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Cofinimmo — M&A Activity 2017
May 8, 2017
3933_iss_2017-05-08_109cb33a-23e4-4e2f-a344-539ef0f8eca4.pdf
M&A Activity
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PRESS RELEASE
REGULATED INFORMATION Brussels, embargo until 08.05.2017, 5:40 PM CET
Cofinimmo pursues its growth in healthcare real estate in the Netherlands
New investments for a total amount of 21 million EUR Initial gross rental yields between 6.1 % and 8.1 %
1. Acquisition of two medical office buildings
In April 2017, the Cofinimmo Group acquired two medical office buildings in the Netherlands for a total amount of 7.4 million EUR:
| Oisterwijk Kliniek | De Voorste Stroom | |
|---|---|---|
| Location | Oisterwijk (Tilburg) | Oisterwijk (Tilburg) |
| Surface area | 1,798 m2 | 1,561 m2 |
| Year of construction/renovation | 2007 | 2008 |
| Occupancy rate | 100 % | 100 % |
| Weighted average residual lease term | 8.9 years | 7.5 years |
| Acquisition price | 4.1 million EUR | 3.3 million EUR |
The medical office buildings are occupied by various healthcare professionals. Each one is a tenant of the Cofinimmo Group under a 'double net'1 lease, indexed annually.
Cofinimmo signed a cooperation agreement with Maron Healthcare for the commercial management of both assets. This Dutch specialised manager already ensures the commercial management of the medical office buildings acquired in 2016, which are located in Goirle, Tilburg, Uithoorn and Leiden. Their goal is to maintain the occupancy rate at an optimal level over the long term, with a particular focus on ensuring the complementarity of the professions.
2. Acquisition of a care centre located in Alphen aan den Rijn
On 24.04.2017, Cofinimmo became owner of a care centre for people suffering from mental disorders located in Alphen aan den Rijn. This very recently constructed asset has an above-ground surface area of 4,587 m2 and includes 45 living areas. A 'double net' lease for a 20-year period has been signed with the operator Gemiva. The rent will be indexed annually. The investment amounted to 9.3 million EUR.
1 The maintenance costs for the building structure and technical equipment are borne by the landlord.
REGULATED INFORMATION Brussels, embargo until 08.05.2017, 5:40 PM CET
PRESS RELEASE
3. Delivery of the construction works of a care centre located in Bavel.
The construction works of a care centre for people suffering from dementia were delivered on 24.03.2017. The residence located in Bavel, near Breda, includes 22 rooms and has a surface area of 2,142 m2 . A 'double net' lease for a 20-year period has been signed with the operator Martha Flora. The total budget of the works amounted to 4.3 million EUR. Note that this project is part of the agreement signed with Green Real Estate in December 20142.
4. Recruitment in order to support the dedicated team to the Netherlands.
In December 2016, Cofinimmo hired Mr. Anton Zuure as Business Development Manager to reinforce the team in charge of the healthcare real estate portfolio in the Netherlands. Mr. Zuure is responsible for the business development of the healthcare real estate portfolio in the Netherlands. Mr. Zuure is 62 years old and has acquired a vast experience throughout his career in the healthcare business thanks to various functions on the Board of foundations which are active in the Dutch healthcare sector.
Jean-Edouard Carbonnelle, CEO of Cofinimmo: "The recent investments in the Netherlands follow our growth strategy in healthcare real estate and our diversification strategy in terms of assets and geography. As a result of these investments, the Group's healthcare real estate portfolio in the Netherlands amounts to 182 million EUR."
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]
2 The care centre for people suffering from dementia, located in Bavel, is one of five development projects for which Cofinimmo signed an agreement with Green Real Estate in December 2014. See our press release dd. 17.12.2014, available on our website.
REGULATED INFORMATION Brussels, embargo until 08.05.2017, 5:40 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 130-strong team 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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