Compagnie immobilière de belgique

Transcription

Compagnie Immobilière de Belgique
ANNUaL report
2007
FINANCIAL INFORMATION
IFRS
2004
2005
2006
2007
198.4
150.1
232.4
176.6
72.2
CONSOLIDATED ACCOUNTS (MEUR)
Operating income
Cash flow
3.4
8.2
10.3
Net income, Group's share
0.5
17.2
20.2
50.2
Equity, Group's share
165.9
181.3
194.8
206.2
Market capitalization
136.1
158.3
182.4
178.1
INFORMATION PER SHARE (EUR)
4 114
4 122
4 122
4 122
Consolidated cash flow
0.8
2.0
2.5
17.5
Net consolidated income, Group's share
0.1
4.2
4.9
12.2
40.3
44.0
47.3
50.0
Number of shares (thousands) at year-end
Return on equity (%)
Value of consolidated equity
25
20
15
Net common dividend
0.0
1.1
1,5
9.0
Gross common dividend
0.0
1.5
2.0
12.0
Closing price
33.1
38.4
44.3
43.2
Maximum quotation
36.2
38.9
44.3
49.8
Minimum quotation
30.4
33.6
37.6
36.5
2004
2005
2006
2007
78.9
10
BELGIAN GAAP
5
COMPANY FINANCIAL STATEMENTS (MEUR)
Cash flow
0
2004
2005
2006
2007
Return on equity is calculated based on the average
equity at the beginning and end of the financial year.
Net earnings
-1.2
9.1
-3.7
-11.0
12.4
10.2
56.8
0.0
6.2
8.2
49.5
171.2
177.7
179.6
186.3
Allocated earnings
Equity
Comparison of Immobel’s return with
the Belgian stock market return over 5 years
Comparison of Immobel’s return with
the Belgian stock market return over 10 years
300
300
250
250
200
200
150
150
100
100
50
50
2002
2003
2004
2005
Belgian All Shares Return - Index
Immobel
2006
2007
1997
1998
1999
2000
Belgian All Shares Return - Index
Immobel
2001
2002
2003
2004
2005
2006
2007
Net financial debt / Equity ratio (%)
125
100
75
50
25
0
2004
2005
20071
2006
Net financial debt includes all (current and noncurrent) financial debts less the treasury.
1. At 31st December 2007, the net treasury is positive.
Net cash flow / Net income (MEUR)
80
70
60
50
40
30
20
10
D4-D5 (Brussels / Ixelles) - Joint venture «AEL - Group T - Tractebel»
0
2004
2005
2006
2007
Net cash flow2
Net income (Group’s share)
2. Net result without the non cash expenses (amortisation, depreciation charges, provisions ...) and the
non cash income (fair value ...).
4
2 Message FROM
THE CHAIRMAN AND
THE MANAGING DIRECTOR
4 KEY EVENTS
8 CORPORATE GOVERNANCE
18
KEY FIGURES
20 DIRECTORS’ REPORT
28 REAL ESTATE MARKET TRENDS
38OFFICES
46
RESIDENTIAL DEVELOPMENT
52
LAND DEVELOPMENT
56
Project management
60
MISCELLANEA
65
CoNSOLIDATED ACCOUNTS
102STATUTORY AUDITOR’S
REPORT
103
CoMPANY ACCOUNTS
131STATUTORY AUDITOR’S
REPORTs
133GENERAL INFORMATION
Annual Report 2007 Compagnie Immobilière de Belgique
ELLIPSE BUILDING (Brussels / Schaerbeek) - Art & Build, Montois partners
ANNUAL REPORT 2007 - Compagnie Immobilière de Belgique
1
Message from the Chairman
and the Managing Director
On 29th June 2007, JER Partners acquired the stake previously owned by Suez-Tractebel in
Compagnie Immobilière de Belgique; Mr Gaëtan Piret was appointed Managing Director and, on
14th November, Baron Buysse joined the Company as Chairman of the Board of Directors. Apart
from the Chairman and Managing Director, the Board of Directors is made up of Mr Thomas
Wernink, Vice-Chairman, and Messrs Alastair Bell, Didier Bellens, Marc de Chassey, William
Hancock, Malcolm Le May, Luc Luyten, Wilfried Verstraete and Daniel Ward as Directors.
Compagnie Immobilière de Belgique has existed for more than 140 years; 2007 was the year of relaunch; a new
Managing Director, a new Chairman and a new Board of Directors are together committed to giving Compagnie
Immobilière de Belgique an efficient strategy that looks to the future, while respecting its past.
Compagnie Immobilière de Belgique ended 2007 with a consolidated net profit of 50.22 MEUR, or more than double the consolidated net profit of 20.15 MEUR the previous year. The Operating result amounted to 13.09 MEUR at
31st December 2007 compared to 23.40 MEUR at 31st December 2006.
On proposal of the Board of Directors a gross interim dividend of 7.20 EUR per share, equivalent to a net amount of
5.40 EUR, has been distributed on 17th September 2007. In view of the exceptional result for the year of 2007, the
Board of Directors will propose to the General Shareholders’ Meeting on 14th May the distribution of a gross final
dividend of 4.80 EUR per share, or a net amount of 3.60 EUR, on 19th May 2008.
Compagnie Immobilière de Belgique disposed of the property company owning Campona Shopping Center, located
in Budapest, to ING Property Fund Central and Eastern Europe. The shopping centre was valued at 110 MEUR.
For the first time in many years, the Balance Sheet at 31st December 2007 shows a positive cash situation following
the sale of the projects (or property companies of the projects): Campona Shopping Center, Ellipse Building, Crown
Avenue and WestSide Village.
Considering the results for the year 2007 and the strong balance sheet structure of the Company, the Board of
Directors is examining , taking into account the Business Plan proposed by the Management, the adequate financial
structure as to assure a lasting and beneficiary growth, to the benefit of all the Shareholders.
Elsewhere, the Group is actively following up promising development opportunities that arise or that may be presented to it in both Belgium and Luxembourg.
2
Message from the Chairman and the Managing Director
G
aëtan PIRET
Managing Director
Baron BUYSSE
Chairman of the Board of Directors
The projects in the portfolio enable these new opportunities to be analysed while maintaining rigorous investment
criteria. Indeed, Compagnie Immobilière de Belgique is market leader in Belgium with projects, at different stages of completion, which should result in the construction of around 300,000 m² of Office space and 225,000 m² of
Residential accommodation over the next few years. In addition, the Land Development department also owns some
270 ha of land.
These various Group projects will be developed in line with market needs.
We would like to thank our partners and customers for their trust, the good relationships we have been able to maintain with them and the fruitful collaboration that binds us together.
We would also like to thank the Shareholders for the confidence they have shown in Compagnie Immobilière de
Belgique.
Finally, we thank the managers and operational teams in the Group and all our staff who are dedicated to working
with passion and professionalism in the Company’s interest.
Gaëtan Piret Managing Director Baron Buysse CMG CBE
Chairman of the Board of Directors
3
CAMPONA SHOPPING CENTER
(Budapest - Hungary)
- Hungaro Austro Plan
4
KEY EVENTS
KEY EVENTS
Among the projects contributing to the results for 2007, four projects are to be
emphasized, notably :
CAMPONA SHOPPING CENTER ompagnie Immobilière de Belgique sold the company CAMPONA ‘99 Kft, its 100 % subsidiary
C
and owner of Campona Shopping Center, located in Budapest, to ING Property Fund Central
and Eastern Europe. The shopping centre was valued at 110 MEUR.
I naugurated in September 1999, it was constructed and developed on a 10 ha site to a very high
quality standard. It has close to 40,000 m² of lettable space and comprises a dozen large units
including a cinema complex and a Tropicarium, along with 155 retail units. Its attractiveness
has been confirmed by its average weekly footfall of 175,000 persons. The site was the subject
of several major and complementary developments. In addition to the shopping centre, this
includes the integration of the neighbouring Tesco hypermarket, the new Cultural Centre of
the XXIInd District, the Campona Media Center built around an office building, television studios and an events complex and a MacDonald’s drive-in, as well as a Shell petrol station.
ith this transaction, Compagnie Immobilière de Belgique completes its development
W
of this 20 ha site that it acquired in 1993 in the XXIInd District, in the built-up area south of
Budapest.
5
ELLIPSE BUILDING
(Brussels / Schaerbeek)
- Art & Build, Montois partners
ELLIPSE BUILDING
his project, with a surface area of 48,000 m² was
T
developed in partnership with Fortis Real Estate and
was sold to the Fortis Group in 2007.
0% (26,774 m²) of the space had previously been let
6
to the Vlaamse Gemeenschap. A further 5,994 m² of
office space was let to IBPT in 2007.
he architectural practices of Art & Build and Montois
T
Partners designed this curved and luminous tower.
6
KEY EVENTS
Crown Avenue WestSide Village
his vast project with a total surface area of 31,549 m² of
T
offices, located on avenue de la Couronne in Brussels,
developed by Compagnie Immobilière de Belgique in
partnership with the CFE Group through the company
Crown Avenue, was disposed of to two foreign companies through Bank of Ireland.
This
project is composed of 6 units with a total surface area of 24,000 m² of offices and 1,100 parking
spaces. It is located at Mamer in the Grand Duchy of
Luxembourg, not far from the motorway, allowing
for easy access. It was developed by Compagnie
Immobilière de Belgique and Groupe Gilbo Construct.
efore the disposal of the company Crown Avenue,
B
two leases were signed with Régie des Bâtiments.
These related to a total of 27,632 m² of offices and
257 car parking spaces to be occupied by the Federal
Police.
The
company Soprima, that owns the first three buildings, was sold to the Belgravia Group at the end of
September 2007.
lans for the entire project, which is highly functional,
P
were prepared by the architectural practices ASSAR,
A.2R.C and AVA.
The
architectural practices that worked on this project
were those of ASSAR Lux and Marc Ewen in collaboration with Brunelleschi.
WESTSIDE VILLAGE
(Grand Duchy of Luxembourg)
- Assar Lux, Marc Ewen, in
collaboration with Brunelleschi
CROWN AVENUE
(Brussels / Ixelles) - Assar, A.2R.C, AVA
7
Corporate Governance
Members of the Board of Directors
(from 19th November 2007)
Chairman
Independent
Baron Buysse1
Vice-Chairman
Mr Thomas Wernink2 Managing Director
Mr Gaëtan Piret2
Directors
Mr Alastair Bell3 Mr Didier Bellens3
Mr Marc de Chassey2
Mr William Hancock2
Mr Malcolm Le May2
Mr Luc Luyten4 Mr Wilfried Verstraete3 Mr Daniel Ward3
The Secretaryship of the Board of Directors is provided
by Mrs Joëlle Micha.
Thomas W. Wernink is a 62 yearold member of the European
Advisory Board of JER Partners. He
holds a Master in General Economy
from the Nederlandse School voor
Economie (at Rotterdam). Until
April 2005 he was Chairman of the European Public
Real Estate Association. He was also during 10 years
the Chairman of the company Corio.
1.Since 14th November 2007.
2.Since 29th June 2007.
3. Since 30th August 2007.
4. Since 19th November 2007.
Gaëtan Piret, was awarded a degree
in commercial engineering from
Université Libre de Bruxelles. Having
joined Compagnie Immobilière de
Belgique in 1992, he has been
Managing Director since 29th June
2007. He is also an independent Director of the sicafis (real estate trusts) Befimmo (Belgium) and Lucia
(France). He was previously Managing Director of the
sicafi CIBIX and Finance Director of the Thilly Van Eessel
insurance broker.
From left to right
and from top to
bottom :
William Hancock,
Didier Bellens,
Wilfried Verstraete,
Marc de Chassey,
Malcolm Le May,
Luc Luyten,
Alastair Bell,
Thomas W. Wernink,
Gaëtan Piret,
Baron Buysse,
Daniel Ward.
8
Independent
Baron Buysse is 63 years old.
Following an international career
in London, where he was Executive
Director of BTR and Chief Executive
Officer of Vickers, he is now Chair
man of Bekaert, a company that
forms part of the Bel20 index. He is the instigator of the
Buysse Code for Corporate Governance for companies
not listed on the stock exchange. He is Chairman of the
Board of Censors of the National Bank of Belgium and
Director or Chairman of other institutions.
Independent
Independent
Alastair Bell is 49. He is a graduate of Nottingham Trent University
with a degree in Urban Estate
Surveying. He has been part of JER
since 2002 as supervisor of asset
management at JER Partners. He
is also responsible for the acquisitions in the PROMPT
portfolio in the United Kingdom. He is a member of the
European Investment Committee.
Didier Bellens is 52. He obtained a
diploma in Economy and Business
Administration from ULB (Ecole de
Commerce de Solvay) and has been
Managing Director of Belgacom
since March 2003. Previously, he
was CEO of RTL Group and Managing Director of GBL
(Groupe Bruxelles Lambert).
Marc de Chassey is 33, he joined
JER in 1999. He has a Master in
International Affairs from the
Institut d’Etudes Politiques de
Paris (Sciences Po) and a Master
in Foreign Service (Georgetown
University) with a major in Business and Finance. He is
responsible for acquisitions in France, Switzerland and
Spain, as well as for hotel transactions in Europe. He is
also a member of the European Investment Committee
of JER.
William Hancock is 40 years old,
he has a degree in economics from
Adelaide, and an MBA from Bocconi
University in Milan. He joined JER in
2004 and is responsible for acquisitions in France and Benelux. In this
capacity, he is a member of JER’s European Investment
Committee.
Luc Luyten is 54. He obtained
an MBA from the University of
Chicago, a diploma in civil engineering and a degree in economic
science from the University of
Ghent and the Catholic University
of Leuven, respectively. He joined Bain & Company
in 1986 and was promoted to Partner in 1988. He is
currently Director and associate principal of Bain &
Company in Benelux.
Wilfried Verstraete is 49 years old.
He was educated in economics at
the Vrije Universiteit Brussel, as
well as obtaining a Master in financial management from VLEKHO
Brussels. Actually he is Chief
Financial Officer of the group Allianz Global Corporate
& Specialty. He was the Managing Director of Atradius
NV from May 2004 to October 2006. In that role, he stabilised Atradius’ position as the second most important
credit insurer. He was also Chief Financial Officer of
the Orange Group from January 2003 to April 2004.
