72 / 236
0
5
10
15
14.8
6.3
13.1
21.7%
27.3%
51.0%
52.3 %
27.1 %
20.6 %
0
20
40
60
In each of these two networks, there is only one tenant company and a long-term lease. The quality
of the location of the assets also guarantees an attractive residual value. In-house specialised teams
monitor the structural maintenance of the assets of the two networks.
PROPERTY OF DISTRIBUTION NETWORKS: PUBSTONE & COFINIMUR I
Main advantages of these networks:
“Sale & lease back” transactions
The sale price per square metre requested by the seller is reasonable
given that it involves buildings let to their seller, who must therefore
bear the rent after the sale.
Optimisation of the network of sales points
for the activity of the tenant
The buildings are necessary for the tenant’s activity because of their
location and are under a long-term lease contract.
Therefore, the probability of relocation at the end of the lease is high
for most of them.
Risk granularity
If the tenant leaves, a significant part of these assets may be sold as
shops or homes to local professional or non-professional investors,
given that the amounts to be invested are often accessible to such
investors.
Support for the tenant in the management,
development and renovation of assets
The tenant company and Cofinimmo maintain an ongoing dialogue in
order to develop its geographic sales network. Buildings that have a
lease that will not be renewed on expiry or will require renovation in the
medium term can thus be identified in advance. Similarly, Cofinimmo
may target new properties that the tenant may wish to integrate into
its network.
Geographic breakdown by rent - in contractual rents (in %)
Average residual lease length (in number of years)
Pubstone
Cofinimur I
TOTAL
Geographic breakdown – at fair value (in %)
France
(Cofinimur I)
Netherlands
(Pubstone)
Belgium
(Pubstone)
Belgium (Pubstone)
Netherlands
(Pubstone) France
(Cofinimur I)
68
Management report /
Property of distribution networks