Cofinimmo Offices, a subsidiary of Belgium’s largest listed property company Cofinimmo, has divested its Lux40 office building in Brussels’s Central Business District.
The property, located at rue du Luxembourg/Luxemburgstraat 40, was constructed in 2007 and offers approximately 7,500 m2 of office space. The sale price of €24 mln (excluding registration rights) aligns with the property's recent valuation. The property was 97% leased as of 30 September 2024.
Jean-Pierre Hanin, CEO of Cofinimmo, commented: ‘With this operation, we pursue our divestment objectives, announced in our latest quarterly bulletin. Further divestments are expected in the 4th quarter, which will contribute to our outlook for 2024.’
In the first nine months, the company sold assets worth €37 mln, reducing its debt-to-assets ratio by 0.3%. These disposals were made across all three business sectors – healthcare real estate, distribution networks, and offices.
Healthcare real estate assets, worth €4.6 bn, account for 75% of the group’s consolidated portfolio worth €6.2 bn as of 30 September 2024. The office portfolio is valued at €1.1 bn, located for more than two thirds in the Brussels’ CBD area. During the first nine months of 2024, Cofinimmo invested €23 mln and carried out divestments for a total amount of €12 mln.
Belgium accounts for 49% of Cofinimmo’s portfolio, while the remaining assets are located in France, the Netherlands, Germany, Spain, Finland, Ireland, Italy, and the UK.
