Acquisitions in the Netherlands and Germany in the first six months of this year have boosted the share of Cofinimmo’s European healthcare assets to 46% of the total portfolio, the company’s H1 earnings presentation reveals.
Overall, the Brussels-listed company saw its healthcare portfolio rise to €1.5 bn in the first half of the year.
The Dutch operations accounting for €173 mln of this figure following four acquisitions in the Netherlands totalling €34 mln over the period.
The German healthcare portfolio grew by another €13 mln to €130 mln. The French operations account for just under a third, or €411 mln. The company's Belgian healthcare properties make up the remaining 54%.
Initial rental yields for the Dutch healthcare properties averaged 6-8%, the company said, while the figure for Germany stood at 6%.
Healthcare is now the largest segment in Cofinimmo’s portfolio which rose 6% in value over the first six months to €3.5 bn. The company’s office portfolio, which is concentrated in Belgium, accounts for 38% of the total, or €1.2 bn. With a value of €551 mln, the company's pub activities in Belgium, the Netherlands and France make up the remaining 16%.
The company reported on Thursday that acquisitions helped lift net earnings by 15% over the first six months of the year to €69.3 mln on revenue up 5% at €107.3 mln.
