PRESS RELEASE
Brussels, embargo until 24.12.2020, 2:35 PM CET
Cofinimmo partners with the French Red Cross
Cofinimmo (Euronext Brussels: COFB) stepped into the capital of a property company (société civile immobilière - 'SCI') created by the French Red Cross and which owns six aftercare and rehabilitation clinics (cliniques de soins de suite et de réadaptation - 'SSR'), two of which are also active in medicine, surgery and obstetrics (médecine, chirurgie et obstétrique - 'MCO'). All the sites are leased to the French Red Cross. The value of the portfolio amounts to more than 190 million EUR. For Cofinimmo, this investment amounts to 46 million EUR, which corresponds to a stake of 39% in the capital of the company.
Jean-PierreHanin, CEO of Cofinimmo: "This partnership represents a major step forward for Cofinimmo in France. It enables the group to diversify both the type and the geographical location of its assets in the French healthcare real estate segment. In addition, we are pleased to be able to strengthen our cooperation with the French Red Cross, with which we have been working since 2018."
1
PRESS RELEASE
Brussels, embargo until 24.12.2020, 2:35 PM CET
1. The sites
Today, the property company (société civile immobilière - 'SCI') owns six high-quality sites spread throughout France. The six aftercare and rehabilitation clinics (clinqiues de soins de suite et de réadaptation - 'SSR'), two of which are also active in medicine, surgery and obstetrics (médecine, chirurgie et obstétrique - 'MCO') offer a total surface area of nearly 91,000 m² and 858 beds.
For each site, a double net1 lease has been signed with the French Red Cross for a fixed term of 12 years. The rents will be indexed and the gross rental yield is in line with current market conditions.
The 6 sites consist of about 30 buildings (annexes not included), all built or renovated between 1998 and 2019 (most of them have been built of renovated from 2010 onwards). Some annexes date from before 1998.
Name | Type of | Location | Surface area | Number | |
of the facility | asset* | (approx.) | of beds | ||
1. | Villa Richelieu | SSR | La Rochelle/Charente-Maritime | 10,000 m² | 93 |
2. | Bel Air | SSR | La Membrolle-sur-Choisille/Indre et Loire | 13,000 m² | 96 |
3. | Saint-Alban | SSR | Saint-Alban Leysse/Savoie | 10,000 m² | 92 |
4. Bois Guillaume | SSR - MCO | Bois Guillaume/Seine-Maritime | 9,000 m² | 108 | |
5. Margency | SSR | Margency/Val-d'Oise | 12,000 m² | 101 | |
6. Les Massues | SSR - MCO | Lyon/Rhône-Alpes | 37,000 m² | 368 | |
Total | 91,000 m² | 858 | |||
- SSR: Clinique de soins de suite et de réadaptation (aftercare and rehabilitation clinic) ; MCO : Médecine, chirurgie et obstétrique (medicine, surgery and obstetrics)
2. The transaction
Cofinimmo stepped into the capital of a property company created by the French Red Cross and which owns six sites. The value of the portfolio amounts to more than 190 million EUR ; the number of sites could increase over the next years.
For Cofinimmo, this represents an investment of 46 million EUR which corresponds to a stake of 39% in the capital of the company. In addition, two representatives of Cofinimmo will sit on the board of directors of the company.
3. The tenant
The French Red Cross belongs to the world's largest humanitarian movement, which brings together 97 million men and women gathered around the same ideal of fraternity and solidarity in 191 countries. An association under the law of 1901, recognised as a public utility in 1945, the French Red Cross bases its action in the field of emergency, relief operations and social action on the commitment of its 65,500 volunteers working in over 1,164 delegations and local units covering the whole of metropolitan France and overseas territories. The association is also a major player in the social and solidarity-based economy of non-profit
1 The owner primarily bears the maintenance costs for the roof and the building structure.
2
PRESS RELEASE
Brussels, embargo until 24.12.2020, 2:35 PM CET
services. Present in the health, medical-social, social and training sectors, it manages nearly 600 facilities with 16,700 employees. The adoption, in September 2020, of its new associative project reaffirms the principles of a French Red Cross that knows how to adapt to a changing world to meet the needs of the most vulnerable. The French Red Cross acts to unconditionally protect and lift people in vulnerable situations and help them build their resilience.
For more information: | ||
Jochem Binst | Lynn Nachtergaele | Sébastien Berden |
Head of External Communication & IR | Investor Relations Officer | Chief Operating Officer |
Tel.: +32 2 373 60 32 | Tel.: +32 2 777 14 08 | Healthcare |
jbinst@cofinimmo.be | lnachtergaele@cofinimmo.be | Tel.: +32 2 373 00 00 |
About Cofinimmo:
Cofinimmo has been acquiring, developing and managing rental properties for over 35 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany, Spain and Finland, with a value of approximately
4.6 billion EUR. With attention to social developments, Cofinimmo has the mission of making high-quality care, living and working environments available to its partners-tenants, from which users benefit directly. 'Caring, Living and Working - Together in Real Estate' is the expression of this mission. Thanks to its expertise, Cofinimmo has built up a healthcare real estate portfolio of approximately 2.7 billion EUR in Europe.
As an independent company that applies the highest standards of corporate governance and sustainability, Cofinimmo offers its tenants services and manages its portfolio through a team of over 130 employees in Brussels, Paris, Breda and Frankfurt.
Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT system in Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator.
On 30.11.2020, Cofinimmo's total market capitalisation stood at approximately 3.4 billion EUR. The company applies an investment policy aimed at offering a socially responsible, long-term,low-risk investment that generates a regular, predictable and growing dividend.
www.cofinimmo.com
Follow us on:
3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Cofinimmo SA published this content on 24 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 December 2020 13:38:09 UTC