Following the recently published intention of the Dutch Government to exclude direct investments in real estate from the Fiscal Investment Institutions (in Dutch ‘FBI’) regime as from 1 January 2024, Wereldhave has reviewed the potential impact of this proposed new measure on the Company and its business.

Although details around the newly proposed measures are still unclear, we indicatively assess the potential annual impact on the Company’s corporate income tax charge currently between € 3 and € 4 million. Using our 2022 direct result outlook, this would have an effect of approximately -5% on EPRA EPS. The ancillary measures announced by the Dutch Government, to allow real estate FBI's to restructure their businesses, may bring this percentage down.

The primary track for Wereldhave however remains to participate in a constructive discussion with the Dutch Government, to better understand their intentions and avoid adverse implications for portfolio investors in the Dutch listed real estate sector.