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1
The fair value is obtained by deducting an appropriate rate of transaction costs
(mainly transfer taxes) from the investment value.
2
The investment value, which is established by independent real estate experts,
is the most likely value that could reasonably be obtained in normal sales
conditions between willing and well-informed parties, before deduction of
transaction costs.
3
Investments include renovations, extensions and redevelopments.
4
Investment value.
Total portfolio
At 31.12.2014, the consolidated property portfolio reaches €3,199.2million in fair value
1
and €3,329.2million in investment value
2
.
3,000
Portfolio at 01.01.2014
Net disposal value
Acquisitions
Realised gains and losses compared to the last
annual estimated value
Change in the investment value of the portfolio
Constructions and renovations
Writeback of lease payments sold - value
reconstitution
Portfolio at 31.12.2014
3,478.9
65.1
-303.5
2.0
15.9
-2.2
3,329.2
73.0
3,200
3,400
3,600
3,800
Evolution of the consolidated portfolio 1996-2014
4
(x €1,000,000)
0
Portfolio at 01.01.1996
Net disposal value
Acquisitions
Realised gains and losses compared to the last annual
estimated value
Change in the investment value of the portfolio
Constructions and renovations
Writeback of lease payments sold - value
reconstitution
Portfolio at 31.12.2014
608.6
669.0
-1,959.0
145.5
156.8
89.0
3,329.2
3,619.3
1,000
2,000
3,000
4,000
5,000
Acquisition prices and investments 1996-2014
3
(x €1,000,000)
Property of
distribution
networks
Offices
Healthcare real
estate
Other
Evolution of the portfolio since 1996
Since 1996 (date of approval as a Sicafi/Bevak), the Cofinimmo
Group realised investments amounting to €4,288.3 million. It also
divested for €1,813.5 million, realising (before deduction of interme-
diaries’ remuneration and other various costs) an average net gain
of +9.3% compared to the last annual valuations (in investment
value) preceding these disposals. During the year 2014 alone, this
average stood at +0.6%. This amount does not include the sale of
the shares of the company Galaxy Properties SA/NV, owner of the
North Galaxy building. This sale resulted in a realised accounting
loss of €24 million, booked under the gains and losses on disposals
of securities.
566.7
1,289.3
45.6
2,386.7
MANAGEMENT REPORT /
Transactions and performances in 2014
Evolution of the consolidated portfolio in 2014
4
(x €1,000,000)
Evolution of the portfolio in 2014
28