Cofinimmo — M&A Activity 2010

Dec 23, 2010

Acquisition of the companies Maison Saint‐Ignace and Epris, owners of the nursing homes Saint‐Ignace and Lucie Lambert respectively, for a total amount of €33.4 million

Brussels, 23.12.2010, 5:40PM CET

Cofinimmo announces having acquired yesterday and today all shares of the SA/NV Maison Saint‐Ignace, and SA/NV Epris, owners of the nursing homes Saint‐Ignace and Lucie Lambert located in Brussels ‐ Limalaan 18‐20, and in Buizingen (Flemish Brabant) ‐ Nachtegaalstraat 211, respectively.

The two nursing homes have a total area of approximately 14,000m² and accommodate 299 authorised beds.

The properties are valued at €33.4 million, in line with the investment value determined by the independent real estate expert. They will offer an average gross rental yield of 6.43% in double net equivalent1 .

Cofinimmo concluded triple net long term leases for both properties implying that all the costs, including those relating to the property structure, are borne by the operator.

The nursing home Saint‐Ignace is let to the operator Senior Assist SA/NV, a Cofinimmo client since 2007.

The nursing home Lucie Lambert will be operated by Orpea Belgium SA/NV. Hence, Cofinimmo also welcomes a new Belgian nursing home operator, diversifying its pool of tenants‐operators in the healthcare segment. At the end of October 2010, the Orpea Group acquired a capital stake in the Mediter Group (100%) and in Medibelge (49%) (see www.orpea.biz), both existing tenants‐operators of Cofinimmo.

Orpea enjoys an excellent reputation on the Belgian and French markets in which Cofinimmo is active, both from a financial as from an operational point of view.

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These operations fit in Cofinimmo's policy to diversify its portfolio and tenant base, generating long‐term rental income and a better risk balance of the portfolio.

¹ The yield expressed in double net equivalent allows comparison with yields for offices.

For more information: Sébastien Berden Ingrid Schabon Business and Development Manager Corporate Communications Manager Tel.: +32 2 373 00 09 Tel.: +32 2 777 08 77 sberden@cofinimmo.be ischabon@cofinimmo.be

About Cofinimmo

Cofinimmo is the foremost listed Belgian real estate company specialising in rental property. The company owns a property portfolio worth over €3 billion, representing a total area of 1,700,000m². Its main investment segments are office property and care homes. Cofinimmo is an independent company, which manages its properties in‐house. It is listed on Euronext Brussels (BEL20) and benefits from the Belgian fiscal Sicafi regime and the French SIIC regime. At 30.09.2010, its total market capitalisation was €1.5 billion.

www.cofinimmo.com