Cofinimmo - Annual Financial Report 2015

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572.2
1,393.1
2,408.4
45.6
1 The fair value is obtained by deducting an appropriate rate of transaction costs (mainly transfer taxes) from the investment value.
2 The investment value, which is established by independent real estate experts, is the most likely value that could reasonably be obtained in normal sales conditions between willing
and well-informed parties, before deduction of transaction costs.
3 In investment value.
4 The investments include renovations, extensions, and redevelopments.
TOTAL PORTFOLIO
At 31.12.2015, the consolidated property portfolio reaches 3,134.4 million EUR in fair value1 and
3,262.3 million EUR in investment value 2.
Evolution of the portfolio since 1996
Since 1996 (date of approval as a Sicafi/Bevak), the Cofinimmo Group
has made 4,419.3 million EUR in investments. It has also divested
2,016.4 million EUR, realising (before deduction of intermediaries’ remu-
neration and other various costs) an average net gain of 9.26% com-
pared with the last annual valuations (in investment value) preceding
these disposals. During 2015 alone, this average stood at 1.0%. These
amounts do not include the realised gains and losses on the sale of
shares of companies, being the owners of buildings. These amounts
are recognised as gains or losses on disposal of securities.
Evolution of the consolidated portfolio in 1996-20153
(x 1,000,000 EUR)
PORTFOLIO AT 01.01.1996 608.6
Acquisitions 3,697.2
Constructions and renovations 722.1
Net disposal value -2,164.0
Realised gains and losses compared with the last annual
estimated value
147.6
Writeback of lease payments sold - value reconstitution 167.1
Change in the investment value of the portfolio 83.7
PORTFOLIO AT 31.12.2015 3,262.3
Rijnstate
polyclinic -
Arnhem-Zuid
(NL)
Acquisition prices and investments 1996-20154
(x 1,000,000 EUR)
Property of
distribution
networks
Healthcare real
estate
Offices
Other
32
Management report /
TOTAL PORTFOLIO