Leasinvest Real Estate intends to become an integrated real estate group through an envisaged business combination with Extensa Group and by giving up its BE-REIT status - Seite 2

This structure will provide LRE increased agility in the current volatile market environment through targeted arbitrages in its portfolio or redevelopments of existing buildings. In addition, the reinforced balance sheet structure will allow to take a proactive approach towards new opportunities in its core or even in new markets.

The new structure will have a consolidated balance sheet total of approximately € 1,9 billion with equity capital of +/- € 800 million. The combined investment portfolio will mainly consist of offices (47%) and secondly retail (39%). The “other” section includes on the one hand the remaining logistic buildings from the Leasinvest portfolio and on the other hand the buildings on the Tour & Taxis site that serve for events (The Sheds and Maison de la Poste) as well as the various car parks. Geographically Belgium and Luxemburg are almost equally important (43-44%) and the remaining 13% consists of the retail parks in Austria from the Leasinvest portfolio.

By acquiring the iconic heritage buildings of Tour & Taxis (“T&T”), with “Gare Maritime” as its flagship, coupled with Leasinvest’s CSR-strategy, the new entity has all the strengths to be a reference in terms of sustainability in the real estate market.

The development potential, which arises entirely from Extensa, can be classified as follows:

xResidential 208 300 m²

xOffices 124 300 m²

xRetail 3 400 m²

xOther 5 900 m²

About two thirds of these developments are planned on the site of Tour & Taxis in Brussels, whereas the remaining part is situated on Cloche d’Or, on the south end of the city of Luxemburg.

Through the participation (50%) of Extensa in Grossfeld PAP NV (Cloche d’Or), the Company will also become active in residential developments in its second home market Luxembourg, in addition to its activities related to the leasing and development of offices and retail.

KRIS VERHELLEN CEO EXTENSA GROUP:

“The complementarity of our assets and know-how provides a very solid foundation for further development and at the same time encourages us to further translate our vision into projects that have a positive impact for all stakeholders.

A new structure

In the context of this proposed transaction, 100% of the shares of Extensa would be contributed by AvH to the Company.

Additionally, it will be proposed to give up the BE-REIT status and to convert the Company into a limited liability company with a (collegial) board of directors under the CCA (Code of Companies and Associations), whereby the management of the Company will be internalized by means of a contribution in kind of the shares of Leasinvest Real Estate Management NV/SA, the statutory manager of the Company (“LREM” or the “Manager”), which is currently a 100% subsidiary of AvH.