Immobel NV

Capital/Financing Update • Oct 5, 2018

PRESS RELEASE Regulated information Brussels, 2 October 2018, 5.40 PM

Early closure of the EUR 100 million retail bond issue

IMMOBEL's first public issue aimed mainly at private investors successfully closed and more than twice oversubscribed

The bonds were successfully placed with primarily retail investors following a book-building process where Belfius and ING acted as Joint Lead Managers. For this transaction, IMMOBEL was advised by Linklaters and the Joint Lead Managers by White & Case.

The maximum amount of EUR 100 million, was raised, and as a result IMMOBEL decided to close the subscription period early on 5 October 2018 at 5:30 p.m. Of the total amount, EUR 50 million was subscribed for the 5-year tranche and the remaining EUR 50 million for the 7-year tranche.

The bonds will be issued on 17 October 2018 and admitted for trading on the regulated market of Euronext Brussels (ISIN BE0002615939 (5-year tranche) and ISIN BE0002616945 (7-year tranche)). The gross annual coupons pay 3.00% (5-year tranche) and 3.50% (7-year tranche) respectively. The gross actuarial yields amount to 2.595% (5-year tranche) and 3.197% (7-year tranche) respectively on an annual basis, and the annual net actuarial yields amount to 1.706% (5-year tranche) and 2.159% (7-year tranche) respectively on an annual basis.

"This issue will allow us to diversify our financing instruments as well as extend and spread out their maturities. This success demonstrates the confidence that retail investors have in the strategy and creditworthiness of IMMOBEL," explains Karel Breda, Chief Financial Officer.

This press release must be read together with the prospectus dated 2 October 2018, available on the websites of IMMOBEL [(https://www.immobelgroup.com/nl/pages/42-untitled-static-page-category-42)](file:///C:/Users/kabr/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/LPPQYSHQ/(https:/www.immobelgroup.com/nl/pages/42-untitled-static-page-category-42), BELFIUS(www.belfius.be/IMMOBEL2018) and ING [(https://www.ing.be/en/retail/investing/investments/](file:///C:/Users/kabr/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/LPPQYSHQ/(https:/www.ing.be/en/retail/investing/investments/%20bonds) [bonds)](file:///C:/Users/kabr/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/LPPQYSHQ/(https:/www.ing.be/en/retail/investing/investments/%20bonds).

For further details:

Alexander Hodac*, Chief Executive Officer of IMMOBEL Group +32 (0)2 422 53 11 alexander.hodac@immobel.be

*permanent representative of AHO Consulting sprl

About IMMOBEL Group

IMMOBEL is the largest listed Belgian property developer. Ever since it was founded in 1863, the Group has developed and marketed innovative urban projects in response to the needs of cities and their inhabitants. Thanks to its bold strategy and a talented workforce of around a hundred people, IMMOBEL has succeeded in diversifying its expertise in the residential, office, retail and landbanking sectors, and in expanding internationally. It now has market capitalisation of over EUR 500 million and an established position as a market leader. Its portfolio today includes more than 800,000 m² under development in Belgium, the Grand Duchy of Luxembourg and Poland, plus - since December 2017 - 145,000 m² in France as a result of the gradual acquisition of the Nafilyan & Partners Group, taking place between now and 2020.

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

IMPORTANT COMMUNICATION

THIS COMMUNICATION IS NOT INTENDED FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO 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. The Company is not liable in the event that there is a violation by any person of these restrictions.

The placement of the bonds is exclusively conducted under applicable private placement exemptions and therefore it has not been and will not be notified to, and the offering material relating to the bonds have not been and will not be approved by, the Belgian Financial Services and Markets Authority (Autorité des services et marchés financiers/Autoriteit voor financiële diensten en markten).

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 shall not be registered under the US Securities Act of 1933 (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, pledged or transferred or delivered in any other way, directly or indirectly, in or to the United States, except in a transaction that is not subject to or meets the requirements of an applicable exception of the registration requirements of the Securities Act. 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 the Company. 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 applicable prospectus or offering document to be published or distributed by the Company.