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«Cofinimmo announces today the signing of an agreement concerning the acquisition from the Korian Group of 19 nursing homes (the so-called EPHAD, Etablissements d’Hébergement pour Personnes Agées Dépendantes) and aftercare and rehabilitation clinics (SSR, Cliniques de soins de suite et de Rééducation) spread throughout France. The agreement is subject to administrative suspensive conditions.
The 19 buildings, of which 5 are currently under construction, totalise 1,700 beds and 85,400m². They are mainly located in Ile de France, Normandy and the Mediterranean region. The buildings being
recently constructed and chiefly located in urban residential areas, this portfolio is of very high quality. The 5 buildings under construction are expected to be delivered at the end of 2008-beginning 2009.
The assets are acquired by the permanent establishment of Cofinimmo SA in France for an amount of € 144.4 million, transaction costs included (that is nearly € 1,700/m²) with a, yearly indexed, gross initial
yield of 6.55%1. They are operated by the Korian Group with whom leases with a fixed duration of 12 years will be concluded for all the buildings. The tenant has the option of renewing the leases twice for a
period of 9 years each. The contracts stipulate that maintenance and repairs to the buildings are entirely borne by the tenant (triple net contracts). The Korian Group (www.groupe-korian.com), who is the most important operator of medical residences in France, already manages21 other homes acquired by Cofinimmo in this country on 20.03.2008. The acquisition will be financed by existing credit lines. On an annual basis, the impact on the net current result per ordinary share is expected to be € 0.20. After these new investments, the health and nursing home segment will represent 19.2% (€ 618.2 million) of the total consolidated portfolio of the Cofinimmo Group, of which 11.3% in France (€ 363.9 million) and 7.9% in Belgium (€ 254.3 million). This confirms the Group’s commitment in this real estate segment and its ambition to actively develop its activities on the French market. The closing of the acquisition, which is expected to be completed at the latest by the end of September 2008, will be notified by press release. The evaluation of the assets by the independent real estate expert will be completed before the closing. As announced in its press release of 15.05.2008, the required procedures for obtaining the SIIC status in France (similar to the Sicafi status in Belgium) by Cofinimmo SA are in progress. 1 Estimated double net equivalent. Cofinimmo is the foremost listed Belgian real estate company (Euronext Brussels, BEL20), specialising in rental property. Its core activity is office property. The company owns a portfolio of almost € 3 billion, representing a total area of 1,500,000m². Cofinimmo is an independent company, which manages its properties in-house. At 31.03.2008, its market capitalisation runs to € 1.6 billion» (CS della Società).
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