Daniel Ward is 50. He has degrees in
accounting (Villanova University)
and in law (The National Law Center,
George Washington University)
and has worked for JER since 1991.
In his capacity as General Counsel
of JER he is responsible for legal matters concerning the
structuring of investments, document negotiation and
transaction closing, as well as capital raising activities
for the JER funds, he is also a member of the JER Fund
Investment Committee and JER European Investment
Committee.
Malcolm Le May 49, holds a degree
in accounting and business studies from University of North Wales.
He joined JER as a Partner in 2003
and is responsible for the development and execution of strategy for
JER Partners in Europe. His other main responsibilities
include the supply and execution of transactions, the
raising of capital and the further development of relationships with investors. Malcolm Le May chairs the
European Investment Committee and is a member of
the Global Investment Committee. He is non-executive
Director of the group Royal & Sun Alliance Insurance
Plc and of Pendragon Plc.
9
Members of the Committees of the Board
of Directors
Audit Committee (since 19th November 2007)
Chairman
Mr Wilfried Verstraete
Membres
Mr Didier Bellens
Mr William Hancock
Independent
Independent sions relating to conflicts of interest
During 2007, two cases of transactions between
the Compagnie Immobilière de Belgique Group and
Mrs Kirsten Deknop is responsible for the Internal
Audit at Compagnie Immobilière de Belgique.
Remuneration & Appointments Committee
(since 19th November 2007)
Chairman
Independent
Mr Didier Bellens
Members
Mr Marc de Chassey Mr Luc Luyten
Comments on the application of the policy established
by the Board of Directors for transactions and other
contractual relations - between the Company, including associated companies, and the Executive Directors
and Managers – which are not covered by legal provi-
Members of personnel were subject to the application of this procedure, as described in the Company’s
Corporate Governance Charter.
Comments on the application of measures taken by the
Company to respect Directive 2003/6/CE on insider
trading and market manipulation
The Procedure was not applied during 2007.
Independent
On 5th February 2008, in execution of article 74, §7 of the
Investment & Asset Management Committee
(from 5th December 2007)
law of 1st April 2007 relating to takeovers, JER Europe
Chairman
Mr Gaëtan Piret
de Belgique that at the date of 1st September 2007 it
Members
Mr Alastair Bell Mr Wilfried Verstraete Mr Thomas Wernink
Executive Management
team from left
to right and from
bottom to top :
Gaëtan Piret,
CEO
Marie-Thérèse
Dhaenens-Weyn,
Head of Development
Paul Muyldermans,
Head of Project
Management
Joëlle Micha,
Head of Corporate
Affairs
Pierre Delhaise,
Head of Legal Services
Philippe Opsomer,
Head of Finance
Philippe Helleputte,
Head of Land
Development.
10
Fund III 11 S. à r.l. indicated to Compagnie Immobilière
held 1,258,565 shares of the Company, representing
30.53 % of shares with voting rights in the Company.
This communication was made jointly with Mr Joseph
E. Roberts who indirectly controls JER Europe Fund III
11 S. à r.l..
Mrs Joëlle Micha1 acts as Secretary General for
Compagnie Immobilière de Belgique and its
subsidiaries.
Following the adoption of the Corporate Governance
Charter of Compagnie Immobilière de Belgique, the
Board of Directors has designated Mrs Joëlle Micha as
Compliance Officer.
Members of executive Management
Since 29th June 2007, the Executive Committee of
Compagnie Immobilière de Belgique is composed of
the following :
Chairman
Mr Gaëtan Piret
Baron Bodson (up to 29th August 2007)
Mr Marc de Chassey (since 29th June 2007)
Mrs Marie-Thérèse Dhaenens-Weyn (up to 28th June 2007)
SA Fral, represented by
Mr François Le Fevere de Ten Hove (up to 29th August 2007)
Mr William Hancock (since 29th June 2007)
JdG Consult SPRLU, represented by
Mr Jean de Garcia de la Vega (up to 29th August 2007)
Mr Robert-Olivier Leyssens (up to 28th June 2007)
Mr Malcolm Le May (since 29th June 2007)
Mr Nicolas Saverys (up to 29th August 2007)
Mr William Vanderfelt (up to 19th November 2007)
Mr Philippe Van de Vyvere (up to 29th August 2007)
Mr Wilfried Verstraete (since 30th August 2007)
Mr Daniel Ward (since 30th August 2007)
Limited Committee
(from 1st January to 12th September 2007)
Members
Mr Michel Amand*
Mr Pierre Delhaise
Mrs Marie-Thérèse Dhaenens-Weyn2
Mr Philippe Helleputte
Mr Paul Muyldermans3
Chairman
Mr Manfred Loeb (up to 28th June 2007)
* Mr Philippe Opsomer4 succeeded to Mr Michel Amand
following his retirement in 2008.
The Secretaryship of the Executive Committee is provided by Mr Pierre Delhaise.
Members
Baron Bodson (up to 29th August 2007)
Baron Croes (up to 29th August 2007)
Mr Nicolas Saverys (up to 29th August 2007)
Mr Jean Thomas (up to 13th September 2007)
Mr Gaëtan Piret, Director, also attends the meetings.
Changes in the composition of the Board
of Directors and the Committees during
2007
Members of the Board of Directors
(from 1st January 2007 to 19th November 2007)
Chairmen
Mr Manfred Loeb (up to 28th June 2007)
Mr Jean Thomas (from 29th June to 13th November 2007)
The Limited Committee was disbanded on 13th
September 2007, when it was replaced by the Asset
Management Committee and the Investment
Committee.
Audit Committee
(from 1st January to 19th November 2007)
Vice-Chairmen
Mr Thomas Wernink (since 30th August 2007)
Chairman
Mr William Vanderfelt Managing Directors
Mr Jean Thomas (up to 28th June 2007)
Mr Gaëtan Piret (since 29th June 2007)
Membres
Mr Xavier Bedoret (up to 28th June 2007)
Mr François Le Fevere de Ten Hove
Independent
(up to 29th August 2007) Independent
Directors
Mr Xavier Bedoret (up to 28th June 2007)
Mr Alastair Bell (since 30th August 2007)
Mr Didier Bellens (since 30th August 2007)
Independent
Mr William Hancock (from 30th August 2007)
(from 30th August 2007)
Independent
1. Acting as a manager of SPRL MINOS.
2. Acting as a manager of SPRL DWCONSULT.
3. Acting as a manager of BVBA PAUL MUYLDERMANS.
4. Acting as a manager of SPRL ASAP CONSULTING.
11
(from 1st January to 19th November 2007)
Chairman
Baron Bodson (up to 28th June 2007) Mr Didier Bellens (from 30th August) as the budgets (in December). It met ten times during
2007 :
Independent
Independent
Members
Mr Marc de Chassey (from 30th August)
Mr Jean Thomas (up to 28th August 2007)
(from 30th August 2007) Independent
Asset Management Committee
(from 14th September to 5th December 2007)
Chairman
Mr Gaëtan Piret
Members
Mr Alastair Bell Mr Marc de Chassey
Mr William Hancock Mr Wilfried Verstraete Investment Committee
(from 12th July to 5th December 2007)
Chairman
Mr Jean Thomas1
Members
Mr Marc de Chassey
Mr William Hancock
Mr Gaëtan Piret
Mr Thomas Wernink
At the Board meeting of 5th December 2007, the
Asset Management Committee and the Investment
Committee were merged to form a single Committee,
the Investment and Asset Management Committee.
Limited Committee
Before it was disbanded, the Limited Committee met
at least four times per year and in particular before the
meetings of the Board of Directors. It met twice during
2007.
Board of Directors
Attendance :
Mr Manfred Loeb, Chairman : 2 times / 2
Baron Bodson, Member : 2 times / 2
Baron Croes, Member : 2 times / 2
Mr Robert-Olivier Leyssens, Member : 0 times / 2
Mr Nicolas Saverys, Member : 2 times / 2
Mr Jean Thomas, Member : 2 times / 2
Mr Gaëtan Piret, Director, also attended the meetings :
The Board of Directors meets at the request of its
Chairman or two of its Members, whenever the interests of the Company require.
Audit Committee
Report of the activities of the meetings of the Board of Directors and its
Committees
In principle, it meets three times per year (in March,
September and December). This schedule enables
the Board to consider the half-yearly accounts (in
September) and annual accounts (in March), as well
1. Up to 13th November 2007.
12
Attendance : Mr Manfred Loeb, Chairman : 5 times / 5
Baron Buysse, Chairman : 1 time / 1
Baron Croes, Vice-Chairman : 5 times / 6
Mr Thomas Wernink, Vice-Chairman : 5 times / 6
Mr Jean Thomas, Managing Director / Chairman : 8 times / 9
Mr Gaëtan Piret, Director / Managing Director : 10 times / 10
Mr Xavier Bedoret, Director : 2 times / 5
Mr Alastair Bell, Director : 4 times / 4
Mr Didier Bellens, Director : 2 times / 4
Baron Bodson, Director : 2 times / 6
Mr Marc de Chassey, Director : 6 times / 6
SPRLU JdG Consult, represented by
Mr Jean de Garcia de la Vega, Director : 4 times / 6
Mrs Marie-Thérèse Dhaenens-Weyn, Director : 4 times / 5
Mr William Hancock, Director : 6 times / 6
Mr François Le Fevere de Ten Hove, Director : 5 times / 5
Mr Malcolm Le May, Director : 2 times / 6
Mr Robert-Olivier Leyssens, Director : 5 times / 5
Mr Luc Luyten, Director : 1 time / 1
Mr Nicolas Saverys, Director : 3 times / 6
Mr William Vanderfelt, Director : 5 times / 9
Mr Philippe Van de Vyvere, Director : 3 times / 6
Mr Wilfried Verstraete, Director : 3 times / 4
Mr Daniel Ward, Director : 1 time / 4
2 times / 2
The Audit Committee meets at least twice per year
at the request of its Chairman or two of its Members,
whenever they think it necessary. It met three times
during 2007.
Attendance :
Mr William Vanderfelt, Chairman : 3 times / 3
Mr Xavier Bedoret, Member : 2 times / 2
Baron Croes, Member : 2 times / 2
SA Fral represented by
Mr François Le Fevere de Ten Hove, Member : 2 times / 2
Mr William Hancock, Member : 1 time / 1
Mr Wilfried Verstraete, Member : 0 times / 1
The Remuneration & Appointments Committee meets
at least twice per year at the request of its Chairman or
two of its Members, whenever they think it necessary.
In 2007, it met eight times.
Attendance : Baron Bodson, Chairman : 3 times / 3
Mr Didier Bellens, Member / Chairman : 5 times / 5
Mr Marc de Chassey, Member : 5 times / 5
Mr Robert-Olivier Leyssens, Member : 3 times / 3
Mr Luc Luyten, Member : 1 time / 1
Mr Jean Thomas, Member : 2 times / 3
Mr Wilfried Verstraete, Member : 4 times / 4
Investment Committee
The Investment Committee meets at least once per
quarter at the request of its Chairman or two of its
Members, whenever they consider it necessary.
Prior to being disbanded, it met once during 2007.
Attendance :
Mr Jean Thomas, Chairman : 0 times
Mr Marc de Chassey, Member : 1 time
Mr William Hancock, Member : 1 time
Mr Gaëtan Piret, Member : 1 time
Mr Thomas Wernink, Member : 0 times
Asset Management Committee
Changes in the composition of the
Executive Committee during 2007
During 2007, from 1st January to 28th June, the Executive
Committee of Compagnie Immobilière de Belgique
was composed of :
Mr Jean Thomas, Chairman Mr Michel Amand, Member
Mr Pierre Delhaise, Member
Mrs Marie-Thérèse Dhaenens-Weyn, Member
Mr Philippe Helleputte, Member
Mr Paul Muyldermans, Member
Mr Gaëtan Piret, Member
Amount of remuneration and other benefits awarded directly or indirectly to
non-executive Directors by the Company
or any other entity belonging to the same
Group (on an individual basis)
At the meeting of the Board of Directors of
13th September 2007, it was decided to allocate an overall sum of 400,000 EUR for the Board of Directors as a
whole, based on the following allocations, included in
the table prorata to the resignation or appointment of
Directors :
each Director : 1 share,
the Chairmen of the Board of Directors and of each
Committee : 1 additional share,
the Managing Director : 1 additional share,
each Member of a Committee : 1 additional share,
which corresponds to the calculation method used in
previous years and the overall amount paid in both
2004, 2005 as well as 2006.
The table, updated following the appointment of Baron
Buysse, also includes his remuneration as Chairman, at
a fixed amount of 26,301 EUR for 2007. This remuneration also considers the fact he is invited to attend the
meetings of the various Committees established by
the Board of Directors.
The Asset Management Committee meets at least
once per quarter at the request of its Chairman or two
of its Members, whenever they consider it necessary.
It met once during 2007.
Attendance :
Mr Gaëtan Piret, Chairman : 1 time
Mr Alastair Bell, Member : 0 times
Mr Marc de Chassey, Member : 1 time
Mr William Hancock, Member : 0 times
Mr Wilfried Verstraete, Member : 1 time
13
Member
of the Board
Non-executive Directors
Member or
Chairman of
a Commite
Total
Xavier BEDORET
Director
up to 28/06/07
6,787.63
6,787.63
Alastair BELL
Director
since 30/08/07
4,326.87
3,778.41
8,105.28
Didier BELLENS
Director
since 30/08/07
4,326.87
10,327.77
14,654.64
Baron BODSON
Director
up to 29/08/07
9,014.48
22,589.74
31,604.22
Chairman
since 14/11/07
26,301.00
0.00
26,301.00
Director
since 29/06/07
6,553.72
11,886.08
18,439.80
9,014.48
18,028.96
27,043.44
Baron BUYSSE
Marc de CHASSEY
13,575.26
Vice-Chairman
up to 29/08/07
François LE FEVERE de TEN HOVE
Director
up to 29/08/07
9,014.48
9,014.48
18,028.96
William HANCOCK
Director
since 29/06/07
6,553.72
11,886.08
18,439.80
JdG Consult SPRLU, represented by
Jean de GARCIA de LA VEGA
Director
up to 29/08/07
9,014.48
0.00
9,014.48
Malcolm LE MAY
Director
since 29/06/07
6,553.72
0.00
6,553.72
Robert-Olivier LEYSSENS
Director
up to 28/06/07
6,787.63
13,575.26
20,362.89
Chairman
up to 28/06/07
0.00
0.00
0.001
Baron CROES
Manfred LOEB
Luc LUYTEN
Director
since 20/11/07
1,674.03
1,674.03
3.348.06
Nicolas SAVERYS
Director
up to 29/08/07
9,014.48
9,014.48
18,028.96
Philippe Van de VYVERE
Director
up to 29/08/07
9,014.48
0.00
9,014.48
William VANDERFELT
Director
up to 19/11/07
11,667.32
23,334.64
35,001.96
Daniel WARD
Director
since 30/08/07
4,326.87
0.00
4,326.87
Wilfried VERSTRAETE
Director
since 30/08/07
4,326.87
12,432.15
16,759.02
Vice-Chairman
since 29/06/07
6,553.72
5,999.14
12,552.86
-0.32
0.17
-0.15
150,826.53
160,329.02
311,155.55
Thomas WERNINK
Rounding
Total 1
1. Subject to car benefit amounting to 1,703.04 EUR.
Complete and detailed information on the amount of remuneration paid to Members
of the executive Management who are also members of the Board of Directors and who
receive their remuneration in that capacity
Member
of the Board
Executive Directors
Marie-Thérèse DHAENENS-WEYN
Gaëtan PIRET
Jean THOMAS
Total 2
Member or
Chairman of
a Commite
Total
Director
up to 28/06/07
6,787.63
0.00
6,787.63
Director
Managing Director
up to 28/06/07
since 29/06/07
13,341.35
19,000.51
32,341.862
Managing
Director Chairman
up to 28/06/07
from 29/06/07
to 13/11/07
11,455.49
38,259.47
49,714.96
31,584.47
57,259.98
88,844.45
2. Paid by way of an insurance premium.
Total 1 + 2
14
400,000.00
Amount of remuneration and other benefits awarded directly or indirectly to the
Managing Director, and the remunerations paid to any company represented by him, by
the Company or any other entity belonging to the same Group (on an individual basis)
Amount of remuneration and other benefits awarded to Mr Jean Thomas,
Managing Director, and to any company represented by him, from
01/01/2007 to 28/06/2007, excluding the remunerations shown above
Amount of remuneration and other benefits awarded to Mr Gaëtan
Piret, Managing Director, and to any company represented by him, from
29/06/2007 to 31/12/2007, excluding the remunerations shown above
Fixed fees and remuneration
125,246.14
157,068.93
Variable fees and remuneration
314,220.00
287,500.00
Other benefits
12,201.82
Other benefits
Total
451,667.96
Total
1,329.07
445,898.00
Amount of remuneration and other benefits awarded directly or indirectly to Members
of the executive Management by the Company or any other entity belonging to the same
Group (on an overall basis)
Executive
Management
Members of the Executive Committee
Fixed fees
Variable fees
and
remuneration
and
remuneration
1,103,382.53
Other
benefits
1,039,405.57
229,980.98
Total
2,372,769.08
The Managing Director and the other Members of the executive Management team did not receive any shares,
share options or rights to acquire shares during the financial year.
Amount of remuneration and other benefits awarded to Mr Jean Thomas, and to
any company represented by him, by the
Company or any other entity belonging
to the same Group related to the period
as from 29th June till 13th November 2007,
date he resigned
Amount of remuneration and other benefits awarded to Mr Jean
Thomas, and to any company represented by him, related to the period
as from 29/06/2007 till 13/11/2007
104,320.89
314,220.00
Other benefits
Indemnity payments for ending activities
Total
12,201.82
568,808.22
999,550.93
Main contractual provisions relating to
the appointment and departure of executive Managers
Departure
Depending on the role of the executive Managers, the
notice period takes account of :
laws in force and legal rulings,
the notice period, which varies between 3 and 12
months, depending on the significance of the contractual relationship.
Honorary Members of the Board of
Directors
Honorary Chairmen
Baron de Fauconval
Mr René Lamy
Mr Manfred Loeb1
Mr Jean Thomas2
Honorary Managing Directors
Mr Jean Thomas1
Mr Albert Vanescote
Appointment
In respect of the appointment of executive Managers, there
are no provisions other than those generally included in a
contract of employment or for the provision of services.
1.Since 29th June 2007.
2. Since 14th November 2007.
15
16
OMEGA COURT (Brussels / Auderghem) - Assar
17
Key Figures
SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS (MEUR)
INCOME STATEMENT
2004
2005
2006
2007
Operating income
198.4
150.1
232.4
176.6
Operating expenses
-185.4
-135.1
-209.0
-163.5
Operating result
13.0
15.0
23.4
13.1
Financial result
-6.0
-6.3
-11.8
-6.7
Share in the income of companies accounted for by the equity method
1.7
0.8
1.7
3.8
Result before taxes
8.7
9.5
13.2
10.2
Income taxes
-5.4
-2.7
-5.6
-1.0
Result from continuing operations
3.3
6.8
7.6
9.2
Result from discontinued operations
-2.8
10.3
12.6
41.0
Result for the year
0.5
17.1
20.2
50.2
Share of Compagnie Immobilière de Belgique
0.5
17.2
20.2
50.2
2004
2005
2006
2007
72.4
77.4
90.7
27.3
0.9
1.0
0.1
0.0
Tangible assets and investment property
44.1
52.6
68.6
5.4
Financial assets
25.2
21.5
20.4
20.7
2.2
2.3
1.7
1.2
Current assets
419.8
408.6
430.6
393.1
Inventories
245.2
283.7
302.3
224.6
35.1
55.8
62.5
132.7
Other
139.5
69.1
65.8
35.8
TOTAL ASSETS
492.2
486.0
521.3
420.4
Equity
166.0
181.3
194.8
206.2
Non-current liabilities
107.5
181.9
105.0
49.7
Financial debts
96.3
170.1
98.0
29.5
Other
11.2
11.8
7.0
20.2
Current liabilities
218.7
122.8
221.5
164.5
Financial debts
140.7
58.0
135.9
91.8
78.0
64.8
85.6
72.7
492.2
486.0
521.3
420.4
BALANCE SHEET
ASSETS
Non-current assets
Intangible assets and goodwill
Other
Treasury
EQUITY and LIABILITIES
Other
TOTAL EQUITY AND LIABILITIES
18
Key Figures
SYNTHETIC TABLE OF CONSOLIDATED CASH FLOW (MEUR)
Consolidated operating income /
Net income (MEUR)
50
2006
2007
55.8
62.5
Operating activities
18.0
60.3
Operating cash flow
25.8
31.8
Change in working capital & other
-7.8
28.5
Investing activities
1.5
27.8
Acquisitions of fixed assets
-0.9
-0.9
Treasury at begin of the year
40
Cash generated by :
30
20
10
0
2004
2005
2006
Disposals of fixed assets and collected dividends
2007
Financing activities
Operating income
Net income (Group’s share)
Change in borrowings
Net financial costs
Paid dividends
Net financial debt /
Equity ratio (%)
125
2.4
28.7
-11.9
-95.5
5.8
-50.7
-11.8
-6.8
-6.2
-37.9
Other
0.3
Discontinued operations
-0.9
77.7
Treasury generated during the year
6.6
70.3
Treasury at end of the year
62.5
132.7
100
75
50
25
0
2004
2005
2006
2007
1
SOURCES
Net financial debt includes all (current and non-current) financial debts less the treasury.
1. A
t 31st December 2007, the net treasury is positive
2007
APPLICATIONS
Return on equity (%)
25
20
Operating cash flow
Change in working capital & other
Disposals
15
10
Change in borrowings
Cash generated during the year
Paid dividends
Net financial costs
Acquisitions
5
0
2004
2005
2006
2007
Return on equity is calculated based on the average equity
at the beginning and end of the financial year.
19
DIRECTORS’ REPORT
Ladies and Gentlemen,
We are pleased to present you with our report on the
activities during 2007 of the Company and those of the
Group formed by Compagnie Immobilière de Belgique
and its subsidiaries.
Compagnie Immobilière de Belgique ended 2007 with
a consolidated net profit of 50.22 MEUR, a significant
increase over the previous year’s figure of 20.15 MEUR.
- 10,193 m² of offices in WestSide Village at Mamer in
the Grand Duchy of Luxembourg, (50 % holding), at
various 3-6-9 type leases,
- 5,994 m² within the Ellipse Building located in
Brussels (Schaerbeek) to IBPT, on a 9-year lease,
- 1,512 m² in Block 9, Place des Martyrs in Brussels, to
the Vlaamse Gemeenschap, on a 9-year lease.
I.BUSINESS DEVELOPMENT (art. 96 and 119, 1° of the
Companies Code)
In 2007, Compagnie Immobilière de Belgique also provisionally accepted :
A. Activities of the Company
- Ellipse Building (sold to Fortis Group),
1. Real Estate Development
- the D4 building developed by the company
Promotion Léopold (33 % holding).
The turnover of the Real Estate Development activity
in the year under review was 100.52 MEUR compared
to 194.25 MEUR in 2006.
The highlights of the Real Estate activity of Compagnie
Immobilière de Belgique during 2007, within the
framework of the departments Offices, Residential and
Land Development, were :
a) Offices :
Disposals :
the companies owning the following projects :
- Ellipse Building (48,000 m²), located in Brussels
(Schaerbeek), to Fortis Group (50 % holding),
- Jardins de la Couronne – Offices section (31,549 m²)
located in Brussels (Ixelles) (50 % holding) to two
foreign companies, acting through Bank of Ireland,
Compagnie Immobilière de Belgique also started,
continued and / or completed work on the following projects, either on its own : Ferme des 4 Sapins,
Mercelis, or in partnership : D4-D5, Lex, Omega Court,
South Express, and WestSide Village (Eglantier).
The turnover of the Offices activity for the year
under review amounted to 70.78 MEUR compared to
144.64 MEUR in 2006. The sales of the property companies of Ellipse Building, Jardins de la Couronne and
WestSide Village are not included in the “other operating income”. The Operating result amounted to
14.21 MEUR in 2007 compared to 14.29 MEUR in 2006.
b) Residential :
Sale, since 1st January 2007, of 153 apartments and
23 houses in the following projects : Jardin des
Sittelles (2), Jardins de Jette (74), Jardins de Stockel (9),
Place des Martyrs (2), Résidence Erpentval (1), Omega
Court (9), Egmont House (1), Foncière du Parc (66),
Chaussée Bara in Waterloo (3), rue Albert 1er in Genval
(8) and Bon Dieu du Chêne in Walhain-Saint-Paul (1),
and also the 4 commercial units in Place des Martyrs.
-a
nd WestSide Village - Phase I (10,596 m²), at Mamer
in the Grand Duchy of Luxembourg, to Belgravia
(50 % holding).
and the projects :
- Lex (58.800 m²), located in Brussels to the Council of
Europe (50 % holding) following the signature of the
official deed of sale,
20
Compagnie Immobilière de Belgique also started,
- L es Mélans (4,439 m²) at Bouge to the company
Editions de l’Avenir following the signature of the
official deed of sale,
continued or completed large residential sites both
on its own : Erpent, Jardins de Stockel, Mercelis, Place
des Martyrs (Block 7) and, in partnership : Jardins de
Jette, Foncière du Parc and Omega Court.
- F erme des 4 Sapins – Offices section (1,330 m²) at
Wavre.
Planning permission has been obtained for the follo-
Rentals :
- an additional 12,000 m² of offices in the Jardins de la
Couronne building in Brussels (Ixelles), (50 % holding)
to Régie des Bâtiments for a term running up to 2023,
- more than 12,000 m² of offices in the Block A complex in Espace Midi located in Brussels, (10 % holding) to ASBL SmalS – MvM for a term of 27 years,
The turnover of this activity for the year under review
was 17.87 MEUR, compared to 37.80 MEUR for the previous year.
DIRECTORS’ REPORT
wing projects :
-Crespel,
-Esplanade 64,
-Jardins de Stockel (plots 24 to 27),
-Mercelis.
WESTSIDE VILLAGE
(Grand Duchy of
Luxembourg)
- Assar Lux,
Marc Ewen,
in collaboration
with Brunelleschi
The operating result was -4.03 MEUR in 2007 compared
to 4.03 MEUR in 2006. This loss is the result of adjustments in the value of certain high-risk projects whose
estimated net realisable values are less than their net
book values.
c) Land Development :
Sales of plots of land accounted for 141 transactions,
representing a net surface area of more than 13 ha
(Group share) including 3 ha of agricultural land. The
land developments that contributed most to turnover
were those at Genval, Enghien, Erpent, Polleur, Bredene,
Vedrin and Meux.
During the year, new land development and / or planning permission was obtained at Chastre, Soumagne,
Tongeren, Fléron, Ganshoren and Evere.
Work on facilities for new land developments was started or continued at Enghien, Fléron, Soumagne, GrâceHollogne, Waterloo, Evere, Ganshoren and Stavelot.
Land purchases during the year came to a total (Group
share) of around 19 ha. In addition, various acquisitions under conditions precedent or joint-venture
agreements or options relating to approximately 21 ha
(Group share) were completed in 2007. All of this area
is in zones that can be built on under sector plans.
Investments in the purchase of land and land development facilities were in excess of 9 MEUR in 2007.
Finally, in 2007, Lotinvest completed an estate agency
operation located at Nieuwpoort and covering an area
of 107 ha.
The turnover of this activity for the year under review
was 10.72 MEUR against 10.84 MEUR in 2006.
The operating result earned was 3.03 MEUR in 2007
compared to 4.43 MEUR in 2006.
d) Project Management :
During 2007, Progex, supporting activity of the Offices
and Residential Development, completed its assign
ments on the following projects : Ellipse Building,
Jardins de la Couronne, Lex as well as Omega Court
(residential part).
Progex also continued its assignments on the following :
- Office projects :
- Brusselstower, Omega Court, Mercelis, Reyers C,
Forum and the redevelopment of the site of State
Administrative Centre in Brussels,
- WestSide Village in the Grand Duchy de
Luxembourg.
- Residential projects :
- Crespel, Foncière du Parc, Mercelis, and a hotel in
Place des Martyrs, Block 7, in Brussels.
Five new assignments were started in 2007, namely
four residential developments, at Haren, Waterloo,
Charleroi and Namur and one office project, rue de la
Science in Brussels.
The consolidated turnover of this activity amounted to
1.15 MEUR compared to 0.97 MEUR in 2006; the operating result amounted to -0.28 MEUR in 2007 compared
to 0.13 MEUR in 2006.
