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Notes to the consolidated statement of financial position

 ­

7 Investment property

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 January

 

3,759,649

 

3,955,751

     

Investments in completed investment property

5,613

 

80

 

Prepayments for assets under construction

(131)

 

361

 

Transferred from assets under construction

254,966

 

93,453

 

Investments in capitalised subsequent expenditure in investment property

4,667

 

7,900

 

Divestments of investment property

(212,040)

 

(25,512)

 

Transferred to/from assets held for sale

4,276

 

(4,140)

 

Right of use asset (IFRS 16) adjustments

4,807

 

7,441

 

Fair value adjustments

310,234

 

(275,685)

 
  

372,393

 

(196,101)

     

At end of period

 

4,132,042

 

3,759,650

The ARC Fund’s investment properties are appraised by independent professionally qualified appraisal experts, who provide an IFRS Level 3 valuation. There has been no change to the valuation technique during the year and there were no transfers between levels 2 and 3 during the year.

A mortgage on part of the ARC Fund’s property portfolio serves as security for the loan. The total value of the residential portfolio mortgaged as at 31 December 2024 is EUR 1,487,069 thousand (2023: EUR 1,524,878 thousand) (also see note 16).

The investment portfolio is divided over below mentioned rental priced segments:

EUR x 1,000

31-12-2024

31-12-2023

Low-priced

85,590

128,956

Mid-priced

1,290,402

1,215,119

Free market low

1,797,683

1,709,137

Free market high

958,367

706,438

 

4,132,042

3,759,650

8 Assets under construction

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 january

 

540,434

 

439,480

     

Prepayments for assets under construction

162,736

 

190,033

 

Transferred to investment property

(254,959)

 

(93,453)

 

Right of use asset (IFRS 16) adjustments

60

 

(1,414)

 

Fair value adjustments

(16,267)

 

5,788

 
  

(108,431)

 

100,954

     

At end of period

 

432,003

 

540,434

Prepayments were made in accordance with the completion of investment property under construction. All risks regarding the development of new properties remain with the developer, as the ARC Fund cannot take on development risks.

The legal ownership of the land on which the property is constructed was transferred to the ARC Fund together with the first payment.

9 Trade and other receivables

EUR X 1,000

31-12-2024

31-12-2023

Accounts receivable

2,306

1,566

Prepayments on borrowing costs

7,899

4,196

Amvest REIM BV

401

-

VAT

-

-

Other receivables and prepayments

1,794

2,660

Trade and other receivables

12,400

8,422

Borrowing costs for the debt securities amounted to EUR 7,899 thousand as at 31 December 2024 (2023: EUR 4,196 thousand). The capitalised expenses are amortised during the term of the loan facility. 

provisions on accounts receivable

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 January

 

1,906

 

1,662

     

Amounts written off

-

 

-

 

Increase/(decrease) in allowance

894

 

244

 
  

894

 

244

     

At end of period

 

2,800

 

1,906

All accounts receivable are non-interest bearing and are typically due within 30 days. As at 31 December 2024, receivables with a nominal value of EUR 2,800 thousand (2023: EUR 1,906 thousand) were impaired due to tenant defaults and were fully provided for. In 2024, no receivables were directly written off (2023: EUR -).

The ARC Fund holds EUR 7,116 thousand (2023: EUR 7,876 thousand) as collateral in the form of tenants’ deposits (also see note 18).

10 Cash and cash equivalents

EUR X 1,000

31-12-2024

31-12-2023

ABN AMRO Bank NV

11,776

12,857

ING Bank NV

93,996

3,414

Cash and cash equivalents

105,772

16,271

All balances are available on demand. 

11 Assets held for sale

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 January

 

11,844

 

15,961

     

Divestments of assets held for sale

(7,568)

 

(8,258)

 

Transferred to investment property

(4,276)

 

-

 

Transferred from investment property

-

 

4,140

 
  

(11,844)

 

(4,118)

     

At end of period

 

-

 

11,844

As at 31 December 2024, there were no assets held for sale.

