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MAAF insurance agency (FR)
Grapevine, Brussels (BE)
In the private sector, we are seeing a significant fragmentation,
with many players operating a single facility. A move towards con-
solidation is being seen in Belgium and France however. The most
striking example is the merger in 2014 of Korian and Medica, two
French operators jointly managing over 57,000 beds spread over
600 sites in four countries. Consolidation ensures operators a bet-
ter distribution of risks, easier access to financing, a more regular
contact with public authorities and certain economies of scale.
Healthcare real estate investment market
More than €13 billion was invested in healthcare real estate
between 2007 and 2014 – a trend set to increase. Investment
funds represent 39% of these investments, listed real estate
companies 25% and insurance companies and pension funds 13%.
Furthermore, while most investors are located in Belgium, interest is
also evident among investors from France and Germany.
In the Benelux, the vast majority of healthcare real estate invest-
ments are related to nursing and care homes. In Germany and
France, other healthcare assets (rehabilitation clinics, psychiatric
clinics, hospitals, etc.) represent the majority of investments.
The breakdown between sale and leaseback transactions and
traditional investments has evolved over the past seven years. In
2007, both types of transactions represented equal shares of the
investment market, while in 2013, 80% of transactions were “tradi-
tional investments”.
Property of distribution networks
Cofinimmo’s property portfolio of distribution networks includes
a portfolio of cafés/restaurants leased to the brewery group AB
InBev as well as a portfolio of insurance services agencies leased
to the insurance company MAAF (Covea Group). These portfolios
were acquired through sale and leaseback transactions. As they
are leased under a master lease, the assets comprising these
portfolios are not comparable to standard retail assets. No “market”,
in its strict sense, exists for this type of portfolios acquired through
sale and leasebacks.
The table on the following pages lists:
•
the properties for which Cofinimmo receives rents ;
•
the properties with rents assigned in whole or in part to a third
party, with Cofinimmo retaining the ownership and the residual
value. For these properties, the item “Contractual rents”
comprises the reconstitution of the lease payments sold and
discounted and, where appropriate, the share of unsold rents
1
;
•
the various projects and renovations in progress.
The table does not include the properties held by subsidiaries of
the Group which are accounted for under the equity method, i.e.
the EHPAD Les Musiciens, acquired via a joint venture between
Cofinimmo and ORPEA. The rental situation of the buildings under a
finance lease and for which the lesses benefit from a call option at
the end of the lease is described on the following page.
All the properties of the consolidated portfolio are held by
Cofinimmo SA/NV, with the exception of those asterisked (*) which
are held (wholly or partially) by one of its subsidiaries (see also
pages 186 to 189).
For pictures and detailled descriptions of all the properties, refer-
ence is made to the company website
(www.cofinimmo.com).
1
See also Note 21.
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