IMMOBEL achieves record year

IMMOBEL posts net income of EUR 52.5 million for 2016.

This result is mainly due to flagship projects such as Black Pearl, RAC 2 and Gateway, which were sold or delivered in December 2016.

The Board of Directors of IMMOBEL will propose to the General Meeting to grant a gross dividend of EUR 2 per share to the shareholders for financial year 2016,
an amount that will increase by 4 till 10% a year subject to the absence of any currently unforeseen exceptional events.

In 2017, numerous development projects have been or will be launched in Belgium (Prince Royal, Greenhill Park, Universalis Park, O’Sea, among others), in Luxembourg (Infinity, Polvermillen) and in Poland (Granaria Island).

The new IMMOBEL group, following the merger between ALLFIN and IMMOBEL on 29 June 2016, published its annual results on December 31st 2016, which reached a record high with net consolidated accounts totalling EUR 52.5 million.

This amount includes one-off accounting impacts linked to the merger, which have contributed EUR 14.9 million to the annual results. As a going concern, the net results would hence be established at EUR 37.6 million.

The year 2016 was marked by the sale of the office projects Black Pearl (11,000 m² in Brussels) and RAC 2 (9,500 m² in Brussels, 40% IMMOBEL stake), and by the delivery and sale of Gateway (35,000 m² in Zaventem, 50% IMMOBEL stake).

Residential activities have remarkably contributed to the annual results, notably thanks to the following projects: Chambon (42,452 m² in the centre of Brussels), Lake Front (12,000 m² in Knokke-Heist), and Flint (4,129 m² in Leuven, 65% IMMOBEL stake). Landbanking activities have also experienced a record year with 273 plots and units sold, representing a turnover of EUR 16.2 million.

Alexander Hodac, managing director, comments: "These exceptional figures are the result of the remarkable work by the teams who have shown unwavering determination and enthusiasm. In fact, 2016 was also marked by a complex merger process during which each staff member has shown a spirit beyond reproach. The new team is in place and together we will ensure IMMOBEL's continuity and growth."

On the occasion of IMMOBEL's first annual post-merger release, the company and its Executive Chairman of the Board Marnix Galle would like to take advantage of this opportunity to share the conclusions of 2016 and the main prospects for the coming years.