Belgium: Cofinimmo acquires properties in Spain and Netherlands

Jean-Pierre Hanin, CEO, Cofinimmo

Healthcare focused Belgian real estate company, Cofinimmo, remains on the acquisition path with property purchases announced in Spain and the Netherlands.

In the Netherlands, it has acquired a medical office building on the healthcare campus Maasziekenhuis Pantein at Beugen for approximately €12m. The building, part of the Boxmeer healthcare campus, which also houses the Maasziekenhuis general hospital, the Boxmeer general practitioner outpost and a large car park, is already let.

A double net lease with a residual lease length of 10 years was concluded with the operator, Stichting Pantein, which has been using the building for 10 years already. Rents will be indexed annually according to local CPI. The gross rental yield amounts to approximately 6%.

In Spain, a newly built nursing and care home in Bilbao has been acquired for €9m. The nursing and care home is let to long-term operating partner, the Orpea group, one of the main operators in Spain.

The double net lease signed with Orpea has a term of 15 years. Rent is indexed according to CPI and gross rental yield is in line with current market conditions, said the company.

Neither investment is included in the new investment estimate for 2021, as published in April.

Jean-Pierre Hanin, CEO of Cofinimmo, said: “With the acquisitions, we illustrate our strategy, which consists in acquiring high-quality care buildings. Cofinimmo continues to actively participate in the expansion and renewal of the property portfolio dedicated to healthcare in Europe in general, and in Spain in particular.”