Qrf Comm. VA

a partnership limited by shares, public fi xed-capital real-estate investment trust

incorporated under Belgian law,

with registered offi ce at Leopold de Waelplaats 8/1, 2000 Antwerp (Belgium),

registered with the Crossroads Bank for Enterprises under number RPR Antwerp 0537.979.024

(“Qrf” or the “REIT”)

PUBLIC OFFERING IN BELGIUM AND PRIVATE PLACEMENT IN THE EUROPEAN ECONOMIC AREA

FOR THE SUBSCRIPTION OF NEW SHARES IN THE FRAMEWORK OF A CAPITAL INCREASE, IN CASH,

FOR AN AMOUNT OF AT LEAST 55,55 MILLION EUR AND MAXIMUM 75,38 MILLION EUR

AND

REQUEST FOR ADMISSION TO TRADING OF THE SHARES OF THE REIT ON THE REGULATED MARKET

EURONEXT BRUSSELS (ISIN-code BE0974272040)

THE OFFERING PRICE IS SET AT 25 EUR PER OFFERED SHARE

THE OFFER RUNS FROM 4 DECEMBER 2013 TILL 12 DECEMBER 2013 INCLUDED, SUBJECT TO

EARLY CLOSING BUT AT LEAST FOR SIX TRADING DAYS

Global Coordinators

Joint Bookrunners

WARNINGAn investment in shares entails important risks. Investors are requested to consider the risks described in Chapter 2 (Risk factors) of this Prospectus. Any decision to invest in the Off ered Shares in the context of the Off er, should be based on all the information provided in the Prospectus. Nor this Prospectus, nor any announcement or other material in this regard, can be distributed to the public in any jurisdiction outside of Belgium where registration, qualifi cation or other duties are or could be in force regarding an off er or request to purchase, sale, tender or transfer in any other way (or a request thereto by someone). Especially, this Prospectus cannot be distributed to the public in other member states of the European Economic Area (EEA), Australia, Brazil, Canada, China, Japan, New Zealand, Russia and the United States of America or other jurisdictions (the aforementioned list is not exhaustive). Candidate-investors are requested to consider the specifi c limitations described in section 4.7 of this Prospectus.

Prospectus dated 26 November 2013

SummaryQrf Comm. VA

Qrf Prospectus 2013

Antwerp - Meir 107

1

Qrf Prospectus 2013

SummarySummaries are made up of disclosure requirements known as “Elements”, based on Annex XXII of Regulation No. 809/2004 of 29 April

2004. These elements are numbered in Sections A to E (A.1 - E.7).

This Summary contains all the Elements required to be included in a summary for this type of securities and issuer. Because some Elements

are not required to be addressed, there may be gaps in the numbering sequence of the Elements.

Even if an Element has to be included in the Summary because the type of securities and issuer, it is possible that no relevant information can be

supplied regarding the Element. In this case a short description of the Element is included in the summary with the mention of “not applicable”.

Section A — Introduction and warnings

Element Disclosure requirement

Section B — Issuer and any guarantor

Element Disclosure requirement

Warning- Thissummaryshouldbereadasintroductiontotheprospectus.- Anydecisiontoinvestinthesecuritiesshouldbebasedonconsiderationoftheprospectusasawholebythe

investor.- Whereaclaimrelatingtoinformationcontainedintheprospectusisbroughtbeforeacourt,theplaintiffinvestor

might,underthenationallegislationoftheMemberStates,havetobearthecostsoftranslatingtheprospectusbeforethelegalproceedingsareinitiated.

- Civilliabilityattachesonlytothosepersonswhohavetabledthesummaryincludinganytranslationthereof,butonlyifthesummaryismisleading,inaccurateorinconsistentwhenreadtogetherwiththeotherpartsoftheprospectusoritdoesnotprovide,whenreadtogetherwiththeotherpartsoftheprospectus,keyinformationinordertoaidinvestorswhenconsideringwhethertoinvestinsuchsecurities.

Consent to use the prospectus for subsequent resaleNotapplicable.

A.1

A.2

B.1

B.2

B.3

Legal and commercial nameQrf.

Domicile, legal form, legislation under which the issuer operates, country of incorporationQrf is a partnership limitedby shares (‘commanditaire vennootschapopaandelen/société en commanditeparactions’) incorporatedunderBelgian law. Its registeredoffice is at LeopolddeWaelplaats8/1,2000Antwerp,Belgium.Asapublicfixed-capitalreal-estateinvestmenttrust,QrfissubjecttotheLawof3August2012andtheRoyalDecreeof7December2010.

Description of, and key factors relating to, the nature of the issuer’s current operations and its principal activitiesTheREITinvestsintheBelgianretailrealestatemarket,focusingoninner-citystores,andseekstocreatevaluethrough,amongstother,anactiveportfoliomanagement.Morespecifically,itfocusesonshopslocatedinstreetsthataredominantfortheircatchmentarea(theso-called“goldenmile”),andthisbothintermsoflargecitiesandregionaltowns.TheinitialpropertyportfoliooftheREITcontainsbothinner-cityrealestate(66%oftheportfolio),andout-of-townrealestate(34%),whichconsistsessentiallyofretailwarehouses.KeydataoftheREITonthedateoftheprospectus:

Grosslettablearea 51,730m2

Fairvalue 114.2millionsd’EUREstimatedannualrent1 7,293,311EUROccupancyrate2 99.2%Occupancyrateexcludingrentalguarantees 96.6%%inner-city 66%%out-of-town 34%

1 Thisisthetotalrentalvalueofthepropertyportfolioatthestart-uponanannualbasiswhichisusedbytherealestateappraiserinthevaluationreports(includingtheestimatedannualrentonvacantpremises).

2 Thisistheratioofrentalincome,includingrentalguarantees,tothetotalrent.

2

Qrf Prospectus 2013

Description of the most significant recent trends affecting the issuer and the industries in which it operatesBelgiumisoneofthefirstcountriesinEuropetohaveachievedpositivecumulativegrowthsincetheoutbreakoftheeconomiccrisisin2008.Supportedbystablepurchasingpowerandanincreasingconsumptionpattern,theBelgianretail realestatemarketcanrefer toasolid retail industry.Theretailsectorhas indeedexperiencedapositiveeffectduetosustainedconsumptiontotheextentthattradesales(+33%)haveincreasedmorethantheinflation(+25%)inthelasttenyears.Theinner-cityretailactivityissupportedbydemographicgrowth,whichisnotevenlydistributedinBelgium,buttoalargeextenttakesplacewithincities.Despitetheriseofonlineshopping,physicalstores remain essential for both retailers and consumers who are always looking for an “authentic” consumerexperience.Afterall,physicalstoresarecomplementarytoonlinechannelsandcontributetothe‘multi-channelshoppingexperience’,bywhichtheconsumercombinesvariousshoppingchannels.Thisisespeciallytrueforrealestateindominantshoppingstreets,whichisstillthekeyfocusofthesalesstrategyofthemajorityofretailers.Thankstoanincreasingtrendofconsumptionbehaviourandtheincreasingdemandfromretailersforinner-citylocations,retailrealestatehasexperiencedariseinrents.Combinedwiththescarcityofsuchproperties,thishasalsoledtoanincreaseinthevalueofinner-cityretailrealestate.

