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Cofinimmo — M&A Activity 2017
Jun 19, 2017
3933_iss_2017-06-19_b404c410-2a19-4008-8e50-3b4e0e9701da.pdf
M&A Activity
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REGULATED INFORMATION Brussels, embargo until 19.06.2017, 05:40 PM CET
New acquisition in Germany for Cofinimmo
Since 16.06.2017, the Cofinimmo Group counts an additional German nursing and care home in its portfolio. It acquired the Christinenhof residence in the heart of the city of Lüneburg (Lower Saxony) for 12.6 million EUR. This acquisition brings the fair value of its entire German portfolio to 129.5 million EUR.
The newly acquired asset was built in 2001. It has an aboveground surface area of 6,100 m² and offers 140 beds.
The property is currently leased to a subsidiary of the Korian Group. The latter is the foremost European provider of accommodation and care services for elderly people and is since long one of Cofinimmo's main partners-tenants in France, Belgium and, as from now also in Germany.
The current rent, based on a 'double net'1 lease contract, represents an initial gross rental yield of 6.0 % on the investment. The rent will be indexed on the basis of the German consumer price index. The current lease contract will soon be replaced by a new lease contract of the same type for a 17-year period. Renovation works of approximately 300,000 EUR are planned.
Jean-Edouard Carbonnelle, CEO Cofinimmo : "This new acquisition of a very well-located high-quality building is in line with the growth strategy of our healthcare portfolio in Germany. We continuously analyse healthcare real estate investment opportunities with the ambition to bring to 50 % the share of this segment in the global portfolio by the end of 2019."
For more information:
Ellen Grauls Benoît Mathieu Head of External Communication & Investor Relations Officer Investor Relations Tel.: +32 2 373 94 21 Tel.: +32 2 373 60 42 [email protected] [email protected]
1 Or 'Dach & Fach' : the maintenance costs of the building structure and the repair and replacement costs of the technical equipment are assumed by the owner.
REGULATED INFORMATION Brussels, embargo until 19.06.2017, 05:40 PM CET
PRESS RELEASE
About Cofinimmo:
Founded in 1983, Cofinimmo is today the foremost listed Belgian real estate company specialising in rental property and an important player in the European market.
The company owns a diversified property portfolio spread over Belgium, France, the Netherlands and Germany, worth 3.4 billion EUR, representing a total surface area of over 1,802,000 m². Riding on demographic trends, its main investment segments are healthcare properties (45 %), offices (38 %) and distribution networks (16 %). As an independent company that consistently applies the highest corporate governance and sustainability standards, Cofinimmo services its tenants and manages its properties through its team of 130 people, operating from Brussels, Paris and Breda.
Cofinimmo is listed on Euronext Brussels (BEL 20) and benefits from the fiscal REIT regime in Belgium (RREC), in France (SIIC) and in the Netherlands (FBI). Its activities are controlled by the Financial Services and Markets Authority, the Belgian regulator.
At 31.03.2017, its total market capitalisation stands at 2.3 billion EUR. The company pursues investment policies which seek to offer a high dividend yield and capital protection over the long term, targeting both institutional and private investors.
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