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Who are we?
Cofinimmo is the foremost listed Belgian real estate company
specialising in rental property. Formerly a Sicafi/Bevak, the com-
pany benefits from the RREC (Regulated Real Estate Company)
regime in Belgium. It also benefits from the SIIC regime in France
and the FBI regime in the Netherlands.
Cofinimmo adopted the status of public Regulated Real Estate
Company and became a public RREC on 06.11.2014. This status
was instaured by the Law of 12.05.2014 related to Regulated Real
Estate Companies and the Royal Decree of 13.07.2014 related to
Regulated Real Estate Companies.
Cofinimmo continues to exercice the same activities and holds
the same property assets as under the former Sicafi/Bevak
regime. In essence, it is subject to the same constraints in
terms of distribution obligation, debt ratio and diversification
of property assets. It must apply the same rules in terms of
management and organisation structure, shareholder protection
and holding of subsidiaries. It remains subject to a transparent
fiscal regime. The main changes are related to the replacement
of the concept of exclusive interest of the shareholders by the
concept of social interest, a greater flexibility of the management
body when it comes to the company strategy and the prohibition
for the company to delegate management functions. Finally, the
company is no longer subject to the legal regime of fixed capital
investment companies under the Law of 03.08.2012 related to
certain forms of collective management of investment portfolios.
At the end of 2014, its core activity segments are office prop-
erty (41.0%), healthcare real estate (40.3%) and property of
distribution networks. The latter groups a portfolio of cafés/
restaurants (Pubstone) and a portfolio of insurance agencies
(Cofinimur I) and accounts for 16.7% of the global portfolio.
In total, the properties have a surface area of 1,780,357m
2
and a
fair value of €3,2 billion. The majority of the assets are located
within the Belgian territory (77.2%). The foreign part represents
15.4% in France (healthcare real estate and portfolio of insurance
agencies), 7.1% in the Netherlands (portfolio of cafés/restaurants
and healthcare real estate) and 0.4% in Germany (healthcare real
estate). The weighed average term of the leases increased from
6.7 years at the end of 2004 to 11.0 years at the end of 2014, an
outstanding level amongst European property companies.
Cofinimmo is an independent company, which manages its
properties and clients-tenants in-house. It is listed on Euronext
Brussels, where it is included in the Bel20 index. The company’s
strategic priorities are the creation of long-term rental revenues,
a sound relationship of trust with its clients and a sustainable
management of its portfolio.
Its shareholder base is made up of individual and institutional
investors, from Belgium and abroad, looking for a moderate risk
profile combined with a high dividend yield.
Together in
real estate
Mission and values
For over 30 years, Cofinimmo’s mission is to answer the accom-
modation needs of its clients-tenants in specific buildings:
• Corporate and public authorities’ demand for flexible offices;
• Demand for healthcare real estate from operators of homes
for elderly or disabled people, or operators of revalidation,
psychiatric or acute care clinics;
• Corporate demand for sale and leasebacks of their distribution
networks;
• Public authorities’ need for purpose-built facilities.
Cofinimmo’s teams act with a concern for the well-being of the
clients as well as the other stakeholders and contribute their
expertise in order to guarantee the quality and sustainability of
the property portfolio.
The Group implements a corporate responsibility policy in terms
of energy performance of buildings in operation and under con-
struction. It also looks after its societal role vis-à-vis people and
communities.