diff --git a/AIG/AIG_100Pages/needles.csv b/AIG/AIG_100Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..31a05a3440fa1d8f06932871df280b8a58f1795b --- /dev/null +++ b/AIG/AIG_100Pages/needles.csv @@ -0,0 +1,25 @@ +The secret currency is a "euro". +The secret object #3 is a "spoon". +The secret office supply is a "pencil". +The secret sport is "basketball". +The secret landmark is the "Eiffel Tower". +The secret flower is a "rose". +The secret object #5 is a "comb". +The secret shape is a "circle". +The secret drink is "coffee". +The secret fruit is an "apple". +The secret object #1 is a "book". +The secret animal #3 is a "dolphin". +The secret kitchen appliance is a "blender". +The secret instrument is a "guitar". +The secret object #2 is a "lamp". +The secret object #4 is an "umbrella". +The secret food is a "pizza". +The secret transportation is a "car". +The secret animal #4 is a "snake". +The secret tool is a "hammer". +The secret clothing is a "t-shirt". +The secret animal #2 is a "zebra". +The secret animal #5 is a "pig". +The secret animal #1 is a "dog". +The secret vegetable is a "carrot". diff --git a/AIG/AIG_100Pages/needles_info.csv b/AIG/AIG_100Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..60dc1d6cd6d1506771f1f37ed27b366800bd0bc0 --- /dev/null +++ b/AIG/AIG_100Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret currency is a "euro".,2,8,black,white,0.052,0.023,helvetica,93 +The secret object #3 is a "spoon".,7,11,green,white,0.997,0.048,helvetica-bold,89 +The secret office supply is a "pencil".,11,9,orange,black,0.882,0.943,times-bold,130 +The secret sport is "basketball".,13,7,purple,white,0.85,0.774,courier,90 +The secret landmark is the "Eiffel Tower".,20,11,white,black,0.951,0.716,helvetica-boldoblique,94 +The secret flower is a "rose".,21,10,blue,white,0.708,0.296,courier-bold,81 +The secret object #5 is a "comb".,26,8,gray,white,0.785,0.395,times-italic,72 +The secret shape is a "circle".,30,9,red,white,0.902,0.883,times-bolditalic,84 +The secret drink is "coffee".,35,9,yellow,black,0.254,0.721,courier-oblique,104 +The secret fruit is an "apple".,40,11,brown,white,0.905,0.522,times-roman,78 +The secret object #1 is a "book".,42,12,white,black,0.642,0.102,courier-oblique,100 +The secret animal #3 is a "dolphin".,46,10,black,white,0.165,0.606,helvetica-bold,142 +The secret kitchen appliance is a "blender".,49,12,purple,white,0.099,0.623,times-bold,139 +The secret instrument is a "guitar".,54,10,yellow,black,0.584,0.466,courier-bold,74 +The secret object #2 is a "lamp".,59,11,brown,white,0.697,0.103,times-bolditalic,83 +The secret object #4 is an "umbrella".,61,9,gray,white,0.192,0.686,times-italic,129 +The secret food is a "pizza".,68,11,green,white,0.351,0.848,courier,111 +The secret transportation is a "car".,69,9,red,white,0.867,0.28,helvetica,102 +The secret animal #4 is a "snake".,76,13,orange,black,0.584,0.199,times-roman,128 +The secret tool is a "hammer".,80,8,blue,white,0.172,0.239,helvetica-boldoblique,97 +The secret clothing is a "t-shirt".,81,10,brown,white,0.434,0.96,times-roman,83 +The secret animal #2 is a "zebra".,87,12,yellow,black,0.84,0.673,courier-bold,116 +The secret animal #5 is a "pig".,92,12,white,black,0.391,0.826,times-italic,97 +The secret animal #1 is a "dog".,94,10,gray,white,0.55,0.342,times-bold,127 +The secret vegetable is a "carrot".,99,9,blue,white,0.63,0.651,helvetica-boldoblique,97 diff --git a/AIG/AIG_100Pages/prompt_questions.txt b/AIG/AIG_100Pages/prompt_questions.txt new file mode 100644 index 0000000000000000000000000000000000000000..a5655c91889b9215bfb65bad0e6f780bdde38be8 --- /dev/null +++ b/AIG/AIG_100Pages/prompt_questions.txt @@ -0,0 +1,25 @@ +What is the secret currency in the document? +What is the secret object #3 in the document? +What is the secret office supply in the document? +What is the secret sport in the document? +What is the secret landmark in the document? +What is the secret flower in the document? +What is the secret object #5 in the document? +What is the secret shape in the document? +What is the secret drink in the document? +What is the secret fruit in the document? +What is the secret object #1 in the document? +What is the secret animal #3 in the document? +What is the secret kitchen appliance in the document? +What is the secret instrument in the document? +What is the secret object #2 in the document? +What is the secret object #4 in the document? +What is the secret food in the document? +What is the secret transportation in the document? +What is the secret animal #4 in the document? +What is the secret tool in the document? +What is the secret clothing in the document? +What is the secret animal #2 in the document? +What is the secret animal #5 in the document? +What is the secret animal #1 in the document? +What is the secret vegetable in the document? diff --git a/AIG/AIG_50Pages/needles.csv b/AIG/AIG_50Pages/needles.csv new file mode 100644 index 0000000000000000000000000000000000000000..31a05a3440fa1d8f06932871df280b8a58f1795b --- /dev/null +++ b/AIG/AIG_50Pages/needles.csv @@ -0,0 +1,25 @@ +The secret currency is a "euro". +The secret object #3 is a "spoon". +The secret office supply is a "pencil". +The secret sport is "basketball". +The secret landmark is the "Eiffel Tower". +The secret flower is a "rose". +The secret object #5 is a "comb". +The secret shape is a "circle". +The secret drink is "coffee". +The secret fruit is an "apple". +The secret object #1 is a "book". +The secret animal #3 is a "dolphin". +The secret kitchen appliance is a "blender". +The secret instrument is a "guitar". +The secret object #2 is a "lamp". +The secret object #4 is an "umbrella". +The secret food is a "pizza". +The secret transportation is a "car". +The secret animal #4 is a "snake". +The secret tool is a "hammer". +The secret clothing is a "t-shirt". +The secret animal #2 is a "zebra". +The secret animal #5 is a "pig". +The secret animal #1 is a "dog". +The secret vegetable is a "carrot". diff --git a/AIG/AIG_50Pages/needles_info.csv b/AIG/AIG_50Pages/needles_info.csv new file mode 100644 index 0000000000000000000000000000000000000000..0fe2dc221312bc51c52a81e6ecb2e8657dbe4ca6 --- /dev/null +++ b/AIG/AIG_50Pages/needles_info.csv @@ -0,0 +1,25 @@ +The secret currency is a "euro".,2,11,orange,black,0.317,0.002,helvetica,61 +The secret object #3 is a "spoon".,3,8,brown,white,0.837,0.388,helvetica-bold,85 +The secret office supply is a "pencil".,6,11,red,white,0.864,0.565,courier,96 +The secret sport is "basketball".,8,14,white,black,0.618,0.644,times-bold,93 +The secret landmark is the "Eiffel Tower".,10,9,blue,white,0.042,0.403,times-roman,107 +The secret flower is a "rose".,12,12,black,white,0.685,0.909,courier-bold,74 +The secret object #5 is a "comb".,13,10,purple,white,0.27,0.349,times-bolditalic,136 +The secret shape is a "circle".,15,12,gray,white,0.84,0.184,helvetica-boldoblique,104 +The secret drink is "coffee".,18,12,yellow,black,0.318,0.001,times-italic,118 +The secret fruit is an "apple".,19,12,green,white,0.293,0.101,courier-oblique,103 +The secret object #1 is a "book".,22,9,yellow,black,0.464,0.158,courier-oblique,93 +The secret animal #3 is a "dolphin".,24,7,orange,black,0.467,0.762,courier,105 +The secret kitchen appliance is a "blender".,26,10,white,black,0.679,0.866,courier-bold,104 +The secret instrument is a "guitar".,27,12,green,white,0.762,0.646,times-italic,106 +The secret object #2 is a "lamp".,30,10,red,white,0.024,0.32,helvetica,76 +The secret object #4 is an "umbrella".,31,10,blue,white,0.542,0.131,times-bolditalic,80 +The secret food is a "pizza".,34,10,gray,white,0.541,0.72,helvetica-bold,74 +The secret transportation is a "car".,35,10,black,white,0.1,0.247,helvetica-boldoblique,117 +The secret animal #4 is a "snake".,38,12,brown,white,0.538,0.493,times-bold,123 +The secret tool is a "hammer".,39,9,purple,white,0.483,0.414,times-roman,93 +The secret clothing is a "t-shirt".,42,12,gray,white,0.379,0.716,helvetica-bold,112 +The secret animal #2 is a "zebra".,43,12,white,black,0.409,0.536,courier-bold,104 +The secret animal #5 is a "pig".,45,7,brown,white,0.34,0.988,times-bold,75 +The secret animal #1 is a "dog".,47,11,red,white,0.273,0.619,courier,133 +The secret vegetable is a "carrot".,49,13,yellow,black,0.837,0.207,times-roman,114 diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_1.