Brussels-listed real estate firm Cofinimmo has disposed of 717,500 of its own shares in the market during August at an average price of EUR 92.56 per share.

Brussels-listed real estate firm Cofinimmo has disposed of 717,500 of its own shares in the market during August at an average price of EUR 92.56 per share.

The raised funds will be used by the group as part of a broader plan to fund committed capital expenditures and strengthen Cofinimmo's consolidated balance sheet.

At end-June 2010, the intrinsic value per share in fair value stood at EUR 91.83. Cofinimmo still owns 52,607 treasury shares that can be used for its stock option plan.

'Following this operation, all other things being equal, the debt ratio as at 30 June 2010 would have decreased by approximately 1%,' Cofinimmo said.