels

Source: De Standaard, 18 juli 2017; BRUZZ, 25 augustus 2017; VRT, 29 augustus 2017; De Tijd, 2 september 2017.

Student Housing in the press - Leuven

Source: De Standaard, 21 februari 2017; VETO, 27 februari 2017; De Standaard, 14 juli 2017; De Standaard, 26 augustus 2017; De Tijd, 17 augustus 2017; De Tijd,

2 september 2017.

Student Housing in the press – Ghent

Source: De Standaard, 19 april 2016; De Standaard, 23 september 2016; De Tijd, 2 september 2017; De Morgen, 20 september 2017.

Student Housing in the press – Liège

Source: La Meuse, 19 juli 2017; RTL, 21 augustus 2017; Le Soir, 29 augustus 2017

Student Housing in the press

Source: BRUZZ, 1 februari 2016; De Tijd, 9 juni 2016; De Standaard, 9 augustus 2016; Vlaams minister van

Onderwijs Crevits, 12 augustus 2016; Catella, 9 maart 2017; JLL, 2017.

BelgiumIncreasing number of students

75% enrollment rate

Source: Gross enrolment ratio by level of education, Unesco Institutefor statistics, 2000-2015.

BelgiumNumber of students in K

165 institutions of higher education – 610 locations

Source: In-house research Quares; Centrumsteden in evolutie, editie2016, Mercedes Van Volcem.

5 universities , 13 high schools, 12 other institutionsof higher education

4 universities, 39 high schools, 9 other institutionsof high education

4 universities, 78 high schools, 1 other institution of higher education

Nr of Students in ‘000

Belgium

Focus on 5 cities

Source: In-house research Quares; Centrumsteden in evolutie, editie2016, Mercedes Van Volcem.

Number of students in K

5 universities , 13 high schools, 12 other institutionsof higher education

4 universities, 39 high schools, 9 other institutionsof high education

4 universities, 78 high schools, 1 other institution of higher education

Nr of Students in ‘000

Focus on 5 cities

30% of locations covers 72% of students

Nr. % Possible Locations %

Total nr. of students 437.000 100% 610 100%

Total nr. of students in 5 cities 315.000 72% 180 30%

Total nr. of students in 5 cities residing in rooms

150.000 48%

Total nr. of rooms in 5 cities

104.000 69%

Shortage 46.000 31%

Belgium – Key Figures

Key Figures of 5 largest cities

KEY NUMBERS ACADEMIC YEAR ‘16-17

Antwerp Leuven Ghent Brussels Liège

Number of students 55.086 55.206 62.772 91.940 48.855

Share foreign students 9,74% 9,73% 12,83% 26,57% 13,00%

Number of students living at

student rooms

7.500 40.000 37.500 55.164 9.354

Share students living at student

13,62% 72,46% 56,74% 60% 17,54%

Number of rooms 9.500 41.237 31.000 10.500 12.000

Tendency rooms Oversupply

Oversupply

Undersupply

(6.500)

Undersupply

(44.664)

Oversupply

Average

price/month

room € 335 € 355 € 326 € 446 € 320

studio € 410 € 460 € 427 € 520 € 359

appartement € 525 / € 495 € 600 € 544

Occupancy rate rooms 80% 97% 95% 99% 90%

Quality label Antwerps

kwaliteitslabel

Kotlabel to be

developed

Br(ik-OK-label Verhuur licentie

(Le Permis de

location)

03Portfolio

Portfolio Portfolio today

BrusselsBuildings: 5Rooms: 267Value: € 29,6m

AntwerpBuildings: 15Rooms: 202Value: € 19,1m

LiegeBuildings: 1Rooms: 146Value: € 7,6m

Evolution of the portfolio

Portfolio per 30/09/2017

14 280 16 24324 541

29 6307 430

7 5907 590

19 100

10 000

20 000

30 000

40 000

50 000

60 000

31/12/2014 31/12/2015 31/12/2016 30/09/2017

EVOLUTION OF THE TOTAL PORTFOLIO (€ ‘000)

Brussels Liege Antwerp Leuven Gent

Portfolio Today

Actual portfolio in 3 cities

OR: Occupancy RateContract: Contract duration until 1st breakERV: Estimated Rental ValueRent: Actual RentIV: Investment Value

Portfolio (based upon IV)

