EXECUTIVE SUMMARY
1. Befimmo SCA, a REIT listed on NYSE Euronext Brussels, has reached an agreement with AG Real Estate on the following:
1.1 Purchase by Befimmo SCA of Befimmo SA, the Statutory Manager of Befimmo SCA, from AG Real Estate for a consideration of €21 million.
1.2 Full internalisation of property management activities: transfer of property management activities, currently performed by AG Real Estate Property Management, to Befimmo for a consideration of €1.
This agreement reached with AG Real Estate is subject to the approval of the amendments to Befimmo SCA's Articles of Association by an Extraordinary General Meeting of Shareholders to be held in December 2012 . These amendments are aimed at transforming and simplifying the corporate structure of the Befimmo group as referred to in section 2 hereafter.
2. The transformation of the corporate form of Befimmo SCA into a Limited Liability Company will be proposed to the Extraordinary General Meeting of Shareholders in December 20122. This transformation will result in the cancellation of the perpetual yearly fee arrangement (management fee 2011 amounted to €1.6 million ).
3. The actions mentioned above would have a net positive impact on the EPRA earnings of €0.07 per share and a one-off net negative impact of €1.09 per share on the NAV for 2012 and a net positive annual impact on the EPRA earnings of €0.06 per share for subsequent years .
4. Befimmo confirms its strategic profile with full focus on the Belgian and Luxembourg office markets.
5. Befimmo decided to have its fully owned subsidiary Fedimmo SA apply for the REIT status.
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