Aedifica : and Korian invest in the construction of care residence in the Netherlands - 26/01/2021

PRESS RELEASE

26 January 2021 - after closing of markets

Under embargo until 17:40 CET

AEDIFICA

Public limited liability company

Public regulated real estate company under Belgian law

Office: Rue Belliard 40 (box 11), 1040 Brussels Enterprise number: 0877.248.501 (RLE Brussels) (the 'Company')

Aedifica and Korian invest in the construction of care residence

in the Netherlands

• Acquisition of a care residence to be constructed in Blaricum (Netherlands) by the joint venture between Aedifica and Korian
• • Total investment: approx. €8 million (50% financed by Aedifica)
  • Capacity: 29 residents
  • Initial gross rental yield: approx. 5.5 %
  • Operator: Korian group under the Stepping Stones label
  • Expected completion date: Q2 2022

Stefaan Gielens, CEO of Aedifica, commented: "Aedifica and Korian are expanding their joint venture's portfolio in the Netherlands and will invest approx. €8 million in the construction of a brand- new care residence in Blaricum. We are very pleased to further expand our cooperation with the Korian group, which we announced in December.Thanks to our combined experience, even more elderly people in the Netherlands will be able to benefit from sustainable and innovative care concepts that put residents centre stage and give them the space to receive care in the way they prefer."

Eric Scheijgrond, Country Manager of Aedifica Netherlands, adding: "This care residence will provide a new home for 29 elderly people requiring continuous care. In the design, special attention was paid to environmental standards and the energy efficiency of the building. In addition, we used natural building elements as much as possible. The project is expected to be completed in the second quarter of 2022."

1/6

PRESS RELEASE

26 January 2021 - after closing of markets

Under embargo until 17:40 CET

Aedifica and Korian are investing approx. €8 million in the construction of a care residence in Blaricum (NL).

Stepping Stones Blaricum (drawing) - Blaricum

Description of the site

Stepping Stones Blaricum1 will be constructed in a green, residential area in Blaricum (10,000 inhabitants, Province of North Holland). The care residence is specifically tailored to suit the needs of elderly people requiring continuous care and will accommodate 29 residents. The building will use energy-efficient systems, such as solar panels and a thermal energy storage installation, resulting in a class A energy label and contributing to the continued improvement of the sustainability of Aedifica's real estate portfolio. The project was designed by HD architecten and will be carried out by the HD group. Construction works will start in February and are expected to be completed in the second quarter of 2022.

1 Address:Jufferlaan 2, 1262 BB Blaricum (Netherlands)

2/6

PRESS RELEASE

26 January 2021 - after closing of markets

Under embargo until 17:40 CET

Stepping Stones Blaricum (drawing) - Blaricum

Description of the transaction

On 26 January 2021, Aedifica and Korian each acquired 50% ownership of the plot of land. The contractual value amounts to approx. €2 million. Aedifica and Korian have budgeted an amount of approx. €6 million for construction works. The total investment2 will ultimately amount to approx. €8 million, half of which will be financed by Aedifica.

Description of the operator and the leases

Stepping Stones Blaricum will be operated by the Korian group under the Stepping Stones label. Korian is a leading European elderly care home operator that is active in 6 countries (Belgium, France, Germany, Italy, Netherlands and Spain). The group operates nearly 900 care facilities and provides residential care and home care services to over 470,000 residents and patients, employing more than 56,000 staff in total.

Aedifica and Korian have a longstanding partnership. Korian operates 28 Aedifica sites in Belgium, 15 sites in the Netherlands and 1 site in Germany. 6 additional Aedifica care properties currently under development will also be operated by Korian.

The site will be let on the basis of a new long-term triple net lease. Upon completion of the works, the initial gross rental yield will amount to approx. 5.5%.

2 The contractual value complies with the provisions of article 49 § 1 of the Belgian Act of 12 May 2014 on regulated real estate companies.

3/6

PRESS RELEASE

26 January 2021 - after closing of markets

Under embargo until 17:40 CET

Description of the joint venture

Aedifica and Korian have joined forces and created a joint venture in December 20203 to invest together in the development of healthcare real estate in the Netherlands. Both partners will finance 50% of the investment volume and own 50% of the real estate. The joint venture will invest at least up to €75 million.

Through this partnership, Aedifica and Korian will co-invest in futureproof healthcare real estate. The properties that will be developed are small-scale care residences that are tailored to suit the needs of elderly people requiring residential care. Special attention will be paid to the energy efficiency and environmental standards of the buildings, in line with the Dutch GPR standard. The joint venture's current portfolio includes 1 fully operational care property and 4 projects under construction. All care properties of this joint venture will be operated by entities of the Korian group.

Name	Location	Investment	Construction year /	Capacity	Lease
		(€ million)	expected completion	(units)
Stepping Stones Lelystad	Lelystad	12	Q4 2021	45	NNN
Stepping Stones Soest	Soest	9	Q2 2022	36	NNN
Stepping Stones Woudenberg	Woudenberg	10	Q1 2022	36	NNN
Zorghuis Hengelo	Hengelo	4	2017	21	NNN
Stepping Stones Blaricum	Blaricum	8	Q2 2022	29	NNN
Total		43		168

3 See press release of 10 December 2020.

4/6