Cofinimmo - Annual Financial Report 2015

Property of distribution networks

Cofinimmo’s portfolio of property of distribution networks consists of

a portfolio of pubs/restaurants let to the brewing group AB InBev and

a portfolio of financial service agencies let to the insurance company

MAAF (Covéa group). These portfolios were acquired as part of “sale

and leaseback” transactions. Since they are let under a master lease,

the assets that make up these portfolios cannot be treated as tradi-

tional commercial assets. There is no “market” strictly speaking for this

type of portfolio acquired as part of “sale and leaseback” transactions.

The table illustrated on the following pages includes:

•

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 lease payments sold and discounted and, where

appropriate, the share of unsold rents

;

•

the various projects and renovations in progress.

It does not include the buildings held by subsidiaries of the Group

accounted for under the equity method. This involves EHPAD Les

Musiciens, acquired as part of a joint-venture between Cofinimmo and

ORPEA.

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 Note 43).

The rental situation of buildings not under a finance lease contract for

which the lessees benefit from a purchase option at the end of the

lease is described on the next 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 Note 43).