66 / 236
1
See also our press release dated 18.11.2015, available on the website
www.cofinimmo.com.
KEY ACHIEVEMENTS IN 2015
Sale of shares in the Livingstone II company,
owner of the Livingstone II office building
1
In November 2015, Cofinimmo sold all the shares of the Livingstone II
company, owner of the Livingstone II office building, located in the
heart of the European District of Brussels. The shares were acquired
by the Aberdeen European Balanced Property Fund, managed by
Aberdeen Asset Management PLC, for a price of 60.0 million EUR. Given
the liabilities and assets other than real estate, this transaction values
the building at 63.9 million EUR, an amount of 13.2 million EUR, greater
than the investment value of the asset determined by the independent
real estate expert at 31.12.2014. The contractual rent in relation to this
valuation represents a gross yield of 4.28%.
With the sale of the shares of the Livingstone II company, owner of
the Livingstone II office building, Cofinimmo successfully finalised the
repositioning of the entire Livingstone site, acquired in 2002, for which
it optimised the use and environmental integration after the departure
of Belfius Insurance, in late 2011, by making it a mixed-use property.
This departure included a compensation equivalent of 21 months of
rent.
Delivery of the work for the Woluwe 34 and
Livingstone I office buildings to convert them into
apartments and sale of all of the apartments
When a portfolio office building is technically obsolete and empty,
Cofinimmo considers two scenarios: office renovation or reconversion
in and sale of apartments, when suitable.
The work on the office building at Woluwe 34 (Decentralised Brussels)
to convert it into apartments was delivered during the first half of 2015.
The total budget for the work was 13 million EUR. The sale of the project
began once the project started up, i.e. July 2013. All of the apartments
were sold by 31.12.2015 for a price of 23.6 million EUR. As the works
costed 14.8 million EUR, a gain of 8.8 million EUR has been realised.
The work on the Livingstone I office building (Brussels Leopold) to con-
vert it into apartments was also delivered during the first half of 2015.
The risk related to the sale of this project’s apartments was transferred
to the general contractor Cordeel, which will pay Cofinimmo the fixed
price of 24 million EUR as the units are soldAll of the apartments were
sold by 31.12.2015.
Sale of “La Parabole” office building for 5.5 million EUR
Cofinimmo sold the “La Parabole” building located at Rue Philippe Le
Bon 2-4, 1000 Brussels in January 2015. This small building, used for
seminars and receptions, was part of the Livingstone site occupied by
Belfius until the end of 2011. The gross sale price was 5.5 million EUR,
higher than the investment value set by the independent real estate
expert.
Office building
Woluwe 34 -
Brussels (BE)
This office
building was
converted into
69 modern,
sustainable
residential
units.
62
Management report /
Offices