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Netherlands
Acquisition of two medical centres in Almere and Voorschoten
On 11.02.2015, Cofinimmo, via its Dutch subsidiary Superstone, acquired
two medical centres in the Netherlands for a total of 5.7 million EUR.
The assets are located in Almere and Voorschoten and have an above-
ground surface area of 2,380 m² and 1,320 m² respectively. They are
operated by the Dutch group DC Groep with which Cofinimmo has
signed two “triple net” leases for 15 years. The rents will be indexed
annually based on the consumer price index. The initial gross rental
yield of this transaction amounts to 7.45%.
Acquisition of a care centre for disabled people in Lopik
On 25.05.2015, Cofinimmo, via its Dutch subsidiary Superstone,
acquired a healthcare centre for disabled people in Lopik for
3.3 million EUR. The asset is one of five development projects for
which Cofinimmo signed an agreement with Green Real Estate in
December 2014.
Construction work on the centre was completed in May. The facility
has 33 apartments and three common rooms on 2,883 m². It is rented
to the operator Philadelphia Zorg as part of a “double net” lease for a
period of 15 years. The rent will be indexed annually based on the con-
sumer price index. The initial gross yield of this transaction is 6.85%.
Signing of an agreement relating to the development of
parking structures at the Amphia hospital site in Breda
On 27.05.2015, Cofinimmo signed an agreement1 relating to the
development of a parking structure at the site of the Amphia hospital
in Breda, the main hospital of the city and region. The construction of
this parking structure is part of a redevelopment programme involving
the entire site. With five floors above ground, the parking structure will
provide 900 parking spaces to patients and visitors of the hospital.
The operator Stichting Amphia signed a long lease with Cofinimmo for
the land on which the parking structure will be constructed. Cofinimmo
will fund the 9.7 million EUR construction work, which is expected to
begin in February 2016 and be completed during the third quarter of
2016. Upon delivery of the work, Amphia will sign a 30-year “double net”
lease with Cofinimmo. The rent will be indexed annually based on the
consumer price index. The initial gross yield of this transaction is 7.51%.
Delivery of the construction works of a
medical centre in Eindhoven
On 20.11.2015, the construction work on a 2,237 m² polyclinic located
in Eindhoven was delivered. The building is known locally as STRIJP-Z,
in reference to an innovation campus in the centre of Eindhoven. As a
reminder, Cofinimmo had acquired a plot of land for the construction
of this building in December 2014. The acquisition price of the land and
the budget for the works total 4.5 million EUR. It is operated by SGE
(Stichting Gezondheidscentra Eindhoven), with which Cofinimmo has
signed a 25-year “double net” lease. The rent will be indexed annu-
ally based on the consumer price index. The initial gross yield of this
transaction is 7.50%.
Acquisition of a revalidation clinic in Heerlen
On 15.12.2015, Cofinimmo acquired the “Plataan” rehabilitation clinic
located in Heerlen, near Maastricht, for 3.7 million EUR. The clinic has
127 beds distributed over 14,700 m². The building will undergo major
renovation at the beginning of 2016, with a budget of 11.1 million EUR.
Upon delivery of the work, scheduled for the first quarter of 2017, the
Dutch group operator Sevagram will sign a 15-year “triple net” lease
with Cofinimmo, renewable for 10 years. The rent will be indexed annu-
ally based on the consumer price index. The initial gross yield of this
transaction is 7.03%.
Acquisition of a healthcare centre in Arnhem-Zuid
On 17.12.2015, Cofinimmo acquired a 4,200 m² polyclinic, located in
Arnhem-Zuid, for 5.0 million EUR. It is operated by the Dutch foundation
Stichting Rijnstate, with which Cofinimmo has signed a 20-year “dou-
ble net” long lease. The rent will be indexed annually based on the con-
sumer price index. The initial gross yield of this transaction is 8.33%.
Acquisition of a care centre for disabled people, under
development, located in Alphen aan den Rijn
In December 2015, Cofinimmo acquired a care centre for disabled
people, located in Alphen aan den Rijn. The acquisition price of the
land and the budget for the works amount to 2.5 million EUR. The future
facility will offer 24 rooms, spread over 2,000 m², and will be operated
by the Stichting Philadelphia Zorg foundation. Upon delivery of the
work, expected in October 2016, Cofinimmo will sign a 15-year “double
net” lease with Philadelphia Zorg. The rent will be indexed annually
based on the consumer price index. The initial gross yield of this trans-
action is 6.60%.
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Management report /
Healthcare real estate