Cofinimmo reports string of acquisitions and disposals

Cofinimmo has added four care homes in Belgium to its portfolio and acquired a new office project in Antwerp for just over EUR 11 mln. The Brussels-based real estate firm also disposed of the property rights to a business park in the Belgian town of Wavre and sold the Astronomie 30 office building in Brussels. The disposals raised just under EUR 55 mln which will be used to finance Cofinimmo's investment programme.

Commenting on the nursing home deal, Cofinimmo said the vendors, all companies owned directly or indirectly by Senior Assist, had received a consideration of almost 225,000 Cofinimmo shares issued following a capital increase for a total amount of EUR 21.8 mln. This is below the expert valuation of the properties. The nursing homes - Borsbeekhof, Residence Le Colvert, Les Sittelles and Les Charmilles - will be operated by Senior Assist with which Cofinimmo has concluded long leases of 27 years.

Cofinimmo said it acquired, for cash, 100% of the shares in the company City-Link SA/NV for an amount of EUR 11.12 mln. City-Link owns a site on which a business park comprising four office blocks has been built, situated at Posthofbrug 10-16 in 2600 Berchem (Antwerp), close to the Singel and Berchem railway station. The four buildings have office space totalling 27,108m² and 587 parking places.

The value of the business park comes to EUR 63.08 mln. The difference between this and the price paid for the shares represents the amount of City-Link's debt taken over by Cofinimmo. As a consequence of the downward trend in property market valuation, the acquisition value is 4.92% higher than the most recent investment value determined by experts on 15 December. The gross initial rental yield for the building, fully let, is estimated at 6.32%.

Cofinimmo has also disposed of the property rights (long-lease as well as residual interest) to the six buildings of which it is owner in the business park Les Collines de Wavre situated to the north of the town of Wavre. These rights have been transferred to the companies Les Collines de Wavre (LCDW)3 and Foncière des Colline (FDC)3, wholly owned subsidiaries of the Bank Degroof, for a total amount of EUR 30.92 mln. This figure is EUR 3.12 mln or 11.2% higher than the investment value of these properties, that it is to say the most recent quarterly expert's value. Overall, this business park provides 16,281 m² of office space and 501 parking places.

Finally, Cofinimmo has sold the office block known as Astronomie 30 in central Brussels to German investor AIK for EUR 23.95 mln. This amount is EUR 1.55 mln or 6.92% higher than the investment value of the property, that it is to say the most recent quarterly expert's value. The building has office space totalling 7,776 m² and is let to an agency of the Flemish Community.

Click on the link below to read: 'AIK shops in Brussels with EUR 25m acquisition'