Cofinimmo results up as healthcare activities grow

Tim Harrup

In its annual report for 2020, Cofinimmo reveals that its net result from core activities – group share, amounted to 181 million Euros – up from 166 million Euros as at 31.12.2019, an increase of 9%.

Of particular interest in the details of its transactional activities is the rapid growth of Cofinimmo’s position in the healthcare segment. The company states that investments in healthcare real estate since January 1st 2020: amounted to 579 million Euros, and that with2.9 billion Euros of assets, healthcare real estate now accounts for 59% of the portfolio, which totaled 4.9 billion Euros as at January 31st 2020. The volume invested in healthcare represents almost six times the average amount invested in the financial years prior to 2018. Investments in 2021 are already significant, the company goes on to say, notably thanks to the group's entry into Ireland.

As a demonstration of this focus, under the heading ‘Major events occurring in 2020’ in the annual report, there are seven sub-headings involving healthcare real estate and one for offices. Under the heading ‘Major events after December 31st 2020’, there are four headings for healthcare and one, again, for offices. The healthcare operations have been in Belgium, France, the Netherlands, Germany, Spain, Finland and Ireland.

Offices not forgotten

Turning to the traditional office segment, Cofinimmo states that it is also executing its strategy which consists in rebalancing its office portfolio between the various sub-segments to the benefit of high-quality buildings located in the Central Business District of Brussels (CBD). The occupancy of the Quartz office building, the entry into the group's scope of the totally renovated Trône/Troon 100 and of the landmark building on the 'Tour & Taxis' site occupied by Brussels Environment have significantly reinforced Cofinimmo's position in the CBD, which now represents more than half of the office portfolio. On February 3rd 2021, the group also announced the launch of the contribution of its office portfolio into a subsidiary, giving the option to open the capital of this subsidiary (of which the control would be maintained) to future investors, who would therefore benefit from Cofinimmo’s expertise.