finance avenue 18 november 2017 - de tijd · 30/06/2014 31/12/2014 30/06/2015 31/12/2015 30/06/2016...

Finance Avenue 18 November 2017

w

w

w

. q

s h

f . b e

AGENDA

01 Who we are?

Market of student housing

Portfolio

Financial

Future

02

03

04

05

01 Who we are?

Quares Student Housing

Who we are?

• Non-stock quoted investment vehicle

• ROE based upon capitalisation (no dividends)

• Student housing & starter flats

• Geographical area: Belgium with 5 largest student cities

• Portfolio of € 56,3 mio

• Shareholders structure:

• www.qshf.be

0

1

15.0%

13.9%

70.8%

Fam.

Costermans

KBC

02 Market of student housing

International

context

Bologna Process

Creation of 1 European higher education framework

• Mutual recognition of study periods

• Similar qualifications

• Uniform quality standards

“Higher education is becoming an worldwide business”

Number of international students

2014

4.1 m 2020

7.0 m

Globalisation of higher education

0

2

Belgium Impact on globalisation for Belgium

0

2

Higher instream of international and European Students through:

• Higher transparency of Belgian study possibilities

• Higher mobility of European & international students;

+9,36%

+40,83%

Bron: In-house

research Quares;

Engelstalig onderwijs

bezig aan forse opmars,

De Tijd, 8 mei 2015,

Bedrijven snakken naar

internationaal onderwijs,

De Tijd, 8 mei 2015.

Belgium Impact op globalisation for Belgium

0

2

… enabled by:

• Erasmus programs

Bron: In-house research Quares; Focus on: What future for student mobility, Ross McQueen and David Crosier,

Eurydice, 14/02/2017; Recordaantal Vlaamse studenten op Erasmus, Persbericht kabinet Vlaamse minister van

Onderwijs Crevits, 12/08/2016; Onderwijs Vlaanderen.

• Geographical situation

• Low life, housing and study costs compared to other countries

• Agenda of Lisbon agreement 2020

• Tendancy to prolongation of study period

Belgium Increasing number of students

0

2

Belgium – evolution number of students

Bron: In-house research Quares

Belgium Increasing number of students

0

2

75% enrollment rate

Bron: Gross enrolment ratio by level of education, Unesco Institute

for statistics, 2000-2015.

Belgium Number of students in K

0

2

165 institutions of higher education – 610 locations

Bron: In-house research Quares; Centrumsteden in evolutie,

editie 2016, Mercedes Van Volcem.

5 universities , 13 high schools, 12 other

institutions of higher education

4 universities, 39 high schools, 9 other

institutions of high education


institution of higher education

Belgium

0

2

Focus on 5 cities

Bron: In-house research Quares; Centrumsteden in evolutie,

editie 2016, Mercedes Van Volcem.

Number of students in K

92

63

55

49

55

5 universities , 13 high schools, 12 other

institutions of higher education


institutions of high education


institution of higher education

Focus on 5 cities

0

2

30% of locations covers 72% of students

Nr. in K % Possible

Locations

%

Total nr. of students 437 610

Total nr. of students in 5 cities 315 72% 180 30%

Total nr. of students in 5 cities

residing in rooms

150 48%

Total nr. of rooms in

5 cities

104 69%

Shortage 46 31%

Bron: In-house research Quares; Centrumsteden in evolutie, editie 2016, Mercedes Van Volcem.

Belgium – Key Figures

0

2

Key Figures of 5 largest cities

KEY NUMBERS ACADEMIC YEAR ‘16-17

Antwerp Leuven Ghent Brussels Liège

Number of students 55.086 55.206 62.772 91.940 48.855

Share foreign students 9,74% 9,73% 12,83% 26,57% 13,00%

Number of students living at

student rooms

7.500 40.000 37.500 55.164 9.354

Share students living at student

rooms

13,62% 72,46% 56,74% 60% 17,54%

Number of rooms 9.500 41.237 31.000 10.500 12.000

Tendency rooms overabundancy

(2.000)

overabundancy

(1.237)

shortage

(6.500)

shortage

(44.664)

overabundancy

(2.646)

Average

price/month

room € 335 € 355 € 326 € 446 € 320

studio € 410 € 460 € 427 € 520 € 359

appartement € 525 / € 495 € 600 € 544

Occupancy rate rooms 80% 97% 95% 99% 90%

Quality label Antwerps

kwaliteitslabel

Kotlabel to be

developed

Br(ik-OK-label Verhuur licentie

(Le Permis de

location)

Investment Market

0

2

Maturity in US & UK focus on continental Europe

Bron: In-house research Quares; The Asset Class Student Housing on the rise in Continental Europe, maart 2017, Catella.

