A RREC (Regulated Real Estate Company) is a listed operational real estate company that specializes in making real estate available to users and complies with the legal characteristics as stipulated in the RREC legislation.
The characteristics below also form the legal framework of the RREC status, which are also incorporated in the RREC law of 12 May 2014.
- At least 30% of the shares must be traded on a Belgian regulated market (Euronext Brussels)
- Maximum permitted debt ratio of 65%
- Obligation to pay out at least 80% of the adjusted result
- Quarterly valuation of the fair value of the real estate by an independent real estate expert
- Diversification of real estate in such a way that risks are appropriately spread, for every type of real estate, for every geographic area and for every category of users or tenants
- A transaction must not result in more than 20% of its consolidated assets forming a single real estate complex
- Strict rules on conflicts of interest
- Specific rules regarding internal control structure
In addition, Qrf is also a member of the BE-REIT organization.
This organization wants to provide a platform for initiatives from the BE-REIT sector and provide support for this sector, such as representing and promoting its interests, gathering knowledge and relevant sector information as well as training.
The association aims to collaborate with the relevant public authorities, professional interest groups and other stakeholders within the real estate sector, at local, regional, federal and international levels.
At the Extraordinary General Meeting of Qrf that took place on November 7, 2014, the change of purpose with a view to the change of status from Sicafi to public RREC (Regulated Real Estate Company) was unanimously approved.
Since no right of withdrawal has been exercised and all conditions precedent to which the amendment to the articles of association was subject have been met, Qrf enjoys the status of public RREC from now on.