Cofinimmo acquires Kosalise SA and disposes of properties for €68.6 million (BE)

Under its investment program, Cofinimmo has announced the acquisition of all outstanding shares in Kosalise SA, owner of the Susanna Wesley nursing home located in 1180 Brussels, rue Beeckman 26. The existing property was valued at €6.0 million, which is in line with the value determined by the independent real estate expert.

Cofinimmo plans to extend and subsequently renovate the existing nursing home for an expected total budget of €7.8 million. The required building permit for the extension was already delivered. After delivery of the works, expected during the second quarter of 2013, the renovated and enlarged nursing home will count 4,900 m² and 84 beds. As from then, Cofinimmo will start receiving the rental income on this asset, the expected rental yield standing at 6.35%.

This nursing home will be operated by Armonea, with whom Cofinimmo will conclude a 27-year triple net long lease.

As part of its divestment program, Cofinimmo announces having sold the Montoyer Science office building located in the Brussels' Leopold District and let to the European Commission to the investment fund Hesse Newman for an amount of €57.2 million. The property, which dates from 1993, has an area of 12,800 m².

In addition, the company recently completed the sale of the properties Veldkant 31-33 and Veldkant 35, built in the late '90s – early 2000 and offering a total area of 13,500 m².

These properties, which are located in Kontich, in the vicinity of Antwerp, and have a mixed use (90% offices and 10% warehousing), were sold to a private investor for a total price of €11.4 million.

These two disposals yield a gain compared to the investment values (which include transfer taxes) determined by the independent real estate expert.

These transactions reflect the company's strategy which translates in an active arbitrage of its portfolio making it possible to grow its exposure to the healthcare property sector.

Source: Cofinimmo

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