1. Status of the portfolio as at 30 June 2009
The independent valuers Cushman & Wakefield and Stadim CVBA have determined the market value of WDP’s property portfolio (excluding solar panels) in accordance with IAS 40 at a fair value* of EUR 810.86 million as at 30 June 2009. This value was adjusted to EUR 807.63 million as a result of the impairment recognised on a number of projects in progress. The comparative value as at the end of 2008 was EUR 742.13 million.
Taking account of an expansion potential through new construction and renovation on sites owned, the estimated gross rental value of the current portfolio after deduction of charges payable for concessions is EUR 65.02 million. This equates to a gross return on rents at market prices of 7.75% for the portfolio of existing properties and buildings in project phase.
The portfolio can be subclassified as follows:
Fair value (x EUR million)
|
Belgium |
abroad |
total |
|
|
Existing properties |
485.77 |
180.31 |
666.08 |
|
Buildings in project phase |
40.60 |
61.91 |
102.51 |
|
Land |
6.46 |
32.58 |
39.04 |
|
Total |
532.83 |
274.80 |
807.63 |
The portfolio comprises 90 sites. Of these, 59 are located in Belgium, with a total fair value of EUR 532.83 million, representing a share of 66.0%. The 31 properties located abroad account for EUR 274.80 million or 34.0%.
* Fair value: under the Belgian regime, for properties worth in excess of EUR 2.5 million the deduction of transaction costs is limited to 2.5%. For smaller properties as well as properties abroad the full transaction costs are deducted