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..1f8bf8bfb8e55b4509ee825c58b2105be8ff3bef --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_1.txt @@ -0,0 +1,39 @@ +History +1983 +Company established end December +(capital : 6 million EUR) +1994 +Listed on the Brussels stock exchange, +now called Euronext Brussels +2005 +• First healthcare real estate investments +in Belgium +• First public-private partnership : the +Antwerp Courthouse +2011 +• Launched partnership +with MAAF for a portfolio of +283 insurance agencies +in France (Cofinimur I) +• Issued first convertible bonds +2007 +Launched partnership with AB InBev +Group for a portfolio of 1,068 pubs +and restaurants located in Belgium +and the Netherlands (Pubstone) +2012 +• First healthcare real +estate investments in the +Netherlands +• Adopted FBI status (Dutch REIT +regime) in the Netherlands +2008 +• First healthcare real estate +investments in France +• Adopted SIIC status (French REIT +regime) +• First ISO 14001 certification +1996 +Adopted Belgian SICAFI +status +The secret shape is a "heart". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_10.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_10.txt new file mode 100644 index 0000000000000000000000000000000000000000..0c902fde0b97390fcfdd1515ac49b923f5b3147d --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_10.txt @@ -0,0 +1,116 @@ +real estate companies (Belgian law of 12.05.2014 and royal decree +of 12.07.2014). +The most relevant elements for risk factors are the debt-to-assets +ratio (limited to 65 % by regulations and 60 % by credit agree - +ments) and the assessment of concentration (see F.1.3.1 above). +Potential effects : +1. Penalties imposed by the regulator in the event of non-compli - +ance with legal obligations or the corresponding parameters +or ratios. +2. Loss of confidence from the group’s credit providers, or even +the arising of early repayment obligations for some or all loans. +Almost all of the debt instruments (representing 3.7 billion EUR +as at 31.12.2023) are indeed subject to acceleration or cross-de - +fault clauses. +F.2.3 Change in the group’s public financial rating +Cofinimmo group has a public financial rating determined by +an independent rating agency. This rating may be adjusted +at any time. Standard & Poor’s gave Cofinimmo a BBB rating +between May 2012 and May 2013. The rating was then reduced +to BBB- between May 2013 and May 2015. Since 2015, Cofinimmo +benefits from a BBB rating for its long-term debt (stable out - +look) and A-2 for its short-term debt (confirmed on 21.03.2023, +commented in the S&P bulletin on 03.05.2023 and updated on +09.10.2023). +Potential effects : +1. A rating downgrade would have a direct effect on the group’s +financing cost, and therefore on net result - group share, and +on net assets per share*. +2. A rating downgrade could also have an indirect effect on credit +providers’ willingness to lend to Cofinimmo, on its financing +cost, or on its ability to finance its growth and activities. +F.2.4 Risks arising in the event of a change of control +Most of the loan agreements (syndicated loan, bilateral loans, +bonds, etc.) concluded by Cofinimmo group include a so-called +‘change of control’ clause. This ensures that in the event of a +change of control of Cofinimmo SA/NV (or more precisely in +the event of the acquisition of control of Cofinimmo SA/NV, of +which only one shareholder currently exceeds the 5 % transpar - +ency notification threshold), lenders have the option to cancel +the loans granted and require early repayment. As Cofinimmo’s +shareholder base is widely dispersed, a change of control is a +real possibility. Belgium, and the REITs in particular, have seen +two recent examples : the acquisition of control of 100 % of the +shares and delisting of Befimmo on 06.01.2023 and the condi - +tional voluntary public tender offer on all outstanding shares of +Intervest Offices & Warehouses since 17.10.2023. +Potential effects : +1. Early repayment of loans, to be financed by significant asset +disposals, shareholder’s equity contributions in cash, or new +financing. +F.3 Legal and regulatory risks +F.3.1 RREC, FIIS, SIIC and SOCIMI regimes +Cofinimmo and some of its subsidiaries have