EUROCOMMERCIAL PROPERTIES N.V. APPLIES FOR SECONDARY LISTING ON EURONEXT BRUSSELS

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Algemeen advies 19/06/2018 09:35
Eurocommercial Properties N.V. today announced it has applied to Euronext Brussels for a secondary listing, as part of its long-term commitment to the Belgian real estate market. The listing is expected to become effective on 27 June 2018.
Through the listing, Eurocommercial aims to increase its visibility in Belgium as an investor in major high-quality shopping destinations. The listing will also provide Belgian investors with more direct access to one of Europe’s most experienced investors in retail real estate, giving Eurocommercial the opportunity to further expand and diversify its shareholder base.
The Company will not issue any new shares and will retain its primary listing on Euronext Amsterdam, where it commenced trading in 1991. The Company’s shares are listed in the form of bearer depositary receipts. One bearer depositary receipt represents ten ordinary registered shares.
Since listing, Eurocommercial’s dividend has steadily grown to €2.10 per depositary receipt in 2017 with a further increase expected in 2018. Eurocommercial usually gives its investors the possibility to elect to take their dividend in the form of new depositary receipts, thereby completely removing the necessity of a deduction at source of Dutch dividend withholding tax of 15%. Belgian investors electing for a stock dividend would thus be in the same tax position as they would be by investing in any Belgian quoted property company.

Eurocommercial in Belgium
Eurocommercial has total assets of €4 billion in Belgium, France, Italy and Sweden. Belgium represents approximately 11% of the portfolio through the Woluwe shopping centre in Brussels, which was purchased in March this year and is one of Eurocommercial’s largest assets.
Jeremy Lewis, Eurocommercial’s CEO, said:
“With our secondary listing on Euronext Brussels, we are aiming to reinforce our commitment to Belgium, which will be of increasing importance to the investment strategy of our company over the coming years.
“Brussels benefits from high levels of disposable income and good population growth. Retail densities are very low, which means there is no oversupply of retail space. Belgium plays a critical role in Europe and its central
location means it is a natural extension of our existing geographic footprint, neighbouring our corporate seat in the Netherlands and our long-standing investments in France.
“The Woluwe shopping centre is an exceptional asset – a well-established, prime shopping centre located in a strong catchment and with clear potential for future growth. We are developing plans for an internal and external cosmetic refurbishment this year, and a mixed-use retail and residential extension which will be fully integrated
into its urban environment. As part of our development study we are actively consulting the municipality of Woluwe, the region of Brussels, our shopping centre visitors and neighbours to establish how we can improve
the centre in a way that meets the needs of all its stakeholders.”

Listing
The listing is expected to become effective on 27 June 2018. Trading volumes on the Belgian and Dutch Euronext exchanges will be amalgamated for reporting purposes. Euronext Amsterdam will remain Eurocommercial’s reference market and the shares will be collected and administrated in the central order book
of the Euronext Group. The listing agent is ABN AMRO.
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