Group to which the Company belongs and its position within itAtthedateoftheprospectus,theREIThasthreeshareholders,i.e.,QuaresHoldingCVBA,thestatutorymanagerandthepromoter.QuaresHoldingCVBAhasthreeshareholders,whoarealsoalldirectorsatQuaresHoldingCVBAthroughtheirrespectivemanagementcompanies,i.e.:- MsAnneleenDesmyterwhoowns1/3rd of the shares and is thepermanent representativeof thedirector

AdmiresBVBA;- MrFreddyHoorenswhoowns1/3rdofthesharesandisthepermanentrepresentativeofthedirectorB.M.C.C.

BVBA;and- MrHermanDuBoiswhoowns1/3rdofthesharesandisthepermanentrepresentativeofthedirectorFontenelle

BVBA.Thestatutorymanagerinturnhastwoshareholders,namely:- QuaresREIMRetailNV(thepromoter):99shares(99%);and- QuaresHoldingCVBA:1share(1%).RegardingtheshareholdingofQuaresHoldingCVBA,pleaserefertotheprecedingparagraphs.QuaresREIMRetailNV(thepromoter)inturn,hastwoshareholders,i.e.:- QuaresREIMNV:1,249share(99.92%);and- QuaresPropertyManagementNV:1share(0.08%).BothcompaniesarecontrolledbyQuaresHoldingCVBA.

Shareholding ThetablebelowshowswhothemajorshareholdersareinQrfatthedateoftheprospectus:

Atthedateoftheprospectus,theREITiscontrolledbyitspromoter.Eachshareentitlestoonevote.

Selected historical key financial information regarding the issuer, presented for each financial year of the period covered by the historical financial information, and any subsequent interim financial period, and commentsNotapplicable

Selected key pro forma financial information, identified as such ThefollowingproformafinancialinformationforQrfforthe6-monthperiodendingon30June2013includestheProFormabalancesheetasof30June2013andtherelatedProFormaincomestatementovertheperiodofsixmonthsendingonthatdate(thePro Forma Accounts of 30 June 2013).ThisProFormaAccounthasbeenpreparedbasedontheassumptionthatQrfwasestablishedon1January2013withacapitalof61,500EUR,andtheassumptionthatupontheaccreditationofQrfasapublicfixed-capitalreal-estateinvestmenttrusts,itscapitalwasincreasedto1,200,000EUR,depositedonaccount.TheseProFormaAccountshavebeenpreparedinaccordancewiththelayoutofthebalancesheetandtheincomestatementinaccordancewithappendixCoftheRoyalDecreeonpublicfixed-capitalreal-estateinvestmenttrust,asifQrfwasalreadyarealestateinvestmenttruston1January2013.NosplitbasedonthenatureofthecostswasmadefortheProFormaincomestatementasprescribedbytheRoyalDecreeonpublicfixed-capitalreal-estateinvestmenttrusts.InordertoestablishtheProFormabalancesheetand

Shareholder Percentage Number of shares

QuaresHoldingCVBA 0,004% 2

QrfManagementNV(i.e.,thestatutorymanageroftheREIT) 5,121% 2.458

QuaresREIMRetailNV(i.e.,thepromoter) 94,875% 45.540

B.4a

B.5

B.6

B.7

B.8

3

Qrf Prospectus 2013

incomestatement,theopeningbalance,i.e.thehistoricalfinancialinformationoftherealestatecompanieswhichwillbemergedintotheREIT(theMerging Companies)onthedateofcompletionoftheoffering(theinitialpropertyportfolio)andCenturyCenterFreeholdBVBAoverthe6monthperiodendingon30June2013,preparedinBelgianGAAP,isrestatedtocomplywithIFRS.AstheREIThasbeforetheofferingonlycashfromthepaid-upcapital,itisnotrelevanttomentionthehistoricalfinancialinformationoftheREITandthechangesheretoseparately.Hence, theProFormaAccountscontain,asProFormabalancesheet, theaggregatedhistoricalbalancesheetsof the Merging Companies and Century Center Freehold BVBA drafted per 30 June 2013 in Belgian GAAP andrestatedinIFRSand,asProFormaincomestatement,theaggregatedhistoricalincomestatementsoftheMergingCompaniesandCenturyCenterFreeholdBVBAforthe6monthperiodendingon30June2013preparedinBelgianGAAPandrestatedinIFRS.WithregardtotheMergingCompanyKeyserInvestmentNV,wewishtopointoutthatKeyserInvestmentNVonlyacquired“CenturyCenter-Keyserlei58/60-Antwerp”on26June2013.Consequently,only4daysofrental incomehavebeenincludedintheProFormaincomestatementper30June2013.Hence,theProFormaAccountsareamereaggregationofhistoricalfinancialinformationrestatedinIFRS.Becauseofitsnature,theproformafinancialinformationaddressesahypotheticalsituationand,therefore,doesnotrepresentthecompany’sactualfinancialpositionorresults.

3 Themaximumdebtratioacceptedforapublicfixed-capitalreal-estateinvestmenttrustisnotrespected.However,thisisnotaproblemasthesecompanieswerenotyetconsideredpublicfixed-capitalreal-estateinvestmenttrustson30June2013.Inthefuture,upontherecognitionofQrfasapublicfixed-capitalreal-estateinvestmenttrust,obviouslythemaximumdebtratioshallberespected.

ASSEtS

Fixed assets 114.365

Goodwill

Intangiblefixedassets

Realestateinvestments 114.361

Othertangiblefixedassets

Financialfixedassets 4

Financialleasereceivables

Tradereceivablesandotherfixedassets

Deferredtax-assets

Current assets 10.813

Assetsheldforsale

Currentfinancialassets

Financialleasereceivables

Tradereceivables 495

Taxreceivablesandothercurrentassets 5.781

Cashandcashequivalents 4.323

Accrualsandprepaidexpenses 215

total assets 125.178

LIABILItIES

Equity 43.764

A ShareCapital 20.724

B Sharepremium 1

C Reserves 22.997

D Netincomefortheperiod 42

1) Pro ForMA BALANCE ShEEt3 AmountsinthousandsofEUR

4

Qrf Prospectus 2013

4 TotheextentthattheREITwouldnotachieveitsgrowthstrategy,theestimateddividendshouldbereducedandisexpectedtobe1.11EURpershareoragrossreturnof4.45%.

5 Thegrossreturnwasdeterminedastheestimatedproposedgrossdividend(subjecttoapprovalbythegeneralshareholders’meetingoftheREIT)dividedbythecapitalinvested(capitalinvestediscalculatedasthesumof(i)thecapitaloftheREITonthedateofthisprospectus,(ii)themaximumamountoftheofferingand(iii)thecapitalincreasebythecontributioninkind,andamountsto81,822,775EUR).

Profit forecast or estimate Assumingthattheeconomicandfinancialconditionsremainthesameandbasedonanumberofassumptions,includingtheproposedgrowthstrategy,andsubjecttoapprovalbythegeneralshareholders’meetingoftheREIT,thestatutorymanageroftheREITcurrentlyestimatesthegrossdividendforthefinancialyearclosing30December2014at1.30EURpershareoragrossyieldof5,20%5.