the particular tax +status in Belgium and in France of regulated real estate company +(‘RREC’, qualified as public in the case of Cofinimmo SA/NV, and +institutional in the case of certain subsidiaries), specialised real +estate investment funds (‘FIIS’), of listed real estate investment +company (‘SIIC’), and of sociedades cotizadas de inversion en +el mercado inmobiliario (‘SOCIMI’). These statuses are reflected +in tax transparency for their activities in Belgium, France and +Spain. They are granted subject to the fulfilment of a series of +conditions determined by the Belgian Law of 12.05.2014 (‘RREC law’) +and the royal decree of 12.07.2014 (‘RREC royal decree’), together +comprising the ‘RREC legislation’, the royal decree of 09.11.2016 +on specialised real estate investment funds and the French and +Spanish legislations. There is therefore a risk of non-compliance +of the group’s activities with these regulatory requirements. In +addition, legislation may be subject to change by the legislator +(see section ‘Standing document’ on page 374). +Furthermore, when a Belgian company under common law is +absorbed by a SIR, or obtains the status of SIRI or FIIS, it is liable +for an exit tax on its unrealised capital gains and tax-exempt +reserves, at a rate lower than the common law tax rate. The exit +tax is calculated in accordance with the provisions of Belgian +circular Ci.RH.423/567.729 of 23.12.2004, the interpretation or prac - +tical application of which may be modified at any time. The real +value of a property as referred to in the circular is calculated +after deduction of real estate transfer tax or VAT. This real value +differs from (and may therefore be lower than) the fair value of +the property as provided in the IFRS balance sheet of Cofinimmo. +Potential effects : +1. In the event of non-compliance, the sanctions may go as far +as the loss of the status in question, including losing the tax +transparency benefit. This would cause a significant reduction +in net result - group share, and net assets per share*, as well +as an obligation to repay a large number of loans early. +2. A decrease in net result - group share, and net assets per +share*, in the event of an unfavourable legislative change. +3. An increase in the revenue base on which the exit tax is cal - +culated, decreasing net result – group share, and net assets +per share*. +F.3.2 Changes to social security schemes +In healthcare real estate (accounting for 74 % of contractual +rents and 75 % of investments properties), the income of tenants/ +operators is often derived from subsidies provided by the local +social security scheme, at least partially, whether directly or +indirectly. These schemes depend on national, regional or local +authorities, and are subject to reform from time to time. +Potential effects : +1. A reduction in the healthcare real estate tenants’/operators’ +solvency in the geographical area affected by any unfavour - +able reform, with an adverse impact on their ability to honour +commitments to Cofinimmo (see F.1.1.2 above). +2. A decrease in the fair value of part of the investment properties +and net assets per share* (see F.1.2.1 above). +F.3.3 FBI regime +Cofinimmo benefits (through its subsidiary Superstone) from +the ‘Fiscale Beleggingsinstelling’ (‘FBI’) status in the Netherlands, +as reflected in the tax transparency for its activities. This status +is granted subject to meeting a series of conditions deter - +mined by Dutch legislation. In early 2020, the Dutch tax author - +ities informed Cofinimmo SA/NV it would have to undergo a +shareholding test to ensure it meets the requirements for being +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +8 +The secret vegetable is "cauliflower". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_2.