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In 2007 and 2011, Cofinimmo acquired the real estate of two distribution networks:
cafés and restaurants in Belgium and in the Netherlands as well as insurance agencies
in France.
Portfolio at 31.12.2014
At 31.12.2014, Cofinimmo’s property portfolio of distribution networks
accounted for 16.7% of its total invested portfolio. It comprised two
portfolios, representing a fair value of €533.5 million:
PUBSTONE: cafés and restaurants
Under the terms of a real estate partnership, Cofinimmo acquired,
at the end of 2007, an entire portfolio of cafés and restaurants
previously owned by Immobrew SA/NV, a subsidiary of AB InBev
and renamed Pubstone SA/NV. The premises were then leased
back to AB InBev under a commercial lease for an initial average
term of 23 years. AB InBev retains an indirect stake of 10% in the
Pubstone structure (see diagram on pages 190 and 191). On expiry
of the lease, AB InBev has the option of renewing it under the same
conditions or of returning the vacated premises.
At 31.12.2014, the Pubstone portfolio consists of 800 properties
located in Belgium and 245 properties located in the Netherlands,
representing a total aboveground surface area of 360,887m² and
a fair value of €421.6 million (Belgium: €272.2 million; Netherlands:
€149.4 million).
Cofinimmo does not assume any risk from the commercial opera-
tion of the cafés and restaurants. This risk is borne exclusively by
AB InBev, which passes it on partially to the individual operators,
who are subtenants. However, Cofinimmo is responsible for the
structural maintenance of the roofs, walls, façades and external
woodwork. Under the partnership, Cofinimmo also continues to
assist AB InBev with the dynamic development of this portfolio. In
Belgium, the in-house Pubstone team, not including support ser-
vices, consists of six people involved in the portfolio management
(Property and Project Management). In the Netherlands, it consists
of two people.
This in-house management guarantees continual technical and
financial supervision of the various properties, as well as the stand-
ardisation of the various aspects related to property and urban
planning.
COFINIMUR I: insurance agencies
In December 2011, Cofinimmo SA/NV and Foncière ATLAND, acting
in partnership and on behalf of the subsidiary Cofinimur I SA/NV,
acquired a 283-asset portfolio from the MAAF insurance group,
comprising 265 retail agencies, 15 office buildings and three mixed-
use buildings (retail/offices).
All these buildings have been let for an initial average term of 9.7
1
years to MAAF, a subsidiary of the French insurance group Covéa,
which has a total network of 587 branches throughout the French
territory. These branches are operated by MAAF employees.
The agencies network expanded in 2014, with the acquisition of an
agency let to MAAF and two agencies let to GMF, another Covéa
Group brand.
1
Residual fixed term of 7.1 years at 31.12.2014.
Distribution by location - in fair value (in %)
Belgium
(Pubstone)
France
(Cofinimur I)
Netherlands (Pubstone)
28.0
%
51.0
%
21.0
%
9.9%
Walloon
Region
31.1%
Flemish
Region
10.0%
Brussels
Region
2.7%
English Channel
coast
1.1%
Mediterranean
coast
0.4%
Overseas
departments (DOM)
& territories (TOM)
2.7%
Major cities
4.5%
Paris region
4.7%
Provincial towns
4.9%
Rural areas
MANAGEMENT REPORT / PROPERTY PORTFOLIO /
Property of distribution networks
62