Cofinimmo shares admitted to Euronext Paris

Belgian real estate company Cofinimmo announced on Monday that its shares have been admitted to trading on Euronext Paris. The investor in office, pub and nursing home properties has been listed on the stock exchange in Brussels (now Euronext Brussels) since 1993 and has a current market capitalisation of EUR 1.5bn.

Cofinimmo has been a Belgian real estate investment trust, known as a SIIQ, since 1996 and hopes to cap its recent expansion into the senior residences segment in France by obtaining the equivalent French investment trust status, SIIC. 'This dual listing will enhance Confinimo's visibility among the French investors and will allow the company to apply for the SIIC-status and, hence, to expand its activities on the French property market.'

The Belgian company said it expects to finalise the procedure to become a SIIC in France within the next few weeks. CM-CIC Securities, the investment arm of French banking group CM4-CIC, will be in charge of the financial services in France. Cofinimmo will develop its activities in France through a branch office and its subsidiary Cofinimmo France SA. The branch office will be in charge of implementing the strategy of acquiring buildings let on a long-term basis to top-tier tenants and concluding corporate real estate partnerships with industrial or service companies.

Cofinimmo has a property portfolio with an investment value in excess of EUR 3bn, making it the largest property investment trust in Belgium. The company's core activity is investment in office properties in Brussels and Antwerp. However, it has diversified into pub ownership through the acquisition of over 1,000 pubs in Belgium and France from the InBev Group in 2007. Cofinimmo manages these holdings through its Pubstone subsidiary.

Investment in senior residences or nursing homes in Belgium and France is a growing activity for Cofinimmo and accounts for just over 19% of the group's total portfolio by value. In late May Cofinimmo announced the acquisition of 19 nursing homes in France for EUR 144.4mln from French medical group Korian. Cofinimmo already owned other nursing homes operated by Korian following the acquisition of French company Medimur, the owner of clinics and nursing homes in France, for an investment of EUR 229mln in February this year.