Frequently Asked Questions (FAQ)

A SICAFI is a public fixed-capital property investment company, under the terms of the law of 20 July 2004. The legal framework for SICAFIs in Belgium is the subject of a Royal Decree dated 10 April 1995 (last amended on 21 June 2006). The law of 23 December 2004 regulates the fiscal aspects of approval for existing companies.

The main characteristics of a SICAFI are the following:

• Fixed-capital company quoted on the Brussels stock exchange (NYSE Euronext Brussels).
• Activities limited to property placements.
• Indebtedness limited to 65% of the total assets, based on market value (fair value) of the property portfolio.
• The fair value of the property portfolio is determined every three months, by an independent valuer.
• Obligation to distribute 80% of adjusted income.
• Withholding tax of 15%.
• "Exit tax" of 16.5% on property-related capital gains.

This type of property placement company also exists in many other countries, notably France (SIIC - Société d'Investissements en Immobiliers Cotée), the Netherlands (FBI - Fiscale Beleggingsinstellingen), the United States (REIT - Real Estate Investments Trusts), Germany (G-REIT) and in the United Kingdom (UK-REIT).

A SIIC is a listed property investment company.

The characteristics of a SIIC and a SICAFI are reasonably similar. Both companies are exempt from the corporate tax on annual receipts and the capital gains realised.

The main characteristics of a SIIC are the following:

• Company quoted on the Paris stock exchange (NYSE Euronext Paris).
• Activities limited to property placements.
• Indebtedness limited to 65% of the total assets, based on market value (fair value) of the property portfolio.
• The fair value of the property portfolio is determined every three months, by an independent valuer.
• There is an obligation to distribute 85% of operating income and at least 50% of the profit at the end of the year after it is realised.
• "Exit tax" of 16.5% on property-related capital gains, spread over four years.
• "Free float" shares with no fixed ownership, of a minimum of 30%.
  

Supply chain management is an integrated vision of logistics which deals with all the flows and processes relating to the supply of products from design through to delivery to the end customer, incorporating the product's entire lifecycle. Supply chain management increasingly involves restrictions related to "reverse logistics" (return flows and product recycling)