125 / 220
BRUSSELS
E40 GHENT/
OOSTENDE
E19
ANTWERP
E40
LIÈGE/
LEUVEN
E411
LUXEMBURG
ANTWERP
CHARLEROI
TOURNAI
10
2
3
3
1
1
12
1
GRIMBERGEN
VILVORDE
ASSE
GROOT-
BIJGAARDEN
BEERSEL
HALLE
WATERLOO
BRAINE-L’ALLEUD
ITTRE
NIVELLES
OTTIGNIES
WAVRE
OVERIJSE
TERVUREN
DIEGEM
ZAVENTEM
Periphery & Satellites
This district, situated just outside the Brussels Capital Region along the
Brussels outer ring road, mainly houses private companies operating in
such sectors as technology, IT, consultancy, pharmaceuticals and chemi-
cals. The out-of-town location, the advantageous tax regime of the Flemish
and Walloon Regions compared with Brussels, as well as the presence
of the national airport attract many multinationals to this area. However,
the northern part of the Periphery (Zaventem-Diegem) is suffering from a
high vacancy rate due, among other factors, to the structurally excessive
supply of offices. Leases concluded with tenants in this area are generally
of the classic type and flexible, allowing them to be adapted rapidly to a
market in a constant state of flux.
Antwerp
The city of Antwerp, with its port, is located in one of the most industrial-
ised regions of Europe. Its office market is spread over four districts: the
Port, the Centre, the Singel (the most sought-after area) and the Periphery.
Occupants of the office buildings are a highly diverse mix and come from
all activity sectors.
HEALTHCARE REAL ESTATE
The healthcare real estate market is not characterised by local submar-
kets with differing tenant and lease profiles as is the case for offices. For
the entire Cofinimmo healthcare portfolio, long leases are concluded (usu-
ally 27 years in Belgium, 12 years in France and 15 years in the Netherlands)
with operators each managing multiple sites. Nevertheless, the prime
locations, i.e. the city centre or a desirable setting (e.g riverside or at sea)
influence the letting potential or the possibility for reclassification in the
event of the operator’s departure.
PROPERTY OF DISTRIBUTION NETWORKS
Pubstone: cafés/restaurants
The entire Pubstone portfolio is rented to AB InBev. The properties in prime
locations (i.e. in the hyper centre or town centre) offer the best redevelop-
ment potential if they are vacated, whether as restaurants or as retail units
in busy shopping areas.
Cofinimur I: insurance agencies
The entire Cofinimur I portfolio is left to MAAF, a subsidiary of the French
insurance group Covéa. The assets are mainly to be found in the centre
of large towns or at the entrance of agglomerations, for the most part at
strategic locations, such as shopping streets, market squares or business
parks.
CONSOLIDATED PROPERTY PORTFOLIO
The table illustrated on the following pages includes:
•
the properties for which Cofinimmo receives rents;
•
the properties with rents assigned in whole or in part to a third party,
with Cofinimmo retaining the ownership and the residual value.
For these properties, the item “Contractual rents” comprises the
reconstitution of lease payments sold and discounted and, where
appropriate, the share of unsold rents
1
;
•
the various projects and renovations in progress.
This table does not include the properties which are the subject of a
finance lease and for which the lessees benefit from a purchase option
at the end of the lease, i.e. the Antwerp courthouse, the Antwerp fire sta-
tion, the HEKLA police station and the Nelson Mandela student housing
residence in Brussels. The rental situation of these buildings is described
on the following page.
The table also does not include the buildings held by subsidiaries of the
Group which are accounted for under the equity method, i.e. the EHPAD
Les Musiciens, acquired via a joint venture between Cofinimmo and Orpea.
All the properties of the consolidated portfolio are held by Cofinimmo SA/
NV, with the exception of those asterisked (*) which are held (wholly or
partially) by one of its subsidiaries (see also pages 182 to 185).
For pictures and detailed descriptions of all the properties, reference is
made to the company website
www.cofinimmo.com.
MERKSEM
EDEGEM
KONTICH
WILRIJK
BERCHEM
ANTWERP
E19
BRUSSELS
A12
BOOM
E34/E313
LIÈGE
R1
R1
1
2
2
4
1
Also see Note20.
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Property Report
\ Management Report