Cofinimmo announces acquisition of Hemera SA and disposal of Da Vinci and Ledeberg properties (BE)

Cofinimmo announces the acquisition of all the shares of Hemera SA, owner of the nursing home De Nieuwe Seigneurie, located at Hovenierstraat 15, Rumbeke (Roeselaere).

De Nieuwe Seigneurie

Nursing home De Nieuwe Seigneurie.

This newly-constructed nursing home, with a total lettable area of 3,460m², comprises 75 beds. It has been valued at €7.33 million, in line with the investment value assigned to it by the independent real estate expert. It will provide a gross rental yield of 6.71% in double net equivalent.

The nursing home will be operated by a subsidiary of the Senior Assist Group, with which Cofinimmo has concluded a 27‐year long lease. This triple net lease foresees that all the costs, including those relating to the structure of the building, are payable by the operator.

Through this operation, Cofinimmo strengthens its cooperation with Senior Assist, an operator with whom it is working since 2007.

Disposal of the Da Vinci office block and the Ledeberg 438 commercial building
Under the disposal program announced at the time of the publication of its 2010 annual results on February 11, 2011, Cofinimmo announces the disposal of two properties for a gross total of €33.23 million, generating a gross gain, compared to the last investment values determined by the independent expert, totaling €4.12 million or €0.28 per share. These proceeds will be reinvested under the company's investment programme which amounts to €98 million for 2011 (also see press release of 11.02.2011).

These disposals are in line with the company's arbitrage strategy.

The properties sold are:

1. the Da Vinci office block, located at Avenue de Cortenbergh 107 in Brussels, in the Leopold District, totalling 7,435m² and acquired by the Compagnie de Manutention Groupe (CdMG);

2. the Ledeberg 438 commercial building, located at Brusselsesteenweg 438 in Ghent, with an area of 4,234 m² and rented to the Delhaize Group which exercised the purchase option provided for in its lease.

Source: Cofinnimo

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