CARE PROPERTY INVEST NV/SA Annual
Financial
Report 2023
The Company obtained an EPS of €1.03 and foresees to pay out a DPS of €1.00.
REGULATED INFORMATION
Published on 25 April 2024, after trading hours 6 p.m.
ANNUAL FINANCIAL REPORT
for the period from 1 January 2023 up to and including 31 December 2023
AUDITED
CARE PROPERTY INVEST DECLARES THAT:
the 2023 Annual Financial Report has been filed as a Universal Registration Document with the
FSMA on the date of 25April 2024, as the competent authority under Regulation (EU) 2017/1129 without prior approval under Article 9 of Regulation (EU) 2017/1129;
the Universal Registration Document may be used for an offer of securities to the public or the admission of securities to trading on a regulated market, provided that it has
been approved by the FSMA, together with any amendments and a securities note and summary approved in accordance with Regulation (EU) 2017/1129.
The Dutch version as well as the English version of this annual financial report are legally binding. Within the framework of their contractual relationship with the Company, investors can therefore always appeal to the translated versions. Care Property invest, represented by its responsible people, is responsible for the translation and conformity of the Dutch and English language versions. However, in case of discrepancies between language versions, the Dutch version always prevails.
Care Property Invest nv | Care Property Invest nv |
PROFILE CARE PROPERTY INVEST
PORTFOLIO PER COUNTRY
Care Property Invest anticipates the current and upcoming ageing wave by investing in, developing, redeveloping and/or renovating healthcare real estate in the markets listed below.
BELGIUM | THE NETHERLANDS | SPAIN | IRELAND |
SCHOTEN (BE) I HEAD OFFICES CARE PROPERTY INVEST
Care Property Invest NV is a Public Regulated Real Estate Company (public RREC) under Belgian law.
The Company has been listed on Euronext Brussels for
over 25 years and invests in high-quality healthcare real estate for the elderly and people with disabilities on the European market.
Care Property Invest purchases, builds and renovates high-quality healthcare real estate (residential care centres, groups of assisted living apartments, residential complexes for people with disabilities...) and then makes them available to solid healthcare entrepreneurs on the basis of a long-termcontract. The Company built an international portfolio of 150 healthcare projects spread across Belgium, The Netherlands, Spain and Ireland.
Number of projects | 108 | 27 | 8 | 7 | 150 |
Under development | 0 | 3 | 3 | 1 | 7 |
Residential units | 4.998 | 828 | 1.076 | 554 | 7.456 |
Number of m2 | 411.492 | 73.461 | 87.320 | 30.941 | 603.214 |
Fair value portfolio | 818 | 231 | 110 | 88 | 1.247 |
(in € million) |
BELGIUM | Investment properties (BE) | |
Number of projects | 29 | |
Fair value (in € million) | 575 | |
Finance leases (BE) | ||
Number of projects | 79 | |
Fair value (in € million) | 242 | |
4 | 5 |
Care Property Invest nv | Care Property Invest nv |
HISTORY 1995-2023
1995
Establishment of Serviceflats Invest nv
Recognition as a Belgian real estate investment fund, on the initiative of the Flemish government with the objective to build and finance 2,000 service flats for PCSW's and social non-profit organisations
in the Flemish and Brussels-Capital Region.
As of 30 October 1995
210 fully paid-up shares..
1996
Capital increase in cash (IPO - Euronext Brussels)
7 February 1996
Total amount of capital increase: approx. €59 million.
As of 7 February 1996
10,210 fully paid-up shares.
2000 | 2012 | |
Innovation award | Initial investment | |
for 'Technology and | programme 2,000 | |
housing of elderly | serviceflats | |
people' | completed | |
2013-2014
Amendments to the Articles
of Association to expand the
Company's objective
2014
Serviceflats Invest nv becomes Care Property Invest nv
Share split 1: 1,000
2016
Inclusion in the Bel MID index. Start of EPRA membership
2017
Capital increase in kind
15 March 2017
Total amount of capital increase:
2015
Capital increase in cash
22 June 2015
Total amount of capital increase: approx. €36 million.
