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RENTAL MANAGEMENT
Rental situation by purpose
Properties
Superstruc-
ture (in m²)
Contractual
rents
(x 1,000 EUR)
Contractual
rents (in%)
Occupancy
rate (in %)
Rents + ERV
1
on
unlet premises
(x 1,000 EUR)
ERV
1
(x 1,000 EUR)
Healthcare real estate
660,316
84,728
40.3%
99.2%
85,448
87,202
Offices and writeback of lease payments sold
and discounted
607,150
85,922
40.9%
89.7%
95,816
92,826
Pubstone
357,510
29,850
14.2%
98.3%
30,358
27,317
Cofinimur I
59,601
7,766
3.7%
96.8%
8,026
8,303
Other
15,830
1,802
0.9%
100%
1,802
1,636
TOTAL INVESTMENT PROPERTIES & WRITEBACK
OF LEASE PAYMENTS SOLD AND DISCOUNTED
1,700,407
210,068
99.9%
94.9%
221,450 217,284
Projects & renovations
28,637
-
-
-
Land reserve
-
152
0.1%
152
176
PORTFOLIO GRAND TOTAL
1,729,044
210,220
100%
94.9%
221,602
217,460
Main clients - in contractual rents (in %)
Korian-Medica Group
16.1%
AB InBev
14.2%
Armonea
11.1%
Buildings agency (Belgian Federal
State)
6.0%
Axa Belgium
5.6%
TOP 5 TENANTS
53.0%
ORPEA
4.4%
MAAF
3.7%
International public sector
3.6%
Aspria
3.0%
IBM Belgium
2.0%
TOP 10 TENANTS
69.7%
TOP 20 TENANTS
78.4%
Other tenants
21.6%
TOTAL
100%
The commercial and property management teams are constantly working with a view to improve the
occupancy rate, the rental conditions and the lease term of the portfolio.
Rental situation by purpose
In collected rents, healthcare real estate represents 40.3%, offices
40.9%, property of distribution networks 17.9% and other 0.9%. The dif-
ference between the rents actually collected and the contractual rents
results from the rent-free periods granted at the beginning of certain
leases and the prorata temporis vacancy of properties during the past
12 months.
Since the merger of both entities in March 2014, the Korian-Medica Group
has become the main tenant of the portfolio. AB InBev, which rents the
entire Pubstone portfolio, comes second.
The public sector, both Belgian and international, represents 9.6% of the
tenants.
The other tenants in the segment of healthcare real estate are also
well-represented, with Armonea, first nursing home operator in Belgium,
and ORPEA, one of the foremost European players in the care market.
1
ERV = Estimates Rental Value.
2
The contractual rents of the public Regulated Real Estate Company pertain to Cofinimmo SA/NV.
Breakdown by activity of the tenants – in consolidated contractual rents and contractual
rents of the public RREC
2
(in %)
Consolidated contractual rents
Contractual rents of the public RREC
Healthcare
Pubstone
Banks, insurance
Other
Belgian public
sectors
Sollicitors &
consulting
Information
technology
International
public sector
Chemicals, oil and
pharmaceuticals
Tele
communications
Retail
36
Management report /
RENTAL MANAGEMENT