Cofinimmo invests in Rotterdam healthcare site

Belgian-listed landlord Cofinimmo has acquired a site in Rotterdam in the Netherlands comprising two healthcare assets, a geriatric rehabilitation centre built in 1966 and a nursing and care home built in 1999.

Located in Hillegersberg, a district of Rotterdam, Cofinimmo said it planned to renovate the rehabilitation centre and demolish and redevelop the nursing and care home. The site acquisition and the redevelopment plans represent an investment of €23 mln.

'This acquisition demonstrates once more our intention to pursue the diversification of our healthcare real estate portfolio in the different countries in which we operate. We are currently analysing other investment opportunities in this country,' said Jean-Pierre Hanin, CEO of Cofinimmo.

The delivery of the works, which will take place in several phases, is planned for end-2020. The new buildings will offer 27 rehabilitation units, 60 geriatric rehabilitation units and 48 long-term care units, spread over an above-ground surface area of approx. 11,000 m2. The assets will be managed by Fundis, with which Cofinimmo has signed a double-net, 25-year lease contract.

The gross rental yield of the transaction will stand at around 6% after the works are completed.


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