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Cofinimmo targets CBD and healthcare

A 'Flex Corner' co-working area. Image: Cofinimmo / Belfius Smart Belgium
A 'Flex Corner' co-working area. Image: Cofinimmo / Belfius Smart Belgium

In its latest annual report Cofinimmo has given some details of its strategy in terms of real estate segments, and of its priorities in this respect.

Where its own portfolio is concerned, Cofinimmo says that its strategy consists of improving the overall balance of the office portfolio by reducing the part invested in the decentralised area to the benefit of assets located in the Central Business District of Brussels. It also highlights the vertical nature of some of its operations, saying that its staff is well-versed in the A to Z management of major projects encompassing the design, construction, renovation, reconversion and development of sites, with the goal of either renting or selling.

Cofinimmo points out that it has been a major player in the Brussels office market for over 35 years and currently manages a portfolio of 84 office buildings. Within this context, Cofinimmo speaks of rental management, upgrades to meet the requirements of ‘new ways of working’, a renovation and reconversion programme and asset arbitrages being carried out with a forward-looking outlook on the long term. Where its ‘new ways of working’ philosophy is concerned, it launched a programme in 2016 under the name of ‘Flex Corner’, providing flexible working spaces in some of its buildings.
Cofinimmo’s 84 properties in the Brussels office market total 600,000 m² above ground surface area valued at around 1.25 billion Euros, and with an occupancy level of 88.8%.

Healthcare

While the Brussels CBD may be a priority, it is not the only one. Of the rapidly rising healthcare sector, Cofinimmo has this to say: Cofinimmo aims to accelerate its investments in healthcare real estate to consolidate its leadership in Europe. Cofinimmo sees healthcare real estate not only as a promising asset class, but also as a way of solving two societal challenges: limiting the increase in healthcare costs and meeting the growing demand of an aging population.

To demonstrate the point, the ‘fair value’ of Cofinimmo’s healthcare holdings now amounts to 1.9 billion Euros and amounts to 900,000 m² above-ground surface area across Europe (more than its Brussels office holdings) with 15,000 beds and a 99.9 % occupancy rate.
Tim Harrup
10-04-2019
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