Annual financial report 2013

Bergman clinic – Naarden (Netherlands)

We have the ambition

to broaden our healthcare

real estate portfolio in order

to prepare for the predicted

increase in the number

of elderly people in the

coming years. We also

wish to broaden our

portfolio both geographically

and by type of assets

in this sector.

Sébastien Berden - Head of Healthcare Properties

Equipe Zorgbedrijven Holding is a Dutch operator that has been in business since 1995, specialising in plastic surgery and dermatology (Velthuis Clinic), phlebology and proctology

(Helder Clinic), and surgery of hands and wrists (Xpert Clinic). The Group operates on five sites, which are all located in the Netherlands.

The double net equivalent yield allows for an adequate comparison with the office segment yields.

Finally, in December 2013, Cofinimmo signed an agreement for the acquisi-

tion of a former office building to be reconverted into an acute care clinic,

located in Eindhoven, in the south of the Netherlands, for €1.4 million. The

sale contract will be signed once the permit required to carry out the

reconversion works has been obtained.

The renovated establishment will cover 3,046m² and comprise around

100 parking spaces. The estimated total budget is €6.0 million, of which

€3.2 million for the construction, to be paid by Cofinimmo, and €2.8 million

for the fitting-out, to be paid by the operator Equipe. The delivery of the

works is scheduled for the second quarter of 2015 at the latest.

Equipe Eindhoven, a subsidiary of Equipe Zorgbedrijven Holding

, will rent

the clinic under a 15-year long lease with a ten-year extension option, which

must be exercised by the long lease holder the tenth year of the contract.

Under the terms of the lease, the holder is responsible for the maintenance

costs and the taxes (triple net type lease contract). The rent will be indexed

annually to the household consumer price index. The initial rental yield will be

7.50% in double net equivalent

DISPOSALS

In October 2013, Cofinimmo disposed of the La Pinède SSR clinic, located

in Sigean (France) and vacated by the Korian Group on 30.09.2013, for a

gross total amount of €0.7 million. This price lies above the investment

value of the property as determined by the independent real estate expert

at 31.12.2012.

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Healthcare Real Estate

\ Management Report