B.9

Liabilities 81.414

I Non-current liabilities 34.185

A Provisions

B Non-currentfinancialliabilities 33.909

a. Creditinstitution 25.869

b. Financiallease

c. Other 8.040

C Othernon-currentfinancialliabilities

D Tradepayablesandothernon-currentliabilities

E Othernon-currentliabilities

F Deferredtaxes-liabilities 275

a. Exittax

b. Other 275

II Current liabilities 47.229

A Provisions

B Currentfinancialliabilities 32.828

a. Creditinstitution 32.828

b. Financiallease

c. Other

C Othercurrentfinancialliabilities

D Tradepayablesandothercurrentliabilities 6.129

a. Exittax 4.429

b. Other 1.700

E Othercurrentliabilities 8.085

F Accrualsanddeferredincome 187

total equity and liabilities 125.178

Rentalincome 2.737

NEt rENtAL INCoME 2.737

oPErAtING rESULt BEForE rESULt oN thE PortFoLIo 2.319

Changesinfairvalueofinvestmentsproperties -1.399

oPErAtING rESULt 920

FINANCIAL rESULt -869

PrE-tAX rESULt 52

Corporatetax -155

Exittax 145

tAXES -10

NEt rESULt

oPErAtING rESULt AVAILABLE For DIStrIBUtIoN 1.441

rESULt oN thE PortFoLIo -1.399

2) Pro ForMA INCoME StAtEMENt AmountsinthousandsofEUR

5

Qrf Prospectus 2013

reservations concerning the historical financial informationNotapplicable

Statement on issuer’s working capital The statutory manager of the REIT believes that the consolidated net assets are sufficient for its present andfutureobligationsarisingfromtheestablishmentofitsportfolio,andthisforatleast12monthsfromthedateofpublicationoftheprospectusorthedateofadmissiontolistingonEuronextBrussels.Tomeetitsobligations,itisassumedthatthenetproceedsfromthepublicofferingshallamounttoatleastEUR55.55millionandthatitmaycalluponthefinancingagreementsavailabletotheREIT.

AsrequiredbytheCommissionDelegatedRegulation(EU)No.486/2012of30March2012amendingRegulation(EC)No.809/2004asregardstheformatandthecontentoftheprospectus,thebaseprospectus,thesummaryandthefinaltermsandasregardsthedisclosurerequirements,sectionsB.1,B.2,B.5,B.6,B.7,B.8,B.9,B.10,C.3,C.7andD.2wereincludedinthissummary.

A description of the investment objective and policy, including any investment restrictions- In accordance with article 4 of its articles of association, the REIT’s principal objective is the collective

investmentin‘realestate’asreferredtoinarticle7,firstsection,5°oftheLawof3August2012.- Inaccordancewitharticle5ofitsarticlesofassociation,theREIT’sinvestmentpolicyistheinvestmentofthe

REIT’sassetsinrealestateasdefinedinarticle7,firstsection,5°oftheLawof3August2012,withtheREIT’smaininvestmentsbeinginretailrealestate.TheserealestateinvestmentsaremainlymadeinBelgium.

- Asrealestatemarketsmayevolve,Qrf’smanagementmayproposetoadapttheinvestmentobjectiveand/orinvestmentpolicyinordertosecureoroptimizeQrf’s(future)resultsorthevalueofitspropertyportfolio.Investmentsbyapublicfixed-capitalreal-estateinvestmenttrustmustbediversifiedtoensureanappropriateriskdistribution,inparticulargeographically,bytypeofpropertyandbycategoryoftenant.

- NooperationperformedbyQrfmayresult in (i)morethan20%of itsconsolidatedassetsbeing invested inrealestateconsistingofonesinglerealestateproperty,or(ii)thispercentagerisingevenfurtherifitalreadyamountstoover20%.However,abuildingcomplexoftheREIT,namely“CenturyCenter–Antwerpen–Keyserlei58/60”,willrepresent18.09%ofthetotalfairvalueoftheinitialpropertyportfolioonthedateofcompletionoftheoffering.

- Qrfmayonlyinanaccessoryortemporarymannerinvestinsecurities,ownunallocatedliquidassetsandbuyorsellallowedhedginginstruments,exceptforspeculativetransactions.

- Qrfmayonlyinvestinsecuritiesthatarenotrealestateinaccordancewiththecriterialaiddownbyarticles80and82oftheRoyalDecreeof12November2012oncertainpublicundertakingsforcollectiveinvestment.

- Aslessee,Qrfmaycloseapropertyleasingagreementtotheextentthenetinvestmentinthoseagreementsatthetimetheyareclosed,doesnotrepresentmorethan10%ofQrf’sassets.

- Thefinancialleasearrangementofoneormorebuildingswithpurchaseoptionmayonlybeexercisedasanadditionalactivityexceptiftherealestateservesforpurposesofgeneralinterest.

- Qrfisprohibited:(i)toactasapropertydeveloper,exceptoccasionallyand(ii)toprovidemortgages,collateralorguaranteesunless thiswouldbedonewithin thecontextof thefinancingof its realestateactivitiesandlimitedto50%ofthetotalfairvalueoftheconsolidatedpropertyand,forcertainencumberedproperty,upto75%ofthevalueoftheencumberedproperty.

Borrowing and/or leverage limitsThetotalindebtednessofapublicfixed-capitalreal-estateinvestmenttrustmaynotexceed65%ofthetotalassetsatthetimealoanisgranted.IftheindebtednessoftheREITwouldamounttomorethan50%,itshalltakeanumberofinitiatives,includingthepreparationofafinancialplanprovidingadescriptionofthemeasureswhichshallbetakentopreventthedebtratiotoriseabove65%.Theannualfinancialcostsassociatedwiththedebtsbornebythepublicfixed-capitalreal-estateinvestmenttrustanditssubsidiariesmayatnotimeexceed80%ofthenetincomeofthepublicfixed-capitalreal-estateinvestmenttrust.Qrfisbasingitselfonthehypothesisthatitsdebtwillamountto36.99%attheestablishmentoftheinitialpropertyportfolioasof30December2013.Inthehypothesisthatthegrowthportfolio(s)willbefinancedusingbankingdebt,thedebtratiowillincreaseto48.70%in2014.

regulatory status of Qrf, and regulatorQrfisrecognizedasapublicfixed-capitalreal-estateinvestmenttrustundertheLawof3August2012andtheRoyalDecreeof7December2010and26November2013,andissubjecttoFSMAsupervision.

Brief profile of a typical investor for whom Qrf is designedQrfwascreatedwiththeintentiontoattractbothretailandinstitutionalinvestorswishingtomakeaninvestmentinBelgianretailrealestate.

B.10

B.11

B.33

B.34

B.35

B.36

B.37

6

Qrf Prospectus 2013

B.46

Because Qrf does not require any deviation from article 39, §1 of the rD of 7 December 2010, which prescribes that no operation performed by Qrf may result in more than 20% of its consolidated assets being invested in real estate consisting of one single real estate property, Element B.38 is not applicable.

Because Qrf does not require any deviation from article 39, §1 of the rD of 7 December 2010, which prescribes that no operation performed by Qrf may result in more than 20% of its consolidated assets being invested in real estate consisting of one single real estate property, Element B.39 is not applicable.

Description of the service providers including the maximum fees payable- For a description of the costs associated with the accreditation of Qrf as a public fixed-capital real-estate

investmenttrustandguidanceinthecontextoftheoffering,seeElementE.1.- QrfappealstoQuaresPropertyManagementNV(theProperty Manager)fortechnicalfacilityassistanceof

its investmentportfolio.ThePropertyManagerassumesnoexecutiveroleandhasnodiscretionarypowersoverQrf’sassets.TheannualremunerationofthePropertyManagershallbedeterminedbasedontheworkdeliveredconcerningmanagementoftheproperty,newleases,leaseextensionandprojectmanagement.Thisannualfeeisestimatedat226,894EUR.

- QrfentruststherealestatevaluationstoCushman&Wakefield,representedbyMrKrisPeetermans(MRICS)(the real Estate Expert). TheRealEstateExpert isentitled toanannual feedependingon thesizeof theportfoliooftheREIT.BasedontheinitialpropertyportfoliooftheREIT,theannualremunerationoftheRealEstateExpertisestimatedatapproximately65,000EUR(excl.VAT).

