Following the lately revealed intention of the Dutch Government to exclude direct investments in actual property 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 particulars round the newly proposed measures are nonetheless unclear, we indicatively assess the potential annual impact on the Company’s company earnings tax cost presently between € 3 and € 4 million. Using our 2022 direct end result outlook, this may have an impact of roughly -5% on EPRA EPS. The ancillary measures introduced by the Dutch Government, to permit actual property FBI’s to restructure their companies, might carry this proportion down.
The major observe for Wereldhave nevertheless stays to take part in a constructive dialogue with the Dutch Government, to higher perceive their intentions and keep away from hostile implications for portfolio buyers in the Dutch listed actual property sector.
