Governments’ restrictions imposed to contain the further spread of COVID-19 across cities where Ghelamco is operating had minimum impact on the company operation to date. Belgium and Poland have managed to control the COVID-19 crisis. As of today it is unclear if restrictive measures will be continued as well as it is uncertain the timing of possible more stringent measures. It is currently also unclear what the medium and long term impact on the real economy and hence the real asset values will be. However, “Flight for quality” has always been major strength of Ghelamco and will be for the future, with a focus on premium locations, high quality multinational tenants and long term leases offering proven resilience to market conditions. According to market analysts, the long term outlook for real estate yields in Ghelamco’s geographies and segments remains positive and more insistent calls for further interest rate cuts is likely to underpin a low yield environment in the years to come. Ghelamco’s management believes that high quality real estate remains attractive to landlords and investors as the spread on the risk-free rate continues to widen. While compliance to the current health and safety measures is ensured by Ghelamco’s Prevention Officers within the Ghelamco Group, the construction and development of major sites, largely pre-let, continues underpinning the confidence that delivery dates for our tenants could be met, subject to no further supply chain disruption. However, Ghelamco closely monitors the evolving state of the current situation on a daily basis.

Ghelamco is focused on the strength of its portfolio of assets, its capital allocation priorities and the preservation of its liquidity as well as solvency in these unprecedented times. Ghelamco’s large land bank creates an important buffer, as well as opportunity and a potential of continuous superior performance.