03 Portfolio

Portfolio Portfolio today

0

3

Brussels Sites: 5 Rooms: 267 Value: € 29,6m

Antwerp Sites: 15 Rooms: 202 Value: € 19,1m

Luik Sites: 1 Rooms: 146 Value: € 7,6m

Evolution of the portfolio

0

3

Portfolio per 30/09/2017

14.280 15.620 16.243 22.737 24.541

29.630 29.630 7.220 7.430

7.430 7.590 7.590 7.590

7.520

19.100

0

10.000

20.000

30.000

40.000

50.000

60.000

31/12/2014 30/06/2015 31/12/2015 30/06/2016 31/12/2016 30/06/2017 30/09/2017

EVOLUTION OF THE TOTAL PORTFOLIO (€ K)

Brussels Luik Antwerp Leuven Gent

Portfolio Today

0

3

Actual portfolio in 3 cities

Brussels

LuikAntwerp

Total

Total OR Contract ERV Rent Var. IVMarket

Yield

Actual

YieldNr. % Y €m €m €m €m % %

267 99,3% 6,1 1 720 1 757 2,1% 29 630 5,81% 5,93%

146 100,0% 0,6 570 544 -4,6% 7 590 7,52% 7,17%

202 100,0% 1,0 1 057 1 042 -1,4% 19 100 5,53% 5,45%

615 99,7% 3,6 3 347 3 343 -0,1% 56 320 5,94% 5,94%

OR: Occupancy Rate Contract: Contract duration until 1st break ERV: Estimated Rental Value Rent: Actual Rent IV: Investment Value

53%

13%

34%

Brussels Luik Antwerp

Portfolio Today- Brussels

Brussels

267

99,3%

29,6 Mio

5,93%

Rooms

Occupancy

Inv. Value

Yield

0

3

Rooms

Passing

rent

(€K)

Rental

Risk

Break

DateClient

Operate

d byCosts

Kothouse 21 103 QSH yearly Students BriK Yes

Van Orley & Zavelput

Méridien 18 89 Usl-B 2020 Usl-B Usl-B Yes

Ommegang

267 1 757

86 765 BriK 2031 BriK BriK No

142 800 Usl-B 2020 Usl-B Usl-B Yes

> 93% of the passing rent for > 3 years / > 46% of passing rent for > 14 years

Portfolio Today - Liège

Luik

146

100%

7,6 Mio

7,17%

Rooms

Occupancy

Inv. Value

Yield

0

3

• One of the largest student residences in Liège;

• Mainly for long and short stays for Erasmus students;

• Originally a gift by the Ruhl Family to the Belgian State – later on, acquired by private investor who completely renovated the building and rooms;

Portfolio Today - Antwerp

Antwerp

202

100%

19,1 Mio

5,45%

Rooms

Occupancy

Inv. Value

Yield

0

3

• Per 29/06/2017 – Deal with Fam. Costermans to acquire total portfolio of € 35 mio in Antwerp

• Share deal signed per 29/06/2017 for the acquisition of 6 sites (70 rooms)

• 9 sites acquired through asset deals on 2/10/2017

Nr. of students residing in rooms

55

49

92 55

63

Pipeline – and…

Development of further pipeline in

existing and additional cities

04 Financial

Profit & Loss -

30/06/2017

0

4

30/06/2017 31/12/2016 30/06/2016 Variance %

A B C A-C

Rental income & provisions 847 1 648 816 31 3,8%Rental income 801 1 571 783 19

Provisions 45 77 33 12

Operational expenses -307 -699 -328 21 -6,3%Technical expenses -165 -393 -195 30

Property management costs -24 -55 -29 5

Other real estate costs -11 -21 -11 0

Real estate taxes -57 -115 -41 -16

Payroll charges -50 -116 -52 2

Operational real estate result 539 949 488 52 10,6%Operational margin 67,31% 60,39% 62,32%