12 Capital contributions
 

31-12-2024

31-12-2023

EUR X 1,000

No. Of particip. Interest

Nominal value

No. Of particip. Interest

Nominal value

Capital

    

AEGON Levensverzekering N.V.

24,812

25

24,812

25

PGGM Private Real Estate Fund

17,333

17

18,259

18

Investor "A"

456

-

456

-

Investor "C"

1,376

1

1,376

1

Investor "D"

2,111

2

2,605

3

Investor "E"

1,010

1

1,010

1

Investor "F"

871

1

871

1

Investor "G"

3,036

3

3,036

3

Investor "H"

4,482

4

4,482

4

Investor "I"

1,581

2

1,581

2

Investor "J"

-

-

1,527

2

Investor "K"

677

1

677

1

Investor "L"

7,707

8

8,633

9

Investor "M"

616

1

616

1

Investor "N"

410

-

410

-

Investor "O"

1,832

2

1,832

2

Investor "Q"

3,504

4

3,504

4

Investor "R"

1,664

2

1,664

2

Investor "T"

689

1

689

1

Investor "U"

7,062

7

7,062

7

Investor "V"

1,768

2

1,768

2

Investor "W"

1,768

2

1,768

2

Investor "X"

817

1

-

-

Investor "Y"

739

1

-

-

 

86,321

86

88,638

89

The ARC Fund’s capital is divided into participating units with a nominal value of EUR 1 per participating unit. Each FGR unit is entitled to distributions from the Fund. All Investors in the ARC Fund participate in the ARC Fund’s capital in the following manner:

13 Share premium reserve

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 January

 

1,408,998

 

1,416,857

     

Subscription Investor G

-

 

40,038

 

Subscription Investor H

-

 

69,932

 

Subscription Investor J

1,108

 

1,403

 

Subscription Investor T

-

 

10,455

 

Redemptions

(90,802)

 

(38,937)

 

Dividend paid to investors

(94,000)

 

(90,750)

 
  

(183,694)

 

(7,859)

     

At end of period

 

1,225,304

 

1,408,998

For 2024, a total amount of EUR 94,000 thousand (2023: EUR 90,750 thousand ) of the share premium reserve was distributed to the Investors, being the final dividend distribution for 2024. Dividend per unit was EUR 1,089 in 2024 (2023: EUR 1,024).

Capital Management

The ARC Fund plans to secure new equity and debt funding in 2025, subject to market conditions, to fulfil outstanding redemption requests as well as fund and grow its pipeline in the coming years. We take a balanced approach to liquidity management and use proceeds from block sales to both fulfil the requests of our investors and to fund our pipeline. Realisation of the ARC Fund’s assets, for instance in connection with redemption requests, on termination or otherwise could be a process of uncertain duration. Currently, a total of EUR 45M of redemption requests has been fulfilled in 2025.

14 Revaluation reserve

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 January

 

1,041,920

 

1,302,885

     

Result of the year

324,959

 

(253,746)

 

Realised from property sales

(67,283)

 

(7,219)

 
  

257,676

 

(260,965)

     

At end of period

 

1,299,596

 

1,041,920

The revaluation reserve, EUR 1,299,596 thousand is restricted from distribution due to cumulative net positive unrealised changes in the fair value of investment property (including assets held for sale) (2023: EUR 1,041,920 thousand).

For 2024, a total amount of EUR 67,283 thousand (2023: EUR 7,219 thousand ) of the revaluation reserve was realised from property sales.  

15 Other reserve

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 January

 

864,812

 

782,997

     

Result of the year

63,099

 

74,596

 

Realised from property sales

67,283

 

7,219

 
  

130,382

 

81,815

     

At end of period

 

995,194

 

864,812

16 Financial liabilities
Debt funding

The ARC Fund obtains debt funding through various sources:
1. Bank facilities
2. Private placement
3. Bonds, issued by the ARC Fund. under the EMTN programme.

This note provides information about the contractual terms of the ARC Fund’s interest bearing loan, which is measured at amortised cost. For more information about the ARC Fund’s exposure to interest rate, foreign currency and liquidity risks, see the previously mentioned accounting principles and information about the financial statements.