- TheREIThasappointedPricewaterhouseCoopersAuditorsBV,operatingasaCVBA(also:PwC),withpermanentrepresentativeDamienWalgrave,asstatutoryauditoroftheREIT(i.e.theAuditor),andthisuntiltheordinarygeneralshareholders’meetingthatwilldecideontheannualaccountsfortheyearending30December2016.The remunerationof theAuditor shall be20,500EURperfinancial year (netof fees, excludingVAT), tobeindexedannually.

- INGBelgiumNVisresponsibleasQrf’sfinancialservice.TheremunerationofINGBelgiumNVis0.1%ofthetotalnetdividenddistributiononthedematerializedshareswithaminimumof5,000EUR(excluding21%VAT)plusadministrativecosts.

- Inaddition,theREITmaybeassistedbyspecialistadvisorswithregardtocertainfinancial,legalandIT-relatedaspectsoftheREIT.Theseadvisorswillbecompensatedbasedontheirusualratesdependingonthesizeandnatureoftheservicesprovided.

As Qrf does not rely on investment managers, investment advisors, custodians, trustees or other counsellors, Element B.41 is not applicable.

how often the net asset value of Qrf will be determined and a description of how such net asset value will be communicated to investorsTheRealEstateExpertwillactasleadappraiser(i)fortheinitialvaluationoftheREIT’spropertyuponitsincorporation,(ii)fortheannualrevaluationandquarterlyadjustments,and(iii)foranysubsequentvaluationofpropertythattheREITwouldwishtoacquireorsell.Furthermore,theRealEstateExpertwillupdatethetotalvaluationofthepropertyoftheREITbasedonthemarketdevelopmentsandthespecificcharacteristicsofthepropertyconcerned,andthisattheendofeachquarter.TheRealEstateExpertisindependentinrespectoftheREIT.ThevaluationscarriedoutbytheRealEstateExpertshallbeincludedintheannualfinancialreportoftheREIT.ThenetassetvalueasdeterminedbytheRealEstateExpertwillbeincludedintherespectivereportsandpublishedonthewebsiteoftheREIT.

As Qrf does not qualify as “an undertaking for collective investment in other collective investment undertakings”, Element B.43 is not applicable.

At the date of the prospectus Qrf has not yet commenced operations and no financial statements have been formulated.

Description of Qrf’s portfolioPleaseseeElementB.3ofthissummary.

Indication of the most recent net asset value per shareAtthedateoftheprospectus,thenetassetvaluepershareamountsto25EUR.

B.45

B.38

B.39

B.40

B.41

B.42

B.43

B.44

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Qrf Prospectus 2013

Description of the type and the class of the securities being offered and/or admitted to trading, including any security identification numberTheofferedshareswillbe issued inaccordancewithBelgian law.Theseareordinaryshareswithoutparvalue,fully subscribed and paid in full. The offered shares will all be dematerialized shares and have the ISIN code‘BE0974272040’and‘Qrf’symbol.

Currency of the securities issueEUR.

Number of shares issued and fully paid and issued but not fully paid. the par value per share, or notice that the shares do not have a par value.Onthedateoftheprospectus,thesharecapitalisrepresentedby48,000shares,withoutparvalue,andpaidinfull.

Description of the rights attached to the securities- Dividends:thesharesareentitledtodividendsforthecurrentfinancialyearandsubsequentyears.Theshares

arenotentitledtoapreferentialdividend.SeeElementC.7foradescriptionofthedividendpolicy.- Voting rights:Eachshareentitlesonevote,subjecttothecasesinwhichthevotingrightsaresuspendedas

providedbytheBelgianCompaniesCode.- Preferential rights for capital increase in cash:inaccordancewiththeRoyalDecreeof7December2010,

Qrf’s articles of association state that for a share capital increase by cash contribution, the preferentialsubscription rights of shareholders granted pursuant to the Belgian Companies Code may be restricted orremoved,butonlyifapreferentialallocationrightisgrantedtotheexistingshareholdersattheoccasionoftheallocationofnewshares.

Thatpreferentialallocationrightmustmeetthefollowingconditions:(i)itmustrelatetoallofthenewlyissuedsecurities,(ii)itshallbeallocatedtotheQrfshareholdersinproportiontotheportionofthecapitalrepresentedby their shares at the time of the capital increase, (iii) a maximum price per share shall be announced atthelatestontheeveoftheopeningofthepublicsubscriptioninthecontextofthecapitalincreaseand(iv)inthatcase, thepublicsubscription inthecontextof thecapital increaseshallcountat least threetradingdays.Thisrightisnotrequiredtobegrantedincaseofacontributionincashwithcancellationorlimitationofthepreferentialright,inadditiontoacontributioninkindinconnectionwiththepaymentofacashorstockdividendtotheextentthisshallbepayabletoallQrfshareholders.

- Liquidation rights: the balance after liquidation, namely the net assets, shall be distributed among theshareholdersinproportiontothenumberofsharestheyown.

- Description of the actions necessary to modify the rights of shareholders: to modify the rights ofshareholders,theapplicableregulatoryandstatutoryprovisionsmustberespected.Qrf’sarticlesofassociationdonotprescribemorestringentconditionsthanthoseincludedinthelaw,withtheexceptionoftherequiredpresence of the statutory manager of the REIT at the first general shareholders’ meeting. In addition, anyproposaltoamendthearticlesofassociationissubjecttopriorapprovalbytheFSMA.

Description of any restrictions on the free transferability of the securitiesThearticlesofassociationofQrfdonotcontainanystatutoryprovisionregardinglimitationofthefreetransferabilityoftheshares.PleaseseeElementE.5ofthissummaryoncertainlock-upundertakingsprovidedinthecontextoftheoffering.

Admission to trading and listing locationAn application has been made in order to admit the shares to trading on the regulated market of EuronextBrussels.IfQrfisacceptedfortradingonEuronextBrussels,itsshareswillbeavailablefortradeunderISINcode‘BE0974272040’andcarryingsymbol‘Qrf’.QrfexpectsinitialtradingonEuronextBrusselstotakeplace,subjecttoearlyclosingoftheoffering,on18December2013.NopublicmarketfortheshareshaseverbeenofferedbeforethedateofadmissiontotradingonEuronextBrussels.

Section C — Securities

Element Disclosure requirement

C.4

C.5

C.6

C.3

C.2

C.1

8

Qrf Prospectus 2013

Description of the dividend policySubjecttotheavailabilityofdistributablereserves,Qrfcurrentlyintendstograntandpayanannualdividendofatleast97%ofitsadjustednetincome.Assumingthattheeconomicandfinancialconditionsremainthesameandbasedonanumberofassumptions,thestatutorydirectoroftheREITcurrentlyestimatesthegrossdividendoverinvestedcapitalforthefinancialyearclosing30December2014at1.30EURpershareoragrossyieldof5.20%.Thegrossreturnonnetassetvalueoftheyearclosingon30December2014isestimatedat5.43%.With regard to the first financial year ending on 30 December 2013 the REIT does not expect any dividend tobedistributed,giventhat the initialpropertyportfoliowillonlybeacquireduponcompletionof theoffering.TotheextentthattheREITwouldstillberequiredtodistributeadividendinaccordancewiththeRoyalDecreeof7December2010,thiswillinalllikelihoodbelimitedtothestatutoryminimum.