As of 22 June 2015
13,184,720 fully paid-up shares.
2015
New address: Horstebaan 3 2900 Schoten
2014
Optional dividend
May-June 2014
Total amount of capital increase:
approx. €2 million.
As of 20 June 2014
10,359,425 fully paid-up shares.
As of 24 March 2014
10,210,000 fully paid-up shares.
Acquisition of the status of a Public Regulated Real Estate Company (Public RREC)
2019
approx. €34 million.
As of 15 March 2017
15,028,880 fully paid-up shares.
Capital increase in cash
27 October 2017
Total amount of capital increase: approx. €70 million.
As of 27 October 2017
19,322,845 fully paid-up shares.
2017
Acquisition of first projects in Walloon and
Brussels-Capital Regions
2018
Entry onto the Dutch
market
Acquisition of 100th
residential care project
2019
Capital increase in kind
3 April 2019
Total amount of capital increase: approx. €16 million.
As of 3 April 2019
20,086,876 fully paid-up shares.
Optional dividend
May-June 2020
Total amount of capital increase: approx. €7 million.
As of 26 June 2019
20,394,746 fully paid-up shares.
2020
Entry onto the Spanish market
2021
Capital increase in kind
17 November 2021
Total amount of capital increase: approx. €26 million.
As of 17 November 2021
26,931,116 fully paid-up shares.
2021
Capital increase in kind
20 January 2021
Total amount of capital increase: approx. €42 million.
As of 20 January 2021
25,806,148 fully paid-up shares.
2020
Capital increase in cash (ABB)
June 2020
Total amount of capital increase: approx. €59 million.
As of 25 June 2020
24,110,034 fully paid-up shares.
2020
Optional dividend
May-June 2020
Total amount of capital increase: approx. €7 million.
As of 19 June 2020
21,918,213 fully paid-up shares.
2020
Capital increase in kind
15 January 2020
Total amount of capital increase: approx. €34 million.
As of 15 January 2020
21,645,122 fully paid-up shares.
2022
Optional dividend
May-June 2022
Total amount capital increase: approx. €4 million.
As of 20 June 2022
27,102,910 fully paid-up shares.
2022
Capital increase in kind
7 July 2022
Total amount of capital increase: approx. €14 million.
As of 7 July 2022
27,741,625 fully paid-up shares.
2022
Entry onto the
Irish market
2023
Capital increase in cash
24 January 2023
Total amount of capital increase: approx. €108 million.
As of 24 January 2023
36,988,833 fully paid-up shares.
2023
Acquisition of 150th residential care project
6 | 7 |
Care Property Invest nv | Care Property Invest nv |
HIGHLIGHTS 2023
CARE PROPERTY INVEST
REACHES MILESTONE OF
SPLIT INVESTMENT PROPERTIES | OPERATIONAL | |||||||
AND FINANCE LEASES | ||||||||
(as at 31 December 2023 - based on fair values) | ||||||||
KEY FIGURES REAL ESTATE | ||||||||
19% | ||||||||
Occupancy rate | 100% | |||||||
Number of projects | 150 | |||||||
Fair value of total real estate portfolio | 1,247 m | |||||||
Total rental income real estate portfolio | 65.9 m | |||||||
Number of projects acquired in 2023 | 5 | |||||||
81% | Number of projects under development in 2023 | 7 | ||||||
Number of projects completed in 2023 | 4 | |||||||
Amount of divestments in 2023 | 0 | |||||||
Total number of residential units portfolio | 7,456 | |||||||
Finance leases (IFRS 16) | ||||||||
ALMELO (NL) I SAAMBORGH ALMELO | Investment properties (IAS 40) | |||||||
OTHER OPERATIONAL HIGHLIGHTS | ||||||||
DISTRIBUTION OF RENTAL INCOME PER OPERATOR (1) (as at 31 December 2023) | ||||||||
01 | Completion 'Warm Hart Ulestraten' in | |||||||
DEC |
2023 | Ulestraten (NL) |
3% | |
With Saamborgh Almelo, Care Property Invest was able to add the 150th project to its portfolio on 30 November 2023.