EUR X 1,000

 

31-12-2024

 

31-12-2023

At 1 January

 

940,000

 

885,000

     

Loans taken

425,000

 

155,000

 

Repayments

(305,000)

 

(100,000)

 
  

120,000

 

55,000

     

Reclass to current

 

(125,000)

 

-

     

At end of period

 

935,000

 

940,000

The key elements of the EUR 500 million facility are mentioned below.

Bank facilities

Principal amount

Initial amount: EUR 500 million bullet

Term

17 January 2026

Lenders

Deutsche Hypothekenbank (Security Agent, Valuation Agent)/ING Diba/ING N.V./ABN AMRO (EUR 300m/EUR 100m/ EUR 50m/EUR 50m)

Interest period

3 months

Interest

EUR 290m: 1.218%-1.318% (depending on LTMV ratio);

 

EUR 60m: 1.596%-1.696% (depending on LTMV ratio);

 

EUR 150m: 1.733%-1.833% (depending on LTMV ratio);

Repayment

In full, upon repayment date (17 January 2026); penalty
free repayment after 5 years

LTV ratio

Maximised at 40%

LTMV ratio

Maximised at 50%

Ratio of net rental income to gross interest

At least 1.8

For an amount of EUR 300 million of the above mentioned EUR 500 million a loan agreement was signed with Deutsche Hypotheken Bank AG and ING Bank N.V. from January 2026 to January 2029. Resultingly, EUR 200 million of this facility matures in January 2026 and EUR 300 million of this facility matures in January 2029. The details of the EUR 300 million facility are mentioned below.

Principal amount

Initial amount: EUR 300 million bullet

Start date

17 January 2026

Term

17 January 2029

Lenders

Deutsche Hypothekenbank (Security Agent, Valuation Agent)/ING Bank N.V (EUR 150m/EUR 150m)

Interest period

3 months

Interest

EUR 300m: 3.55%-3.65% (depending on LTMV ratio);

Repayment

In full, upon repayment date (17 January 2029)

LTV ratio

Maximised at 40%

LTMV ratio

Maximised at 50%

Ratio of net rental income to gross interest

At least 1.8

The key elements of the EUR 450 million facility are mentioned below.

Principal amount

Initial amount: EUR 450 million revolving

Term

3 July 2027

Lenders

ING BANK N.V. (Facility Agent)/ABN AMRO BANK N.V./BNP Paribas S.A./SMBC Bank EU A.G. (EUR 112.5m/EUR 112.5m/EUR 112.5m/EUR 112.5m)

Interest period

3 months

Interest

3-month Euribor + 80 basis points (depending on net LTV and utilisation amount)

Repayment

Each quarter, except when a new utilisation request is executed and ultimately upon repayment date ( 3 July 2027, extension options in place)

LTV ratio

Maximised at 40%

LTMV ratio

Maximised at 50%

Ratio of net rental income to gross interest

At least 2.5

The key elements of the EUR 125 million facility are mentioned below.

Principal amount

Initial amount: EUR 125 million

Term

Bullet: 3 December 2025

Lenders

Bullet: Coöperatieve Rabobank U.A. (Security Agent, Facility Agent)/ING Bank N.V./ Postbank – a branch of Deutsche Bank AG (EUR 50m/ EUR 37.5m/ EUR 37.5m)

Interest period

3 months

Interest

Bullet EUR 75m: 1.200%-1.500% (depending on LTMV ratio)

 

Bullet EUR 50m: 5-year IRS (if >0%) + 120-150 base points (depending on LTMV ratio)

 

revolving 3-month Euribor

Repayment

In full, upon repayment date (3 December 2025)

LTV ratio

Maximised at 40%

LTMV ratio

Maximised at 50%

Ratio of net rental income to gross interest

At least 1.8

Private placement

The key elements of the EUR 135 million U.S. Private Placement are mentioned below. 

