Qrf

M&A Activity • Aug 23, 2022

INNO Hasselt

PRESS RELEASE

23 AUGUST 2022 — 17.45 REGULATED INFORMATION - Disclosure of inside information

Qrf and INNO strengthen partnership for department store in Hasselt

In August 2023, INNO will have a three-year contractual termination option for the current rental agreement for the property located at Koning Alberstraat, Hasselt. Qrf, owner of the property, and INNO already reached an agreement to continue the lease under new conditions.

In line with the market rent determined by the independent appraiser, the rent was renegotiated to a Contractual Rent of 1.1 MEUR per year as of August 2023 (vs. 1.7 MEUR as of June 30, 2022). In addition, a one-time contribution was granted to INNO in the amount of 700 KEUR.

For Qrf, there is no expected impact on the rental income for fiscal year 2022. It is expected that the amended Contractual Rent of INNO, as of August 2023, will not have a significant impact on the 2023 result due to indexations, the commercialization of the redevelopment of Veldstraat 88 and the results of the joint venture projects.

Qrf has received sufficient confidence from INNO that INNO will continue to occupy the property after the next contractual termination option in 2026 at these conditions.

The adjustment of the lease agreement will not have a negative impact on the valuation of the property, because the new Contractual Rent is in line with the market rent determined by the independent appraiser which was used as a variable in determining the fair value of the property.

"INNO and Qrf have proactively reached a commercial agreement that will benefit the profitability of the Hasselt store, as well as provide the necessary future rent assurance to Qrf. We are convinced that there is room for a department store in the Belgian market and believe in both the historical relevance and the future-oriented approach of INNO.

With this agreement, a new phase announces itself for Qrf: the intended turnaround which we started in 2019 has been completed with this agreement."

William Vanmoerkerke, CEO.

For more information:

William Vanmoerkerke CEO william.vanmoerkerke@qrf.be Arthur Lesaffre CFO arthur.lesaffre@qrf.be

About Qrf:

Qrf is a Belgian public regulated real estate company (GVV or BE-REIT) specialized in the niche of inner city real estate in Belgium and the Netherlands. More specifically, the company is active in the acquisition, redevelopment and leasing of commercial real estate focused on retail, leisure and HoReCa. At June 30, 2022, the portfolio consists of 35 retail sites with a total Fair Value of 208 MEUR. In addition, Qrf holds for 25 MEUR in real estate redevelopment projects. Qrf has been listed on Euronext Brussels (QRF:BB) since December 2013.

www.qrf.be