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..9b787d324db6c7fba9ec9e8339f5c06f3ad1c3d8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_2.txt @@ -0,0 +1,55 @@ +History +2019 +• Launched the 30³ project, aimed at +reducing the portfolio’s energy intensity +by 30 % by 2030 from 2017 levels, based +on SBTi (Science Based Targets initiative) + • Continued to accelerate investments +in healthcare real estate (almost +500 million EUR) +• First healthcare real estate investments +in Spain +• Accelerated rebalancing of the office +portfolio to the Brussels’ Central Business +District +• Over 56 % of the consolidated portfolio +invested in healthcare real estate +2020 +• First healthcare real estate investments +in Finland +• Capital increases in the amount of +nearly 143 million EUR +• Issued a first 500 million EUR benchmark +sustainable bond +• More than 700 million EUR invested, +including nearly 600 million EUR in +healthcare real estate in Europe +• 59 % of the consolidated portfolio +invested in healthcare real estate +2014 +• First healthcare real estate investments +in Germany +• Adopted RREC status in Belgium +• First sustainability report based on the +GRI index +2015 +• Capital increase with preference rights +in the amount of 285 million EUR +• Continued investing in healthcare real +estate in the Netherlands and Germany +2016 +• Continued investing in healthcare real estate +in the Netherlands and Germany +• Opened first Flex Corner® and The Lounge® +sites +• Issued green & social bonds +2018 +• Capital increase with irrevocable +allocation rights in the amount +of 155 million EUR +• Accelerated investments in +healthcare real estate +(300 million EUR) +• Initiated the rebalancing of the +office portfolio +The secret flower is a "daisy". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_3.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..8e659de2074372901f2060ac35038ad5e0666d19 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_3.txt @@ -0,0 +1,49 @@ +2022 +• Almost 550 million EUR invested in +healthcare real estate in Europe +• 70 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 114 million EUR +• Further disposal of part of the +Cofinimur I portfolio (property of +distribution newtorks) for more than +50 million EUR +• 76 million EUR divested in office +buildings +2021 +• Almost 1 billion EUR invested in healthcare +real estate in Europe +• First healthcare real estate investments +in Ireland, Italy and the United Kingdom +• 67 % of the consolidated portfolio +invested in healthcare real estate +• Contribution of the office portfolio into +a subsidiary +• Capital increases in the amount of nearly +565 million EUR +• Partially disposed of the Cofinimur I +portfolio (property of distribution +networks) for more than 40 million EUR +2023 +• Inclusion in the new Euronext BEL ESG +index and the Financial Times 500 +Europe’s Climate Leaders list +• Achievement of the zero net investment +target set at the beginning of the +year (with a neutral impact on the +debt-to-assets ratio) +• 75 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 247 million EUR +• Completion of the disposal of the + Cofinimur I portfolio (property +of distribution networks) for a +total amount of approximately +111 million EUR +• 40th anniversary of the group +on 29.12.2023 +1 + I  HISTORY  I +The secret fruit is a "lemon". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_4.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..7a18fc5e012224e6f76fa87091c3a038a1d8f025 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_4.txt @@ -0,0 +1,32 @@ + X Nursing and care home – Raisio (FI) +About +Cofinimmo +The pandemic that the world has been +experiencing in recent years has highlighted the +importance of the healthcare sector for each and +every one of us. Through its investments, +Cofinimmo is actively participating in the +operation, maintenance, expansion and renewal +of the healthcare property portfolio in Europe. +Cofinimmo has been acquiring, developing and managing rental properties for 40 years. +The company has a portfolio spread across Belgium, France, the Netherlands, Germany, +Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately +6.2 billion EUR. Responding to societal changes, Cofinimmo’s mission is to provide +high-quality care, living, and working spaces to partner-tenants that directly benefit +their occupants. +‘Caring, Living and Working - Together in Real Estate’ is the expression of this mission. +Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio +of approximately 4.7 billion