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Updated valuation of real estate portfolio of Arcona Property Fund N.V.

31 December 2018

Arcona Property Fund NV has determined its real estate portfolio value as EUR 88.95 million as at 31 December 2018, a decrease of 1.3% compared to the value of the comparable portfolio at the end of 2017. The value of the four Czech properties of Arcona Property Fund increased by 1.3% in 2018 and that of the eight Slovak properties by 1.6%. The value of the twelve properties in Poland fell by 4.5%. The portfolio occupancy rate increased to 86.9%.

The appreciation in 2018 in the Czech Republic and Slovakia is due to improved occupancy rates and stronger market conditions. The occupancy rate in the Czech Republic increased to 92.9% (2017: 90.2%) and in Slovakia to 80.1% (2017: 76.2%). The decline in value of the Polish retail portfolio is due, on the one hand, to a less positive picture of the supermarket sector in Poland and specifically to the effects of the tenant Piotr & Pawel being placed into administration. Nevertheless, the occupancy rate of the Polish portfolio increased to 91.0% (2017: 89.3%). This brings the occupancy rate of the entire portfolio to 86.9% (2017: 84.0%).

 

The intrinsic value per share of Arcona Property Fund, which was € 13.98 as per 30 September 2018, has declined to EUR 13.57. The closing price per share on Euronext Amsterdam was EUR 7.08 on 28 December 2018.

 

The external valuation of the portfolio was carried out by CBRE in accordance with Article 4: 52a of the Financial Supervision Act.

 

Updated valuation of real estate portfolio of Arcona Property Fund N.V.
31 December 2018
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The dividend policy for Arcona Property Fund is to pay at least 35% of the annual direct result as a dividend. The target is, within a three to five year time frame from end 2016, to increase annual dividend payments to a level of 8% of the prevailing share price.

Arcona Property Fund counts the following substantial companies amongst its tenants: