Brussels-listed real estate company, The Cofinimmo Group, has finally completed the disposal of its Cofinimur I portfolio, which consisted of insurance agencies leased to the French group MAAF, for around €111 mln.
The transaction was announced as far back as September 2021, but the 265 asset sales is now over the line as the company disposes of non-strategic assets in order to continue the expansion and renewal of the healthcare real estate portfolio in Europe.
Confirming the transaction, the company said: ‘This major divestment operation given the geographical spread of the assets in the portfolio was completed in just over two years for approximately €111 mln. Some of these assets have been the subject of bulk sales whereas others were sold individually.’
Jean-Pierre Hanin, CEO, said: ‘We are pleased to announce the completion of this important milestone for the Cofinimur I portfolio. The proceeds from these sales helped reduce the group’s debt-to-assets ratio.’
Cofinimmo has been acquiring, developing and managing rental properties for almost 40 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy, and the UK with a value of approximately €6.3 bn.
The company has assembled a healthcare real estate portfolio of approximately €4.7 bn in Europe.