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Evolution of the portfolio in 2015

Acquisitions

During 2015, Cofinimmo invested 78.0 million EUR in new acquisitions,

including 75.7 million EUR in the healthcare real estate segment,

2.0 million EUR in the MAAF insurance agencies network and 0.3 mil-

lion EUR in the office segment.

Extensions and redevelopments

Moreover, Cofinimmo invested 28.2 million EUR in extensions and rede-

velopments in healthcare real estate.

Renovations

Cofinimmo also devoted a total of 24.9 million EUR to renovations,

mainly in the office and the Pubstone pubs/restaurants portfolios.

Divestments

Under its strategy of asset rotation, Cofinimmo sold assets, mainly

offices and healthcare assets, for a net total price, after deduction

of transaction costs and fees, of 205.0 million EUR. Each transaction

resulted in a gain or was realised at a price in line with the investment

value determined by the expert. Moreover, the overall weighted aver-

age gain on these disposals reached 1.0%.

This amount does not include the sale of the shares of the companies

Livingstone II SA/NV and Silverstone SA/NV, respectively owner of the

buildings Livingstone II and 20 nursing and care homes in Belgium.

These sales generated a realised accounting gain of 20.4 million EUR,

incorporated into the capital gains and losses on disposals of

securities.

1

In investment value.

Evolution of the consolidated portfolio in 2015

1

(x 1,000,000 EUR)

PORTFOLIO AT 01.01.2015

3,329.2

Acquisitions

78.0

Constructions and renovations

53.1

Net disposal value

-205.0

Realised gains and losses compared with the last annual

estimated value

2.1

Writeback of lease payments sold - value reconstitution

10.2

Change in the investment value of the portfolio

-5.3

PORTFOLIO AT 31.12.2015

3,262.3

Asset management for third parties

Since 2013, the Cofinimmo Group started an Asset Management

activity for third parties (see the “Risk Factors” chapter in this Annual

Financial Report).

This activity is carried out on an ancillary basis by the subsidiary

Cofinimmo Investment et Services (CIS) and complies with the thresh-

olds imposed by Article 6 of the RREC Act of 12.05.2014:

the subsidiary’s pre-tax result may not exceed 10% of the

consolidated pre-tax result and changes in fair value of the buildings

and financial assets and liabilities of the public regulated real estate

company (i.e. 1% at 31.12.2015);

total assets under management may not exceed 10% of the Public

Regulated Real Estate Company’s consolidated assets (i.e. 4% at

31.12.2015).

In addition, its contribution does not exceed the materiality thresh-

old of 10% of revenues and net profits of CIS before tax (i.e. 4% at

31.12.2015).

At 31.12.2015, CIS managed a portfolio of six healthcare assets in

Belgium.

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