Progex itself had a turnover of 2.03 MEUR compared to
2.28 MEUR in 2006.
2. Miscellanea : Reforme
During 2007, 17 sites were handed over, accounting
for a total of 17,959 m² of new build and 41,266 m² of
renovated space.
21
The turnover of Reforme, the Group’s only industrial
subsidiary, amounted to 33.79 MEUR compared to
34.41 MEUR in 2006; the operating results amounted
to 0.17 MEUR in 2007 compared to 0.69 MEUR in 2006.
B. Comments on the Annual Accounts
Consolidated results
(MEUR)
31/12/2007
31/12/2006
Operating income
13.09
23.40
Financial result
-6.66
-11.84
Share in the results of entities
accounted for by the equity method
3.79
1.68
Result before taxes
10.22
13.24
Taxes
-1.02
-5.64
Result of continuing activities
9.20
7.60
Result of discontinued activities
41.00
12.57
Result for the year
50.20
20.17
Group share of the result for the year
50.22
20.15
Consolidated numbers
The operating result of these miscellaneous activities
(those listed under points 1 and 2 above) amounted to
13.09 MEUR in 2007 compared to 23.40 MEUR in 2006.
3. Discontinued activities : Campona Shopping Center
(Budapest)
Under the application of the IFRS 5 accounting standard,
we present further to the sale of the company owning
the Campona Shopping Center in Budapest the results
of discontinued activities separately.
Please note that the sales for 2006 have been restated
in accordance the same principle.
Compagnie Immobilière de Belgique sold the company CAMPONA‘99 Kft, its 100 % subsidiary and owner
of Campona Shopping Center, located in Budapest, to
“ING Property Fund Central and Eastern Europe”. The
shopping centre was valued at 110 MEUR.
With this transaction, Compagnie Immobilière de
Belgique completes the development of the overall
20 ha site acquired in 1993 in the built-up area south
of Budapest.
The net result of these activities amounted to
41.00 MEUR compared to 12.57 MEUR in 2006.
Company results and allocation of profits
Compagnie Immobilière de Belgique ended the financial year with a net profit of 56.76 MEUR, compared to
a net profit of 10.19 MEUR at 31st December 2006.
This result has been influenced favourably by dividends received from subsidiaries and the results of
financial investments.
The profit to be allocated, taking into account the
amount brought forward from the previous financial
year, amounts to 125.43 MEUR.
The Board of Directors proposes to the Ordinary
General Meeting of 14th May 2008 to declare a total
gross dividend in respect of the 2007 financial year of
12 EUR per share.
As a gross interim dividend of 7.20 EUR per share was
paid on 17th September 2007, the final dividend will be
4.80 EUR per share.
The profit will therefore be allocated as follows :
- Total dividend for the year
49.46 MEUR,
- Profit carried forward
75.97 MEUR.
The final dividend will be made available for payment
on 19th May 2008 upon presentation of coupon n° 19.
Main risks and uncertainties
We would also like to make it clear that, with the
exception of the risks and uncertainties inherent in the
activities carried out by the Company (in particular a
significant increase in interest rates, a downturn in the
real estate market, changes in global economic trends,
loss of interest by investors in the real estate market,
a tightening of credit conditions by the banks,…) and
in view of the building permits already obtained, the
22
DIRECTORS’ REPORT
Board of Directors is confident that it will obtain the
necessary permits to develop the Group’s existing projects and, on the basis of the information currently
available, is not aware of any major risks or uncertainties that could significantly damage the Company’s
future results.
Financial and non-financial essential performance
indicators
The Board of Directors indicates that, to the best of
its knowledge, there is no essential financial or nonfinancial performance indicator that would provide
a different perspective on the Group’s position than
that reflected in the financial accounts and the notes
thereto.
II. MAJOR EVENTS OCCURRING AFTER THE
END OF THE FINANCIAL YEAR (art. 96 and 119,
2° Companies Code)
As far as the Directors are aware, no major event has
occurred since the end of the financial year.
III. CIRCUMSTANCES THAT COULD HAVE A
SIGNIFICANT IMPACT ON THE COMPANY’S
DEVELOPMENT (art. 96 and 119, 3° Companies Code)
As far as the Directors are aware, there are currently no
circumstances that could have a significant impact on
the Company’s development.
IV. RESEARCH AND DEVELOPMENT ACTIVITIES
(art. 96 and 119, 4° Companies Code)
B.Recourse to authorised capital (art. 608 Companies
Code)
None.
C.Acquisition or disposal of own shares (art. 624
Companies Code)
None.
VIII.USE OF FINANCIAL INSTRUMENTS (art. 96,
8° and 119, 5° Companies Code)
The Board of Directors confirms that, in application
of articles 96, 8° and 119, 5° of the Companies Code,
the Company used financial instruments to cover
the effect of a possible increase in interest rates.
The market value of these financial instruments at
31st December 2007 amounted to 0.11 MEUR.
IX. ELEMENTS THAT COULD HAVE AN IMPACT IN
THE CASE OF A TAKEOVER BID (art. 34 Royal Decree
of 14th November 2007)
1°the capital structure, with where appropriate an
indication of the different categories of shares and,
for each category of shares, the rights and obligations attached to it and the percentage of the capital
that it represents;
rticle 4 of the Articles of Association of 19th
A
November 2007 states : “The share capital is fixed
at 100,284,867.63 EUR, represented by 4,121,934
actions, with no nominal value, each representing
one share of the share capital.”
The Company did not carry out any research and development activity during the year under review.
2° any legal or statutory restriction on the transfer of
shares : None.
V. BRANCH OFFICES (art. 96, 5° Companies Code)
3° the holders of any shares with special control rights
and a description of those rights : None.
No branch offices have been set up.
VI. JUSTIFICATION OF THE APPLICATION OF THE
ACCOUNTING PRINCIPLE OF CONTINUITY WHERE
LOSSES HAVE ARISEN (art. 96, 6° Companies Code)
Not applicable.
VII.INFORMATION TO BE INSERTED UNDER THE
PROVISION OF THE COMPANIES CODE (art. 96,
7° Companies Code)
4° the mechanism of control provided for in the case
of any system of staff share ownership when the
rights of control are not exercised by the staff :
None.
5° any legal or statutory restriction on the exercise of
voting rights : None.
A.Decisions or operations with an adverse interest of
a patrimonial nature (art. 524 Companies Code)
6°agreements between shareholders which are
known to the issuer and which could result in restrictions on the transfer of shares and / or the exercise of voting rights : None.
The Board of Directors indicates that, to its knowledge, no decision has been taken and no operation
has been decided upon that falls within the scope of
application of article 524 of the Companies Code.
7°rules applicable to the appointment and replacement of members of the administrative organ
as well as the modification of the Articles of
Association of the issuer;
23
SOUTH EXPRESS
(Brussels / Saint-Gilles)
- DDS & Partners
LEX (Brussels)
- Jaspers, Eyers & Partners
-Appointment and replacement of members :
Article 15 of the Articles of Association states
that “the administration of the company’s affairs
is entrusted to a board composed of at least five
members, appointed by the general meeting,
which also decides on the number. The duration
of their mandate is four years at most. Members
whose mandates have expired may immediately
be re-elected.”
In addition, the Corporate Governance Charter as
approved by the Board of Directors of Compagnie
Immobilière de Belgique on 12th December 2005
and revised most recently on 5th December
2007 states, in particular, that “the role of the
Remuneration and Appointments Committee is
to formulate proposals to the Board of Directors in
respect of appointments and, more specifically :
- the regular revision of the principles and criteria
(independence, competence and qualifications)
that govern the selection and appointment of the
Directors and any recommendations for changes
to the Board of Directors;
- the appointment or the re-election of Directors or
Members of the Committees set up by the Board
of Directors, and the appointment or dismissal of
Members of the Executive Committee;
24
DIRECTORS’ REPORT
- the evolution of the management team and succession planning for Members of the Executive
Committee, where appropriate based on reports
from the Managing Director.”
- Modifications to the Articles of Association :
None.
8°the powers of the administrative organ, especially
regarding its ability to issue or to buy back shares;
Article 14 of the Articles of Association states in
this regard that “the company may acquire its own
shares or accept them as security under the conditions defined by the law. The Board of Directors is
authorised to dispose of shares it has acquired in
the company, on the stock exchange or elsewhere,
on conditions that it shall determine, with prior
authorisation of the General Meeting, in accordance with the law.
By the decision of the Extraordinary General
Meeting of the nineteenth of November two
thousand and seven, the Board of Directors is authorised to acquire and dispose of shares of the
Company where such acquisition or disposal is
necessary to avoid grave and imminent danger
to the Company. This authorisation is given for a
period of three years from the date of its publication in the Annexes of the Moniteur Belge.
The authorisation approved above also refers to
acquisitions and disposals of shares of the Company
by its direct subsidiaries, as such subsidiaries are
defined by legal provisions relating to the acquisition of shares by subsidiaries in their parent company, and can be extended under the conditions
foreseen by the law. Furthermore, by the decision of
the Extraordinary General Meeting of the nineteenth
of November two thousand and seven, the Board of
Directors of the Company is authorised to acquire
shares in the Company up to a maximum of ten percent of issued shares, at a price per share that may
not be less than ten (10) euros nor more than twenty
percent above than the highest closing rate at which
the Company’s shares were quoted on Euronext
Brussels during the twenty days preceding the acquisition. This authorisation is granted for a duration of
eighteen months from the date of the Extraordinary
General Meeting of the nineteenth of November two
thousand and seven and also extends to the acquisition of shares of the Company by one or more of its
direct subsidiaries, as such subsidiaries are defined
by legal provisions relating to the acquisition of shares by subsidiaries in their parent companies.”
9° all the major agreements to which the issuer is
a party and which take effect or are modified or
cease in the case of a change of control of the issuer
following a takeover, and their effects, unless their
nature is such that their divulgation would result
in grave harm to the issuer, this exception is not
applicable where the issuer is specifically required
to divulge this information by virtue of other legal
provisions : None.
10°all the agreements between the issuer and members of its administrative organ or its personnel,
that provide for compensation if the members of
the administrative organ resign or can no longer
continue to perform their functions without a
valid reason or if the jobs of members of staff are
terminated because of a takeover : None.
X. MANAGEMENT OF THE COMPANY
The Director’s mandate of Mr Thomas W. Wernink
is due to expire at the close of the Ordinary General
Meeting of 14th May 2008. He is eligible for re-election
and puts himself forward for your votes.
On 13th November 2007, the Board of Directors had
decided to co-opt Baron Buysse as Director to provide
for a replacement for Mr Jean Thomas who resigned.
We propose the definitive election of Baron Buysse to
complete the mandate of Mr Jean Thomas. Besides
Baron Buysse is prepared to make a commitment to
the Company, from now on, for a period of 4 years.
Therefore, the Board of Director proposes, in view of
his professional experience and to maintain the stability of the Company, to appoint Baron Buysse, with
immediate effect, for a period of 4 years expiring at
the close of the Ordinary General Meeting to be held
in 2012.
XI. EXECUTIVE COMMITTEE
The functions exercised by Mr Jean Thomas as
Chairman and Member of the Executive Committee,
ended on 28th June 2007.
Mr Gaëtan Piret, in his capacity as Managing Director
of the Company, assumed the role of President of the
Executive Committee since 29th June 2007.
XII. MANDATE
The mandate of Auditor of société civile s.f.d. SCRL
DELOITTE REVISEURS D’ENTREPRISES, represented by
M. Pierre-hugues Bonnefoy, also expires at the close
of the next General Meeting. The Board of Directors
proposes to renew its mandate for a period of 3 years
expiring at the end of the Ordinary General Meeting
that will be held in 2011.
Consequently, we ask you to approve the terms of this
report and to discharge the Directors, as well as the
Auditor.
Agreed at the meeting of the Board of Directors of 19th March 2008.
25
26
FORUM (Brussels) - Archi 2000
27
REAL ESTATE MARKET TRENDS
The Office Market in the Brussels Region,
Wallonia and Flanders 2007 : Outlook for 2008 1
The investment market in Belgium over 2007 reached an all time high of 4.84 billion EUR, beating the previous record of 4.3 billion EUR achieved in 2006. This represents an increase of 11 %.
High quality assets and towers dominated the investment skyline in Brussels. Many of those
towers were purchased by foreign investors. Secondary cities performed well due to a lack of
prime, finished products in the office sector of Brussels. As a consequence, the diversification
from the traditional office sector into the other sectors, notably into retail, was an important
trend over 2007.
Total take-up for 2007 closed at 527,000 m2, down
11 % on 2006 due to a weakened demand by the
European Institutions. This decrease in take-up over
2007 can be attributed to a redundant demand by the
European Institutions.
Letting market
Key figures
2
Total take-up for 2007 closed at 527,000 m , down
11 % on 2006. The decrease in take-up over 2007 can
be attributed to a redundant demand by the European
Institutions, and in addition, weak take-up by the
International Administrations. The European Union
is expected to become much more active in 2008.
The vacancy rate at the end of 2007 stood at 9.8 %,
down 20 bp compared to the fourth quarter 2006.
2
Total completions in 2007 stood at 248,716 m , 38 %
2
below the last five-year average of 399,000 m .
2
Prime rents remain unchanged 300 EUR/m /year,
last recorded at Round Point Schuman and Square de
Meeûs in the Leopold District over the first quarters
of 2007. Top quartile annual rents remain unchanged
over the year at 209 EUR/m2/year.
Corporate sector
The corporate sector accounted for 76 % of the total
take-up in 2007, totaling 401,162 m2, 19% above the
last five-year average. The current political turmoil
in Belgium has had no effect on corporate take-up,
nor has the credit crunch impacted the economy. The
banking and finance sectors continue to dominate
corporate take-up (23 %). Overall, 470 corporate leases
were signed in 2007, of which more than half of them
were for small floor spaces of less than 499 m2.
The strength of the corporate sector can be attributed
to a strong economy in 2006 / 2007 and a highly-skilled
workforce. The banking and finance sectors once again
1. Source : Jones Lang LaSalle.
28
took the lion’s share of the letting market, accounting for 20 % of the total private sector market. Major
banking and finance transactions included Fortis
Bank, which leased 27,716 m2 in the Manhattan
Centre (North) and also took 10,528 m2 in the Botanic
Building (North) during the second quarter of 2007;
and KBC, which purchased the Admiral Building in the
North District (9,350 m2) during the second quarter of
2007 for owner-occupation.
