Belgian real estate group Cofinimmo posted its nine-month results late on Friday, showing an increase in net profits driven by substantial assets disposal and slightly higher rental incomes. Net profits jumped to EUR 126 mln compared with EUR 86.6 mln in the same period last year. The company's property portfolio grew to EUR 2,4 bn in fair value while earnings per share increased to EUR 12.77 from EUR 8.91 in 2006. The company also raised its full-year dividend forecast.
Belgian real estate group Cofinimmo posted its nine-month results late on Friday, showing an increase in net profits driven by substantial assets disposal and slightly higher rental incomes. Net profits jumped to EUR 126 mln compared with EUR 86.6 mln in the same period last year. The company's property portfolio grew to EUR 2,4 bn in fair value while earnings per share increased to EUR 12.77 from EUR 8.91 in 2006. The company also raised its full-year dividend forecast.
In its main activity sector, office property, Cofinimmo disposed of 11 buildings for almost EUR 250 mln, allowing it to register a realised gain of EUR 3.11 per ordinary share. The group has invested, or committed to invest, for a total of EUR 166.7 mln in new office properties. Long-term sale and leaseback transactions with major industrial and service companies such as InBev, the world’s leading brewer, the acquisition of nursing homes leased to Restel or Group Van den Brande and the purchase of sports and leisure property all improve the risk allocation of the company’s portfolio and will favourably impact future results.
