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Belgium
Signing of a long lease for the Woluwe 106-108 office building
(Brussels) for conversion into a nursing and care home
On 28.04.2015, Cofinimmo signed a long lease agreement with the
Vivalto healthcare company for the building located at Woluwe 106-
108 in Brussels. This office building with a surface area of 8,500 m²,
owned by Cofinimmo since 2000, will be converted into a nursing and
care home. Work will start as soon as the permits necessary for the
building redevelopment have been issued. The budget is 13 million EUR.
The 27-year agreement with Vivalto Home will take effect as from the
moment of delivery of the works.
Delivery of construction/extension/renovation
works of four nursing and care homes
During 2015, four sites of construction/extension/renovation of nursing
and care homes were delivered. The assets are rented to healthcare
operators for a period of 27 years under “triple net” leases. The initial
gross rental yield ranges between 6.1% and 6.3% The rents will be
indexed annually.
Property
Operator Type of
works
Number of
(addition-
al) beds
Area (ad-
ditional)
End of
works
Den Brem -
Rijkevoorsel
Armonea Extension
+ 36 + 1,325 m² Q1 2015
Maison Saint-Ignace
– Laeken/Laken
(Brussels)
1
Senior
Assist
Renovation
142 8,345 m² Q2 2015
Noordduin - Koksijde Armonea Construction
87 6,440 m² Q3 2015
Tillens Residence
(formerlySuzanna
Wesley) – Uccle/
Ukkel (Brussels)
Armonea Construction
87 4,960 m² Q4 2015
Acquisition of the extension of the nursing and
care home De Nieuwe Seigneurie in Rumbeke
In October 2015, Cofinimmo acquired the extension of the nursing
and care home De Nieuwe Seigneurie in Rumbeke for 3.1 million EUR.
Cofinimmo already owned the main building. The extension, of which
the construction works have been delivered in May 2015, has a sur-
face area of 1,688 m² and 31 beds. The entire site is operated by the
Armonea Group. Cofinimmo leases it under a 27-year “triple net” lease.
The rent will be indexes annually based on the consumer price index.
Sale of the shares of the company Silverstone SA/NV, owner of
20 nursing and care homes in Belgium
2
On 30.12.2015, Cofinimmo sold its 95% interest in Silverstone to a com-
pany of the Senior Assist Group for 92.6 million EUR. Given the assets
and liabilities other than the property, this transaction values the prop-
erties at 134.5 million EUR, 12.7 million EUR more than their fair value as
determined by the independent real estate expert at 31.12.2014. Over
the period during which it owned the assets, Cofinimmo realised an
average annual internal rate of return (IRR) of 8.5% on Silverstone’s
portfolio.
Silverstone SA/NV owns 20 nursing and care homes in Belgium,
operated by the Senior Assist Group. The facilities represent nearly
75,000 m² and offer a total of more than 1,600 beds
2
.
1
Property of Silverstone SA/NV.
2
See also our press release dated 04.01.2016, available on the website
www.cofinimmo.com.KEY ACHIEVEMENTS IN 2015
Nursing home
Noordduin -
Koksijde (BE)
53