Risks that are specific to Qrf or to its businessQrfbelievesthattheriskfactorslistedbelowmayhaveanimpactonitsoperationsanditscapacityasissueroftheshares.MostofthesefactorsrelatetouncertaineventsthatmayormaynotoccurandQrfisnotcapableofmakingstatementsabouttheoccurrenceornon-occurrenceoftheseevents.I. risks associated with Qrf’s business(i) Risksrelatedtotheeconomic climate:aworsenedeconomicclimatecouldgiverisetoadecreaseinthe

demandforthetypeofpropertythatQrfisholding,nonorlatepaymentofrents,highervacanciesandlowerrents.

(ii) Risksrelatedtothereal estate marketasawhole:oversupplyinthelocalrealestatemarketcanhaveasignificantimpactonthelevelofrentsandthevaluationoftheproperty.

(iii) Risks related toa limited diversification:a limiteddiversificationofQrf’spropertyportfoliocanmakeQrf’sresultsmoredependentondevelopmentsinthemarketsandsectorsinwhichitmainlyinvests.

(iv) Risksrelatedtotheconcentration of real estate:oneoftheREIT’sproperties,namely“CenturyCenter–Antwerpen–Keyserlei58/60”,willrepresent18.09%ofthetotalfairvalueoftheinitialpropertyportfolioonthedateofcompletionoftheoffering.Thereisariskthattheshareofthisbuildingcomplexwillincreaseinthetotalfairvalueoftheinitialpropertyportfoliobecauseofavariationofthefairvalueoftheinitialpropertyportfolioorofthebuildingcomplex“CenturyCenter–Antwerpen–Keyserlei58/60”,whichwouldcausetheREITtobeinbreachofthestatutoryrulethatapublicfixed-capitalreal-estateinvestmenttrustmaynotinvestover20%ofitsconsolidatedassetsinasingleproperty.

(v) Risksrelatedto tenants and vacancy:Qrfissubjecttotheriskofapossibledepartureofitstenants,andtotheriskthatabuildingcannotbeletattheanticipatedrates,thatsignificantcostsandinvestmentsareneededtorealizethisrentalrateorthatnotenantscanbefound.

(vi) Risksoffinancial default of tenants:Qrf is exposed to the risk that its tenantswouldbe infinancialdefault,regardlessofthecurrenteconomicconditions,withoutQrfbeingableofterminatingtheleaseatshortnotice.

(vii) Risks related to thesuccess of e-commerce: tenantscouldpossiblyencounter increasedcompetitionfrome-commercethatcouldaffecttheprofitabilityoftenantsandthereforemayhaveanegativeimpactonthedemandforthetypeofpropertythatQrfholdsand/orQrf’srentalincomeforthattypeofproperty.

(viii) Risksassociatedwiththeexecution of major works:Qrfisresponsiblefortheexecutionofmajorworksonthepropertythatitholdsinitsportfolio,whichentailsrisksregardingbudgetoverruns,theproperandtimelyexecutionoftheworks,rentreductionsandthepotentiallyunlettablestatewhencarryingoutmajorworks.

(ix) Risksrelatedto claims and coverage of Qrf’s insurance:claimsmayhavefinancialimplicationsforQrfifandtotheextentthattheyarenotornotadequatelycoveredbyinsurancepoliciesconcludedbyQrf;inaddition,theycanalsoleadtoanincreaseininsurancepremiums.

(x) Risksassociatedwithinflation:dueto inflation,Qrf’sactualinvestmentrevenuesmaydecline,leadingtoadecreaseinQrf’spropertyportfolioyield.

(xi) Risksassociatedwiththedisconnection of indexed rents and market rents:indexationofrentsisnoguaranteethattherentsofrealestatewillevolveinlinewiththeprevailingmarketrents.

(xii) Risksassociatedwithchanges in the fair value of the property portfolio:Qrfisexposedtofluctuationsinthefairvalueofitspropertyportfolio(forexample,duetowearoftheproperty)whichamongotherthingswillhaveanimpactonthedebtratio.

Section D — risks

Element Disclosure requirement

C.7

D.1

D.2

9

Qrf Prospectus 2013

(xiii) Risksrelatedtothereal estate valuation:valuationofpropertyissubjectivetoacertainextentandbasedonassumptionsthatmayproveincorrect,hencethevaluationdoesnotnecessarilycorrespondwiththerealvalueoftheproperty.

(xiv) Risksrelatedtofaulty plans and/or measurements:erroneousmeasurementsorplansrelatingtoQrf’spropertyportfoliomayhaveanegativeimpactonthevaluethatwouldberealizedatthesaleoftheproperty.

(xv) Risksrelatedtothenon-compliance with environmental regulations:compliancewithenvironmentalregulationsiscomplexandtimeconsumingandpossiblepollutionwillhaveanegativefinancialimpactonQrf.

(xvi) Risksrelatingtopermits:thevalueofretailrealestateissignificantlydeterminedbywhetherornotallrequiredbuildingpermitsandsocio-economicauthorisationsarepresent.

(xvii) Risksassociatedwithexpropriation:realestate,forreasonsofpublicinterest,maybeexpropriated,atavaluebelowthefairvalue.

(xviii) Risksassociatedwith regulation:futureregulatorychangesapplicabletoQrfcanhaveasignificantadverseeffectontheREIT’soperationsandvalue.

II. risks associated with Qrf(i) Risks associated with the executive management: the departure of some members of the executive

managementcouldadverselyaffectQrf’sdevelopment.(ii) Risks associated with the external manager: the departure of the external manager could lead to a

disruptionofQrf’sorganization.(iii) Risksrelatedtotherecent composition and history of the initial property portfolio:theinitialproperty

portfoliowillbeacquiredbyQrfonlyonthecompletiondateof theoffering,consequentlynohistoricalinformationregardingthemanagementoftheinitialpropertyportfolioandtherisksassociatedwiththemanagementoftheinitialpropertyportfolioisavailabletoQrf.

(iv) Risksassociatedwiththecontrolling shareholders:pursuanttotheoffering,oneormoreinvestorsmaysubscribetoasubstantialnumberofsharesofferedthroughwhichtheycouldsignificantlyinfluenceQrf’spoliciesanddecision-making.

(v) Risksrelatedtothenon-compliance with the regulations:non-compliancewithapplicableregulationsmayentail importantfinancialandreputationalcosts forQrfandatworst leadtothe lossoftheREIT’saccreditation.

(vi) Risks associated with merger, demerger, or takeover transactions: merger, demerger, or takeovertransactionsmayresultincontingentliabilitiesbeingtransferredtoQrf.

(vii) Risksassociatedwithlitigation:iftenants/contractorsinitiateclaimsagainstQrf,thismayhaveanegativeimpactonQrf’sreputationandpossiblyonQrf’sfinancialsituation.

(viii) Risksrelatedtotheinternal data systems:thefailureofdatasystemscandisruptthecontinuityofQrf’sactivity.

(ix) tax risk associated with the rulings: if the situation or transactions defined in the tax ruling wereincompleteorinaccurate,orifessentialelementsarenotrealized,Qrfcouldlosethelegalcertaintyofthetaxrulings.

(x) tax risk:ifQrflosesitsaccreditation,itwillalsolosetheadvantageofthedivergenttaxregimeapplicabletopublicfixed-capitalreal-estateinvestmenttrusts.

(xi) Risksassociatedwiththe(inabilitytodistributea)dividend:legalrestrictionsondividenddistributionmayleadtotheinabilityofQrftodistributeadividendoronlyforalimitedamount.

