Cofinimmo - Annual Financial Report 2014

Reconversion of offices

The reconversion of office buildings into other uses offers the

potential for enhancing their value, as well as tackling increasing

needs in terms of housing resulting from demographic evolutions

in Brussels.

A reservation agreement is a document by which a housing unit is reserved for

the potential buyers.

K-level: Global thermal insulation level of a building, which characterises the

thermal quality of the building’s shell.

The agreement concluded at the beginning of 2013 formalised the fact that the

company Cordeel renounced to the condition precedent of which it benefitted.

Hence, and in accordance with the convention which has been subject to an

Article 18 communication in the form of the press release dated 16.08.2012, the

reconversion works were started.

Livingstone I - Brussels (BE)

Woluwe 34

In July 2013, Cofinimmo began the works to reconvert the Woluwe

34 office building (±7,000m

) into housing, once the required

town-planning and environmental permits had been obtained. The

works are scheduled for completion in the first quarter of 2015. The

building is now reconverted into 69 housing units, which are in the

process of being sold.

The total budget for the project is estimated at €13 million, exclud-

ing VAT. At the publication date of this Annual Financial Report, 95%

of the apartments have been sold or reserved

As regards energy performance and sustainability, Cofinimmo

intends to obtain an overall K

thermal insulation rating of 40 and an

E energy consumption rating of 70 per apartment.

Livingstone I

The former Livingstone I office building (17,000m²) is in the

process of being reconverted into a residential building, which

will be divided into four separate housing units, offering a total of

122 apartments, which are put up for sale. The project was selected

as the winner of the “reconversion of vacant office buildings into

housing” competition organised by the Brussels Capital Region.

As regards energy performance, the apartments will have a K ther-

mal insulation rating of 30 and an E energy efficiency rating of 60.

At the start of 2013, Cofinimmo transferred the risk associated

with selling the apartments of the Livingstone I building to the

general contractor Cordeel

, who guarantees the payment of a

global amount of €24 million as the apartments are sold and by

January 2017 at the latest. Planning permission for the reconversion

works having been obtained, the works began in February 2013.

Completion is scheduled for the first quarter of 2015. The works are

being entirely financed by Cordeel. At the publication date of this

Annual Financial Report, 65% of the apartments have been sold or

reserved.

MANAGEMENT REPORT / PROPERTY PORTFOLIO /

Offices