Public sector
Demand by the European Institutions has been weak
due to new procedures which delayed take-up during
2007. The European Union accounted a mere 1.3 % of
the total take-up, signing only two leases in the second
half of 2007, one for 7,245 m2 (the fourth quarter) and
another for 126 m2 (the third quarter) in the Leopold
District. The European Union is expected to become
much more active in 2008. A tender process began in
2007 requiring 40,000 m2 of useable office space. The
final choice of the building(s) will be made by the
Commission over 2008 and it is then that we expect the
European Union to absorb new space. The International
Administrations accounted for 2.5 % over 2007 compared to 6 % over 2006, signing only three leases over
the fourth quarter of totaling 1,843 m2 (Leopold). The
Belgian Administrations accounted for 20 % in 2007, an
increase compared to 2006 where they accounted for
14%. However, they have now come to the end of their
re-organization and it is expected that they will be less
active over 2008.
Vacancy and supply
Vacancy rates now stand at 9.8 %. This year, the vacancy
rate decreased to its lowest point since 2003 over the
third quarter of 2007 at 9.5 %.
Total completions in 2007 stood at 248,700 m2,
38 % below the last five-year average of 399,000 m2.
A12 Antwerp
E19 Antwerp
ELLIPSE
BUILDING
Surrounding
Area
Ring Road
Zaventem
E40 Ghent
GROSS OFFICE TAKE-UP (M2) IN BRUSSELS BY SECTOR
E40 Liège
CBD
North District
City Centre
Leopold District
Louise District
Decentralised
Area
500
400
300
200
E411 Luxembourg
100
0
99 00 01 02 03 04 05 06 07 99 00 01 02 03 04 05 06 07
Belgian Administrations
International Administrations
Rents
Prime rents now stand at 300 EUR/m2/year, last
recorded at Round Point Schuman and Square De
Meeûs in the Leopold District in the first quarter of this
year. Compared to prime rents achieved in the fourth
quarter of 2006 of 295 EUR/m2/year that represents
an increase of 1.6 %. Incentives in the Central Business
District (hereafter CBD) are increasing, whereas outside, they remain unchanged. At the end of 2007, top
quartile annual rents remained stable over the whole
year at 209 EUR/m2/year. Weighted average annual
rents decreased over the quarter from 169.68 EUR/m2/
year to 162.25 EUR/m2/year.
Investment Market
The investment market in Belgium over 2007 reached
an all time high of 4.84 billion EUR, beating the previous record of 4.3 billion EUR achieved in 2006. This
represents an increase of 11%.
Investment levels in Europe reached approximately
220 billion EUR by the end of 2007 compared to the
99 00 01 02 03 04 05 06 07 99 00 01 02 03 04 05 06 07
European Union
Corporates
2006 record 253 billion EUR. In 2008, a slowdown will
likely see total investment figures shrink to around
170-180 billion EUR, down almost 25% on 2007.
Offices
The strong run-up over the first half of 2007 remained
in line with the preceding record year of 2006 for the
investment market in Belgium.
First half of 2007, investment levels stood at
2.6 billion EUR, that compared to the first half of 2006
level of 1.7 billion EUR, which represents an increase of
50 %. The most notable investment deal of size to take
place over the first half was within the office sector and
was the sale of the Zenith Tower at 125 MEUR a speculative, high quality asset due to be delivered in 2009.
Developed by Codic, it was sold to MEAG, a German
open-ended fund on a forward-funding basis. Over
the second half of the year, total investment remained
strong and stood at just over 2.23 billion EUR, bringing
the 2007 total to 4.84 billion EUR.
29
The largest single-asset deal of size over 2007 in the
office sector was the purchase of Covent Garden
(69,000 m2) by Evans Randall for 272 MEUR from
Buelens and KBC. 20 % of the building is let to the
European Community with the remaining 55,000 m2
delivered during the fourth quarter of 2007.
Other notable deals included the Bastion Tower, which
was sold during the third quarter 2007 by Union
Investment, formerly DIFA, to ING for 142 MEUR. The
sale of the project Atlantis, developed by Codic in a
decentralized zone, went ahead despite the credit
crunch, and was purchased by UBS for 92 MEUR; Crown
Avenue (31,550 m2) was purchased by Bank of Ireland
Private Banking for 115 MEUR from Immobel & BPI.
The sale of Ellipse Building (47,940 m2) to Fortis Group
as well as the sale of the Lex building (58,800 m2) to the
Council of Europe have been realised in 2007.
Asset diversification
Diversification in other sectors has been one major
trend to take place over 2007. Including the second half
of last year, the office market now accounts for 48 % of
the total investment market in 2007. In 2006, the total
office market accounted for 60 %, a 12% decrease on
2007. The retail market increased last year, accounting for 17 % of the total investment market, up 30 % on
2006. Much of that was attributed to the InBev portfolio purchase by Cofinimmo worth 264 MEUR. The
warehousing market now accounts for 9 % of the total
investment market, a 2 % increase on 2006. Most of
these investments lie within the logistics sector.
Foreign investors accounted for 34 % of the total shopping centre investment market, down from 53 % in
2006. The hotel market was the fourth most important asset sector in 2007 following a fairly placid 2006
where only mixed-schemes including hotels were
recorded. 357 MEUR was invested in the hotel market
in 2007. Further evidence of diversification included
acquisitions of retirement homes, as witnessed by
Cofinimmo.
30
Capital sources 2007
Domestic investors now account for 36 % of total
investments compared to 41 % in 2006. Coinciding
with a downturn for commercial real estate in the UK,
British investors now account for 16 % of the total market compared to a mere 4.5 % last year. The Germans
account for 11 % of the market, similar to last year’s 10
% level. The Dutchmen have been responsible for just
over 200 MEUR worth of acquisitions compared to only
14.5 MEUR in 2006. Disappearing in 2007 were the
Australians. They entered the market for the first time
with strength in 2006 after purchasing three assets
worth 230 MEUR, most notably Rubicon’s purchase of
Hermes Plaza in Brussels for its open-ended fund. Last
year, the Australians were not present. Entering the
market for the first time however were the Chinese.
Hainan Airlines purchased a hotel portfolio from the
Halfon Group for over the fourth quarter of 2007.
Yields
Following record investment levels in Belgium, prime
yields on average have compressed around 50 bp over
the last year on 6 year leases. In the Brussels CBD, the
prime yields for office buildings with 3 / 6 / 9 year leases vary from 5.6 % in the Leopold District, 5.8 % in the
North District, 5.9 % in City Centre to 6.1 % in the Louise
District.
Outlook for 2008
The pipeline over 2008 will increase to 410,000 m2,
slightly above the five-year average. However, half of
this is already pre-let, mostly as result of the sale &
leaseback of the 130,000 m2 Finance Tower in the
City Centre District, which is due for completion the
second quarter of 2008. Many buildings will become
vacant next year following their tenants move into the
Finance Tower. This will not affect immediate vacancy
rates as those buildings will undergo refurbishment
and repositioning. The overall speculative supply in
2008 will remain modest and it is expected that the
overall vacancy rate will hover around the 10 % level.
In terms of prime rents, they are anticipated to remain
at the current levels going into 2008. For the letting
market, take-up will be affected by the macro-economic situation in Europe, citing in particular the banking and finance sectors. The position of the Belgian
government could also affect take-up in the medium
term. However, the European Union should return into
2008 and it is anticipated that they will begin to lease
substantial office space following the delays over 2007,
nonetheless dependent on the current constitutional
negotiations. The Belgian Administrations are expected to be less active following the closing stages of their
re-organization.
On the investment side, players for 2008 will change
following the credit crunch. It can be foreseen that the
institutional and equity-based players will dominate
following the funding difficulties faced today by the
debt-driven investors in Europe. In Belgium, domestic
players may return to the market, as might German
open-ended funds and asset managers. There is also
little concrete evidence of a major outward shift in
yields. In our view, the trend has not yet fully established, although given the marked changes in the
European markets, over-aggressive anticipated yields
were not achieved in Belgium.
The demand for good, prime assets is present today,
yet the availability of such product remains scarce.
Belgium has experienced far less rapid yield compression compared to other major markets, and therefore
its wealth-preservation aspect and counter-cyclical
nature will benefit it, unlike the more heated markets
in Europe.
OMEGA court offices
(Brussels / Auderghem)
- Assar
STATE ADMINISTRATIVE CENTRE (Brussels)
31
Ferme des 4 Sapins (Wavre)
- Dessin et Construction FORUM
(Brussels)
- Archi 2000
Walloon Region
The Walloon real estate market is centred on three
major cities : Liege, Charleroi and Namur.
Liège has the largest office stock (395,000 m2), followed
by Charleroi (273,000 m2) and Namur (242,000 m2). In
2006, there were two new constructions in Namur, the
Namur Office Park (3,500 m2) and a refurbishment at
the Place Joséphine-Charlotte (8,600 m2). The two most
notable completions are situated in Jambes (4,800 m2)
Phase 1 of Parc de la Montagne; and a building on the
Avenue Prince de Liège (7.500 m2). The vacancy rate
remains limited in Liège (3.8 %) and Charleroi (4.1 %), but
has increased in Namur (10.0 %) due to the new office
completions. Nonetheless, it is expected that vacancy
will decrease in 2008 as only one building of 3,500 m²
(Namur Office Park Phase IIa) will be delivered. In addition, two-thirds of the “ Prince de Liège ” building have
already been taken-up by Forem, a Walloon agency for
work arbitration and employment (the counterpart of
the Flemish VDAB).
Office demand in Wallonia is mainly driven by the public
administrations, estimated to account for almost 75 %
of all take-up. A large proportion of the take-up is
concentrated in new, more efficient office space
with average size transactions for floor spaces above
2,000 m2. Almost 70 % of all the area is acquired for
owner-occupation. In 2008, an increase of demand is
expected for both the government and the corporate
32
sector. The government, including the Walloon Region,
has plans to regroup and consolidate its administration. In addition, the current 120 intercommunales will
be reduced to 63 by the end of 2007. This might include
mergers, which eventually could generate an increased
take-up directed towards new, flexible and efficient
office buildings.
In the wake of the government reorganisation, corporate take-up may also increase as lawyers, consultancy
companies, IT-companies and lobbyists regroup close to
the administrations of the Walloon capital. Private companies might also potentially look to settle in the region
as part of the efforts to promote the economic development of the Region (the Marshall Plan for Wallonia).
Prime rents have remained stable over the years. The
highest prime rent achieved is in Namur (137-161 EUR/
m2/year – new buildings), followed by Liège (108-118
EUR/m2/year) and Charleroi (100-115 EUR/m2/year).
In terms of capital markets investment, Wallonia represented 7 % of the total real estate investment volume
in Belgium over 2007 with total volume reaching
230 MEUR, double that of 2006. Investors tend to be
domestic, institutional players (71 %); however, UK
investors (16 %) and Irish investors (8 %) were also present. In terms of sectors, both retail and offices accounted for 30 % in total. The shopping centres market
accounted for another 16 % with the remaining 24 %
mixed (residential, leisure and hotels).
Flemish Region
The largest real estate markets in Flanders are Antwerp
(1.8 million m2), Ghent (1.3 million m2), Leuven
(500,000 m2) and Mechelen (300,000 m2). The Flemish
region in the North of the Brussels Periphery remains
attractive for headquarter offices due to the lower tax
compared to the 19 communes of Brussels.
The public authorities of Antwerp and Ghent have an
active office market policy in a bid to attract corporates
to their city. Both authorities want these regions to
become a real alternative headquarter office pole to
Brussels. They aim for companies with activities in the
Benelux, such as the former headquarter of ABN AMRO
at Berchem. Many projects are in progress in those
two cities in order to reach this target. For example,
in Antwerp, a master plan for improving mobility consists of major infrastructure works to provide a durable
solution to the traffic congestion and accessibility problems today. Ghent has only begun the construction
of a huge office complex next to the Sint-Pieters train
station.
Mechelen and Leuven also have high aspirations, but
with a focus more geared towards companies oriented
within the domestic market. As Mechelen focuses on
its central location between Antwerp and Brussels,
Leuven can use its proximity of Brussels, the airport
and the presence of the university as its main selling
point.
Compared to a total take-up of 185,000 m2 in 2006,
total take-up in Flanders reached some 195,000 m2 in
2007. 107,000 m2 was located in Antwerp, 66,000 m2 in
Ghent, 11,000 m2 in Mechelen and 7,000 m2 in Leuven.
For Ghent, however, some 36,000 m2 was attributed to
the pre-letting of the Justice Palace.
Insurance; and the Antwerp Ring Center B (5,500 m2)
was also let before completion. The total area that is
estimated to be delivered speculatively on the Antwerp
market in 2008 is around 22,000 m2. The main projects are the Franklin Building (Posthoflei), The Plantin
& Moretus Business Center (Plantin en Moretuslei),
Helsmoortel III (Generaal Lemanstraat) and the Munter
(Terninckstraat).
In Ghent, no speculative projects were completed in
2007 but during 2009-2010, a large number of huge
mixed projects should be delivered. The office project
located next to the Sint-Pieters train station has a building potential of 90,000 m2; the ’Loop’ project, a mixed
development with retail warehouses as well as an
Ikea store (30,000 m2) leisure and offices; a new soccer
stadium for AA Gent is planned on the Artevelde site
which has 10,000 m2 of office potential. And finally,
the ex-Belgacom tower (in the Keizer Karellaan which
Belgacom will vacate by the end of 2008) will be redeveloped by Gedevco into mixed offices, retail and residential with has a total potential of 160,000 m2.
The major project located in Leuven is the KBC project
next to the railway station which totals 42,000 m2.
Four of the five buildings are already pre-let to KBC
and to the City of Leuven, due for completion February
2008. Mechelen had some major projects launched
in 2007 due for completion in 2009. The most active
developer is U Place. It has three new projects in the
pipeline, namely the York tower, the Zuidpoort Phase 2
and the Rempbold Park, adding up to a total surface of
80,000 m2. Pre-letting negotiations are already under
way for the York Tower.
