Cofinimmo acquires shares in Dexia Immorent SA (BE)

Cofinimmo announces the acquisition of all the shares of Dexia Immorent SA holding company, which in turn holds all the shares in the following companies: Bethanie SA, Dewa Invest SA, Le Progrès SPRL, Paloke SA and Residentie De Nootelaer SPRL.

De Nootelaer

Residentie De Nootelaer.

The companies are the respective owners of the following nursing homes:

- Bethanie located in 5002 Saint-Gervais (Namur) – Chaussée de Waterloo 146
- Ten Prins located in 1070 Anderlecht (Brussels) – Avenue du Prince de Liège 38
- Le Progrès located in 8800 Haine-Saint-Paul (La Louvière) – Chaussée de Jolimont 88
- Paloke located in 1080 Molenbeek-Saint-Jean (Brussels) – Rue Paloke 40
- Residentie De Nootelaer located in 3140 Keerbergen – Papestraat 4.

The acquired property portfolio totals 25,764 m² and 592 beds. It was valued at €47.0 million, which is in line with the investment value assigned to it by the independent real estate expert. The rental yield is consistent with the Belgian nursing homes which Cofinimmo owns and which have similar characteristics.

The nursing homes are operated by Senior Living Group SA under long leases with a residual lease term of 25 years. These triple net leases foresee that all the costs, including those relating to the structure of the building, are payable by the operator.

Following this acquisition, the share of the nursing homes within the company's total portfolio grows to 32.1%. Cofinimmo continues its investment strategy in this segment, which provides long-term rental income and enhances the risk spread of the portfolio.

Source: Cofinimmo

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