Principal amount

Initial amount: EUR 135 million bullet

Term

8 November 2030

Lenders

Metropolitan Life Insurance Company/ New York Life Insurance Company/ The Manufacturers Life Insurance Company (EUR 50m/ EUR 50m/ EUR 35m)

Interest period

6 months

Interest

EUR 100m: 5.19%

 

EUR 35m: 5.09%

Repayment

In full, upon repayment date (8 November 2030);

LTV

<40%

Secured financing

<30%

Unencumbered assets to unsecured debt

>150%

Bonds

The key elements of the EUR 300 million Green Bond are mentioned below. 

Principal amount

Initial amount: EUR 300 million Green Bond

Term

March 2030

Lenders

Large group of high quality institutional investors

Interest period

6 months

Interest

3.875% Fixed

Repayment

In full, upon repayment date March 2030

There is no difference between basic and diluted IFRS NAV.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

The information below is provided for explanatory purposes with regard to the ARC Funds long-term funding.

LOAN SPECIFICATION

EUR X 1,000

Principal 31-12-2024

Re-payments < 1 year

Re-payments > 1 year

End date

Interest Maturity

Effective interest Rate

Fixed/Floating

Fair value

2024

        

Counterparty

        

Syndicated bullet loan 500M

500,000

-

500,000

17 January 2026 (200 mio) & 17 January 2029 (300 mio)

Quarter

1.42%

Fixed

487,023

Syndicated bullet loan 125M

125,000

125,000

-

3 December 2025

Quarter

1.30%

Fixed 75,000
Floating 50,000

73,124
50,000

USPP

135,000

-

135,000

8 November 2030

Quarter

5.16%

Fixed

142,251

Green Bond

300,000

-

300,000

25 March 2030

Quarter

3.88%

Fixed

299,661

Syndicated revolving credit facility

-

-

-

3 July 2027

Quarter

4.40%

Floating

0

Total loans As at 31 December 2024

1,060,000

125,000

935,000

    

1,052,059

         

EUR X 1,000

Principal 31-12-2023

Re-payments < 1 year

Re-payments > 1 year

End date

Interest Maturity

Effective interest Rate

Fixed/Floating

Fair value

2023

        

Counterparty

        

Syndicated bullet loan 500M

500,000

-

500,000

17 January 2026

Quarter

1.42%

Fixed

476,909

Syndicated bullet loan 125M

125,000

-

125,000

3 December 2025

Quarter

1.30%

Fixed 75,000
Floating 50,000

71,171
50,000

USPP

135,000

-

135,000

8 November 2030

Quarter

5.16%

Fixed

142,771

Syndicated revolving credit facility

180,000

-

180,000

3 July 2027

Quarter

4.40%

Floating

180,000

Total loans As at 31 December 2023

940,000

 

940,000

    

920,851

A mortgage on part of the ARC Fund’s property portfolio serves as security for the loan. The total value of the residential portfolio mortgaged as at 31 December 2024 was EUR 1,487,069 thousand (2023: EUR 1,524,878 thousand). As at 31 December 2024 the LTV ratio was 23.2% (2023: 21.8%), the LTMV ratios were 46.2% (2023: 43.1%) and 30.9% (2023: 34.2%).

EUR X 1,000

31-12-2024

31-12-2023

Investment property mortgaged in relation to syndicated loan

1,487,069

1,524,878

Investment property* not mortgaged in relation to syndicated loan

2,644,973

2,246,616

 

4,132,042

3,771,494

The EUR 500 million loan facility agreement contains the following covenants:

EUR X 1,000

Convenants

31-12-2024

The loan-to-value ratio (including MtM value derivates)

< 40%

23.2%

The loan-to-value mortgaged properties ratio

< 50%

46.9%

ICR ratio

>= 1.8

3.9

The EUR 125 million loan facility agreement contains the following covenants:

EUR X 1,000

Convenants

31-12-2024

The loan-to-value ratio (including MtM value derivates)

< 40%

23.2%

The loan-to-value mortgaged properties ratio

< 50%

30.9%

ICR ratio

>= 1.8

3.9

The EUR 450 million loan facility agreement contains the following covenants:

EUR X 1,000

Convenants

31-12-2024

The loan-to-value ratio (including MtM value derivates)

< 40%

23.2%

ICR ratio

>=1.8

3.9

The EUR 135 million bonds agreement contains the following covenants:

EUR X 1,000

Convenants

31-12-2024

The loan-to-value ratio (including MtM value derivates)

< 40%

20.9%

ICR ratio

>= 1.8

4.0

Secured net leverage ratio

<= 30%

11.3%

Unencumbered assets ratio

>= 150%

938.4%

As at 31 December 2024, there are no breaches of any of these covenants.

