GlobeNewswire

Leasinvest Real Estate SCA: Update Covid-19-impact

Share

The measures to limit the spread of the Covid-19 virus had an important impact on the global economy, and consequently on our company.

As practically all shops of our retail tenants have in the meantime reopened, we have a clearer view on the impact up until now.

Diversified real estate portfolio, different markets

Leasinvest Real Estate has a well-diversified real estate portfolio spread across the Grand Duchy of Luxembourg (53%), Belgium (31%) and Austria (16%), and is present in the asset classes offices (46%), retail (48%) and logistics (6%).

AUSTRIA

The assets in Austria are exclusively retail assets. As it was the case in Belgium, all essential shops, such as supermarkets, pharmacies, etc. remained all the time open (31% of our Austrian rental turnover). Since 14 April, DIY-shops and retail spaces below 400 sqm have been reopened, in their turn representing 24%. The other stores followed on 1 May and since 15 May the catering sector is also finally operational again. The footfall in Frunpark Asten reached 65% on average in March and April in comparison with 2019, while a rise of 6% was recorded in May, compared to May 2019, and an ex-aequo for the month of June.

GRAND DUCHY OF LUXEMBOURG

The impact on our Luxembourg real estate portfolio is mainly situated in the retail segment, of which food (incl. food for pets) and DIY however represent over 30%. As it was the case in Belgium, DIY-stores could reopen as of 20 April, representing 19% of the Luxembourg retail rents. The rest of the stores could also reopen as of 11 May, and catering finally as of 29 May. The borders remained however closed, refraining mainly our Knauf shopping centers, located in the Northern frontier zones, from reaching cruising speed till 15 June, date at which borders were reopened in practically all European countries. Since that date, an important rise in footfall compared to 2019 was also here recorded.

BELGIUM

The real estate portfolio in Belgium mainly comprises long-term leased office buildings, that explains the very limited impact (some retail buildings and business centers).

Impact on the rental turnover

Leasinvest already announced that different tenants, mainly in the retail segment, asked for a compensation to bridge the difficult lockdown period. Leasinvest always had a constructive approach and entered into consultations with tenants that requested rent reductions for solid reasons. The negotiations have been finalized for a large part of the tenants, but are still ongoing for another part. In total, the negative impact on the rental income of the second quarter of 2020 is estimated at ca. € 4 million. This amount is expected to slightly increase in the third quarter, as a limited number of sectors (e.g. catering) are clearly more heavily hit than others.

Valuation of 10%-participation in the public BE-REIT Retail Estates

It has become clear that retail parks have proven their strength during the corona crisis. On the one hand, because of the feeling of security, and on the other hand, because of their particular range of products and the speed of shopping, specific to retail parks.

The participation of Leasinvest in Retail Estates is valued at the closing price of each quarter, which led to a depreciation of € 49.3 million recorded on this participation in the first quarter of 2020. This valuation was based on a closing price of € 47.40, while the price of the Retail Estates-share has recovered over the last couple of weeks to a level of € 59.90, allowing the company to reverse on 30 June 2020 an important part of the depreciation booked on 31 March, namely € 16.9 million.

Impact on the debt ratio

Traditionally, the debt ratio is the highest on 30 June throughout the financial year, because of the dividend payment in May, which causes a temporary increase in debt ratio by ca. 2.5 per cent points. The debt ratio remains below the 60%-threshold because of the recovery of the price of the Retail Estates-share (cf. supra) and the fact that no major changes in value on the real estate portfolio are expected.

The half-year financial report 2020 will be published on 19 August 2020 after closing of the stock exchange, and will as of then be available on the website www.leasinvest.be.

For more information, contact

Leasinvest Real Estate

Michel Van Geyte
Chief Executive Officer
T: +32 3 238 98 77
E: michel.van.geyte@leasinvest.be


On LEASINVEST REAL ESTATE SCA

Leasinvest Real Estate SCA is a Public BE-REIT (SIR/GVV) that invests in high quality and well-located retail buildings and offices in the Grand Duchy of Luxembourg, Belgium and Austria.

