Cofinimmo acquired, through a subsidiary, the future medical office building of Bergeijk, in North Brabant, located about 20 km from Eindhoven and close to the Belgian border, for more than 5 million EUR.
Jean-Pierre Hanin, Chief Executive Officer of Cofinimmo: “With this transaction we make full use of our expertise and know-how in organising reconversions for the benefit of the community. It illustrates once again our strategy, which consist in acquiring high-end care buildings.”
The acquired building is a former bank office with an above-ground surface area of approximately 3,200 m², built in 2001. It is located in the heart of Bergeijk, one of the’ Greenest municipalities in Europe’.
Soon, the building will be reconverted into a medical office building. The renovation will include, among others, the renewal of the building’s technical facilities and the refurbishment of the consultation rooms for the various health care providers. The building will obtain a level A energy label.
Maron Healthcare, redeveloper and seller of the building and also partner of Cofinimmo since 2016, will carry out the works. Cofinimmo will provide the financing for a total amount of more than 2 million EUR within the framework of a ‘turn-key’ agreement. The works will start in the last quarter of 2019 and should be delivered in the second quarter of 2020.
Cofinimmo, through its subsidiary Superstone NV, acquired the building, which is currently already 80% pre-let to different health care providers. The double net lease contracts have an average residual lease term of 15 years and will be indexed annually, based on the Dutch consumer price index. The gross initial yield amounts to approximately 6%.
The medical office building will house six general practitioners, a pharmacy, a physio- and podotherapy practice, a home care and consultation office, a dentist, a psychology practice, etc.
Source : Company