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Cofinimmo M&A Activity 2020
3933_iss_2020-10-30_b3049ed3-9684-45c6-84ab-d2ada3f9004f.pdf
M&A Activity
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PRESS RELEASE
Cofinimmo will acquire four Belgian nursing and care homes and a Brusselsbased office building
The Cofinimmo group (Euronext Brussels: COFB) signed on 30.10.2020 an agreement relating to the future acquisition of the companies owning the property rights or the rights in rem regarding 4 nursing and care homes. The sites are located in Flanders and Brussels and are operated by Orpea. In addition, Cofinimmo will acquire the company owning the rights in rem regarding the office building 'Bruxelles Environnement/Leef-milieu Brussel'. This building is part of the 'Tour & Taxis' site in the Brussels Central Business District (CBD) and is entirely leased to 'Bruxelles Environnement/Leefmilieu Brussel'. The conventional values of the nursing and care homes and the office building amount respectively to approximately 95 million EUR and 100 million EUR.
Jean-Pierre Hanin, CEO of Cofinimmo: "These acquisitions are an important step forward in the reinforcement of our position in Belgium. First of all, we will soon be strengthening our healthcare real estate portfolio with 4 recently built or renovated nursing and care homes. In addition, we will also be reinforcing our position in the office market of the Brussels CBD with a true landmark building, which was also Belgium's first passive office building to be completed in 2014."
1. The sites
The four nursing and care homes are spread throughout Brussels and Flanders. They have all been recently built or thoroughly renovated. All buildings are ideally located. They are easily accessible by public transport. All four nursing and care homes are operated by the Orpea group within the framework of a new contract (triple net1 and indexed) for 27 years.
| Name of the facility | Location | Year buit / lastly renovated |
Above-ground surface area |
Number of units |
|
|---|---|---|---|---|---|
| 1. | Paul Delvaux | Brussels | 2014 | ̴6,300 m² | 89 beds |
| 2. | Gray Couronne | Brussels | 2013/2014 | ̴7,000 m² | 114 beds |
| 3. | Prince Royal | Brussels | 2015 | ̴6,200 m² | 112 beds |
| 4. | Vordenstein | Schoten | 2014 | ̴7,400 m² | 121 beds |
| Total | ̴27,000 m² | 436 beds |
The 'Brussels Environment/Leefmilieu Brussel' office building is located on the multi-purpose 'Tour & Taxis' site in the Brussels Central Business District (CBD). This building was delivered in 2014. It has an above-ground surface area of almost 17,000 m², which includes office space and an ecological centre for approximately 400 people. At the time of delivery, it was the first passive office building in Belgium. This exemplary building was awarded a BREEAM Excellent certificate. The façades are largely made of glass and the roof is equipped with solar panels. A heat pump reduces fossil fuel consumption. The building offers 77 parking spaces for cars and 210 bicycle spaces and is easily accessible by public transport. The office building is home to 'Bruxelles Environnement/Leefmilieu Brussel', whose lease contract (double net2 and indexed) runs until mid-2032.
PRESS RELEASE
1 The insurance costs, taxes and maintenance expenses are borne by the tenant.
2 The owner primarily bears the maintenance costs for the roof and the structure of the building.
PRESS RELEASE
2. The transaction
Cofinimmo signed an agreement relating to the future acquisition of 100% of the shares of four companies, each of which owns the property rights or the rights in rem in one of the nursing and care homes. The conventional value of the assets for the calculation of the share price amounts to approximately 95 million EUR. The gross rental yield is approximately 4.5%.
In addition, Cofinimmo signed an agreement relating to the future acquisition of 100% of the shares of the company owning the rights in rem in the office building 'Bruxelles Environnement/Leefmilieu Brussel'. The conventional value of the asset for the calculation of the share price amounts to approximately 100 million EUR. The gross rental yield is approximately 4.0%.
The payment of the purchase price of the shares is expected to occur in the coming weeks.
3. The operator - tenant
The four nursing and care homes are operated by a leading group with which Cofinimmo has a longstanding partnership in Belgium and in other countries.
The Orpea group is one of the leading operators in dependency care. The Orpea Group is one of Cofinimmo's top 10 tenants. The group already operates several nursing and care homes of Cofinimmo in Belgium, France and Germany.
The tenant of the office building on the 'Tour & Taxis' site is 'Bruxelles Environnement/Leefmilieu Brussel', the public service for the environment and energy of the Brussels-Capital Region.
PRESS RELEASE
For more information:
Jochem Binst Lynn Nachtergaele Head of External Communication & IR Tel.: +32 2 373 60 32 [email protected] [email protected]
Sébastien Berden Yeliz Bicici Chief Operating Officer Healthcare Tel.: +32 2 373 00 00
Investor Relations Officer Tel.: +32 2 777 14 08
Chief Operating Officer Offices & Developments Tel.: +32 2 373 00 00
About Cofinimmo:
Cofinimmo has been acquiring, developing and managing rental properties for over 35 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany and Spain, with a value of approximately 4.5 billion EUR. With attention to social developments, Cofinimmo has the mission of making high-quality care, living and working environments available to its partners-tenants, from which users benefit directly. 'Caring, Living and Working - Together in Real Estate' is the expression of this mission. Thanks to its expertise, Cofinimmo has built up a healthcare real estate portfolio of approximately 2.6 billion EUR in Europe.
As an independent company that applies the highest standards of corporate governance and sustainability, Cofinimmo offers its tenants services and manages its portfolio through a team of over 130 employees in Brussels, Paris, Breda and Frankfurt.
Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT system in Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator.
On 30.09.2020, Cofinimmo's total market capitalisation stood at approximately 3.5 billion EUR. The company applies an investment policy aimed at offering a socially responsible, long-term, low-risk investment that generates a regular, predictable and growing dividend.
