Cofinimmo acquires two sport and wellness centers in Germany for €53.6 mln (DE)

Cofinimmo Group acquired two sport and wellness centers located in Germany, in Hamburg and in Hanover respectively.
The two facilities, which enjoy excellent locations within a luxury residential area or on the edge of a lake, are leased for 30 years to the Aspria Group, which has concluded "double net" lease contracts with the Cofinimmo Group, featuring limited maintenance obligations for Cofinimmo. The rents will be indexed annually. The initial investment amounts to €53.6 mln. The initial gross rental yield from this transaction stands at 7.60%. Moreover, price supplements will be payable in the future, under certain conditions, combined with a rent increase if applicable. The gross rental yield could then reach 8%.
This transaction represents an extension to the partnership between Cofinimmo and Aspria. As a reminder, in 2007, Cofinimmo acquired the "Royal La Rasante" center located Rue Sombre/Donkerstraat in Brussels, leased to Aspria for 20 years. The lease contract for this center was renewed on 03.06.2015 for a 30-year term. In 2014, the two companies concluded an agreement relating to the development of a new centre on the Solvay Sport site in Brussels, subject to obtaining the required permits.
Source: Cofinimmo