Belgian office REIT Befimmo "closes 2017 with a new look", net rises to €136m

Benoit De Blieck ©

Belgian office REIT Befimmo raised EPRA earnings for last year to €3.74 from €3.68, with net soaring to €136m from €90m. It added that it "closed 2017 with a new look", focused on bringing innovative and flexible working space ideas to its properties.

In its year end report, the Brussels-based Befimmo said its assets on balance sheet slipped slightly in value to €2.49bn last year from €2.51bn at the end of 2016, but it had solid letting activity over the year and the fair value of its portfolio held stable on a like for like basis. The group confirmed its proposed final dividend of €0.86 per share, bringing the total dividend for the fiscal year to €3.45. The outlook for the current fiscal year is for an unchanged payout.

Predominantly investing in office in the domestic market, Befiommo said it shifted its strategy last year, aiming to offer tenants flexible work spaces, services and business networks in an environment open to multifunctionality. In the framework of its strategy, the firm last year devised an ambitious new roadmap in cooperation with its stakeholders. It established six strategic priorities that reflect the way Befimmo views its business today and tomorrow. These are:
- Integration into the city. The building becomes an ecosystem open to its urban environment that brings together a mix of functions
- The world of work. Rethinking workspaces based on the type of activity and profile of the users;
- Setting an example. Befimmo aims at sharing the benefit of its research with all its partners and uses its influence to foster positive developments in society
- Mobility. Contributing to the development of alternative, environmentally-friendly transport solutions
- Dialogue. Fostering and maintaining communication with all its stakeholders
- Use of resources. Applying the principles of eco-design and the circular economy at each phase of a building’s life cycle.

"This approach incorporates a desire for innovation in order to anticipate the needs and expectations of the tenants," the firm said.

Mots-clés : Befimmo, EPRA, Innovation
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