(xii) Keyfinancial risks:a.Risksassociatedwith rising interest rates:Qrf’sreturnis(also)dependentonthedevelopmentofinterest

ratesonQrf’sdebtfinancing.b.Risksassociatedwith fluctuations in the fair value of the hedging instruments:hedginginstruments

maybesubjecttofluctuationiftheinterestratechanges.c.Counterparty risk:insolvencyofafinancialorbankingcounterpartymayleadtoareductioninthefinancial

resourcesavailableforQrf.d.Risksrelatingtofinancing:Qrfislimitedinitsborrowingcapacityandisexposedtoliquidityriskincaseof

thenonorlaterenewalofitsfinancingcontractsorissuesatthefinanciallendinginstitutions.

risks that are specific to the securities(i) Risksassociatedwith investing in the offered shares:investinginsharesinvolvesrisksthatcanleadtoa

lossoftheentireinvestmentintheofferedshares.(ii) Risksrelatedtotheabsence of a liquid market:thelackofaliquidmarketcanhaveasignificantadverse

effectonthepriceoftheofferedshares.

D.3

10

Qrf Prospectus 2013

(iii) Risksrelatedtotheoffering price and the volatility of the price of the shares:theofferingpriceisnoguaranteeofthefuturemarketpriceoftheofferedshares,whichfurthermoremaydiffersignificantlyfromthenetassetvalueoftheshares.

(iv) Risksoffuture dilution:Qrfmaydecidetoincreaseitssharecapitalinthefuture,andwhereappropriate,maylimitorcancelthepreferentialsubscriptionright,subjecttocompliancewithapriorityallocationrightasdefinedintheRoyalDecreeof7December2010relatingtopublicfixed-capitalreal-estateinvestmenttrusts,whichwillleadtodilutionfortheQrfshareholders.

(v) Risks related to the size of the offering: if, and to the extent that, fewer shares are issued than theforeseenmaximumamount, the liquidityof thesharesmaybe lowerandQrfwillhave toemployothermethodsoffinancingordecreaseitslevelofinvestment.

(vi) Riskofwithdrawal of the offer:theoffermayberevokedorsuspendediftheUnderwritingAgreementisnotsignedorwouldbedissolved.

(vii) Risksrelatedtothecomplex transaction settlement: there isariskthatduetothecomplexityofthetransactionsettlement,theofferingcouldbecancelledordelayed.

(viii) Risksassociatedwithsecurities and industry analysts:reportsbyanalysts(orlackthereof)onQrfanditsindustrycouldhaveadownwardimpactonthemarketpriceortradingvolumeoftheshares.

(ix) Risksrelatedtothesolvency and liquidity of the promoter:alackofsolvencyorliquidityofthepromotercouldleadtothepromoterbeingunabletofulfilitsobligationsuponthedissolutionandliquidationofQrf.

(x) Risksrelatedtoclearing and settlement:anincorrectexecutionoforderscouldleadtopotentialinvestorsnotoronlypartiallyreceivingtheofferedshares.

total net proceeds and estimate of the total expenses of the issue/offer, including estimated expenses charged to the investor by the issuer or the offerorTheofferingandtheadmissiontothetradingofthesharesontheregulatedmarketEuronextBrusselsincludesthefollowingassociatedcostswhichshallbebornebyQrf(pricesincludeVAT):(i)thelegal,audit,consultancyandadministrativecosts(estimatedat1,881,000EUR),(ii)thecostsincurredbythepromoter(estimatedat1,000,000EUR),(iii)thecostofthelegalpublications(estimatedat5,000EUR),(iv)thecostsofediting,translation,printingandpublishing(specifically,onQrf’swebsite)oftheprospectus(estimatedat207,000EUR),(v)thenotaryfees(estimatedat25,000EUR),(vi)theremunerationoftheFSMA(estimatedat24,000EUR),(vii)theoperatingcostspayabletoEuronextBrusselsfortheadmissiontotrading(estimatedat64,000EUR),and(viii)variousremunerationsofKBCSecuritiesNV,INGBelgiumNV,BelfiusBankNVandPetercamNV(theJoint Bookrunners)andtheirlegaladviser(estimatedat2,528,000EUR).TheremunerationoftheJointBookrunnersinconnectionwiththeofferingshallnotexceed3%ofthegrossproceedsoftheoffering,inotherwords,thenumberofofferedshares(excluding(i)theofferedsharesreservedfortheKeyPersons (see Element E.3) and (ii) the shares reserved for the Laagland-shareholders in consideration for thecontribution)multipliedbytheofferingprice.Based on the foregoing, the total cost of Qrf’s offering is estimated at 5,734,000 EUR (including VAT), or netproceedsbetween49.82millionEURand69.65millionEUR,dependingonthesizeoftheoffering(capitalincreaseofminimum55.55millionEURandmaximum75.38millionEUR).

reasons for the offer, use of proceeds, estimated net amount of the proceedsThecurrentofferingisanobligationunderarticle22,§3oftheRoyalDecreeof7December2010asQrfobtainedthe status of public fixed-capital real-estate investment trust on 26 November 2013 under certain conditionsprecedentwhichwerefulfilledonthesameday.QrfisrequiredtorequesttheadmissionofitssharestotradingonEuronextBrusselswithinamaximumperiodofoneyearafteritsrecognitionaspublicfixed-capitalreal-estateinvestmenttrustpursuanttoarticle22,§3oftheRoyalDecreeof7December2010.

Section E — offer

Element Disclosure requirement

E.1

E.2a

11

Qrf Prospectus 2013

Thenetproceedsoftheoffering,assumingthatalltheofferedshareswillbefullysubscribed,areestimatedatamaximumamountofapproximately69.65millionEUR (afterdeductionof feesandexpenses).Theproceedsoftheofferingwillbeusedprimarilyforthepaymentofthepricefortheacquisitionoftheinitialpropertyportfolioonthedateofcompletionoftheoffering,asdefinedinthesharepurchaseagreements.Inaddition,theproceedswillbeusedforapartialrefinancingofthedebtsasoftodayoftheMergingCompaniesforanamountequalto62,225,000EUR.Thirdly,theproceedswillbeusedtofinancefurthergrowthofthepropertyportfolio.Afterthedateofcompletionoftheoffering,theproformadebtratioaftercapitalincreaseandafteracquisitionoftheinitialpropertyportfolioshallbeestimatedat36.99%,whichallowsQrftorespondtofutureinvestmentopportunitiesandtosimultaneouslyevolvetowardsadebtratioofmaximum55%.Theproceedsoftheoffering,combinedwiththeamountavailableunder the loanagreements,willprovideQrfwithflexibility to takeadvantageofattractiveinvestmentopportunities.Qrfexpectsthatsuchinvestmentscantakeontheformofbothapurchaseofrealestateasapurchaseorcontributionofsharesofrealestatecompanies.Atthedateoftheprospectus,Qrfcannotpredictallspecificappropriationsfortheproceedsoftheofferingwithcertaintyortheamountsthatwillactuallybespentontheappropriationsmentionedabove.Qrfwill,at itssolediscretion,determinetheamountandtimingofQrf’sactualexpenditures,whichwilldependonmanyfactors,suchastheevolutionofQrf’sdebtratio,theavailabilityofappropriateinvestmentopportunities,theabilitytoarrivetoacceptabletermswithpotentialsellersforanyrealestatepurchaseagreement,thenetproceedsactuallyobtainedfromtheofferingandQrf’soperatingcostsandexpenses.ConsequentlyQrfwillretainmaximumflexibilityintheuseofthenetproceedsoftheoffering.