Brussel Liege Antwerp

Rooms OR ContractYearly

RentERV Var. IV

Market

Actual

YieldNr. % Y € '000 € '000 €m € '000 % %

Brussels 267 99,3% 7,6 1 757 1 720 2,1% 29 630 5,81% 5,93%

Liege 146 100,0% 0,6 544 570 -4,6% 7 590 7,52% 7,17%

Antwerp 202 100,0% 1,0 1 042 1 057 -1,4% 19 100 5,53% 5,45%

Total 615 99,7% 4,2 3 343 3 347 -0,1% 56 320 5,94% 5,94%

Portfolio Today- Brussels

Brussels

29,6 Mio

Occupancy

Inv. Value

> 94% of the passing rent for > 3 years / > 43% of passing rent for > 14 years

RoomsYearly

rent (' 000)

Rental

DateClient

Operate

d byCosts

Kothouse 21 103 QSH yearly Students Br(ik Yes

Van Orley & Zavelput 86 765 Br(ik 2031 Br(ik Br(ik No

Méridien 18 89 Usl-B 2020 Usl-B Usl-B Yes

Ommegang 142 800 Usl-B 2020 Usl-B Usl-B Yes

267 1 757

eBrussels, Ommegang

Finance Avenue18 November 2017

eBrussels, Ommegang

Portfolio Today - Liège

7,6 Mio

Occupancy

Inv. Value

• One of the largest student residences in Liège;

• Mainly for long and short stays for Erasmus students;

• Originally a gift by the RuhlFamily to the Belgian State –later on, acquired by private investor who completely renovated the building and rooms;

Portfolio Today - Antwerp

Antwerp

19,1 Mio

Occupancy

Inv. Value

• Per 29/06/2017 – Deal with Fam. Costermans to acquire total portfolio of € 35 mio in Antwerp

• Top locations nearby Antwerpcampus

Pipeline – doubling portfolio with …

Further acquisition of Room To Bloom Portfolio

• Inaugurated in 1976 as “First Immo”• In 2002: split of “First Student Housing”

• Change of name in 2010 “Room to Bloom”

• >20 years experience• Family owned : managed by father anddaughter Costermans

• Confident and strong structure with lotsof experience of Antwerp Studenthousing market.

• 21 houses in Antwerpen centre, 282student kots & 54 startersflats (of which 31 kamers in construction)

• Toplocations: Around Paardenmarkt andOssenmarkt, THE studentenlocation in Antwerp

• Declared Building permit stop forstudenthousing at this location

•100 % Occupancy• Real estate in very good condition’green label’

•Experienced en competent team of 5 FTE’s (incl. handy man & cleaning)

Room to Bloom

Top Location in Antwerp

University of Antwerp

AP High School

Room to Bloom

Portfolio

Nr. of students residing in rooms (‘ 000)

Pipeline – and…

Development of further pipeline in

existing and additional cities

04Financial

Profit & Loss (‘000) - 30/06/2017

04Consolidation per 30/06/2017 does not include figures for the Room To Bloom Transaction as Transaction did occur on 29/06/2017.

30/06/2017 30/06/2016 Variance 31/12/2016

1 2 1-2 3

Rental income & provisions (A) A 857 820 36 1 684

A. Turnover 847 817 29 1 648

D. Other Income 10 3 7 36

Operational expenses (B) B -1 092 -1 083 -9 -2 262

Direct Costs 0 0 0 0

General Services -200 -311 111 -738

Personnel Costs -50 -52 2 -116

Depreciations -673 -656 -17 -1 294

Other Costs -169 -64 -105 -115

Operational Result (A)+(B) A+B -236 -263 27 -578

Depreciations C 673 656 17 1 294

EBITDA A+B+C 438 393 44 716

EBITDA % 51,08% 47,93% 42,50%

Financial income D 1 4 -3 10

Financial charges E -131 -146 15 -335

Result before taxes (EBT) A+B+C+D+E 307 251 55 391

Income Taxes F 0 0 0 0

Result A+B+C+D+E+F 307 251 55 391

Financial charge 1,79% 2,33% 2,53%

ConsolidatedStatutory BS (not IFRS) meaning no restatementtoinvestment value, expertisedby CBRE

Balance sheet (‘000) - 30/06/2017

ConsolidatedStatutory BS (not IFRS) meaning no restatementtoinvestment value, expertisedby CBRE