The sustainable new- build project will
accommodate 42 elderly people upon completion, expected in spring 2025.
The project meets the
BEN requirements and
obtained an A+++ label.
30 | Acquisition 'Saamborgh Almelo' |
NOV | |
in 'Almelo (NL). | |
2023 | |
08 | |
Acquisition 'Wolfsbergen' | |
AUG | |
in 's-Graveland (NL). | |
2023 | |
23 | |
Completion 'Villa Stella" | |
MAY | |
in Middelburg (NL). | |
2023 | |
16 | |
Acquisition 'Residence Oldenbarneveld' | |
JUN | |
in Rotterdam (NL). | |
2023 | |
05 | |
Completion 'Emera Mostoles' | |
JUN | |
in Mostoles (ES). | |
2023 | |
4% | 26% |
5% | |
7% | |
8% | 14% |
11% | |
14% | |
België |
Public - BE
Other - NL and ES
Colisée - BE
Vulpia - BE
Korian - NL en BE
My Assist - BE
Domus Valuas - NL
Emera - ES
Forum de Inversiones Inmobilarias Mare Nostrum S.A. - ES DomusVi - IE
Silver Stream healthcare - IE Orelia -BE
17 | Acquisition 'Huize Willibrordus' |
MAY | |
in Ruurlo (NL). | |
2023 | |
26 | Acquisition 'BoCasa' |
APR | |
in Bolderberg (BE). | |
2023 | |
20 | |
Completion 'Warm Hart Zuidwolde' in | |
APR | |
Zuidwolde (NL) | |
2023 | |
- For the following operators, the share of rental income amounted to less than 3% on 31 December 2023: Aldenborgh Exploitatie, Anima, Com4Care, De Familie, De Gouden Leeuw Groep, Gemeente Wassenaar, Golden Years, Pim Senior, Résidence du Lac, Saamborgh Wonen, non-profit organisations and Warm Hart
Zorghuizen.
8 | 9 |
Care Property Invest nv | Care Property Invest nv |
ESG
Award of EPRA sBPR Gold Award
Sustainability reporting efforts in
2023 were rewarded with an EPRA
sBPR Gold Award
AGE OF REAL ESTATE PORTFOLIO
INVESTMENT PROPERTIES | FINANCE LEASES |
8% | 6% 1% |
33%
33%
27% | 93% |
< 1 year | 5-10 years | |||
1-5 years | > 10 years | |||
EVOLUTION FAIR VALUE PER MARKET IN MILLION EUROS
RECENT BUILDING PORTFOLIO
(AVERAGE AGE OF BUILDING)
9.5 years
INVESTMENT PROPERTIES
18.0 years
FINANCE LEASES
Recently built and energy-efficient real estate investments reduce the risk of stranded assets (1).
- Finance leases mainly consist of CP Invest's initial portfolio, which represents less than 20% of the entire portfolio (based on fair value). After the right of superficies of finance leases expires, the building becomes property of the landowner by accession.
ESG ASSESSMENTS
VALIDATED TARGETS
BY SBTi
Scope 1 and scope 2 emission reduction
by 42% by 2030. (base year 2022)
Net-zero target for 2050 - Scope 1, scope 2
and scope 3 emission reduction by 90% by 2050.
(base year 2022)
ENERGY EFFICIENCY
TARGETS
1500 | ||||||||
1400 | ||||||||
1300 | ||||||||
1200 | ||||||||
1100 | ||||||||
1000 | ||||||||
900 | ||||||||
800 | ||||||||
700 | ||||||||
600 | ||||||||
500 | ||||||||
400 | ||||||||
300 | ||||||||
200 | ||||||||
100 | ||||||||
0 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
2015 |
BelgiumSpain
The Netherlands | Ireland | ||
2023 2022 2021
Gold | Gold | Silver |
+ Most | ||
Improved | ||
Standing investment | ||
54 | 32 | - |
Development | ||
67 | 33 | - |
40 30 -
110 | CP Invest commits to |
2 reach an average energy | |
kWh/m | efficiency of 110 kWh/m2 (1). |
+29% YoY(2) | |
132 | As our monitoring coverage |
progresses, we get an increasingly | |
kWh/m2 | |
realistic picture of our portfolio's | |
energy consumption. |
- Excl. initial portfolio
- Year-on-year
10 | 11 |
Care Property Invest nv | Care Property Invest nv |
FLEET ELECTRIFICATION
24%
+100% YoY
Currently, 24% of our fleet is fully electrified. CP Invest aims to have a fully electric vehicle fleet by 2026.