Description of the terms and conditions of the offerterms and conditions of the offeringTheofferingshallproceedasapublicofferinginBelgiumtoretailinvestorsandtheKeyPersonsandasaprivateplacementoftheofferedsharestoinstitutionalinvestors.The extraordinary general shareholders’ meeting of the Fund has decided to increase the share capital of theFundon26November2013throughacontributionincashandtheissuanceoftheofferedshares,subjecttothecompletionoftheofferingandthelistingofthesharesofthefund.Thisofferingconsistsofthefollowingthreetranches:(i)224,000offeredsharesarereservedfortheKeyPersons,(ii)70%oftheremainingofferedsharesarereservedforallocationtoinstitutionalinvestors,withthepossibilityofaclawback,and(iii)30%oftheremainingofferedsharesarereservedforretailinvestors,withthepossibilityofaclawback.TheKey Persons,i.e.certainpersonswhohaveenteredintoapurchaseagreementwiththeFundforthepurposeofsellingtheirsharesinanumberofrealestatecompaniesthatownapartoftheinitialpropertyportfolio,havecommitted themselves to a subscription of 5,600,000 EUR in the offering during the offering period. Morespecifically, the Van Deursen-shareholders subscribe in the offering for a total amount of 1,500,000 EUR andcertain existing fund-shareholders subscribe in the offering for a total amount of 4,100,000 EUR. A list of theexistingfund-shareholderswhichsubscribeintheofferingisincludedinanannextotheprospectus.InaccordancewithBelgianregulations,nolessthan10%oftheofferedshareswhichwilleffectivelybeallocated,shallbeallocatedtoretailinvestorsinBelgium(ontheconditionthatthereissufficientdemandfromretailinvestors).However,theproportionallocatedtoretailinvestorsoftheofferedsharesmaybeincreasediftheapplicationsfromretailinvestorsamounttomorethan10%oftheeffectivelyallocatedofferedshares.total amount of the offeringThetotalamountoftheofferingwillbeminimum55.55millionEURandmaximum75.38millionEUR.PricingThepricepershareofferedisauniqueandfinalpriceexpressedinEurothatappliestoboththeretailinvestorsandtheKeyPersonsandtheinstitutionalinvestors.Theofferingpriceissetat25EUR.Dividend entitlement:seeElementC.4andC.7.offering period and application procedureI. offering periodTheofferingshallrunfrom4December2013(8:00am)until12December2013(4:00pm),subjecttoearlyclosing.AfterconsultationbetweenQrfandtheJointBookrunners,theofferingmaybeclosedearlier,includingintheeventofoversubscriptionoftheoffering,andthis,attheearlieston11December2013at4:00pmasinanycasetheofferingwillrunforatleast6tradingdaysstartingfromthepublicavailabilityoftheprospectus.

E.3

Qrf Prospectus 2013

12

II. Application procedureTheprospectiveinvestorscansubmittheirordersfreeofchargeatKBCSecuritiesNV,KBCBankNV,CBCBanqueSA, INGBelgiumNV,BelfiusBankNVandPetercamNV(theFinancial Intermediaries).For thisa formmustbeusedwhichcanbeobtainedwiththeFinancialIntermediariesorthefinancialinstitutionoftheretailinvestororan(electronic)proceduremustbefollowed.Theaforementionedformmustbetimelysubmittedinaccordancewiththeconditionsoftheofferingasmentionedintheprospectus.TheprospectiveinvestorswishingtosubmitordersfortheofferedsharesthroughintermediariesotherthantheFinancialIntermediariesarerequestedtoinformaboutanycosts that thesefinancial intermediariesmaycharge.Thepaymentof thesecosts is thesole responsibilityof the prospective investor. Institutional investors must mention the amount of offered shares which they arecommittedtopurchasing intheirorders. Institutional investorswillonlybeabletosubmittheirorderswiththeFinancialIntermediaries.Theretailinvestorsmustmentiontheamountofofferedshareswhichtheyarecommittedtopurchasingontheirorders.Onlyoneordershallbeacceptedforeachretail investor (actingonhis/herownaccount).Withdrawal or suspension of the offeringQrfreservestherighttowithdraworsuspendtheofferingiftheUnderwritingAgreement(i)isnotsignedor(ii)isterminatedunderthespecificcircumstancesdescribedintheUnderwritingAgreement.Possibility to reduce subscriptionsIfthetotalnumberofrequestedofferedsharesexceedsthetotalnumberofavailableofferedshares,shareallocationshalltakeplace.Theoverpaymentsmadebythepotentialinvestorswillberefunded,withoutanyinterestsdueonthisamountoranyformofcompensation,forwhateverreason.Minimum and/or maximum amount of the subscriptionTherearenoconditionsregardingtheminimumand/ormaximumamountsoftheorders.Withdrawal of ordersAnyacquisitionofofferedsharesundertheofferingisirrevocable.Nevertheless,inaccordancewitharticle34,§3oftheLawof16June2006,ifpriortotheclosingoftheofferingasupplementtotheprospectusispublished(exceptany supplementpublishedbefore theopeningdateof theoffering), theprospective investorswhohadalreadysubmittedanordertoacquireofferedsharesbeforethepublicationofthesupplement,havetherighttowithdrawtheirorderforaperiodoftwobusinessdaysafterthepublicationofthissupplement.Payment and delivery of the offered sharesTheofferingpriceoftheofferedsharesandanyapplicabletaxesarepayableinfullonthepaymentdateinEuro.Thepaymentdate,whichisgenerallythedateonwhichtheofferedsharesaredeliveredtotheprospectiveinvestors,issetatfourbusinessdaysaftertheclosingoftheoffering,i.e.nolaterthan18December2013,subjecttoearlyclosing.Theofferedshareswillbedeliveredindematerializedformbytransfertothedesignatedsecuritiesaccountofeachprospective investorbymeansofEuroclearBelgium’sbook-entryfacilities inaccordancewiththeusualEuroclearproceduresforthesettlementofshares.Publication of the results of the offeringTheresultsoftheoffering(e.g.totalamount,allocationofofferedshares,includingpossibledistributionformula),willbepublishedonthesecondbusinessdayaftertheclosingoftheofferingperiodonQrf’swebsiteofandintheBelgianfinancialpress.Underwriting AgreementWithoutprejudicetotherightoftheFundandoftheJointBookrunnersnottoconcludesuchanagreement,ithasbeen envisaged that the Fund, the promoter, (non-) executive, non-independent directors and members of themanagementofthestatutorymanagerandtheJointBookrunnersexpecttoconcludeanunderwritingagreement(the“Underwriting Agreement”)relatingtotheofferingoftheofferedsharesonoraroundtheexpectedallocationdateandthusbeforethepublicationoftheresultsoftheoffering.Under the termsandconditions tobe included in this agreement, eachof the JointBookrunners shallmakeacommitmenttounderwritetheofferingbyguaranteeingthepaymentofallsubscribedofferedsharesintheofferingwiththeexclusionoftheofferedsharesinrespectofwhichtheKeyPersonshavecommittedtheirsubscription.TheJointBookrunnersshallsubscribetotheofferedsharesforthepurposeofimmediateallocationtotheinvestorsconcerned,withguaranteeofpaymentoftheissuepriceoftheofferedsharessubscribedbyinvestorsbutwhichhavenotyetbeenpaidonthedateofthesharecapitalincrease(‘softunderwriting’).Itisalsoforeseenthatthenotarywillproceedwithgivingtheinstructionsforthepaymenttothesellersunderthesharepurchaseagreementsandfor therepaymentof (apartof) theexistingcreditswiththeproceedsof thecapital increase, immediatelyfollowedby thedeliveryof theofferedshares to thesettlementagentand the retrievalof thepayment for theofferedsharesofthesubscriberstotheoffering(withtheexceptionoftheKeyPersons).

