Belgian listed property company Cofinnimo plans to boost its investment programme by EUR 262 mln in the next three years, starting with around EUR 98 mln in 2011. At the same time, the company is planning disposals of office properties for this year totalling around EUR 119 mln.
Belgian listed property company Cofinnimo plans to boost its investment programme by EUR 262 mln in the next three years, starting with around EUR 98 mln in 2011. At the same time, the company is planning disposals of office properties for this year totalling around EUR 119 mln.
In 2010, the company booked a net gain of EUR 7.3 mln on the sale of investment properties worth some EUR 100 mln. A net change in the fair value of investment properties of -EUR 28.3 mln (-0.9%) helped boost net current result - group share and excluding IAS 39 impact - to EUR 119 mln, anincrease of 13.9% year-on-year. In 2009, the company booked a net gain of EUR 3 mln on disposals while the portfolio shed 2.1% of its value or EUR 64.8 mln.
At end-2010, the value of Cofinnimo’s property portfolio, which includes offices, nursing homes and pubs, stood at EUR 3.041 bn.