ESG REMUNERATION
REMOTE ENERGY AND WATER
MONITORING
85% | By the end of 2023, 85% of |
CP Invest's investment | |
portfolio was remotely |
monitored. This allows building owners and operators to take measures to optimise consumption quickly and efficiently.
FINANCIAL | Award of EPRA BPR Gold Award |
Financial reporting efforts in 2023 were rewarded with an EPRA BPR Gold Award
FINANCIAL KEY FIGURES
KEY FIGURES - | 2023 | 2022 | Evolution |
AS AT 31 DECEMBER | |||
Fair value real estate portfolio | €1,246.6 m | €1,131.3 m | +10% |
Market capitalisation | €527.5 m | €437.2 m | +21% |
Occupancy rate | 100% | 100% | = |
EPRA LTV | 43.55% | 51.34% | -15% |
Cost of debt | 3.15% | 2.14% | +47% |
Rental income | €65.9 m | €54.4 m | +21% |
20% | 20% of the total payout of management's long-termincentive is dependent on |
ESG criteria and is paid out if milestones of the company's sustainability roadmap |
are met. | |
50% | 50% of the annual CLA90 bis bonus is awarded to employees upon achieving |
a shared ESG target. | |
EMPLOYEES CARE PROPERTY INVEST
26 | 11 | 15 | 24 | 8 |
EMPLOYEES | WOMEN | MEN | FTE'S | OVER-50'S |
For more information on Care Property Invest's sustainability policy and its latest sustainability reports, please refer to https://carepropertyinvest.be/sustainability/.
LFL-PORTFOLIO VALUATION | ||||
0.2 | ||||
0.0 | 0.1% | |||
-0.2 | ||||
-0.4 | -0.5% | |||
-0.6 | -0.7% | |||
-0.8 | ||||
-1.0 | ||||
-1.2 | ||||
-1.4 | -1.4% | |||
-1.6 | ||||
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 |
12 | 13 |
Care Property Invest nv
Care Property Invest nv
FINANCIAL
FINANCIAL-OPERATIONAL
- Adjusted EPRA earnings amount to €38 million (+10.6% compared to 31 December 2022), or €1.03 per share
-
Collection rate of rent due until 31
December 2023: 99% - Indexation/ LfL growth: 10.46%
- Occupancy rate: 100%
- Distribution EBITDA by business model: 76.36% investment properties and 23.64% finance leases
RISK-AVERSE PROFILE
• 26% of rental income from local |
authorities with guarantee from the |
Flemish government |
• Active in solid markets: Belgium |
(70.7%), The Netherlands (16.2%), Spain |
(6.9%) and Ireland (6.2%) |
• Hedge ratio financial debts: 94% |
• Average remaining maturity of |
SOLVENCY AND LIQUIDITY
- Debt ratio under control with an EPRA LTV of 43.55%
-
Limited liabilities from committed development projects: €23 million
(of which €20 million cash-out remains in 2024) -
Stable valuation portfolio: -2.5% variation in FV between 31 December
2022 and 31 December 2023 - Available capacity on credit lines as at
31 December 2023: €106.5 million
OTHER
• Successful capital increase in cash on |
24 January 2023, at an issue price of |
€12.00 per share and gross proceeds of |
€110,966,496. For this purpose, 9,247,208 |
new shares were issued. As of this date, |
the Company's share capital amounts |
to €220,065,062 and is represented by a |
total of 36,988,833 fully paid-up shares |
SHAREHOLDERS
- Proposal to distribute a gross dividend of €1.00 per share for the entire 2023 financial year. This means, despite the increase in the number of shares entitled to dividend by 9,247,208, an equaling of the dividend paid out for the 2022 financial year. After deduction of the withholding tax rate of 15%, the proposed net dividend amounts to €0.85 per share
-
The Annual General Meeting of the Company will be held on 29 May 2024 at 11 a.m. at the registered office,
Horstebaan 3, 2900 Schoten
1.5EVOLUTION OF THE GROSS DIVIDEND (IN €/SHARE) SINCE INITIAL PUBLIC OFFERING