Prime rents in the various cities have remained fairly
stable but indeed are under upward pressure due to
a lack of product. New products are anticipated over
the coming years. Therefore, prime rents now stand
between 100-144 EUR/m2/year in Antwerp, 125140 EUR/m2/year in Ghent, 120-140 EUR/m2/year in
Leuven, and 120-140 EUR/m2/year in Mechelen.
In 2006, secondary cities like Antwerp and Ghent witnessed large size volume transactions including the
project Kievit acquisition by KanAm (over 200 MEUR)
located near the Antwerp Central Station. The main
transactions in Ghent included the acquisition of
the Zuiderpoort Office Park by a new investor on the
Belgian market, the Icelandic investor Sjova-Almennar
Tryggingar hf (163 MEUR) and the acquisition of the
Court of Justice of Ghent by KBC Real Estate.
Although there is a healthy pipeline in Flanders, many
new completions are pre-let due to a lack of grade A
buildings. In addition, not all developers are willing to
build at risk in secondary locations. Of the total 40,000
m2 delivered over 2007 in Antwerp, almost everything is already let. The B building of the Kievitplein
(18,000 m2) was already pre-let to the Flemish government; the Ultimate Phase II of 9,200 m² was let to Fortis
Secondary locations remained important in 2007 with
some large office investments in Antwerp by major
international investors. These locations will remain
important going into 2008 as investors diversify into
new locations and new sectors in a bid to spread
their portfolios from the traditional prime location of
Brussels where products and strategies become harder
to identify.
33
Belgian residential real estate market 2007 1
In general terms, 2007 was a year of stable sales, with
prices rising slightly. The impact of the increase in interest rates has not yet been felt, mainly because rates
remain intrinsically low.
The trend towards younger buyers was confirmed,
along with an increase in average mortgage durations.
This represents a significant change in the mentality
of the market.
An analysis of sales shows that demand is holding up
for “essential” properties (housing type : mid-range),
mainly acquired by first time buyers under the age of
35 / 40 years.
These purchasers think in terms of their overall budget rather than price per square metre. This segment
of the market represents sales prices of 125,000 EUR to
230,000 EUR, for a 1 or 2 bedroom apartment.
On the other hand, demand for “comfort” housing (“mid
to high range” from 250,000 EUR to 400,000 EUR for 2 to
3 bedrooms) was down. The supply of new-build “comfort” property on the market was significant in 2007,
following the high demand bordering on euphoria in
2005 and 2006, which made developers very optimis-
34
Belgian residential real estate market 2007
tic about this segment of the market. During 2007,
demand for these “comfort” properties slowed significantly due to three factors : economic uncertainty,
the instability of the Belgian government and the
extensive media exposure given to the American “subprime” problem. Buyers of these “comfort” properties
are traditionally aged over 40 years and have neither
the opportunity (because of their age) nor the desire
(because of the uncertainty) to extend the duration of
their mortgages.
The “luxury” end of the market remains in good health
and price levels are high. The 4,000 EUR/m² level has
even been exceeded in some exceptional cases. This
market segment is less sensitive to the economic situation but represents only a small part of the overall residential property market in Brussels.
Elsewhere, the demand for single-family houses
remained stable in 2007.
The key feature of 2007 is that most activity was concentrated on first time buyers.
1. Source : Consortium Immobilier Général.
JARDINS DE JETTE (Brussels / Jette) - Assar
35
OFFICES
ELLIPSE BUILDING
LAND DEVELOPMENT
EnGHIEN
36
REAL ESTATE DEVELOPMENT
REAL ESTATE DEVELOPMENT
Omega Court HOUSING
(Brussels / Auderghem)
- Assar
37
LEX (Brussels)
38
REAL ESTATE DEVELOPMENT - offices
OFFICES
KEY EVENTS
I n 2007, Compagnie Immobilière de Belgique sold the companies owning the projects Ellipse
Building (48,000 m²) in Brussels, to the Fortis Group (50 % holding), Jardins de la Couronne –
Offices section (31,549 m²) in Brussels (50 % holding), and WestSide Village (Phase I, 10,596 m²)
at Mamer, in Luxembourg, to the Belgravia Group, as well as signing the official deed of sale
for the buildings Lex in Brussels to the Council of Europe (58,800 m²), Les Mélans in Bouge to
the company Editions de l’Avenir (4,439 m²) and Ferme des 4 Sapins – Offices section (1,330 m²)
in Wavre.
I t also concluded major rental agreements, primarily in the Jardins de la Couronne building
(12,000 m² of additional offices) in Brussels (Ixelles) to Régie des Bâtiments (50 % holding)
on a 15-year lease, 12,000 m² of offices in the Block A complex of Espace Midi in Brussels on
a 27-year lease to ASBL SmalS – MvM (10 % holding), various 3, 6 and 9 year leases in the
WestSide Village complex at Mamer – Luxembourg (50 % holding), 5,994 m² in the Ellipse
Building located in Brussels (Schaerbeek) to IBPT, as well as a lease of 21,128 m² of Block 9 in
Place des Martyrs.
he provisional reception of Ellipse Building and the D4 building owned by Société Espace
T
Léopold (50 % holding) took place.
lsewhere, Compagnie Immobilière de Belgique started, continued and / or completed buildE
ing projects either on its own : Mercelis, Ferme des 4 Sapins or in partnership : South Express,
WestSide Village (Eglantier), Lex, Omega Court and D4-D5.
This activity is carried out by Compagnie Immobilière de Belgique and the following companies in which it holds stakes :
BELGIUM
100 %
Compagnie Immobilière
de Wallonie
(shortened CIW)
99.9 %
Immobiliën Vennootschap
van Vlaanderen
50 %
LEX 2000
50 %
Société Espace Léopold
(hereafter SEL)
37.47 %
Infrastructures &
Developpements Immobiliers
(shortened idim)
33 %
Promotion Léopold
Grand Duchy of Luxembourg
50 %
WestSide
39
D4-D5 (Brussels / Ixelles) - Joint venture
«AEL - Groupe T - Tractebel»
LEX (Brussels) - Jaspers, Eyers & Partners
OMEGA COURT (Brussels / Auderghem)
- Assar
Table I – Main office projects under construction at 31st December 2006 (5 sites)
Holding
%
D4-D5 - Brussels (Ixelles)
Ferme des 4 Sapins - Wavre
Company
concerned
Surface
(m2 above
ground)
Compagnie
Immobilière de
Belgique share
Date made
available
Commercialisation
statuts
(m² above ground)
50 %
SEL
41,500
20,750
06/2008
Disposed of
100 %
LES COURSES
2,700
2,700
03/2007
Being commercialised
Lex - Brussels
50 %
LEX 2000
58,800
29,400
01/2007
Disposed of
Omega Court
Brussels (Auderghem)
50 %
17,287
8,644
02/2008
Not commercialised
South Express
Brussels (Saint-Gilles)
10 %
29,417
2,041
03/2008
50 % disposed of
140,704
63,535
Total
40
Table II – Main office projects under construction at 31st December 2007 (7 sites)
Holding
%
D4-D5 - Brussels (Ixelles)
Ferme des 4 Sapins
Wavre
Company
concerned
Surface
(m2 above
ground)
Compagnie
Immobilière de
Belgique share
Date made
Commercialisation
available
statuts
(m² above ground)
50 %
SEL
41,500
20,750
06/2008
Disposed of
100 %
LES COURSES
2,700
2,700
03/2007
52 % disposed of & balance
being commercialised
50 %
LEX 2000
58,800
29,400
01/2007
Disposed of
100 %
van Vlaanderen
1,935
1,935
12/2008
Disposed of
Omega Court
Brussels (Auderghem)
50 %
17,026
8,513
02/2008
Being commercialised
South Express - Ilot A
10 %
21,128
2,113
03/2008
50 % disposed of & 50 %
rented
WestSide Village, Eglantier
50 %
Soprima
3,946
1,973
12/2007
100 % disposed of &
60 % let
147,035
67,384
Lex - Brussels
Mercelis
Brussels (Ixelles)
Total
Projects in progress at 31st december 2007 (table II)
D4-D5 • Brussels (Ixelles)
MERCELIS • Brussels (Ixelles)
Compagnie Immobilière de Belgique is a shareholder
in Société Espace Léopold, shortened “SEL”, with a 50 %
stake. Promotion Léopold, of which 31 % is owned by
Compagnie Immobilière de Belgique and 5 % by SEL,
is carrying out the development work on a 78,000 m²
building, which includes 41,500 m² of offices and
meeting rooms, a public car park and an audio-visual
studio. Negotiations with the European Parliament led
to the signature of an official deed on 10th November
2004. D4 had already been handed over in March 2006
and construction work on D5 is continuing.
Planning and environmental permission has been
granted for a project consisting of the redevelopment
of the site. The project will be made up of offices and
a library, as well as 13 apartments; construction work
got underway in mid-2007.
FERME DES 4 SAPINS • Wavre
The Commune signed the deed of purchase for the offices and library on the 4th October 2006.
OMEGA COURT • Brussels (Auderghem)
This project of 17,026 m² of offices and non-material
production activities is being developed. Construction
work will be completed during the 1st quarter of 2008.
Conversion / renovation work on Ferme des 4 Sapins
has been completed. All the units in the farm
building, except for 1, were sold and handed over in
2007. Structural work on the barn has been finished.
This consists of 3 levels of offices with a total surface
area of around 1,000 m². Fitting out work on one level,
as well as the communal areas, will be carried out at
the start of 2008.
SOUTH EXPRESS - BLOCK A • Brussels (Saint-Gilles)
LEX • Brussels
WESTSIDE VILLAGE, EGLANTIER
The building, with 45,000 m² of offices and 13,800 m² of
meeting and catering space, was delivered in January
2007. The Council of the European Union acquired the
building (the terms of a long lease signed in October
2003 provided for this option); the deed of sale was
signed on 1st February 2007.
The company Espace Midi is creating 21,128 m² of
offices and 1,169 m² of residential space. Construction
work continued during 2007. This project will be
finished at the start of 2008, including specific fitting
out for the occupants. Group S acquired almost 50 % of
the building for its own use. The rest of the building
has been let.
Soprima constructed the Eglantier building during
2007. Sixty percent has already been let and this
building as well as the 2 already existing buildings,
Daphné and Frêne, were sold to the Belgravia investment group on the 28th September 2007.
41
AVENIR (Tournai)
- Yellowstone
CROWN AVENUE (Brussels / Ixelles) - Assar, A.2R.C, AVA
TabLE III – Main office projects completed during 2007 (2 sites)
Holding
%
Company
concerned
Surface
(m2 above
ground)
Compagnie
Immobilière de
Belgique share
Date made
available
Commercialisation
Status (m² above
ground)
Lex - Brussels
50 %
Lex 2000
58,800
29,400
01/2007
Disposed of
50 %
Soprima
3,946
1,973
12/2007
100 % disposed of
& 60 % let
62,746
31,373
Total
Table IV – Projects commenced in 2007(2 sites)
Holding
%
Mercelis - Brussels (Ixelles)
Company
concerned
Surface
(m2 above
ground)
Compagnie
Immobilière de
Belgique share
Date made
available
Commercialisation
Status (m² above
ground)
100 %
van Vlaanderen
1,935
1,935
12/2008
Disposed of
50 %
Soprima
3,946
1,973
12/2007
100 % disposed of
& 60 % let
5,881
3,908
Total
Table V – Buildings commercialised in 2007 (7 sites)
Holding
%
Company
concerned
Surface
(m2 above
ground)
Compagnie
Immobilière de
Belgique share
Date made
available
Commercialisation
Status (m² above
ground)
Crown Avenue - Brussels (Ixelles)
50 %
31,549
15,775
06/2005
Disposed of
Ellipse Building
Brussels (Schaerbeek)
50 %
47,941
23,971
09/2006
Disposed of
100 %
Les Courses
2,700
2,700
03/2007
52 % sold
50 %
Lex 2000
58,800
29,400
01/2007
Disposed of
100 %
Immobilière Deka
1,512
1,512
South Express - Block A
10 %
21,128
2,113
03/2008
50 % let
WestSide Village, Daphné,
Eglantier & Frêne
50 %
Soprima
10,996
5,498
12/2007
Fully sold & 85 % let
174,626
80,969
Ferme des 4 Sapins - Wavre
Lex - Brussels
Place des Martyrs - Block 9
Brussels
Total
42
100 % let
BUILDINGS COMPLETED (table V)
CROWN AVENUE • Brussels (Ixelles)
PLACE DES MARTYRS - BLOCK 9 • Brussels
This project was disposed of in its entirety, 31,549 m² of
offices, to two foreign companies acting through Bank
of Ireland.
This 1,512 m² office project was let to the Vlaamse
Gemeenschap.
ELLIPSE BUILDING • Brussels (Schaerbeek)
The Vlaamse Gemeenschap has occupied 26,774 m² of
offices and a new lease has been signed with IBPT for
5,994 m². The entire project, consisting of 47,941 m², was
sold to the Fortis Group on 27th April 2007.
WESTSIDE VILLAGE, DAPHNÉ, EGLANTIER and
FRÊNE • Grand Duchy of Luxembourg
Soprima has rented the whole of the two office buildings already constructed. These buildings are part
of a complex of offices of approximately 23,000 m²,
composed of six buildings and an underground car
park for around 1,000 cars. The Daphné, Eglantier and
Frêne buildings were sold on 28th September 2007 to
Belgravia.
Projects under consideration
AVENIR • Rues du Château and du Rempart - Tournai
FORUM • Brussels
The Compagnie Immobilière de Belgique Group is considering a possible 16,000 m² office project.
Compagnie Immobilière de Belgique acquired all the
buildings located on the block demarcated by rue du
Parlement, rue de la Presse, rue de Louvain and rue de
la Croix de Fer.
BOULEVARD MELOT • Namur
CIW acquired the site at Boulevard Melot 12 (opposite
Namur train station) with a view to building around
10,000 m² of offices. The site previously belonged to the
Vers l’Avenir Group (Médiabel). A project is under consideration.
BRUSSELSTOWER • Brussels
A new planning application was made at the end of
2006 for 70,000 m² of offices. Compagnie Immobilière de
Belgique proposed a modification to the outline of the
building : the 39-storey tower (for which planning permission was applied in 2005) has been replaced by a 24-storey
building. Work is underway to remove asbestos.