On 31/03/2020, the total fair value of the directly held real estate portfolio of Leasinvest amounts to € 1.11 billion, spread across the Grand Duchy of Luxembourg (53%), Belgium (31%) and Austria (16%).

Moreover, Leasinvest is one of the most important real estate investors in Luxembourg.

The public BE-REIT is listed on Euronext Brussels and has a market capitalization of € 542 million (value on 1 July 2020).

Attachment

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

HALF-YEAR RESULTS 2020: UNIBAIL-RODAMCO-WESTFIELD N.V.25.9.2020 20:00:00 CESTPress release

Amsterdam, September 25, 2020 Press Release HALF-YEAR RESULTS 2020: UNIBAIL-RODAMCO-WESTFIELD N.V. On September 25, 2020, Unibail-Rodamco-Westfield N.V. (“URW NV”) announced its 2020 half-year results and released its consolidated interim financial statements for the period ending June 30, 2020, which can be found on: https://www.urw-nv.com/en/investors/press-releases https://www.urw-nv.com/en/investors/press-releases and as an attachment to this press release. URW NV and its consolidated entities, together with Unibail-Rodamco-Westfield SE (“URW SE”) and its consolidated entities, form Unibail-Rodamco-Westfield (“URW”). URW SE consolidates URW NV and its controlled undertakings, and its 2020 half-year results represent a comprehensive overview of URW, and is available on: https://www.urw.com/en/investors/financial-information/financial-results https://www.urw.com/en/investors/financial-information/financial-results For further information, please contact: Investor Relations Media Rela

EUROPEAN  COMMISSION  GRANTS  MARKETING  AUTHORIZATION FOR JYSELECA® (FILGOTINIB)  FOR  THE  TREATMENT  OF  ADULTS  WITH  MODERATE  TO  SEVERE ACTIVE  RHEUMATHOID  ARTHRITIS25.9.2020 19:00:00 CESTPress release

-- Jyseleca® Demonstrated Durable Efficacy Combined with a Consistent Safety Profile in Rheumatoid Arthritis Through 52 Weeks in Phase 3 Clinical Development Program -- Foster City, Calif., & Mechelen, Belgium, September 25, 2020, 19.00 CET – Gilead Sciences, Inc. (Nasdaq: GILD) and Galapagos NV (Euronext & Nasdaq: GLPG) today announced that the European Commission (EC) has granted marketing authorization for Jyseleca® (filgotinib 200 mg and 100 mg tablets), a once-daily, oral, JAK1 inhibitor for the treatment of adults with moderate to severe active rheumatoid arthritis (RA) who have responded inadequately to, or are intolerant to, one or more disease modifying anti-rheumatic drugs (DMARDs). Jyseleca may be used as monotherapy or in combination with methotrexate (MTX).1 RA is a chronic, progressive, systemic, inflammatory disease that can lead to significant and irreversible joint destruction, pain and functional impairment.2 Almost 3 million people in Europe are living with RA,3 many

Correction: CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS25.9.2020 17:10:39 CESTPress release

Sveriges Riksbank Bid procedure details Covered Bonds, 2020-10-01 Maturity dateLoanISIN codeCouponVolume, SEK million2023-09-20 5533 SE00104427311.25 %1,000 +/- 5002023-12-01 576 SE00100498411.00 %1,000 +/- 500 2023-06-011587SE00104413031.50 %1,000 +/- 5002023-12-20193SE00110896221.00 %1,000 +/- 5002023-12-202312SE00111164741.00 %300 +/- 1502023-09-20516SE00091903901.25 %600 +/- 2502023-06-21144SE00111674281.00 %600 +/- 250 Settlement date 2020-10-05 Bids have to be entered by 10.00 on OCT 1, 2020 Highest permitted bid volume: 1,000 SEK million in issue 5533 1,000 SEK million in issue 576 1,000 SEK million in issue 1587 1,000 SEK million in issue 193 300 SEK million in issue 2312 600 SEK million in issue 516 600 SEK million in issue 144 Maximum volume 5.5 billion SEK in total Lowest permitted bid volume: 50 SEK million Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 10.15 (CEST) ON OCT 1, 2020. For more information, please con

