Home Invest Belgium (AO) | Hold | Extension of UCL rights

Research evidence excerpt

Home Invest Belgium (AO) | Hold | Extension of UCL rights

News comment

Release date: 08 June 2026

Jon Pérez, CFA

Equity Research Analyst

+32 11 49 14 67

jperez@keplercheuvreux.com

HoldHome Invest Belgium

Belgium | Property Beta Profile: MCap: EUR369.6M

Target Price: EUR20.00 Bloomberg: HOMI BB Reuters: HINV.BR

Current Price: EUR18.42 Free float 50%

Up/downside: 8.6% Avg. daily volume (EURm) 0.2

YTD abs performance 0.2% Market data: 05 June 2026

52-week high/low (EUR) 21.50/17.50

Extension of UCL rights

Key points:

HOMI announced that it has reached an agreement with UCL for the extension of the leasehold of several buildings in Louvain-La-

Neuve.

That means HOMI will be able to retain contractual rents worth EUR3.6m (out of EUR4.2m).

As a consequence, the deal has a positive impact on NTA per share and EPRA earnings guidance is raised from EUR1.23 to

EUR1.25.

Context

The company had previously disclosed that building rights relating to the investment properties CV9, CV10, and CV18 located in

Louvain-La-Neuve were coming to an end on 7 June 2026. UCL (the grantor) had previously communicated to HOMI that the

building rights would not be extended.

In that case, HOMI would have had to forego contractual rents on these buildings, amounting to EUR4.2m, representing around

10% of total contractual rents. Hence, the event represented a meaningful overhang on the equity story.

On the other hand, HOMI would have been paid the market value of the buildings to sell its building rights to UCL. That market

value was estimated at EUR50m by HOMI.

We were thus seeing an "air pocket" in EPRA earnings with the loss of the LLN rents impacting EPRA EPS by EUR0.09-0.11 on a

full-year basis and the cash proceeds being redeployed into the development of the Cityforward project.