30/06/2017 30/06/2016 31/12/2016 31/12/2015

ASSETS 1 2 3 4

Fixed assets 38 961 28 704 29 628 22 686

I. Formation expenses 1 146 1 585 1 193 1 459II. Intangible fixed assets 34 7 12 8III. Tangible fixed assets 37 781 27 112 28 423 21 219

Current assets 2 326 5 315 5 507 4 091VII. Amounts receivable within 1 year 39 109 32 9IX. Cash at bank and in hand 2 244 5 174 5 441 4 059

X. Deferred charges and accrued income 43 31 34 23

Total assets 41 288 34 018 35 135 26 776

LIABILITIES

Equity 24 076 20 937 20 439 14 021

Minority Interests 0 0 0 1

Provisions and deferred taxes 495 0 0 0

Amounts payable 16 717 13 082 14 696 12 755VII. Amounts payable after more than 1 year 15 260 12 042 13 359 11 756VIII. Amounts payable within 1 year 1 347 907 1 254 854

IX. Accrued charges and deferred income 110 133 83 145Total liabilities 41 288 34 018 35 135 26 776

Consolidation per 30/06/2017 does include figures for the Room To Bloom Transaction as Transaction did occur on 29/06/2017.

Debt analysis - 30/06/2017

30/06/2017 30/06/2016 31/12/2016 31/12/2015

Amounts payable 16 717 13 082 14 696 12 755VII. Amounts payable after more than 1 year 15 260 12 042 13 359 11 756

A. Financial debts 15 260 12 042 13 359 11 756

(i) Bond loans 0 11 382 0 10 266

(ii) Credit institutions 15 260 660 13 359 1 490VIII. Amounts payable within 1 year 1 347 907 1 254 854

30/09/2017 30/06/2017 30/06/2016 31/12/2016 31/12/2015

Calculation of Debt Ratio

1. Upgrade to Investment Value

Investment Value CBRE 56 320 42 433 30 167 32 131 23 673

Book Value 37 781 27 112 28 423 21 219

Variance 4 652 3 055 3 708 2 454

2. Debt Ratio

Restated Assets 56 320 42 433 30 167 32 131 23 673

Net Financial Liabilities 23 659 13 285 7 138 8 197 7 950

Debt ratio 42,0% 31,3% 23,7% 25,5% 33,6%

Max. Debt Ratio 60,0% 60,0%

Headroom Additional Investment Value 25 333 30 438

Headroom Decrease in Investment Value 16 889 20 292

30/06/2017 30/06/2016 31/12/2016 31/12/2015

(i) Bond loans 0 11 382 0 10 266

30/09/2017 30/06/2017 30/06/2016 31/12/2016 31/12/2015

Book Value 37 781 27 112 28 423 21 219

Variance 4 652 3 055 3 708 2 454

2. Debt Ratio

Restated Assets 56 320 42 433 30 167 32 131 23 673

Debt ratio 42,0% 31,3% 23,7% 25,5% 33,6%

Headroom Decrease in Investment Value 16 889 20 292• Portfolio is valued 2 times a year by Real Estate Expert CBRE

• Valorisation @ Investment Value

30/06/2017 30/06/2016 31/12/2016 31/12/2015

(i) Bond loans 0 11 382 0 10 266

30/09/2017 30/06/2017 30/06/2016 31/12/2016 31/12/2015

Book Value 37 781 27 112 28 423 21 219

Variance 4 652 3 055 3 708 2 454

2. Debt Ratio

Restated Assets 56 320 42 433 30 167 32 131 23 673

Debt ratio 42,0% 31,3% 23,7% 25,5% 33,6%

30/06/2017 30/06/2016 31/12/2016 31/12/2015

(i) Bond loans 0 11 382 0 10 266

30/09/2017 30/06/2017 30/06/2016 31/12/2016 31/12/2015

Book Value 37 781 27 112 28 423 21 219

Variance 4 652 3 055 3 708 2 454

2. Debt Ratio

Restated Assets 56 320 42 433 30 167 32 131 23 673

Debt ratio 42,0% 31,3% 23,7% 25,5% 33,6%

30/06/2017 30/06/2016 31/12/2016 31/12/2015

(i) Bond loans 0 11 382 0 10 266

30/09/2017 30/06/2017 30/06/2016 31/12/2016 31/12/2015

Book Value 37 781 27 112 28 423 21 219

Variance 4 652 3 055 3 708 2 454

2. Debt Ratio

Restated Assets 56 320 42 433 30 167 32 131 23 673

Debt ratio 42,0% 31,3% 23,7% 25,5% 33,6%

Debt ratio of 42%

headroom for 25 Mio additional investments with debt

limited risk of decrease of value

Consolidated figures per 30/06/2017

17,4%0,0%

Quares KBC AM Fam. Costermans Other

Before Deal Room to Bloom

KBC 0,3%

Quares KBC AM Fam. Costermans Other

After Deal Room to Bloom

Costermans

Shareholders (number of shares)

