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PWC OPINION
The investment value of the part of Cofinimmo’s real estate port-
folio valued by PwC is estimated as of 31 December 2015 at
EUR 832,344,000 and the fair value (after the deduction of the transac-
tion costs) is estimated at EUR 812,200,000.
Jean-Paul DUCARME FRICS
Ann SMOLDERS
Director PwC
Partner PwC
C&W OPINION
The investment value of the part of Cofinimmo’s real estate
portfolio valued by C&W and by JLL in France is estimated as of
31 December 2015 at EUR 2,107,064,000 and the fair value (after deduc-
tion of transaction costs) at EUR 2,007,094,000.
Christophe Ackermans, MRICS
C&W Director
The assets are broken down as follows:
Investment value
Fair Value
% Fair Value
Offices
1,272,178,000
1,241,149,000
39.6%
Healthcare
1,377,766,000
1,328,287,000
42.4%
Distribution prop. net.
584,937,000
538,124,000
17.2%
Other
27,462,000
26,793,000
0.8%
TOTAL
3,262,343,000
3,134,353,000
100%
JLL OPINION
The investment value of the part of Cofinimmo’s real estate portfo-
lio valued by JLL in Belgium is estimated as of 31 December 2015 at
EUR 322,935,000 and the fair value (after the deduction of transaction
costs) is estimated at EUR 315,059,000.
Roderick Scrivener, FRICS
JLL Director
ASSETS SUBJECT TO A SALE OF RECEIVABLES
Cofinimmo is owner of several buildings of which the rents have
been sold in the past to a third party. The valuers have valued those
properties as freehold (before sale of receivables). At the request of
Cofinimmo, the values mentioned below represent for these build-
ings the freehold value net of the rents still due (residual value), as
calculated by Cofinimmo. This calculation by Cofinimmo has not been
analysed in depth by the valuers. In the forthcoming quarters, the
residual value will evolve in such a way as to be, at the maturity of the
sale of the receivables, equivalent to the freehold value.
INVESTMENT VALUE AND SALE VALUE (FAIR VALUE)
Taking into account the three opinions, the investment value (trans-
action costs not deducted) of Cofinimmo’s total real estate portfolio
as of 31 December 2015 is estimated at EUR 3,262,343,000.
Taking into account the three opinions, the fair value, after the
deduction of the “transaction” transfer costs, of Cofinimmo’s
total real estate portfolio as of 31 December 2015, correspond-
ing to the fair investment value under IAS/IFRS, is estimated at
EUR 3,134,353,000.
On this basis, the yield on rent, received or contracted, including
from assets that form the object of an assignment of receivables,
but excluding projects, land and buildings undergoing refurbishment,
and after the application of imputed rent to the premises occupied by
Cofinimmo, amounts to 6,57% of the investment value.
If the properties were to be let in full, the yield would increase to 6,92%.
Investment properties have an occupancy rate of 94,86%.
The contractually passing rent and the estimated rental value on the
empty spaces (excluding projects, buildings undergoing refurbishment
and assets that form the object of an assignment of receivables) for let
space plus the estimated rental value for vacant space is 2,04% above
the estimated fair rental value for the whole portfolio at this date. This
difference results mainly from the inflation indexation of contractual
rents since the inception of the in-place leases.
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