Cofinimmo buying and selling

Tim Harrup

Two major transactions (an acquisition and a sale) have just been undertaken by Cofinimmo in Brussels, which would appear to underline the organisation’s desire to concentrate on the central areas of the capital at the expense of the peripheral districts.

The acquisition is right in the heart of the European district. Cofinimmo has purchased the Rue de la Loi 89 building, which is adjacent to the Rue de la Loi 85 property already in the company’s portfolio, for 7 million Euros. According to Jean-Pierre Hanin, CEO of Cofinimmo: “The acquisition of Rue de la Loi 89 enables us to optimise the future redevelopment project of two buildings, ideally located at the heart of Brussels’ CBD and the European district, and which will become a new sustainability flagship in our portfolio”.

On the divestment side, Cofinimmo has sold the Omega Court building (16,000 m², 6 floors), in the decentralised area of Brussels, for 28 million Euros. This building, triangular in shape, is at Delta, close to the entrance to the E 411 motorway and to the Brussels universities. Jean-Pierre Hanin: “With this transaction, Cofinimmo continues to divest decentralized office buildings and realises a capital gain compared to the latest fair value”.