EUR in Europe. +As an independent company applying the highest standards of corporate governance +and sustainability, Cofinimmo offers tenant services and manages its portfolio through +a team of approximately 155 employees in Brussels, Paris, Breda, Frankfurt and Madrid. +Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT status in +Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised +by the Financial Services and Markets Authority (FSMA), the Belgian regulator. +Fair value of the porfolio on 31.12.2023 +6.2 billion EUR +Cofinimmo is active in +9 countries +2 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret instrument is a "violin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_5.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..49c0faa68b1a4d0f3f1c1fe8489b899519734f21 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_5.txt @@ -0,0 +1,23 @@ +Belgium +France +The Netherlands +Germany +Spain +Finland +Ireland +Italy +United Kingdom +* For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the +guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APM are recommended by the European +Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a +better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*). +The performance indicators that are defined by IFRS rules or by law are not considered as APM. Neither are indicators that are not based on +income statement or balance sheet items. APM are defined, commented on and reconciled with the most relevant item, total or subtotal in +the financial statements for this purpose in Note 48 to the consolidated financial statements included in this universal registration document. +The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies. +7.07 EUR/share +Net result of core activities - group part - +per share* (or EPRA Result*) +3 + I  ABOUT COFINIMMO  I +The secret food is "chocolate". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_6.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_6.txt new file mode 100644 index 0000000000000000000000000000000000000000..d4bead477a98353d55830bf3e9f2cd946f289a94 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_6.txt @@ -0,0 +1,54 @@ +Risk factors +Structure of risk factors +F.1 Risks associated with Cofinimmo’s activities +and sectors of activity + F.1.1 Economic context + F.1.1.1 Global context + F.1.1.2 Leasing market conditions in the group’s +operating segments + F.1.1.3 Investment market conditions in the group’s +operating segments + F.1.1.4 Interest rate volatility + F.1.1.5 Situation of some healthcare operators + F.1.2 Property portfolio + F.1.2.1 Negative change in the fair value of property + F.1.2.2 Investments subject to conditions + F.1.3 Customers + F.1.3.1 Concentration risk + F.1.3.2 Vacancy rate +F.2 Risks relating to Cofinimmo’s financial +position + F.2.1 Liquidity risk + F.2.2 Contractual obligations and legal parameters + F.2.3 Change in the group’s public financial rating + F.2.4 Risks arising in the event of a change of control +F.3 Legal and regulatory risks + F.3.1 RREC, FIIS, SIIC and SOCIMI regimes + F.3.2 Changes in social security schemes + F.3.3 FBI regime + F.3.4 Preventive double taxation agreement between +Belgium and France +F.4 Risks relating to internal control +F.5 Environmental, social and governance risks + F.5.1 Building sustainability + F.5.2 ESG and sustainability transparency +Following the 21.07.2019 entry into force of the European Parliament and +Council’s Regulation (EU) 2017/1129 of 14.06.2017, known as the ‘Prospectus’ +Regulation, in particular its provisions for the presentation of risk factors, this +section includes only the specific and most significant risk factors faced +by the Cofinimmo group. The inclusion of each risk factor is based on +the probability of its occurrence and the estimated impact on the group. +Relevant risk factors are grouped into categories (numbered F.1 through +F.5) and sub-categories (numbered F.1.1.1 through F.5.2), they are ranked +according to their nature, the most significant risks being listed first within +each category. The numbering of the risk factors makes it easier to refer +from one factor to another and identify possible interdependencies. +The quantified impacts of the various risk factors can be interpreted +in light of the group’s 2023 financial results : it is recalled that the group +generated a net result - group share of -55 million EUR and a net result +from core activities - group share* of 241 million EUR. The group had net +assets of 3,623 million EUR (i.e. 98.61 EUR per share), a 43.8 % debt-to- +assets ratio, and contractual rents of 355 million EUR as at 31.12.2023. