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Accomplishments
Acquisition of three agencies of the Cofinimur I
distribution network
In 2014, Cofinimmo, via its subsidiary Cofinimur I, acquired three
insurance agency branches, located in Bourgoin-Jallieu, Oullins and
Thouars, for a total gross amount of €0.6 million, in line with the
investment value of the assets as determined by the real estate
expert. The agencies in Bourgoin and Oullins
1
are leased to GMF
2
for
a fixed nine-year term. Their gross rental yield stands at 8.36% for
the branch in Bourgoin-Jallieu and 9.40% for the branch in Oullins.
The Thouars branch is leased to MAAF for a fixed nine-year term
and offers a gross rental yield of 8.30%.
Disposal of ten cafés/restaurants of the Pubstone
distribution network
During 2014, Cofinimmo, via its subsidiary Pubstone, sold ten cafés/
restaurants in Belgium for a total gross amount of €2.1 million. This
amount is greater than the investment value of the properties as
determined by the independent real estate expert at 31.12.2013.
Renovation projects
PUBSTONE: cafés and restaurants
In 2014, the operational Property and Project Management teams
carried out 466 technical interventions and 194 renovation works
in Belgium. In the Netherlands, they carried out 103 technical inter-
ventions and 212 renovations. This mainly concerns painting and
external woodwork repairs, as well as roof work.
In 2014, the total amount invested in renovation projects on the
Pubstone portfolio amounts to €3.3 million for both countries,
broken down as €2.6 million in Belgium and €0.7 million in the
Netherlands. The Project Management department managed and/or
oversaw the following main projects in 2014:
Building
Type of works
BELGIUM
Martelarenplein 6 & 7
Leuven
Renovation of façades and roofs
Rue Sainte Catherine/Sint
Katelijnestraat 30
Brussels
Renovation of façades
NETHERLANDS
Brink 20-22
Deventer
Renovation of roof and external
paintwork
Markt 39
Maastricht
Renovation of roof
Kerkplein 5
Breda
Foundations
New renovation projects as well as minor and major works are
planned for 2015, for a budget of €3.3 million.
COFINIMUR I: insurance agencies
In 2014, the in-house operational teams took on a number of pro-
jects, including:
•
updating the on-line database for the daily management of
the 283 sites (Shareholders’ Meetings, inventories of fixtures,
plans, works, etc.);
•
developing the existing portfolio with the acquisition of new
branches leased to the Covéa Group (three sales agreed and a
project in progress);
•
validating and tracking requests relating to around 30 “Agence
2010” work files (part of the €80 million works budget agreed
with MAAF at the time of the acquisition);
Long-term leases
Selling points for
the tenant
Attractive prices per
square metre
+
+
+
Easy reconversion
Small buildings with good
geographical distribution
Long-term expansion of
thenetwork
+
+
+
1
Property bought off-plan and to be delivered in 2015.
2
Subsidiary of the French insurance group Covéa. In December 2011, the Cofinimmo
Group had already acquired a portfolio of 263 insurance services agencies,
leased to MAAF, another subsidiary of the Covéa Group. See also our press
release dated 21.12.2011, available on
www.cofinimmo.com.MANAGEMENT REPORT / PROPERTY PORTFOLIO /
Property of distribution networks
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