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Cofinimmo moving with the times

In his letter to shareholders, Cofinimmo CEO Jean-Edouard Carbonnelle reveals a number of facts which perhaps give further insight into the changing orientation of real estate companies in terms of sectors. This is all the more poignant in view of the fact that Cofinimmo was Belgium’s first and largest real estate certificate (sicafi).

Firstly, investments realised since May 2015 amount to 381 million Euros, of which 237 million Euros in healthcare real estate and 135 million Euros in offices. In approximate terms, almost two thirds of investments have therefore been made in healthcare, and only one third in offices. Cofinimmo has indeed strengthened its presence on the healthcare real estate market in the Netherlands, in Germany and in Belgium, through acquisitions and redevelopment agreements in these three countries for a total amount of 58 million EUR since the beginning of 2017.

However, offices are not totally forgotten, as the figures show. In August 2016, Cofinimmo acquired four office buildings in the Central Business District of Brussels. Although these assets are very well located, they had an average vacancy rate, at the time of their acquisition, of 15 %. Since then, Cofinimmo says that its operational teams have exceeded the ambitious marketing goals which were budgeted at the time of the acquisition of these buildings, thanks to a pro-active approach.

And in terms of the ‘New Way of Working’, in the decentralised and peripheral districts of Brussels, the Group extended its offering of innovative solutions by opening three new Flex Corners® and a new Lounge® in order to meet the increasing demand for flexibility from its tenants.

| 11/09/2017

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