An agreement providing the acquisition by Cofinimmo from Dexia Bank of a group of 5 buildings located in Brussels was signed. These buildings are located avenue Livingstone 6, rue de la Banque 7, rue du Meiboom 16, boulevard Pacheco 34 and rue du Moulin à Papier 55 for a total surface of 65,000 square meters.
This acquisition brings the total real estate surface of Cofinimmo up to 800,000 square meters, i.e. a 9% portfolio increase, for an estimated total value of some EUR 1.8 bln and a stock market capitalization close to EUR 800 mln.
About half of this acquisition will be paid by a share issue.
The five buildings will be relet to Dexia Bank in the framework of middle-term and long-term leases.
This transaction is another example of the trend towards specialization and externalization of real estate property. It reinforces the basis of the current result of Cofinimmo and increases the share of its portfolio located in downtown Brussels and in Quartier Léopold.
For Dexia Bank, this transaction brings flexibility in the management of its real estate property as a whole while maintaining a middle-term and long-term implantation stability.
This operation is subject to the approval of the competent authorities.
(source: Dexia)
