64 / 236
9.3%
85.4%
5.3%
36.4%
26.2%
9.2%
28.2%
During 2015, Cofinimmo pursued its strategy of active rotation of its
office portfolio, encouraged by the volume of transactions on the
Brussels office market, which represented 1.5 billion EUR in 2015. On
this investment market, there is very high interest among investors
for assets under very long-term leases. This situation has led to a
decline in yields for this type of “premium” asset, under the 5% mark
1
.
Cofinimmo sold its shares of the Livingstone II company, owner of the
Livingstone II building, located in Brussels, with a gross yield of 4.28%.
Despite a rental market still under pressure, Cofinimmo success-
fully continued the active marketing of its office spaces. For 2015,
Cofinimmo renewed the leases of existing clients representing
44,193 m² and signed leases as well as extensions of spaces for
23,035 m². The occupancy rate remains high at 89.7%. The Colonel
Bourg 105 and Guimard 10-12 buildings thus saw their occupancy rates
increase considerably to 80% and 88% respectively, driven by the suc-
cess of the company’s commercial policies and its good reputation.
With regard to redevelopment projects, Cofinimmo began renovation
work on the Belliard 40 building in 2015, which should be completed
in 2017. The building, located in the Leopold District of Brussels, will
offer more than 17,000 m² of modern, flexible offices, over 13 floors,
with excellent architectural and environmental quality. Cofinimmo thus
anticipates the scarcity of new developments, particularly category A
buildings, in the Leopold District by 2017.
In 2015, the company successfully completed the redevelopment
of the Woluwe 34 and Livingstone I sites. The two buildings were
converted into apartments, all sold during the year. Population growth
in Brussels has led to a significant housing shortage. In response to
this demand, the regional authorities are promoting the development
of mixed districts, thus facilitating the conversion of unoccupied build-
ings into housing. In 2015, more than 90,000 m² of office buildings were
as such converted into housing in Brussels
1
.
During 2015, Cofinimmo pursued its strategy of active rotation of its office portfolio and finalised the
redevelopment of the Livingstone site. The company maintained a high occupancy rate thanks to the
quality of the buildings, their location, the services offered to tenants and the proactive management
of in-house teams.
1
Source: Cushman & Wakefield.
2
The buildings which underwent a large-scale renovation are considered as new.
OFFICES
Geographic breakdown – at fair value (in %)
Other Regions
Brussels
Antwerp
9.4%
Central Business
District
42.6%
Decentralised
22.1%
Leopold/Louise
Districts
11.3%
Periphery and
Satellites
Average age of properties
2
(in %)
More than
+15 years
11-15 years
0-5 years
6-10 years
60
Management report /
Offices