Apart from the mortgage, no receivables pertaining to the property portfolio as well as all bank accounts are pledged.

Capital management

The primary objective of Amvest REIM B.V. is to ensure that the Fund remains within its banking covenants and maintains a strong credit rating. Amvest REIM monitors capital primarily using a loan-to-value (LTV) ratio, which is calculated as the amount of outstanding debt divided by the valuation of the investment property portfolio.

17 other long term payables

EUR X 1,000

31-12-2024

31-12-2023

Long term lease payables (IFRS 16)

30,217

20,292

Other long term payables*

30,217

20,292

As of 1 January 2019 IFRS 16 is implemented in the balance sheet and P&L. In order to implement IFRS 16 a number of key options and practical expedients allowed under IFRS 16 were adopted of which the following are the most significant:

  • A modified retrospective approach was applied and therefore prior periods were not restated.

  • Not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12
    months or less and leases of low-value assets. The lease payments associated with these leases are recognised as an expense on a straight–line basis over the lease term.

  • To apply the ‘grandfather’ option, which means that all conclusions previously reached under IAS 17 (and IFRIC 4 Determining Whether an Arrangement Contains a Lease) are deemed compliant with IFRS 16.

  • To use hindsight in determining the lease term. 

The lease liabilities can be specified as follows:

EUR x 1,000

   

31-12-2024

31-12-2023

< 1 year

   

12,665

17,724

> 1 year < 5 years

   

1,394

1,394

> 5 years < 10 years

   

1,165

1,165

> 10 years

   

27,657

17,733

Total

   

42,882

38,016

      
    

31-12-2024

31-12-2023

Current

   

12,665

17,724

Non-current

   

30,217

20,292

18 Trade and other payables

EUR X 1,000

 

31-12-2024

 

31-12-2023

AEGON Levensverzekering N.V.

6,036

 

5,319

 

PGGM Core Fund Participations B.V.

4,217

 

3,914

 

Investor "A"

111

 

98

 

Investor "C"

335

 

295

 

Investor "D"

514

 

558

 

Investor "E"

246

 

216

 

Investor "F"

212

 

187

 

Investor "G"

739

 

651

 

Investor "H"

1,090

 

961

 

Investor "I"

385

 

339

 

Investor "J"

-

 

327

 

Investor "K"

165

 

145

 

Investor "L"

1,875

 

1,851

 

Investor "M"

150

 

132

 

Investor "N"

100

 

88

 

Investor "O"

446

 

393

 

Investor "Q"

852

 

751

 

Investor "R"

405

 

357

 

Investor "T"

168

 

148

 

Investor "U"

1,718

 

1,514

 

Investor "V"

430

 

379

 

Investor "W"

430

 

379

 

Investor "X"

199

 

-

 

Investor "Y"

180

 

-

 
  

21,000

 

19,000

18 Trade and other payables (continued)

EUR X 1,000

 

31-12-2024

 

31-12-2023

Tenants deposits

 

7,116

 

7,876

Accounts payable

 

1,744

 

375

Amvest REIM

 

-

 

410

Lease payables (IFRS 16)

 

12,665

 

17,724

Short term loan

 

125,000

 

-

Other Payables and prepayments

 

29,296

 

15,125

     
  

196,821

 

60,510

The amount of EUR 21,000 thousand consists of the distributions (dividend for the fourth quarter of 2024) to the Investors (2023: EUR 19,000 thousand). The ARC Fund’s management fee has been prepaid to the Fund Manager Amvest REIM B.V. During the year, final settlement resulted in a final payment of EUR 388 thousand.

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