Beneficial interest Sofinim: 10.53%
AvH Contact: Marc De Pauw
Atenor Group closed the 2015 financial year with a positive net result of 20.0 million euros, a figure that has been increasing for the past five consecutive years.
The 2015 result was realized primarily by the further development of the projects in portfolio, whose profit is recognized according to the percentage of completion, and for those projects for which an off-plan sale to a final investor was realized. This is the case with the projects Trebel (Brussels), AIR (Luxembourg), Port du Bon Dieu (Namur), Les Brasseries de Neudorf (Luxembourg) and, to a lesser extent, Les Grands Prés, La Sucrerie and City Docks. Atenor also had rental income from the projects in Budapest (Hungary) and in Bucharest (Romania).
The further development of the projects in Central Europe benefited from a more favourable economic climate. Two buildings in Budapest are now fully let, while the third building, which was completed in January 2016, is 60% let. In Bucharest, the first building is fully let, while the other two, still under construction, are 85% and 60% let. The ultimate objective, however, is to sell the buildings in both cities.
Atenor continues to invest in the expansion of its portfolio. Control was regained over the company Hexaten, which owns the Nysdam building in La Hulpe. This office building, with a floor area of 16,000 m², was developed by Atenor at the beginning of the years 2000. Atenor intends to redevelop this site in the long run.
Notwithstanding the uncertainties inherent in the property development sector, Atenor started 2016 with a positive outlook on the results in the coming years, based on a consistent policy of value creation.