Intervest Retail NV/SA, a Belgian property investment fund, is today publishing its quarterly figures. The results are nicely on track. Furthermore, the company grew considerably in the third quarter.
The operating result for the first third quarters amounts to € 9.09 million. The result on the portfolio amounts to € 2.41 million. Hence, the profit as at 30 September 2002 comes to € 11.50 million. The net profit available for distribution to the shareholders amounts to € 1.80 per share, or € 2.40 on a yearly basis. The investment fund is therefore confirming its earlier forecasts.
The net asset value per share, deed in hand (DIH), including current financial year profits amounts to € 32.72. In comparison with yesterday’s stock price of (€ 31,41) this represents a discount of 4%.
In August it was announced that the investment fund had taken a majority holding in a retail warehouse portfolio of around € 24 million, spread over 11 companies. This holding is incorporated in the consolidated figures as at 30 September. By the end of the year, all of these property companies will have been merged with Intervest Retail, if the shareholders approve.
In October Intervest Retail reported that an as yet undeveloped Factory Outlet Center had been acquired in Messancy (Arlon). The investment value was estimated at € 40 million and will be financed entirely from additional loans. The construction started in October and should be finished for the intended opening in April 2003. This acquisition dates from the fourth quarter and is thus not incorporated in the figures as at 30 September.
As at 30 September 2002, Intervest Retail’s debt ratio amounted to 41.12%, which, in relation to the maximum permissible debt ratio, still leaves room to finance around € 45 million of investments. With the acquisition of the project in Messancy, this maximum debt ratio will be reached in 2003.
The property portfolio showed a result of € 2.41 million. The change in market value amounts to € 2.48 million compared with € 4.41 million as of 30 June. This fall is attributable to the writing down of the acquisition costs of the purchased retail warehouse portfolio.
Intervest Retail’s portfolio consists mainly of commercial property with 42% inner-city locations and 58% retail warehouses. 69% of its property is located in Flanders, 19% in the Walloon provinces and 12% in Brussels. Since its flotation in December 1999, the value of Intervest Retail’s portfolio has risen from € 169 million to
€ 245 million (DIH), making Intervest Retail the biggest Belgian investment fund, that invests solely in retail premises.
(source: Intervest Retail)