1.24 | 1. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.99 | (3) | 1.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.2 | 1.06 | 00-1.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.92 | (3) | (3) | (4) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.73 | 0 | 0.74 | 0.86 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.9 | 0.77 0.63 | 0.650.63 | 1.00 | 1.00 | 1.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.370.34 | 0.34 | 0.30 | 0.300.30 | 0.35 | 0.390.39 | 0.410.41 | 0.480.46 | 0.520.47 | 0.520.48 | 0.470.49 | 0.490.49 | 0.510.51 | 0.510.51 | 0.510.53 | 0.51 | 0.55 | 0.63 | 0.63 | 0.68 | 0.72 | 0.77 | 0.87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | (1) | .66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | .61 | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.6 | 0.32 | 0.29 | 0.35 | .55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0.0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
financial debts (incl. CP): 5.42 years |
• Average remaining maturity of interest |
rate swaps: 8.13 years |
with voting rights |
- Decrease in earnings per share, by creation of additional shares by optional dividend.
-
Decrease in earnings per share, by creation of additional shares through a capital increase in 2015.
Although the proceeds of the capital increase were used for new investments in the remaining months of 2015, the result only became apparent in 2016. - Earnings per share on the rise, despite 2 capital increases in 2019 totalling €23 million (capital + share premium), 3 capital increases in 2020 totalling €99 million (capital + share premium), 2 capital increases in 2021 totalling €68 million (capital + share premium) and 2 capital increases in 2022 totalling €18 million (capital + share premium).
- Decrease in earnings per share, due to creation of additional shares by capital increase on 24 January 2023 of €108 million (capital + share premium).
- Outlook.
Adjusted EPRA result (in €/share)
Gross dividend
(in €/share) - On 24 March 2014 a share split took place (1/1,000).
14 | 15 |
Care Property Invest nv | Care Property Invest nv |
VALUES, VISION, MISSION AND STRATEGY
VALUES AND MISSION
Our core values are the driving force behind our
mission statement
STRATEGY
REAL ESTATE STRATEGY
FAVOURABLE DEMOGRAPHICS
-
Increasing ageing population with peak in 2070 in Belgium, The Netherlands, Ireland and
Spain
DIVERSIFICATION | CAREFULLY SELECTED | ||
REAL ESTATE | |||
• | Good geographical market | • | Carefully selected projects |
distribution | with extensive due | ||
• | Strong distribution of | diligence process | |
operators | • | Some selection criteria: | |
Correct price-quality ratio, |
• | Both private and public | possible returns from the |
partnerships | ||
project | ||
CORE VALUES CARE PROPERTY INVEST
1. PROFESSIONALISM |
• Extensive research process for new and ongoing |
projects, both internally as well as with external |
research agencies to make accurate risk assessments. |
MISSION STATEMENT
REAL ESTATE STRATEGY
FINANCIAL STRATEGY: ORIGIN OF FINANCIAL SOURCES
• | Close monitoring and (if necessary) timely adjustment |
of internal processes to ensure smooth operation of | |
the organisation. | |
2. INTEGRITY | |
• | Building a lasting relationship of trust and integrity |
with its shareholders, employees, operators of its | |
healthcare real estate, contractors, the political world, | |
the RREC sector and generally all parties directly or | |
indirectly related to the Company. | |
3. CHANGE ORIENTATION | |
• | Proactively pursuing change and improving its |
work processes and structures to grow in a rapidly | |
changing world. | |
• | Creating a strong support base for innovation and |
Care Property Invest realises high- quality and socially responsible real estate tailored to end users in a sustainable way together with private
and public healthcare entrepreneurs.
Care Property Invest is confidently constructing its future together with a competent and diverse team as part of a solid organisation.
Care Property Invest offers a stable long-
EQUITY
- Capital increases ensure earnings growth per share.
