Cofinimmo beats own expectations in 2011

Belgian listed property group Cofinimmo posted a net result per share of EUR 7.45 in 2011 and said it expects to deliver a similar result in 2012.

The 2011 figure represents a 7% decrease on 2010 but is above the company's own guidance of EUR 7.33.

The Brussels-based group said it continued to implement its diversification strategy in 2011, decreasing its exposure to offices from 55.6% to 48.6%. The decline of the office share was a result of sales as well as investments in the healthcare sector and in an agency portfolio acquired in December from French insurer MAAF.

Since 2005, Cofinimmo has gradually reduced its exposure to the office sector, which represented 100% of its portfolio five years ago. A further reduction of the office element is planned for 2012, it added.

After nine consecutive quarters of depreciation, Cofinimmo's real estate portfolio gained in value in the last quarter of 2011, but fell on a full year basis by 0.3%. Net rental income decrease slightly from EUR 216 mln at year-end 2010, to EUR 210 at end-2011.

The company confirmed an unchanged dividend of EUR 6.50 for 2011.