Immobel NV

Capital/Financing Update • Oct 4, 2019

PRESS RELEASE Regulated information Brussels, 4 October 2019, 5.40 PM

Early closure of the EUR 75 million retail notesissue

IMMOBEL's public issue aimed mainly at retail investors successfully closed and was oversubscribed almost six times

The notes were successfully placed with primarily retail investors following a book-building process where BELFIUS and BNP PARIBAS FORTIS acted as Joint Lead Managers.

The maximum amount of EUR 75 million was raised, and as a result IMMOBEL decided to close the subscription period early on 4 October 2019 at 5:30 PM.

The notes will be issued on 14 October 2019 and will be listed and admitted to trading on the regulated market of Euronext Brussels (ISIN BE0002671528). The gross annual coupon pays 3.000%. The gross actuarial yield amounts to 2.722% on an annual basis and the net actuarial yield amounts to 1.831% on an annual basis.

"This issue will allow us to further support the development of our real estate portfolio in Europe. This success once again demonstrates the confidence that retail investors have in our strategy," explains Karel Breda, Chief Financial Officer.

For this transaction, IMMOBEL was advised by LINKLATERS and the Joint Lead Managers by ALLEN & OVERY.

This press release must be read together with the Base Prospectus dated 24 September 2019 and the Final Terms dated 1 October 2019 (including the issue-specific summary attached thereto), which are available on the websites of IMMOBEL (www.immobelgroup.com), BELFIUS (www.belfius.be/IMMOBEL2019) and BNP PARIBAS FORTIS (www.bnpparibasfortis.be/emissies (Dutch) or www.bnpparibasfortis.be/emissions (French)).

For further details:

Karel Breda*, Chief Financial Officer +32 (0)2 422 5 350 Karel.Breda@immobelgroup.com

*permanent representative of KB Financial Services BVBA

About IMMOBEL Group

IMMOBEL is the largest listed real estate developer in Belgium. Since it was founded in 1863, the Group has been developing and marketing innovative urban projects that listen to the needs of cities and their inhabitants. Thanks to its intelligent strategy and its 200 experts, IMMOBEL has managed to extend its expertise to the residential, office, commercial, urban development, housing estate and hospitality sectors, reaching a market capitalization of around €600 million, establishing it as a market leader. IMMOBEL is continuing its expansion across Europe with a portfolio of more than 1,000,000 m² in development in 6 countries (Belgium, Grand Duchy of Luxembourg, Poland, France, Spain, Germany) and carries out its social responsibility by donating part of its profits to supporting charitable projects in the areas of Health, Culture and Social Inclusion. The Group is implementing a sustainable vision of urban development and is working to become a company conscious about its CO2 impact.

For more information, please go to www.immobelgroup.com

IMPORTANT COMMUNICATION

THIS COMMUNICATION IS NOT INTENDED FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS FORBIDDEN UNDER APPLICABLE LAW.

This communication does not constitute an offer to sell or to subscribe to securities, or an invitation to make an offer to purchase securities or subscribe to securities, and securities shall not be sold or subscribed to in any jurisdiction in which such offer, invitation, sale or subscription would be illegal without advance subscription or qualification under the financial legislation of such jurisdiction.

The issue of, subscription to or purchase of securities is subject to special statutory or regulatory restrictions in certain jurisdictions. IMMOBEL is not liable in the event that there is a violation by any person of these restrictions.

No public offering shall be made of any securities referred to in this document in the United States. The securities referred to in this document have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any other supervisory authority of securities of any state or other jurisdiction of the United States and may not be offered, sold or delivered in any other way, directly or indirectly, within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws.

The securities referred to in this document have not been approved or rejected by the SEC, any other supervisory authority of securities of any state or other supervisory body of the United States, nor have these authorities assessed the appropriateness of this proposed offer or the adequateness or accuracy of this document. Any statement to the contrary is a criminal offence in the United States.

This document is not an offering document or prospectus in connection with an offering of securities by IMMOBEL. Investors may not accept an offering of securities that are mentioned in this document nor acquire them unless they do this on the basis of information contained in the Base Prospectus and the Final Terms. This document is an advertisement for the purposes of Regulation (EU) 2017/1129.