- Dividend policy: sustainable dividend increase, focus on maximum payout ratio (80%) and possibility of optional dividend.
- Improvement in liquidity to increase share attractiveness.
BORROWED FUNDS | OPTIMISED FINANCIAL | |
STRUCTURE | ||
• | Diversification of funding, | • Aim for debt ratio below |
both domestic and | 50% for optimal ratio of own | |
international. | funds to borrowed funds. | |
• Mitigation of liquidity risks. | • Limit interest rate risk by | |
• | Monitoring of covenants. | hedging percentage of at |
least 80%. | ||
- No collateral on real estate in portfolio.
preparing for future challenges through this approach. |
term return for its shareholders.
FINANCING STRATEGY
16 | 17 |
Care Property Invest nv | Care Property Invest nv |
LOW RISK AND STABLE INCOME STREAM
LOW RISK
- Long-termleasehold and rental agreements provide long-termincome.
- Contracts concern triple-net contracts(1).
STABLE
INCOME STREAM
-
Approximately 30% of rental income at
31 December 2023 derived from agreements with local authorities(2). - Ageing population leads to increasing demand in healthcare real estate until at least 2070.
- Triple-netcontracts result in stable cash flows as costs of maintenance, insurance and taxes are borne by the tenant.
SUSTAINABILITY STRATEGY
Care Property Invest is committed to providing sustainable real estate solutions to address challenges such as ageing, increasing inequality, climate
change and the energy transition.
This sustainability strategy rests on 3 impact areas:
- Investing in sustainable buildings
- Building sustainable relationships
- Leading through ethical practices
Through quantifiable targets, sustainability is integrated into our business strategy. This allows the Company to create long-term value for all stakehold- ers, while also contributing to a sustainable future for the planet.
DEFENSIVE INVESTMENT PROFILE
(1) With the exception of the project 'Les Terrasses du Bois' in Watermaal Bosvoorde, for which a long-term agreement of the 'double net' type has been concluded and the project 'Tillia' in Gullegem for which a long-term agreement of the 'single net' type has been concluded.
(2) With the exception of the project 'Tillia' at Gullegem, for which the Company bears the vacancy risk itself.
VISION FOR THE FUTURE
Care Property Invest is and aspires to continue to be a very dynamic player in its market, taking on an innovator's role by bringing innovation to real estate for care and well-being for the target group of elderly people and people with a disability.
Care Property Invest always wishes to achieve this in an independent manner.
ALSEMBERG (BE) I TER BEUKEN
Building lasting | |||||||||||||||||||||||
Investing in | relationships | Leading through | |||||||||||||||||||||
sustainable | |||||||||||||||||||||||
ethical practices | |||||||||||||||||||||||
buildings | SOCIAL | ||||||||||||||||||||||
ENVIRONMENTAL | We are committed to ensure | GOVERNANCE | |||||||||||||||||||||
equal access to sustainable | |||||||||||||||||||||||
and high-performing | |||||||||||||||||||||||
We are committed to | healthcare housing by | We are committed to | |||||||||||||||||||||
continuously enhance | offering diversified | establish and maintain | |||||||||||||||||||||
solutions to senior citizens | |||||||||||||||||||||||
the environmental | a strong culture of | ||||||||||||||||||||||
and people with disabilities. | |||||||||||||||||||||||
performance of our | ethical behaviour, | ||||||||||||||||||||||
We recognise our social | |||||||||||||||||||||||
buildings, with the goal | responsibility within both | transparancy and | |||||||||||||||||||||
of achieving a net-zero | accountability | ||||||||||||||||||||||
our portfolio and through | |||||||||||||||||||||||
portfolio by 2050, and | throughout the | ||||||||||||||||||||||
our own operations to have | |||||||||||||||||||||||
thereby supporting the | a positive impact on society | organisation and | |||||||||||||||||||||
transition towards a | and our employees. | our activities. | |||||||||||||||||||||
low-carbon economy. | |||||||||||||||||||||||
18 | 19 | |||
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Disclaimer
Care Property Invest NV published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 15:48:59 UTC.
