Portfolio management

Cofinimmo intends to fully carry out its social and environmental responsibilities.

When acquiring an asset, Cofinimmo has a significant influence which is reflected in particular in the due diligence procedures. Specifically, Cofinimmo systematically takes into account factors such as soil pollution, the presence of asbestos, the location and the risk of flooding. In the countries in which it operates and for this segment, legislation on energy performance targets is increasingly restrictive. Therefore, Cofinimmo systematically considers the energy performance and the life cycle of a building and implements a long-term strategy by examining its projects usually 30 years into the future, which is a sign of real partnership with operators. A risk analysis is conducted within the framework of each acquisition case file.

The management of (re)development projects in healthcare real estate, the decisions and actions taken by Cofinimmo have a significant impact on the sustainability of assets. Firstly, because Cofinimmo, by developing tailor-made, innovative and comfortable buildings, endeavours to best meet the changing accommodation and care needs of vulnerable or dependent persons. Secondly, because Cofinimmo ensures the proper integration of buildings in the neighbourhood, by paying specific attention to the mixed use of healthcare sites. In this context, BREEAM certifications ensure a very high level of sustainability.

On the other hand, Cofinimmo has moderate influence in projects developed by operators. In that case, Cofinimmo acts more as an adviser in the area of sustainable construction, seeking innovative solutions that make it possible to gradually improve the property portfolio at a pace and in line with budgets that are acceptable to operators. Energy performance certification is completed systematically in order to objectively measure the portfolio evolution.

Cofinimmo’s influence in terms of sustainability in the day-to-day management of healthcare assets is rather indirect. Here, the majority of the assets are managed largely autonomously by operators-tenants, who decide in particular on the type of upkeep and maintenance works to be carried out. Nevertheless, Cofinimmo endeavours to automatically include the data relating to the energy and water consumption of buildings in the environmental accounting system in order to raise awareness among operators. As medical office buildings are under Cofinimmo’s operational control, it enables more in-depth consumption analysis and monitoring.

In the acquisition phase of this segment, a long-term partnership with the tenant is essential.

A distribution network consists of a large number of small-scale individual assets. Throughout the term of the lease, asset arbitrage is particularly important to ensure sustainability. Cofinimmo endeavours to transform empty areas into useful spaces, for example through the reconversion of open spaces into residential apartments, for example by temporarily making unused floors above shops available as dwellings. Finally, it favours the use of modern techniques and sustainable materials to reduce the carbon footprint of buildings during works on the exterior shell of assets. In particular, an advanced policy is implemented concerning roofing insulation during watertightness works.

For unique assets with public use, public authorities are often held up as examples of sustainable development. They are required to include high technical criteria in terms of energy performance. Cofinimmo is constantly looking for innovative solutions to help finance a public need.

In the day-to-day management of its office portfolio, Cofinimmo pursues one of its primary objectives, which is to adopt a sustainable and environmental approach.

During an acquisition, in particular, Cofinimmo's influence can be decisive. It assesses the need to redevelop a project so as to keep the building up to standard over the long term. During the selection of projects, it considers the location and in particular the accessibility of the site using sustainable transport.

Of course, Cofinimmo adopts a life cycle approach for the technical management of buildings. When an office building reaches the end of its life, the construction is recycled. In central locations of Brussels, where demand for offices is high, the building is thoroughly renovated. For less central sites, a study is carried out on the possible reconversion of the building. Thus, Cofinimmo endeauvours to best respond to the changing needs of office users in terms of flexibility, mobility and mixed use of living spaces at work.

Furthermore, Cofinimmo pays specific attention to transforming the urban landscape in a responsible manner by focusing on the mixed use of districts and their aesthetics. Cofinimmo also favours the use of modern techniques and sustainable materials to reduce the carbon footprint of the buildings developed, while also endeavouring to limit and reuse waste from project sites.

The day-to-day management of office buildings is also a real source of leverage in the sustainable development strategy. Property management has been an in-house activity since 1999, and its influence is significant. Making tenants aware of their energy consumption and the signing of agreements with green energy suppliers is intended to reduce the carbon footprint of buildings. Environmental data management software processes the consumption figures (water, gas, electricity) and waste production for all the common spaces of office buildings under operational control, as well as the private consumption voluntarily provided by the different tenants. Using this tool helps identify possible sources of savings and measure the impact of the investments made. Through the installation of remotely readable meters, the whole office portfolio is connected to the energy accounting software in real time.

Through these areas of focus, Cofinimmo wishes to fully carry out its societal and environmental responsibility.