Planning and environmental permission for Phase 1 of
this project was applied for in mid-July 2006. This concerns the area formerly occupied by the Federal Police
(more or less 1/3 of the block) and involves 15,915 m²
of offices. The remaining 2/3rds will continue to be occupied by Moniteur belge and INS (Institut National des
Statistiques – national statistics institute) until the end
of 2008.
This project should enable around 40,000 m² of offices
and 3,000 m² of housing to be developed.
lace des martyrs
p
(Brussels)
STATE ADMINISTRATIVE CENTRE
(Brussels)
Jaspers, Eyers & Partners
43
JUSTE LIPSE • Brussels
A new study is underway to consider the construction
of offices and residential units, as well as a car park and
shops. The creation of an esplanade will be a key feature
of the project. A new layout has been studied in order
to facilitate the widening of chaussée d’Etterbeek.
LUCHTHAVENLAAN • Vilvoorde
A project is being considered to develop several buildings to be built on the existing site.
REYERS C • Brussels (Schaerbeek)
Compagnie Immobilière de Belgique, in a joint venture
with CFE, presented a town planning project on the
Reyers / Colonel Bourg site.
The overall study deals with traffic flows (car, bus,
bicycle), building a dissuading car park, the creation of
green space and the development of Block C, the final
office building to be built along boulevard Reyers.
Planning and environmental applications were submitted in 2006 in respect of the Reyers site; they include
modifications to the motorway exit.
TRANSPOLIS • Zaventem
In a joint venture with BIAC and Wilma Project
Development, the subsidiary Immobiliën Vennootschap
van Vlaanderen is considering the possibility of
constructing an office complex under the name of
Transpolis in the immediate proximity of Brussels
National Airport at Zaventem.
UNIVERSALIS PARK • Brussels (Ixelles)
Compagnie Immobilière de Belgique (50 %) and Les
Entreprises Louis De Waele Group (50 %) have acquired
2 parcels of land (85,000 m²) belonging to ULB and
located on Campus de la Plaine in Brussels (Ixelles).
The deed of sale was signed on 5th September 2007.
A mixed project is under consideration, with office and
residential elements.
WESTSIDE VILLAGE - BUILDINGS A, B and C
SOUTH CITY OFFICE & HOTEL - BLOCK C
This is a project of 24,140 m² spread over 6 buildings.
10,596 m² of Phase I has been sold in 2007 to the group
Belgravia. The continuation of the construction work is
planned for 2008.
The companies Espace Midi and Atenor are considering a mixed project to create 30,776 m² of offices and a
142 room hotel with a surface area of around 7,320 m².
Construction work will begin in 2008.
SOUTH CITY - BLOCK D • Brussels (Saint-Gilles)
44
The master plan was presented to the public on
12th December 2006. It was approved by the government on 30th November 2007. A PPAS (Plan Particulier
d’Aménagement du Sol – particular land use plan) will
be carried out by the City of Brussels.
The company Espace Midi is considering a project for
8,050 m² of offices and 3,025 m² of residential accommodation.
Mixed project under
consideration
STATE ADMINISTRATIVE CENTRE • Brussels
SNOWDOME • Tubize
Plans were completed for two projects to fully renovate
around 86,200 m² of buildings D&F and C, and planning and environmental applications were submitted
in April and August 2006.
In a joint venture with ING Real Estate (50 %), CIW
(50 %) is considering a mixed shopping-leisure project
(Outlet – Market – Retail Park and Leisure Centre) notably including a snowdome.
ELLIPSE BUILDING
45
Omega Court HOUSING (Brussels / Auderghem)
- Assar 46
REAL ESTATE DEVELOPMENT - RESIDENTIAL DEVELOPMENT
KEY EVENTS
s it had done in previous years, the Group commenced, continued and / or completed work on
A
various residential sites during 2007, in particular Erpent, Hôpital Français, Jardin des Sittelles,
Jardins de Jette, Jardins de Stockel, Omega Court and Place des Martyrs (Block 7).
uring 2007, 153 apartments and 23 houses have been sold.
D
This activity is carried out by Compagnie Immobilière de Belgique and the following companies in which it holds stakes :
BELGIUM
100 %
de Lotissements
(shortened Lotinvest)
100 %
van Vlaanderen
100 %
Immobilière Deka,
(hereafter Immo Deka)
100 %
Les Courses
76 %
Les Jardins du Nord
47
J ARDIN DES SITTELLES
(Brussels /
Woluwe-Saint-Lambert)
- Trio
ÔPITAL FRANçAIS
H
(Brussels /
Berchem-Sainte-Agathe)
- Urban
Table I – Main residential buildings under construction or completed at 31st December 2006 (13 sites)
% Holding
Bon Dieu du Chêne
Walhain-Saint-Paul
50 %
Company concerned
Units
Les Courses
4 houses of which 3 sold in 2006
7 houses under construction of which 4 sold in 2006
Chaussée Bara - Waterloo
50 %
Les Courses
Egmont House - Brussels
100 %
Erpentval - Erpent
100 %
Lotinvest
76 %
Les Jardins du Nord
100 %
Les Courses
Jardins de Jette - Brussels (Jette)
50 %
196 apartments of which 76 sold in 2006
Jardins de la Couronne - Brussels
(Ixelles)
50 %
2 apartments sold in 2006
Hôpital Français - Brussels
(Berchem-Sainte-Agathe)
Jardin des Sittelles - Brussels
(Woluwe-Saint-Lambert)
12 houses of which 7 sold in 2006
15 houses under construction of which 8 sold in 2006 and
28 apartments under construction of which 7 sold in 2006
43 apartments sold of which 22 in 2006
50 %
100 %
Immobilière Deka
99.6 %
Omega Court - Brussels
(Auderghem)
Quatre Sapins - Wavre
50 %
Les Courses
Rue Joly - Brussels (Schaerbeek)
50 %
48
Commencement of construction on a building
with 15 apartments
Harmonia
Louise Michel - Brussels
(Molenbeek-Saint-Jean)
Place des Martyrs - Block 8A
Brussels
6 apartments sold in 2006
1 retail unit and 2 apartments out of 5 sold in 2007
9 houses sold in 2006
Commencement of construction of 8 apartments
Projects under construction at 31st December 2007
AVENUE ALBERT IER • Genval
MERCELIS • Brussels (Ixelles)
The construction of 17 houses, 8 of which were sold in
2007, has been commenced with a partner.
This project is for the construction of 13 apartments,
totalling 1,673 m², as well as offices and a library.
Planning and environmental permission was obtained
in 2007 and construction has now begun.
CHAUSSÉE BARA • Waterloo
The last 3 houses, constructed in association with a
partner, were sold in 2007.
FONCIÈRE DU PARC • Brussels
In 2005, Compagnie Immobilière de Belgique and
Soficom acquired shares in the company Foncière du
Parc, held with other partners. Compagnie Immobilière
de Belgique now has a 50 % stake in this company.
Planning permission for the construction of 66 apartments and 7 retail units was handed over on
16th November 2006. Construction work commenced in mid-2007 and the entire project was sold on
13th November 2007 to Parc Belliard.
OMEGA COURT • Brussels (Auderghem)
Compagnie Immobilière de Belgique, in partnership,
completed the construction of 83 apartments, 9 of which
were sold in 2007. Only one remains unsold.
Place des Martyrs - BLOCK 2/3 • Brussels
The final retail unit, that was let, has been sold.
Place des Martyrs - BLOCK 4 • Brussels
Two retail units, that were let, were sold during 2007.
PLACE DES MARTYRS - BLOCK 7 • Brussels
Brussels (Berchem-Sainte-Agathe)
Planning permission was received on 10th April 2006
and permission from the conservation authorities was
obtained on 12th April 2007. Construction work on the
structure commenced in 2007.
The 7 houses sold in 2006 were handed over during
2007.
PLACE DES MARTYRS - BLOCK 8a • Brussels
HÔPITAL FRANÇAIS
JARDIN DES SITTELLES
Brussels (Woluwe-Saint-Lambert)
The last 5 houses in this development, which were
sold in 2006, were handed over in 2007. The company
Les Courses developed a total of 41 single-family houses and a building with 28 apartments on this site.
JARDINS DE JETTE • Brussels (Jette)
This is a vast mixed development. 74 apartments and
22 houses were sold during 2007. At 31st December
2007 were :
constructed : 129 houses and 677 apartments,
The last 2 apartments, as well as a retail unit, were sold
in 2007.
RÉSIDENCE ERPENTVAL • Erpent
The construction of a building comprising 15 apartments will be completed at the start of 2008. The deed
of sale for an apartment was signed at the end of 2007.
RUE JOLY • Brussels (Schaerbeek)
Work on the construction of 2 apartment buildings,
each comprising 4 units, started at the end of 2006.
This development, in partnership, is an urban planning
requirement of the office project Ellipse Building. The
apartments will be marketed in 2008.
under construction : 26 houses and 134 apartments,
sold : 151 houses and 675 apartments,
ready to start : 34 apartments at the start of 2008,
nder consideration :22,000 m² which will be either
u
offices or residential units.
JARDINS DE STOCKEL
PLACE DES
MARTYRS
(Brussels) - Fisco 88
Brussels (Woluwe-Saint-Lambert)
Construction was started on a first phase of 9 singlefamily houses during the year.
The 9 were all sold in 2007 and handed over in 2008.
Planning permission for the construction of a building
containing 38 apartments is under consideration.
49
Table II – Main residential or retail buildings under construction or completed at 31st December 2007 (16 sites)
% Holding
Company concerned
Units
17 houses under construction of which 8 sold in 2007
Avenue Albert 1 - Genval
50 %
Les Courses
Chaussée Bara - Waterloo
50 %
Les Courses
The last 3 houses were sold in 2007
Egmont House - Brussels
100 %
Foncière du Parc - Brussels
50 %
Hôpital Français - Brussels
(Berchem-Sainte-Agathe)
76 %
Les Jardins du Nord
100 %
Les Courses
Jardins de Jette - Brussels (Jette)
50 %
74 apartments and 22 houses sold in 2007
Jardins de Stockel - Brussels
80 %
Les Courses
9 houses under construction, sold in 2007
Mercelis - Brussels (Ixelles)
100 %
van Vlaanderen
50 %
Place des Martyrs - Block 2/3
Brussels
100 %
Immobilière Deka
Final retail unit (let) sold
Brussels
100 %
Immobilière Deka
2 retails units (let) sold
Brussels
100 %
Immobilière Deka
44 room hotel under construction
Place des Martyrs - Block 8A
Brussels
100 %
Immobilière Deka
1 retail unit and the last 2 apartments sold in 2007
Résidence Erpentval - Erpent
100 %
Lotinvest
50 %
er
Jardin des Sittelles - Brussels
Omega Court - Brussels
(Auderghem)
Rue Joly - Brussels (Schaerbeek)
7 houses sold in 2006, handed over in 2007
5 houses completed in 2007, already sold in 2006
13 apartments under construction
15 apartments under construction of which 1 sold in 2007
8 apartments (2 times 4) under construction
ALBATROSS VILLAGE
(Haren / Brussels) - Conix Architects
50
MERCELIS (Brussels / Ixelles) - Conix Architects
BELLA VITA (Waterloo)
- Joint venture
«FCM Architects - Benoît
Courtens et Associés»
ALBATROSS VILLAGE • Haren (Brussels)
A new project is under consideration. It places the
emphasis on residential accommodation, housing for
the elderly (sheltered housing and nursing and care
homes). This project could support 30,000 m² of residential accommodation, 17,200 m² of care homes and
services, as well as 12,500 m² of offices.
BELLA VITA • Waterloo
Compagnie Immobilière de Belgique acquired a property in November 2005 located at Drève des Dix
Mètres in Waterloo, occupied on a long lease by the
Province du Brabant Wallon, from CPAS of Brussels.
This 14.9 ha site, a significant part of which is classified
as a listed building, will be renovated as a mixed multigenerational centre focused on the elderly that could
among other things include medical or paramedical
facilities, a nursing home, a care home, serviced accommodation, a rest centre, a development of residential
accommodation… Studies are continuing and an overall project was presented in 2007. Work has started on
the impact study. The total area to be constructed is
around 60,000 m².
CONDORCET
Rue Tumelaire and Rue du Parc in Charleroi
CIW, as part of a joint venture (CIW share 80 %), owns
a site situated between rue Tumelaire and rue du Parc.
A planning application that conforms with the Plan
Communal d’Aménagement (communal land use plan)
has been submitted. It involves the development of
54 apartments and some professional offices.
CRESPEL • Brussels (Ixelles)
This project, in a joint venture with CFE (50/50), has
obtained a town planning permit for 4,200 m² of residential space.
JUSTE LIPSE II • Brussels
A new project is under consideration to construct an
urban centre involving the building of offices (9,600 m²),
residential units (4,800 m²), 122 car parking spaces and
shops, as well as the creation of an esplanade.
51
ERPENTVAL (Erpent) - Bureau GIRS 52
REAL ESTATE DEVELOPMENT - LAND DEVELOPMENT
LAND DEVELOPMENT
KEY EVENTS
Land
Development, the activity at the origin of Compagnie Immobilière de Belgique, consists
of urbanising plots of land with a view to putting serviced plots on the market, primarily for
residential use.
his activity was transferred to a subsidiary in 1993 and is currently vested in Compagnie
T
Immobilière de Lotissements, shortened “Lotinvest”. Residential promotion operations complete the Land Development activity. These are generally vested in Les Courses.
The
company owns or permanently controls around 300 ha of land located in areas that can be
built on. Each year, new purchases ensure the activity can be maintained for the future. Land
purchased in 2007 amounted to around 19 ha.
Furthermore,
various acquisitions under conditions precedent, joint venture agreements or
options, relating to approximately 21 ha were completed in 2007.
The
process of adding value to the assets necessitates multiple administrative procedures
leading to land development permits or planning permission.
Compagnie
Immobilière de Lotissements is assisted in these tasks by planners, surveyors,
architects and specialists with competence in areas such as the environment, soil analysis,
energy performance, impact studies, etc.
In
2007, new land development permits and / or planning permission were received at
Chastre, Soumagne, Tongeren, Fléron, Ganshoren and Evere. Once permits have been received,
Compagnie Immobilière de Lotissements develops and finances the installation of services for
public roads, sewers, electricity, public lighting, cable television, gas, water and telephone.
In
2007, work on facilities for new land developments was started or continued at Enghien,
Fléron, Soumagne, Grâce-Hollogne, Waterloo, Evere, Ganshoren and Stavelot.