General overhead expenses & Other

Income-102 -233 -95 -7

Operational result (EBITDA) 438 716 393 44 11,3%EBITDA % 54,62% 45,55% 50,24%

Consolidated Statutory P&L (not IFRS) meaning no restatement to investment value, expertised by CBRE

P&L untill EBITDA Level – to come to Cash flow – only financing need to be deducted

Mio €

Balance sheet - 30/06/2017

0

4

Consolidated Statutory BS (not IFRS) meaning no restatement to investment value, expertised by CBRE

Consolidated figures per 30/06/2017

0

4

0,3%

17,4% 0,0%

82,3%

Quares KBC AM Fam. Costermans Other

Before Deal Room to Bloom

KBC 0,3%

15,0%

13,9%

70,8%

Quares KBC AM Fam. Costermans Other

After Deal Room to Bloom

Costermans

KBC

Shareholders (number of shares)

Capital Increases since incorporation (21/02/2013)

0

4

8 capital increases for > € 25,2 Mio

1.137 1.110

3.623

4.817

2.059

1.165

2.880

4.441

4.005

7/mrt/13 12/apr/13 24/apr/14 28/nov/14 13/mrt/15 13/jul/15 8/feb/16 30/mrt/16 29/jun/17 Today

Capital Capital Increase

Capital

25.296K

0

5

Evolution of Net Asset Value

11.427 € 11.459 €

11.870 € 11.984 € 12.108 € 12.154 €

12.585 €

9.500 €

10.000 €

10.500 €

11.000 €

11.500 €

12.000 €

12.500 €

13.000 €

13.500 €

14.000 €

30/06/2014 31/12/2014 30/06/2015 31/12/2015 30/06/2016 31/12/2016 30/06/2017

Thie Net asset value is based upon the Gross Investment Value for the property, i.e. that the value does not take into account that a possible buyer needs to pay possible registration duties whereby a possible lower price will be paid to Quares. Net assValue based upon Equity before substraction of non-amortised formation expenses

05 Future

Further Room 2 Bloom

…

0

5

2.000 rooms before 2026

• Further growth in Brussels, Luik and Antwerp • Entry in new cities: Leuven and Ghent

483 615

759

2.000

30/06/2017 30/09/2017 After R2B 2026

Thank you

Flanders – scattered landscape


Bron: In-house research Quares.

Wallonia – scattered landscape



Brussels – scattered landscape



Student Housing in the press - Belgium

Bron: VRT, 29 augustus 2017; De Tijd, 2 september 2017; De Tijd, 13 september 2017

Student Housing in the press - Antwerp

Bron: De Standaard, 26 augustus 2017; De Tijd, 2 september 2017; De Standaard, 6 september 2017.

Student Housing in the press - Brussels

Bron: De Standaard, 18 juli 2017; BRUZZ, 25 augustus 2017; VRT, 29 augustus 2017; De Tijd, 2 september 2017.

Student Housing in the press - Leuven

Bron: De Standaard, 21 februari 2017; VETO, 27 februari 2017; De Standaard, 14 juli 2017; De Standaard, 26 augustus 2017; De Tijd, 17 augustus 2017; De Tijd, 2

september 2017.

Student Housing in the press – Ghent

Bron: De Standaard, 19 april 2016; De Standaard, 23 september 2016; De Tijd, 2 september 2017; De Morgen, 20 september 2017.

Student Housing in the press – Liège

Bron: La Meuse, 19 juli 2017; RTL, 21 augustus 2017; Le Soir, 29 augustus 2017

Student Housing in the press

Bron: BRUZZ, 1 februari 2016; De Tijd, 9 juni 2016; De Standaard, 9 augustus 2016; Vlaams minister van

Onderwijs Crevits, 12 augustus 2016; Catella, 9 maart 2017; JLL, 2017.