13

Qrf Prospectus 2013

Planned schedule of the offering1

Date Event29November2013 Prospectusavailabilitydate4December2013 Publicationdateoftheofferingandthemaximumnumberofofferedshares4December2013 Startofofferingperiod12December2013(T–1)2 Expectedendoftheofferingperiod13December2013(T) Expectedallocationdate16December2013(T+1) Expectedpublicationdateoftheresultsoftheoffering18December2013(T+3) Expectedrealizationdateoftheconditionprecedentandeffectuationofthe contribution,theagreementsandthemergers18December2013(T+3) Expecteddateofestablishmentoftherealizationoftheissuanceoftheoffered shares18December2013(T+3) Expectedclosingdate(payment,settlementanddelivery)18December2013(T+3) Expectedlistingdate(listingandstartoftrading)¹Subjecttoearlycloseattheearlieston11December2013at4.00pm(Brusselstime,GMT+1).²Thefiguresmentionedafterthedate“T”refertothenumberoftradingdays.

Description of any interest that is material to the issue/offer including conflicting interestsOn26July2013,theJointBookrunnersconcludedanengagementletter(“Engagement Letter”)withQrfregardingtheofferingandwillprobablyconcludeanUnderwritingAgreementwithQrfwhichprovidesforasoftunderwriting,beforethepublicationoftheresultsoftheoffering.Atprospectusdate,theMergingCompanieshave(i)financingagreementswithINGBelgiumNVandINGBankNVforatotaloutstandingamountof47,077,000EUR,withKBCBankNVforatotaloutstandingamountof2,030,000EUR,withBelfiusBankNVforatotaloutstandingamountof4,005,000EURandwithBNPParibasFortisNVforatotaloutstandingamountof4,231,000EUR,(ii)abondissueforanamountof8,221,000EURand(iii)outstandingintercompanyreceivablestotalling3,339,000EUR.Theseon-goingloanswillbefullyrefundedatthecompletiondateoftheoffering,ontheonehandthroughlong-termfinancingagreementsconcludedbyQrfandontheotherhandwithaportionoftheproceedsfromtheoffering.Moreover,somemembersoftheJointBookrunnersprovideQrfthefollowingservices:- INGBelgiumNVensuresfinancialservicesforQrfandreceivesaremunerationtothisendamountingto0.1%

ofthetotalnetdividenddistributiononthedematerializedshareswithaminimumof5,000EUR(excluding21%VAT)plusadministrativecosts.

- INGBelgiumNV,BelfiusBankNVandKBCBankNVhaveconcludedthreefinancingarrangementswithQrf;- INGBelgiumNV,BelfiusBankNVandKBCBankNVwillconcludearrangementswithQrfforhedginginstruments;

and- INGBelgiumNV,BelfiusBankNVandKBCBankNVprovideQrfand/orexistingshareholdersofQrfvarious

bankingservices,investmentservices,the(usual)commercialservices,orotherservicesaspartofabankingrelationship with Qrf and/or existing shareholders of Qrf, for which they receive compensation. The JointBookrunnerswillalsoprovidesuchservicesinthefuture.

AlltheagreementsabovewereconcludedafternegotiationsbetweentherelevantcreditinstitutionandQrfand/orQrf’sexistingshareholders.TheJointBookrunnershavenoshareholdinginQrf.

Standstill and lock-upUponcompletiondateoftheoffering,andatleastupto365daysafterthecompletiondateoftheoffering,thepromoterandtheFundshallensurethatthepromoterandtheFundwillnotproceedwith(i)the issue,sale,orattemptedsaleofshareswarrantsorothersecurities,nortograntarequestforasaleofferofsuchsecuritiesoranyoptionsorconvertiblesecuritiesorotherrightstosubscribeortobuysharesortoaccedetoanyagreementorcontractwithsimilareffect,or(ii)thepurchaseofitsownshares,orareductionofitssharecapital(excludinganycapitalreductiontocoverforeseeablelosses),exceptwiththepriorwrittenpermissionfromtwooftheJointBookrunnersafterconsultationbetweentheJointBookrunners(whichwillnotbewithheldunreasonablyandwiththeexceptionstobeagreeduponundertheUnderwritingAgreement).Forclarity, it shouldbenoted that the foregoingdoesnotpreclude the issueand/orgrantingofanywarrants,options,sharesorothersimilarsecuritiesto(i)employeesordirectorsaspartofanincentiveplanasstatedintheprospectusand(ii)tothirdpartiesinthecontextofacontributionofassetsorsharesinthesharecapitaloftheFund(ifnecessary,followedbyaprivateplacementofnewshares)totheextentthattheultimateinvestors(i.e.thecontributorand/orthebuyer(s)ofthesharesrelatedtosuchprivateplacements)arewillingtoadheretotheremainingdurationofthelock-upperiodmentionedabove.

E.4

E.5

Qrf Prospectus 2013Qrf Prospectus 2013

TheJointBookrunnersrecognizethatitispartoftheFund’sstrategytoobtainrightsonassetsdirectlyorindirectlyfromtheissueofshares(throughcontributioninkind,corporaterestructuringorotherwise)whereopportunitiestodosoarisedirectlyorindirectly.ThestandstillcommitmentsoftheFundwillnotdetractfromtheabove.TheexistingshareholdersofQrfareboundnottoselltheircurrentshareholdingsinQrfforaperiodof365calendardaysaftercompletionoftheoffering.TheLaagland-shareholdersareboundnottosellthesharestheywillreceiveinexchangeforthecontributionofthesharesofLaaglandNVforaperiodof365calendardaysaftercompletionoftheoffering.TheKeyPersonsareboundnottoselltheofferedsharesinrespectofwhichtheyhavecommittedsubscriptionsinthecontextoftheoffering(seealsointhisregardElementE.3ofthissummary),foraperiodof365calendardaysaftertheclosingoftheoffering.

Amount and percentage of immediate dilution resulting from the offerImmediately following the offering, the acquisition of the initial property portfolio shall take place through acombinationofdebtandequity,which,takingintoaccountthecostsassociatedwithobtainingthefund’sstatus,thecostsassociatedwiththeofferingandthenegativeresultsoftheportfolioassociatedwiththeacquisitionoftheinitialpropertyportfolio,andbasedonthemaximumamountraised,willleadtoanetinvestmentvaluepersharethatis9.77%lessthantheissueprice.TheexistingshareholdersofQrffullywaivethepreferentialrightstowhichtheyareentitledandwillconsequently:- besubjecttoaproportionaldilutionregardingvotingrightsanddividendrights;and- beexposedtoariskoffinancialdilutionoftheirshareholdings.

Estimated expenses charged to the investor by the issuer or the offerorTheprospectiveinvestorscansubmittheirordersfreeofchargeattheFinancialIntermediaries.TheprospectiveinvestorswishingtosubmitordersfortheofferedsharesthroughintermediariesotherthantheJointBookrunnersarerequestedtoinformaboutanycoststhatthesefinancialintermediariesmaycharge.Thepaymentofthesecostsisthesoleresponsibilityoftheprospectiveinvestor.

E.6

E.7

6 ThepremiumcalculatedaccordingtoEPRAis10.04%.

14

www.qrf.be

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