Sales
of land during 2007 accounted for 141 transactions representing a net area of more than
13 ha (Group share) including 3 ha of agricultural land.
Finally,
in 2007, Lotinvest completed an estate agency operation located at Nieuwpoort and
covering an area of 107 ha.
Land Development activity is mainly carried out by the company :
BELGIUM
100 %
de Lotissements
(shortened Lotinvest)
53
Main projects in progress at 31 st December 2007
Braine-l’Alleud • Avenue Maréchal Ney
Grâce-Hollogne • Rue du Ruy
Work on public roads was handed over in June 2007.
Planning permission for an apartment building was
submitted by a developer.
Work on the public roads was handed over in 2007. The
first sales – 9 – in this land development that consists
of a total of 26 plots were made during the year.
Bredene • Parkbos
Polleur • Plein Sud
Sales of this major project comprising 226 plots for
single-family houses and 6 plots for villas-apartments
are continuing as expected. 15 sales were made in
2007.
10 sales were made in 2007 in this 33-plot land
development. 7 plots remain to be sold.
Enghien • Chaussée d’Ath
Work on the public roads for this major land development comprising 91 plots was handed over in June
2007. 30 plots were sold during the second quarter.
Erpent • Rue d’Erpentval
12 sales were made during the year. The sale of the last
plots as well as the apartment building constructed on
one of the plots is planned for 2008.
Genval • Avenue Albert
Soumagne • Rue Jean Jaures
Work on the public roads for this land development
was handed over in December 2007. This land development consists of 39 plots. The first sales will be made
in 2008.
Vedrin • Rue Martin Lejeune
The final plots in this land development were sold in
2007.
Waterloo • Chaussée Bara
The final 3 plots in this land development were sold in
2007.
15 plots were sold during the year. The sale of the rest
of this land development, a further 11 plots, can reasonably be expected in 2008.
Projects in progress or to be commenced in 2008
Bolline • Rue Doneux
Limbourg • Al’Trappe
Work on servicing this land development has been
completed.
Work on developing this 74-plot site, for which a land
development permit has been obtained, will be completed during the first half of 2008.
Chastre • Tienne Galop
54
The land development permit was obtained in
December 2007. Once permission has been obtained
for the public roads, the work will be put out to tender.
Sart-Bernard • Rue Harscamp
Evere • Rue du Maquis
Stavelot • Basse Levée
Land development and planning permission for the
public roads has been received. Work has started on
the public roads and will be handed over in 2008.
Work on the public roads will be handed over in 2008.
This development comprises 33 plots.
Fléron • Rue de Bouny
Work has started on the public roads and will be handed over during the first half of 2008.
The land development permit was obtained 2007.
Commercialisation of the plots will be commenced in
2008.
Ganshoren • 9 Provinces
Waterloo • Champ Rodange
A new land development and planning permission has
been obtained. Work on the public roads is in progress.
It will be completed during the first quarter of 2008.
The site is at a standstill as a result of a litigation with
a road-builder. An expert has been appointed by the
Courts. A resumption of work, following a new tender,
can reasonably be expected during the second half of
2008.
REAL ESTATE DEVELOPMENT - LAND DEVELOPMENT
Work on the public roads of this land development will
be started in early 2008.
Tongeren • Driekruisen
Vilvoorde – Baillonville – Grivegnée – Belgrade –
Gembloux – Ciney – Mons – Nivelles – Olne – Soignies
– Soumagne – Tinlot – Herstal – Waterloo – Vedrin –
Eupen – Walhain – Temploux.
In these various communes, impact studies, applications for land development permits or planning permission, town planning and environmental reports
(RUE - rapports urbanistiques et environnementaux or
RUP - ruimtelijke uitvoeringsplannen) are in progress
and / or under instruction.
Studies will be commenced in 2008 with a view to
valorising assets such as those at Bredene, Wavre, Olne,
Hannut, Montzen, Stembert, Soignies and Clavier.
Stock of land (in m2)
2002
2003
2004
20051
20061
20071
Stock of Land (in m )
2
in use
in reserve
Total
Sale of Plots (in m2)
Number of transactions
540,398
594,369
685,543
545,887.66
653,136.41
573,012.06
1,993,632
2,118,871
2,012,540
2,557,573.61
2,294,693.14
2,267,505.60
2,534,030
2,713,240
2,698,083
3,103,461.27
2,947,829.55
2,840,517.66
199,184
229,496
189,405
115,596
184,316
132,582
220
250
268
222
232
141
1. Group share.
SOUMAGNE
LIMBOURG (Al’Trappe) ANNUAL REPORT 2007 - Compagnie Immobilière de Belgique
55
BRUSSELSTOWER
(Brussels) - Jaspers, Eyers & Partners
56
REAL ESTATE DEVELOPMENT - PROJECT MANAGEMENT
PROJECT MANAGEMENT
KEY EVENTS
Four projects were completed in Brussels.
Eleven projects were continued in Brussels and the Grand Duchy of Luxembourg.
Five projects were commenced in Brussels, Waterloo, Charleroi and Namur.
CROWN AVENUE
(Brussels /
Ixelles)
- Assar, A.2R.C,
AVA
57
LEX (Brussels)
ALBATROSS
VILLAGE
(Haren / Brussels) - Conix Architects
The central objective of Project Management activities in 2007 was to generate profits for the projects
developed or co-developed by the Real Estate
Development Department.
The most important assignments in 2007 were
entrusted by Breevast, Dexia and KBC. Other work was
carried out for Agoria, CFE, Soficom and Fortis.
At the end of 2006 or in early 2007, construction was
completed on some very large office projects : Crown
Avenue, Ellipse Building and Lex. During the second,
third and fourth quarters, most of the work carried out
was on study projects.
58
REAL ESTATE DEVELOPMENT - PROJECT MANAGEMENT
2007 was characterised by major asbestos removal activity. Asbestos removal work has started at the sites of
the former State Administrative Centre in Brussels, the
area surrounding the old Belgacom tower located on
boulevard Albert II and the former offices of the Federal
Police at rue de Louvain in Brussels.
There was a particular focus on integrating new technologies as well as on the energy performance of buildings. These data have been included in studies of new
projects. The residential project Albatross Village at
Haren was recognised by the Brussels-Capital Region
as an exemplary building in terms of sustainable development.
LEX
(Brussels)
59
MISCELLANEA
BAUDOUIN
(Brussels)
- Bureau
Ariade
REFORME
REFORME is a general construction company whose
activities include the construction and renovation of
buildings, civil engineering, restoration and water
purification facilities, operating in both the public and
private sectors.
17 sites were handed over during 2007, totalling
17,959 m² of new-build and 41,266 m² of renovated
space including :
sbestos removal and the interior renovation of Tour
a
du Midi in Brussels on behalf of the National Pensions
Office (joint venture),
t he replacement of the metal superstructures
and fitting out of the infrastructure – Rail line 40
Liège / Maastricht for Infrabel,
t he construction of 8 single-family houses (plots 5 to
12) at Berchem-Sainte-Agathe for the company Les
Jardins du Nord,
t he soundproofing and fitting out of CPAS de Jumet (part
1 : structural work, completion, fire compliance and site
supervision – part 2 : replacement of the frames),
60
REAL ESTATE DEVELOPMENT - MISCELLANEA
t he construction of an apartment building and the
conversion of the old Malterie at Nivelles into lofts for
Capitol Invest,
t he extension of the rest home “Les Jardins de
Provence” in Anderlecht for the company Château
Chenois Gestion,
t he extension of an industrial building, the fitting-out
of penthouses and the extension of offices at Eupen
for the company Ets Chimiques Cloquette,
t he partial demolition, reconstruction and reno
vation of wing B of Clinique Fond’Roy in Brussels
(part 1. structural work, part 2.1. completion and site
supervision, part 2.3. interior carpentry and ironwork,
part 3. HVAC – joint venture),
t he construction of a rest home, at Avenue St Augustin
in Forest for Medimmo,
t he construction of a housing complex and the conversion of a warehouse into lofts, at rue de Flandres in
Brussels for B.M.T.C.,
t he construction of a new low-level crossing – line 260
Monceau Formation at km 3,610 (Bedding bridge) at
Charleroi Ouest for Infrabel and
ork to renovate the low-level crossing located at km
w
204,748 at Autelbas because of the removal of the highlevel crossing no 161 on line 162 Namur / Sterpenich –
Town of Arlon for Infrabel (joint venture).
In addition, the main projects still underway at the
end of the year are :
t he construction of a block of specialised retail units
(closed structure) in Brussels for European Building
Investment,
t he construction of 6 apartments and 19 duplex apartments, at Ilot de la Vierge Noire in Arlon for Société
Wallonne de Promotion Immobilière,
t he construction of a building comprising an underground car park, retail units and residential accommodation with frontage on three public roads, boulevard Baudouin, rue du Frontispice and rue de l’Arc in
Brussels for Groupe Haussmann Belgium,
t he conversion and extension of a former military
building into a mail distribution centre for the Post
Office (covered / non-closed structure) in Belgrade for
BN 4,
t he conversion and renovation of an office building,
the renovation of a residential building, the construction of a new library and the construction of a housing
complex in an interior block, at rue Mercelis in Ixelles
for Immobiliën Vennootschap van Vlaanderen,
t he construction of a high-level crossing on line 161 at
Ernage for Infrabel,
t he construction of an apartment building at Chaussée
de Vleurgat in Ixelles for LGD Waterloo,
t he construction of 29 residential units at Dinant for
the company A.J.M.J.,
construction work on the 6th sector of outlet VI – collectors, transport and delivery to the pumping station
– purification station n° 16 at Liège-Sclessin for AIDE
(joint venture),
c onstruction of a tunnel under the road (Noreth corridor) at km 4817 for the Town of Eupen,
xtension, conversion and renovation work on Château
e
Chenois in Waterloo used as a rest home (castle and
convent) for the company Château Chenois Gestion,
c onstruction of 58 apartments in Brussels for
Immosoust and
c ivil engineering work at the Robertville dam at
Waimes (re-boring of the passage and service stairs,
injection and drainage of the foundations, installation of instrumentation) for Electrabel.
In terms of outlook, some of the projects that will be
commenced in 2008 include :
t he demolition and renovation of a complex of buildings for office use in 7500 Tournai for Compagnie
Immobilière de Belgique,
t he renewal of the lower bridge platforms on line 117
– Braine Le Comte - Luttre to Manage for the company
Infrabel and
ile-driving work (draining) – outlet VI – 6th section
p
– purification station at Liege-Sclessin for AIDE (joint
venture).
CLINIQUE FOND’ROY
(Brussels) - Altiplan Architects ANNUAL REPORT 2007 - Compagnie Immobilière de Belgique
61
62
REAL ESTATE DEVELOPMENT - MISCELLANEA
JARDIN DES SITTELLES (Brussels / Woluwe-Saint-Lambert)
- Trio
63
General information
Company name
Financial calendar
Compagnie Immobilière de Belgique or Immobiliën
Vennootschap Van België (Euronext Brussels : listed
under the name Immobel).
Publication of annual accounts 2008 : 20 March 2008
Ordinary General Meeting 2008 : 14 May 2008
Publication of half-year results 2008 : 28 August 2008
Publication of annual accounts 2008 : March 2009
Ordinary General Meeting 2009 : 13 May 2009
Registered office
Avenue J. Dubrucq 175 / Box 1
1080 Brussels - Belgium
Register of Companies Brussels - VAT BE 0405.966.675
Form of the Company
Belgian registered joint stock company, constituted
on 9th July 1863, authorised by the Royal Decree of 23rd
July 1863.
Term
Indefinite
Crossing statutory thresholds
(Art. 12 of the Articles of Association - extracts)
Each person or legal entity acquiring company shares,
[…], and conferring voting rights, has to declare to the
company and to the Banking, Finance and Insurance
Commission the number of shares it possesses, when
the voting rights pertaining to these shares reach a
level of three per cent or more of the total of the existing voting rights.
The same declaration must be made in the case of the
acquisition of additional shares referred to in the first
indent, where following this acquisition, the voting
rights pertaining to the shares it possesses reach a level
of five, ten, fifteen per cent, and thereafter at intervals
of five points, of the total of the existing voting rights.
It must make the same declaration in the case of the
disposal of shares where, following such disposal, its
voting rights fall below one of the thresholds referred
to in the 1st indent or the 2nd indent.
Where a person or a legal entity acquires or disposes of
direct or indirect control, in law or in fact, of a company
that owns at least three per cent of the total voting
rights in the company, it must declare this to the Banking, Finance and Insurance Commission.
Financial services
- Fortis Banque
- KBC Bank
- ING Belgium
- Banque Degroof
Editors in chief
Gaëtan Piret – Joëlle Micha
Avenue J. Dubrucq 175, Box 1,
1080 Brussels - Belgium
Phone : 32(0)2/422.54.84 - Fax : 32(0)2/428.12.23
[email protected]
[email protected]
Website
The website of the Compagnie Immobilière de Belgique
can be accessed at the following address : www.immobel.be
Translation
Christine Leroy
telelingua International
Printed by
Massoz
Design & production
www.chriscom.be
Main photographs
© Georges De Kinder (Projects)
© Laurent van Steensel (Portraits)
Cover photo
Ellipse Building (Brussels)
Developer : Fortis Real Estate and
Compagnie Immobilière Belgique 50/50
Architects : Art & Build – Montois Partners
Photograph : Marc Detiff
Other photographs
and virtual images ©
Airprint – M. & J-M. Jaspers - J. Eyers & Partners – Conix
Architects – I. Verzar – Serge Brison – V.D.H. Ch. Sateur –
JNC International sa – L. Bonnet – Simon Schmidt
Compagnie Immobilière de Belgique tries to respect the legal prescriptions
related to the copyrights. However it kindly invites every person whose
rights might be infringed to contact the Company.
Investor relations
Philippe Opsomer
Phone : 32(0)2/422.54.43
Fax : 32(0)2/428.12.23
E-mail : [email protected]
Ce rapport est disponible en français, en néerlandais et en anglais.
Dit verslag is beschikbaar in het Nederlands, in het Frans en in het Engels.
This report is available in English, in Dutch and in French.
Compagnie immobilière de belgique
LIMITED COMPANY
Avenue J. Dubrucq, 175, BOX 1 - 1080 BruSSELS - BELGIUM

Compagnie immobilière de belgique

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