Pipeline – doubling portfolio with

… Further acquisition of R2B Portfolio

• Inaugurated in 1976 as “First Immo” • In 2002: split of “First Student Housing” • Change of name in 2010 “Room to Bloom” • >20 years experience • Family owned : managed by father and daughter Costermans • Confident and strong structure with lots of experience of Antwerp Student housing market.

• 21 houses in Antwerpen centre, 282 student kots & 54 startersflats (of which 31 kamers in construction) • Toplocations: Around Paardenmarkt and Ossenmarkt, THE studentenlocation in Antwerp • Declared Building permit stop for studenthousing at this location •100 % Occupancy • Real estate in very good condition ’green label’ •Experienced en competent team of 5 FTE’s • No financing on portfolio

Room to Bloom

Top Location in Antwerp

University of Antwerp

AP High School

Room to Bloom

Portfolio

Room to Bloom transaction

Acquisition process of Room to Bloom Portfolio

• PART 1: 100% acquisition of shares of SAGI NV – Change of name to Room To Bloom NV

– Financed with cash and capital increase fam. Costermans EUR 7,5 Mio

• PART 2: Per 29/09: 9 properties with 132 units will be acquired

– Financed with cash and capital increase fam. Costermans EUR 11,6 Mio

• PART 3 & 4: Further acquisition of Room to Bloom portfolio

• Blindestraat 4,6,8 • Gratiekapelstraat 2,4 and 6

• Paardenmarkt 67,70, 93 en 100

• Rijnpoortvest 19-21 • Rodestraat 2, 15, 17 en 31

Disclaimer

Belangrijke informatie Deze presentatie is geen prospectus. De informatie in dit bericht is louter ter informatie en pretendeert niet volledig te zijn. Beleggers zouden enkel mogen inschrijven op enige effecten waarnaar in dit document verwezen wordt, op basis van de informatie die vervat is in het prospectus dat de Quares Student Housing naar verwachting zal publiceren na de goedkeuring ervan door de Belgische Autoriteit voor Financiële Diensten en Markten (FSMA). Het prospectus zal gedetailleerde informatie bevatten over de Quares Student Housing en haar management, de risico's verbonden aan een belegging in de Quares Student Housing, alsook de jaarrekeningen en andere financiële gegevens. Deze presentatie kan niet worden gebruikt als basis voor enige beleggingsovereenkomst of beleggingsbeslissing. Het aanbod zal doorgaan als een openbare aanbieding in België. Het aanbod en het prospectus zijn niet en zullen niet worden ingediend voor goedkeuring bij enige toezichthoudende instantie buiten België. Bijgevolg mogen er geen stappen worden gezet die een openbaar aanbod van de aangeboden aandelen buiten België zouden uitmaken of die hiertoe zouden kunnen leiden. Deze presentatie bevat vooruitzichten die onzekerheden inhouden. Lezers worden erop gewezen dat dergelijke vooruitzichten gekende en ongekende risico’s inhouden en onderworpen zijn aan belangrijke bedrijfs-, economische en concurrentiële onzekerheden, die Quares Student Housing grotendeels niet onder controle heeft. Indien één of meer van deze risico’s of onzekerheden zich zouden voordoen of indien gehanteerde basishypothesen onjuist blijken, kunnen de uiteindelijke resultaten ernstig afwijken van de vooropgestelde, verwachte, geraamde of geëxtrapoleerde resultaten. Een investering in de aangeboden aandelen zoals beschreven in het prospectus houdt belangrijke risico's in. De kandidaat-beleggers worden verzocht om kennis te nemen van het prospectus en in het bijzonder van de risico’s beschreven in Hoofdstuk 2 (Risicofactoren) van het prospectus alvorens in te schrijven op de aangeboden aandelen. Iedere beslissing om te beleggen in de aangeboden aandelen in het kader van het de voorgenomen openbare aanbieding, moet gebaseerd zijn op het geheel van de in het prospectus verstrekte gegevens. Een belegger in de aangeboden aandelen loopt het risico een deel of het geheel van het geïnvesteerde kapitaal te verliezen.

finance avenue 18 november 2017 - de tijd · 30/06/2014 31/12/2014 30/06/2015 31/12/2015 30/06/2016...

Documents