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In December 2011, Cofinimmo SA/NV and Fonciere ATLAND acquired, in
partnership, a portfolio of the MAAF insurance group for the subsidiary
Cofinimur I SA. Consisting of 283 buildings, it includes 265 commercial
agencies, 15 office buildings and three mixed-use buildings (retail/
offices).
All these buildings have been let for an initial average term of 9.7 years
to MAAF, a subsidiary of the French insurance group Covéa. At the head
of a global network of 591 agencies, MAAF covers the entire French
territory. These agencies are run by MAAF employees.
At 31.12.2015, the Cofinimur I portfolio comprised 279 properties,
with a total above-ground floor area of 59,601 m² and a fair value of
116.7 million EUR.
Fonciere ATLAND REIM is in charge of the asset and property manage-
ment of the entire portfolio on behalf of the acquisition structure held
jointly by Cofinimmo SA/NV and Fonciere ATLAND.
In order to finance part of the acquisition of the MAAF branches,
Cofinimur I issued Mandatory Convertible Bonds (MCB) for a total
amount of 52 million EUR. The conditions attached to these bonds are
described on page 48 of the 2011 Annual Financial Report.
The energy map of the MAAF branches has been known since their
acquisition. Most of the branches are under co-ownership and are
managed by a third party, and Cofinimmo’s role is limited, where appro-
priate, to raising awareness. In addition, the tenants themselves are
proactive in terms of sustainable development and, for example pay
particular attention to accessibility for disabled people.
Accomplishments
Acquisition of an insurance agency
On 28.05.2015, Cofinimmo acquired an insurance agency located
in Meyzieu (France) via its French Cofinimur I subsidiary for
0.3 million EUR. The asset is leased to GMF for a fixed period of nine
years based on an initial gross yield of 8.5%.
Sale of two insurance agencies
During 2015, the Cofinimmo Group sold two insurance agencies of
the Cofinimur I portfolio for a total of 0.3 million EUR, in line with the
investment value of the asset as determined by the independent real
estate expert.
Renovation projects
In 2015, Fonciere ATLAND REIM took on a number of projects, including:
Marketing/Arbitrage
•
Development of the existing portfolio through acquisition of
agencies leased to the Covéa group (acquisition off plan, known as
VEFA
1
, a signed promise and a project under study).
•
Sale of estate agent site (Dinan) and promise being negotiated for
another site (Pointe-à-Pitre), concerning the acquisition of the last
two estate agent sites.
•
Relocation of the site vacated by MAAF (Rouen – Le Bretagne).
Works
•
Completion and follow-up of 19 work files requests “Agency 2010”
(as part of the 80 million EUR works envelope agreed with MAAF at
acquisition) and control of compliance with protocol.
•
Execution and follow-up of extensive renovation works.
•
Follow-up of sale transaction before completion (VEFA
1
) signed in
2014 (Oullins).
Management
•
Update of online database, enabling day-to-day management of 279
sites (General Meetings, state of play, plans, works, etc.).
•
Operational follow-up by visiting about 200 agencies.
COFINIMUR I: INSURANCE AGENCIES
1
VEFA: sale before completion.
MAAF insurance agency – Guérande (FR)
71