Recent publications focusing on VastNed Offices/Industrial have in various ways painted a picture that the board of management contests.
In the 2003 financial year, approximately 19 per cent of the lease contracts (weighted on the basis of gross annual rent) in our Dutch portfolio was terminable. More than half of these contracts was extended automatically, 20 per cent was renewed (same tenant, new conditions), and 25 per cent was let to a new tenant. The renewals and new lets were agreed on average above the previous rent level. This resulted in a vacancy rate for the Dutch property portfolio of 11 per cent as per January 1, 2004.
In the 2004 financial year approximately 18 per cent of the lease contracts was terminable. Of these, 35 per cent had been extended automatically as at February 1, 2004 and 20 per cent had been renewed. Here, too, contract extensions were agreed on average above the previous rent level.
In view of the early stage in the year, and since so far many lets have taken place, and also in view of our 2003 experiences, we are confident that in 2004, too, a substantial part of the existing and new vacancy will be let.
VastNed Offices/Industrial will publish the results for the 2003 financial year on February 25, 2004, after trading.
Source: VastNed Offices/Industrial