Capital Increases since incorporation (21/02/2013)

8 capital increases for > € 25,2 Mio

1 1371 110

7/mrt/13 12/apr/13 24/apr/14 28/nov/14 13/mrt/15 13/jul/15 8/feb/16 30/mrt/16 29/jun/17 Today

Capital Capital Increase

Capital

25.296(€ 000)

Evolution of Net Asset Value

The Net asset value is based upon the Gross Investment Value (VON) for the property, i.e. that the value does not take into account that a possible buyer needs to pay possible registrationduties whereby a possible lower price will be paid to Quares. The Net asset Value is also based upon Equity before substraction of non-amortised formation expenses

Evolution of Net Asset Value

11 427 € 11 459 €

11 870 €11 984 €

12 108 € 12 064 €

12 453 €

13 084 €

9 500 €

10 000 €

10 500 €

11 000 €

11 500 €

12 000 €

12 500 €

13 000 €

13 500 €

14 000 €

30/06/2014 31/12/2014 30/06/2015 31/12/2015 30/06/2016 31/12/2016 30/06/2017 31/12/2017

The Net asset value is based upon the Gross Investment Value (VON) for the property, i.e. that the value does not take into account that a possible buyer needs to pay possible registrationduties whereby a possible lower price will be paid to Quares. The Net asset Value is also based upon Equity before substraction of non-amortised formation expenses

Gross / Net Yield (for “C” shares)

31/12/17

VON FV

NAV (€) 13.084 12.567

Calculation of yield for ‘C’ shares

Gross (%) 5,77 4,86

Net (%) 5,42 4,51

1. VON: The Net asset value is based upon the Gross Investment Value (VON) for the property, i.e. that the value does not take into account that a possible buyer needs to pay possibleregistration duties whereby a possible lower price will be paid to Quares. The Net asset Value is also based upon Equity before substraction of non-amortised formation expenses

2. FV: The Net asset value is based upon the Fair Value (FV) for the property, i.e. that the value does take into account investment value minus 2,5% of the investment value (this is based upon the fact that a sample is taken in the market where a large % of het real estate transactions is done with shares (without registration duties) and a small % is done withregistration duties. Net asset Value is also based upon Equity before substraction of non-amortised formation expenses.

3. The Gross and net yields calculated are based the % for the shares of the C category (based upon start price of € 10,000 per share)4. Yields are calculated based upon the preferential distibution for the intial ‘A’ and ‘B’ shares

05Future

Room to Bloom transaction

Acquisition process of Room To Bloom Portfolio

• PART 1: 100% acquisition of shares of SAGI NV– Change of name to Room To Bloom NV

– Financed with cash and capital increase fam. CostermansEUR 7,5 Mio

• PART 2: Per 29/09: 9 properties with 132 units were acquired

– Financed with cash and capital increase fam. CostermansEUR 11,6 Mio

• PART 3 & 4: Further acquisition of Room to Bloom portfolio

16,2 Mio

• Blindestraat 4,6,8• Gratiekapelstraat 2,4 and 6

• Paardenmarkt 67,70, 93 en 100

• Rijnpoortvest 19-21• Rodestraat 2, 15, 17 en 31

Further Room To Bloom …

2.000 rooms before 2026

• Further growth in Brussels, Liege and Antwerp• Entry in new cities: Leuven and Ghent

483 615

30/06/2017 30/09/2017 After R2B 2026

06Proposal

Proposal – Capital Increase

Main characteristics of capital increase

Description

Capital Increase Max. 10 Mio €

Max. nr. of shares 761

Inscription Period To be communicated shortly

Emission price € 13.137,25

Min. Number of shares 8

Distribution costs 2%

Min. ticket € 105.100

Thank you

Antwerp 28 November 2017 - Room to bloom · Evolution of the portfolio 0 3 Portfolio per 30/09/2017...

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