The Board of Directors of Cofinimmo SA yesterday announced that the shareholders of Immobilière de Location du Quartier Léopold SA (ILQL SA) have proceeded to the contribution in kind of their ILQL shares to Cofinimmo, against ordinary Cofinimmo shares issued within the authorised capital.
The company ILQL SA owns an office property located Rue du Trône 98 in 1050 Brussels. This building has a surface of 6,411m², of which 654m² archives. It counts 54 inside parking places. The building enjoys an excellent localisation in the immediate neighbourhood of the Place du Luxembourg. It is partially let to different tenants. The investment value of Trône 98 amounts to EUR 11.26 million. Fully let, at the rental conditions of the market, the initial yield of this property should be around 7.5%.
The ILQL shareholders will contribute 100% of the shares of their company and will be remunerated with 95,243 new ordinary Cofinimmo shares with a right the share in the results as of 01.01.2005. The issue price of these news shares was determined based on the average share price on Euronext Brussels over a reference period from 31.08.2004 to 29.09.2004, as this price is superior to the intrinsic value of the share.