FAQ

“Bon Pasteur” was created on 6 October 2011.

On 23 September 2014, the company’s general meeting decided to change its name to “Inclusio”.

Avenue Herrmann-Debrouxlaan 40
1160 Brussels

See section ‘Investors – Corporate governance‘

See section ‘Investors – Corporate governance‘

See section ‘Investors – Corporate governance‘

See section ‘Investors – Corporate governance‘

Inclusio has set up a corporate governance charter, which is available under the section ‘Investors’.

Inclusio provides weaker population groups with high-quality housing at affordable rents in the long term.

As an additional objective, Inclusio also wants to be a privileged investment partner in social infrastructure, i.e. schools, crèches, reception centres for asylum seekers, etc.

Inclusio is a social investor par excellence and presents itself as the public authorities’ preferred contact for stimulating the supply of real estate projects that are valuable both at social and at community level.

To fulfil this mission, Inclusio develops its portfolio on the basis of three axes:

• Affordable rental housing: new or renovated residential buildings rented out to social partners (AIS/SVKs – Social Rental Agencies, municipalities, PCSWs, social housing companies) who, in turn, sublet them separately as part of their social policy ;
• Disability: buildings rented to stakeholders specialising in the accommodation and reception of people with disabilities;
• Social infrastructure: schools, daycare centres, accommodation centres for asylum seekers, etc.

Real estate projects are selected with the utmost care, on the basis of their social impact, energy score and sustainability, but also taking into account an objective of social inclusion in the local community.
Inclusio pays the utmost attention to the fact that its buildings are optimally integrated in the direct environment and do not stigmatise the inhabitants.

• 97.5 MEUR – fair value of investment properties
• 14.4% – debt ratio calculated in accordance with the RREC Royal Decree
• 84 KEUR – net result from core activitiesSee also the section ‘Investors’ – ‘Periodic Reports’.

As at 31.12.2019, the debt ratio calculated in accordance with the RREC Royal Decree was 14.4%.

Inclusio regularly identifies the risks it faces in order to measure their potential impact on its business.

Inclusio does property development for its own account, i.e. it carries out construction and large-scale renovation works of properties with a view to letting them and to maintaining them in its portfolio, usually on a long-term basis.

Article 41 of the Royal Decree of 13.07.2014 stipulates that RRECs cannot act as “commercial” property developers. A “commercial” property developer is a person whose activity consists in building properties with a view to selling them, against payment, either before, during or within five years after the construction. In accordance with Article 41 of the Royal Decree of 13.07.2014, Inclusio does not do any property development with a view to sell.

The regulated real estate company (RREC) is :

• constituted in the form of a public limited company (société anonyme/naamloze vennootschap) or a partnership limited by shares (société en commandite par actions/commanditaire vennootschap op aandelen) ;
• created on the basis of the RREC regulations (Law of 12.05.2014 and Royal Decree of 13.07.2014);
• listed on the stock exchange, of which at least 30% of the shares are traded on the market;
• a company whose sole object is:
• to make, directly or through a company in which it holds a participation in accordance with the provisions of the RREC regulations, real estate available to users and ;
• within the limits set by the RREC regulations, to hold the real estate mentioned in article 2, 5°, vi to x of the Law;
• Real estate” means “real estate” within the meaning of the RREC regulations;
• In connection with the provision of real estate, the Company may, in particular, carry out all activities relating to the construction, development, renovation, development, acquisition, disposal, management and operation of real estate.

RRECs are subject to supervision by the Financial Services and Markets Authority (FSMA) and must follow very strict rules on conflicts of interest.

An RREC may not invest more than 20% of its consolidated assets in properties that form a single property complex.

European legislation provides that RRECs, like all listed companies, prepare their consolidated annual accounts under the international IFRS framework.

Real estate is valued on a quarterly basis by a real estate valuer at fair value; it is recorded in the balance sheet at this appraised value. There is no depreciation of buildings.

The RREC is not subject to corporate income tax in Belgium (except on non-allowed expenses and abnormal or benevolent benefits), provided that at least 80% of the net income is distributed in the form of a dividend.

The company must distribute, as a return on capital, a sum corresponding at least to the positive difference between the following amounts :

• 80% of the amount determined in accordance with the scheme set out in Chapter III of Annex C of the Royal Decree of 13 July 2014 ;
• and the net decrease, during the financial year, of the indebtedness of the public RREC.

The consolidated debt-to-assets ratio of a RREC is limited to 65% of the assets at market value; the amount of mortgages or other security interests may not exceed 50% of the overall fair value of the real estate assets and no mortgage or security interest may relate to more than 75% of the value of the property encumbered thereby.

Companies applying for approval as a public or institutional RREC or merging with an RREC shall be subject to an exit tax, assimilated to a liquidation tax, on net unrealised capital gains and on tax-exempt reserves at the rate of 16.5%, increased by 3% of the complementary crisis contribution, i.e. a total of 15%.