Correction: CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS25.9.2020 17:10:00 CESTPress release

Sveriges Riksbank Bid procedure details Covered Bonds, 2020-10-01 Maturity dateLoanISIN codeCouponVolume, SEK million2023-09-20 5533 SE00104427311.25 %1,000 +/- 5002023-12-01 576 SE00100498411.00 %1,000 +/- 500 2023-06-011587SE00104413031.50 %1,000 +/- 5002023-12-20193SE00110896221.00 %1,000 +/- 5002023-12-202312SE00111164741.00 %300 +/- 1502023-09-20516SE00091903901.25 %600 +/- 2502023-06-21144SE00111674281.00 %600 +/- 250 Settlement date 2020-10-05 Bids have to be entered by 10.00 on OCT 1, 2020 Highest permitted bid volume: 1,000 SEK million in issue 5533 1,000 SEK million in issue 576 1,000 SEK million in issue 1587 1,000 SEK million in issue 193 300 SEK million in issue 2312 600 SEK million in issue 516 600 SEK million in issue 144 Maximum volume 5.5 billion SEK in total Lowest permitted bid volume: 50 SEK million Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 10.15 (CEST) ON OCT 1, 2020. For more information, please con

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS25.9.2020 16:20:00 CESTPress release

Sveriges Riksbank Bid procedure details Covered Bonds, 2020-10-01 Maturity dateLoanISIN codeCouponVolume, SEK million2023-09-20 5533 SE00104427311.25 %1,000 +/- 5002023-12-01 578 SE00026959244.25 %1,000 +/- 500 2023-06-011587SE00104413031.50 %1,000 +/- 5002023-12-20193SE00110896221.00 %1,000 +/- 5002023-12-202312SE00111164741.00 %300 +/- 1502023-09-20516SE00091903901.25 %600 +/- 2502023-06-21144SE00111674281.00 %600 +/- 250 Settlement date 2020-10-05 Bids have to be entered by 10.00 on OCT 1, 2020 Highest permitted bid volume: 1,000 SEK million in issue 5533 1,000 SEK million in issue 578 1,000 SEK million in issue 1587 1,000 SEK million in issue 193 300 SEK million in issue 2312 600 SEK million in issue 516 600 SEK million in issue 144 Maximum volume 5.5 billion SEK in total Lowest permitted bid volume: 50 SEK million Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 10.15 (CEST) ON OCT 1, 2020. For more information, please con

CONDITIONS FOR RIKSBANK BID PROCEDURE KOMMUNINVEST BONDS25.9.2020 16:20:00 CESTPress release

Sveriges Riksbank Bid procedure details Kommuninvest Bonds, 2020-09-29 Maturity dateLoanISIN codeCouponVolume, SEK million2022-06-012206SE00092694180.25 %1,100 +/- 2502023-11-132311SE00109482401.00 %1,100 +/- 2502025-05-12 2505 SE0011414010 1.00 % 1,100 +/- 250 2026-11-12 2611 SE0012569572 1.00 % 1,100 +/- 250 Maximum volume 4 310 million in total Settlement date 2020-10-01 Bids have to be entered by 11.00 on SEP 29, 2020 Highest permitted bid volume: 1 100 SEK million in issue 2206, 2311, 2505, and 2611. Lowest permitted bid volume: 50 SEK million Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 11.15 (CEST) ON SEP 29, 2020 For more information, please contact: Trading desk at the Riksbank + 46 8 696 6970 General and special terms and conditions can be retrieved at http://www.riksbank.se