Belgian real estate company Cofinimmo has disposed of six office buildings for a total of EUR 231.5 mln, an average of 12.8% above the investment value. The buyers were three German funds and a Belgian investor, but Cofinimmo did not identify them by name.
Belgian real estate company Cofinimmo has disposed of six office buildings for a total of EUR 231.5 mln, an average of 12.8% above the investment value. The buyers were three German funds and a Belgian investor, but Cofinimmo did not identify them by name.
Five of the properties were disposed of through an assignment of leases of 99 years. The properties in question are De Ligne (rue de la Banque 7 in 1000 Brussels); Twin House (rue Neerveld 107 in 1200 Brussels); Souverain 165 (bd du Souverain 165 in 1170 Brussels); Avroy (bd d'Avroy 35-39 in 4000 Liège) and Prins Boudewijn 24 (Prins Boudewijnlaan 24 in 2550 Kontich). Cofinimmo retains the freehold on these buildings.
The sale of the Royal Atrium (Rue Royale 74/78 in 1000 Brussels) will be finalised on January 16, 2007.
'In the context of its active portfolio management policy, Cofinimmo considers that it is in the interest of its shareholders to dispose of buildings when the price offered is significantly greater than the discounted value of the expected net cash flow of the building over the long term, taking into account future renovation costs,' the company said in a statement.
