TINC increases its stake in Yally with a new capital injection

TINC increases its stake in Yally with a new capital injection

Antwerp, October 17, 2023, 18h00 CET                                                                          Regulated information

TINC, the infrastructure investor listed on Euronext Brussels, and TDP, the infrastructure joint venture between Belfius and Gimv, are doubling Yally's capital to € 60 million in response to the growing demand for quality rental housing.

In September 2022, TINC announced the launch of Yally. Yally, which stands for "Your Ally", has the mission to render affordable and energy-efficient rental housing widely accessible. By renovating existing homes and equipping them with smart technologies, Yally provides not only comfortable housing but also energy savings for its tenants. Yally has already purchased several properties throughout Flanders and has by now about hundred housing units in its portfolio.

Over the past year, Yally has invested in the expansion of its team and organization, which now allows for the efficient acquisition and energetical upgrade of properties. In addition to the renovation objective, Yally also focuses on the quality of the services it provides to its tenants. Yally has developed an innovative AI platform to provide tenants with a hassle-free experience. This platform not only answers questions from tenants but also supports maintenance technicians and craftsmen, putting efficiency and convenience at the heart of the rental experience.

"About a year ago, TINC stood at the cradle of Yally as a co-initiator. Yally provides an innovative response to societal challenges around housing and operates in a large market with a lot of growth potential. With the additional capital commitment Yally now has € 60 million of firepower to realize its ambition as a catalyst for a profitable quality injection into the residential rental market. For TINC this fits perfectly within our investment strategy with selective real estate as one of the 4 pillars in our portfolio," says Manu Vandenbulcke, CEO of TINC.

With the additional capital injection, Yally is ready to grow further and fulfill its ambition to transform the residential rental market. In the next step, Yally's shareholders are open to welcome new shareholders who share the ambition to contribute to the quality injection of the residential rental market in a relevant and profitable way.

For TINC this is an additional investment commitment of approximately € 28 million whereby its stake in Yally increases to 66.67%. TINC expects to fund this investment commitment over the period 20232025 with available cash and credit lines.

For additional information, see Yally's published press release.

The capital increase is done together with co-shareholder TDP NV, a related party of TINC. In particular, TDP NV is the parent company of TINC Manager, the sole director of TINC. Accordingly, the transaction was subject to the review by a committee of independent directors as required by art.

7:116 of the Companies and Associations Code. 

The transaction relates to a capital increase of in total € 30.75 million subscribed to by TINC for an amount of € 28.3 million and by TDP for the remainder. The shares are subscribed at fractional value. Through the capital increase TINC acquires a majority position in Yally.

The committee of independent directors, assisted by its legal advisor, has on 12 October ll. issued a written and motivated opinion to the supervisory board of TINC Manager, sole director of TINC. The committee concludes in its opinion that the proposed transaction is not detrimental to TINC and is in line with the policy of TINC, and specifically fits within the investment segment "Selective Real Estate". Furthermore, the committee is of the opinion that it is unlikely that the transactions would lead to disadvantages for TINC disproportionate to the benefits that TINC would (or could) enjoy as a result of the proposed transaction.

Based on the opinion of the committee of independent directors, the supervisory board in its capacity as sole director of TINC subsequently approved the transaction.

Finally, the statutory auditor (EY Bedrijfsrevisoren) of TINC considered that:  "Based on the work carried out by us, (i) we have determined that the decision as recorded in the minutes of the Supervisory Board corresponds to the recommendation of the independent directors; (ii) we have confirmed that the minutes of the Supervisory Board and the advice of the independent directors were prepared in accordance with the requirements of Article 7:116 of the Belgian Code of Companies and Associations (WVV); and (iii) nothing has come to our attention that causes us to believe that the accounting and financial information included in the minutes of the Supervisory Board and in the advice of the independent directors would contain material inconsistencies compared to the information we have obtained in the course of our assignment."

About Yally

Yally is an initiative of publicly listed investor TINC and TDP, the infrastructure joint venture between Belfius and the publicly listed investment company Gimv. Yally buys homes in Belgium, makes them more energy efficient and future-proof. As a landlord of the future, Yally is committing to the comfort and reduction of the tenant’s total housing costs by integrating smart technologies in the homes, reducing energy bills and providing an all-in service via the online portal MijnYally.be (www.yally.be).

About TDP

Established in 2007 as a joint venture between Belfius and Gimv - is a developer and investor in a wide range of infrastructure and related assets such as selective real estate.  TDP's investment policy is rooted in a number of far-reaching societal evolutions. These include the ambition to realise better public infrastructure ("Building Back Better"), the transition to a low-carbon society, the digitisation of society and the growing attention on care and well-being. For TDP, these evolutions form the framework for investments in public infrastructure, energy infrastructure, digital infrastructure and selective real estate.

Contact:

Manu Vandenbulcke, CEO TINC

T +32 3 290 21 73 – manu.vandenbulcke@tincinvest.com  

Filip Audenaert, CFO TINC

T +32 3 290 21 73 – filip.audenaert@tincinvest.com

About TINC 

TINC is a listed investment company that seeks to create sustainable value by investing in the infrastructure for the world of tomorrow. TINC participates in companies that are active in the realization and operation of infrastructure and holds a diversified portfolio of participations in focus areas such as public infrastructure, energy infrastructure, digital infrastructure and selective real estate in Belgium, the Netherlands and Ireland. For more information, please visit: www.tincinvest.com