Belgian listed property group Cofinimmo has announced the acquisition of a package of insurance services agencies in France as well as the sale of the Citylink office park in Antwerp.
Belgian listed property group Cofinimmo has announced the acquisition of a package of insurance services agencies in France as well as the sale of the Citylink office park in Antwerp.
In France, Cofinimmo is teaming up with local investor Fonciere Atland to acquire and manage a portfolio of 285 branches and offices rented to the multi-insurance group Maaf with fixed leases of 9 or 12 years. The portfolio provides a total of 60,411 m2 of space and generates an annual rental income of EUR 7.86 mln, reflecting an initial net yield of 6.18%.
Cofinimmo is taking a 97.65% share in the French company set up to hold the portfolio. Foncière Atland will buy the remaining stake and will be in charge of the asset and property management for the entire portfolio. The invested capital will amount to EUR 49 mln.
The two partners have also agreed to carry out renovation and upgrading work at more than two third of the sites by 2017. The investment will come to a total of EUR 79 mln
In Belgium, Cofinimmo has sold a business park composed of four office buildings totalling 27,100 m2 and 587 parking slots, completed in 2009. The buyer is one of the centre's major tenants, Mercator Verzekeringen. The scheme, which is currently 100% rented to several tenants, fetched EUR 63 mln.
