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Under the terms of a real estate partnership, Cofinimmo acquired, at
the end of 2007, an entire portfolio of pubs and restaurants previously
owned by Immobrew SA/NV, a subsidiary of AB InBev and renamed
Pubstone SA/NV. The premises were then leased back to AB InBev
under a commercial lease for an initial average term of 23 years.
However, AB InBev retains an indirect stake of 10% in the Pubstone
structure (see the organisational chart on pages 204 and 205). On
expiry of the lease, AB InBev has the option of renewing it under the
same conditions or of returning the vacated premises.
On 31.12.2015, the Pubstone portfolio consisted of 791 properties in
Belgium and 244 properties in the Netherlands, representing a total
above-ground surface area of 357,510 m² and a fair value of 421.4 mil-
lion EUR (Belgium: 274.3 million EUR, Netherlands: 147.1 million EUR).
Cofinimmo does not assume any risk from the commercial operation of
the pubs and restaurants, since this risk borne exclusively by AB InBev.
This brewing group passes it on partially to the individual operators,
who are subtenants. However, Cofinimmo is responsible for the struc-
tural maintenance of the roofs, walls, façades and external woodwork.
Under the partnership, Cofinimmo also continues to assist AB InBev
with the dynamic development of this portfolio. In Belgium, the
in-house Pubstone team, not including support services, consists of
six people involved in the portfolio management (Property and Project
Management). In the Netherlands, it consists of two people.
This in-house management guarantees continuous technical and
financial supervision of the various properties, as well as the standard-
isation of the various aspects related to property and urban planning.
Accomplishments
Acquisition of three pubs/restaurants in Belgium
During 2015, Cofinimmo acquired three pubs/restaurants located in
Brussels for a total of 1.5 million EUR through its subsidiary Pubstone.
The assets are leased to AB InBev through the end of 2030, at the
earliest, based on gross initial yields between 5.8% and 8.1%.
Sale of 11 pubs/restaurants
In 2015, the Cofinimmo Group sold 11 pubs/restaurants, located in
Belgium, for a total gross amount of 2.0 million EUR. This amount is
greater than the investment value of the properties as determined by
an independent real estate expert at 31.12.2014.
Renovation projects
In 2015, the operational Property and Project Management teams
carried out 405 technical interventions and 247 renovation projects in
Belgium. In the Netherlands, they carried out 105 technical interven-
tions and 137 renovations. These mainly involved external paint, wood
and roof works.
For 2015, the total investment amount of the renovation projects
for the Pubstone portfolio amounted to 3.3 million EUR for the two
countries, including 2.5 million EUR in Belgium and 0.8 million EUR in
the Netherlands. New renovation projects as well as minor and major
works are planned for 2016, for a budget of 4.8 million EUR.
The gradual renovation works on the façades and roofs of the pubs
and restaurants will significantly reduce CO
2
emissions. There are
currently no compulsory energy efficiency standards applicable to
this type of building, except the apartments located above the pubs/
restaurants. An energy performance certificate has been produced for
26 of the 77 apartments.
Renovation projects in 2015
Property
Type of works
Belgium
Place du Grand Sablon 42 -
1000 Brussels
Restoration of façades
Langestraat – 8000 Bruges
Exterior painting
Netherlands
Grote Markt 13 – Bergen Op Zoom
Exterior painting
Vismarkt 2 – Breda
Exterior painting
Vrythof 10 – Maastricht
Foundations
PUBSTONE: PUBS AND RESTAURANTS
Pub/restaurant ’t Speelmanshuis - Bruges (BE)
70
Management report /
Property of distribution networks