TINC increases its participation in Windfarm Kroningswind (NL) and
invests in the business service center “Obelisc” (B)



Antwerp, July 3 2023, 07:30 CET


TINC, de infrastructure investor listed on Euronext Brussels, acquires an additional 27,27 %
participation in Windfarm Kroningswind (NL) from joint initiative taker TDP NV. TINC now holds 100 %
of the 80 MW onshore windfarm located on the island of Goeree-Overflakkee in the Netherlands.
TINC’s initial 72,73 % investment in the windfarm dates from 2019. The windfarm became fully
operational at the end of 2022.

TINC also acquires a 50 % participation in the business service center Obelisc from a number of the
original developers of this business service center (TDP NV, B.S.I. en Foremost Immo), together with
the family Mariën who increases also their participation to 50 %. The business service center Obelisc
is located on the Tech Lane Ghent Science Park in the Vlaamse Biotech cluster (B). It is designed as a
research building offering office space, specialised lab space and ancillary services to life-science
businesses. The business service center is operational and includes customers such as Johnson &
Johnson (www.obelisc.be).

Together both acquisitions represent an investment of circa € 27,3 million for TINC.


“With these acquisitions TINC grows and diversifies its portfolio with operational participations in the
important investment segments of energy infrastructure and selective real estate. Both acquisitions
contribute immediately to the result of TINC and are an excellent fit with key investment themes that
guide the investments of TINC: contributing to the transition to a low-carbon economy (Windfarm
Kroningswind) and supporting the knowledge economy by facilitating research with specialized
infrastructure (business service center Obelisc). In doing so, TINC continues to invest in sustainable
infrastructure for the world of tomorrow” – Manu Vandenbulcke, CEO TINC.


The acquisitions described above constitute transactions with TDP NV, a company affiliated with TINC.
TDP NV is the parent company of TINC Manager, the sole director of TINC. The transactions were made
subject to the assessment of the committee of independent directors as prescribed by art. 7:116 of
the code on corporations and associations. The transactions include firstly the acquisition of the
remaining shares (27,27 %) in Windfarm Kroningswind. TINC acquires the shares against the
proportional valuation on 30 June 2023 of the existing participation already held by TINC in the
windfarm. This is an additional investment of € 15 million.




TINC NV – Karel Oomsstraat 37, 2018 Antwerpen, België – T +32 3 290 21 73 – www.tincinvest.com Page | 1
Secondly, TINC acquired a 37,5 % participation of TDP NV in Obelisc, together with the outstanding
shareholder loan, for a total consideration of € 9,2 million. The acquisition price implies the use of a
higher discount rate than the weighted average discount rate used by TINC for the valuation of its
selective real estate segment.

The committee of independent directors, with the assistance of legal and financial experts, has issued
a written and motivated advice on 29 June 2023 to the supervisory board of TINC Manager, sole
director of TINC. The committee concludes in its advice that both the transaction with respect to
Windfarm Kroningswind as the transaction with respect to Obelisc are not prejudicial for TINC and are
in line with the strategy of TINC. The committee also advised that it is unlikely that both transactions
would result in disadvantages for TINC that are disproportionate to the advantages that TINC may
enjoy because of the transactions.

Based on the advice by the committee of independent directors, the Supervisory Board has - in its
capacity of sole director of TINC – approved the transactions.

Finally, the statutory auditor of TINC (EY Bedrijfsrevisoren) advised that “based on our assessment
in compliance with the International Assessment Standard 2410 ‘Assessment of interim financial
information executed by the independent auditor of the entity’, nothing has come to our attention
that would lead us to assess that accounting or financial information included in the minutes of the
Supervisory Board of TINC Manager NV, sole director of TINC NV, of 29 June 2023 and the advice of
the committee of independent directors of TINC Manager NV, sole director of TINC NV, of 29 June
2023, both drafted in compliance with article 7:116 of the Code of companies and associations, would
include inconsistencies of a materially relevant nature compared to the information that we have
access to in performing our assignment”.




Contact
Manu Vandenbulcke, CEO TINC
T +32 3 290 21 73 – manu.vandenbulcke@tincinvest.com
Bruno Laforce, Investor Relations TINC
T +32 3 290 21 73 – bruno.laforce@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




TINC NV – Karel Oomsstraat 37, 2018 Antwerpen, België – T +32 3 290 21 73 – www.tincinvest.com Page | 2