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +4 +The secret kitchen appliance is a "microwave". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_7.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_7.txt new file mode 100644 index 0000000000000000000000000000000000000000..87a5da7253319e68901b67032eabedc329d43ae5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_7.txt @@ -0,0 +1,118 @@ +F.1. Risks associated with Cofinimmo’s activities +and sectors of activity +F.1.1 Economic context +F.1.1.1 Global context +Cofinimmo’s activities are conducted in a global context +which has undergone multiple upheavals in recent years : fol - +lowing the outbreak of the COVID-19 coronavirus pandemic early +2020, inflation started to rise in Europe in the second half-year of +2021 to reach high levels in 2022 (to slow down in 2023), which led +to a general increase in nominal interest rates (on the wane since +Q4 2023), and war broke out again on the European continent +in 2022, followed by the conflict in Israel and Gaza in Q4 2023. +In this respect, the situation in Ukraine and the consequences +deriving from the sanctions taken towards Russia, as well as the +situation in Israel and Gaza, have no direct impact on the group’s +activity nor its financial result, since the group is not active in +these geographical areas (it should be noted that Finland, which +shares a border with Russia, represents 2.5 % of the group’s invest- +ment properties). The independent real estate valuers’ report +mentions an explanatory note on the situation in Ukraine, in +Israel and Gaza, and/or the current high volatility of markets. +The indirect impact of the situation in these geographical areas +can be assessed through the following risk factors : +• high inflation and increasing energy prices : risk factors ‘F.1.1.2 +Leasing market conditions in the group’s operating segments’, +‘F.1.3.2 Vacancy rate’ ; +• delays or budget overruns in the implementation of devel - +opment projects : risk factor ‘F.1.2.2 Investments subject to +conditions’ ; +• increasing interest rates : risk factors ‘F.1.1.3 Investment market +conditions in the group’s operating segments’, ‘F.1.1.4 Interest +rate volatility’, ‘F.1.2.1 Negative change in the fair value of pro- +perty’, ‘F.2.1 Liquidity risk’, ‘F.2.2 Contractual obligations and legal +parameters’, ‘F.2.3 Change in the group’s public financial rating’. +In addition, although COVID-19 is no longer a global health +emergency, the virus is still circulating. As a reminder, from the +beginning of 2020, Cofinimmo has implemented several meas - +ures to ensure continuity, while prioritising the health of all its +stakeholders. +The group’s operational teams remained in close contact with +tenants to ensure the continuity of services and help them get +through this difficult period, followed by a period of high inflation. +Cofinimmo reviews the financial and operational situation of +its counterparties on a case-by-case basis to find a balanced +solution where appropriate. In this context, Cofinimmo recognised +writedowns of 2.0 million EUR on trade receivables in 2020, with no +equivalent in 2021, of 1.4 million in 2022 and 0.3 million EUR in 2023. +In addition to the information included in this document, note +that : +• in the office segment, surface areas leased directly to mer - +chants (retailers, restaurants, etc.) represent less than 0.2 % of +the group’s contractual rents ; +• in the healthcare real estate segment, sport & wellness centres +account for less than 3 % of the group’s contractual rents. These +centres, located in Belgium and Germany, have been closed +intermittently to the public as from March 2020 and have only +been fully reopened in June 2021. Nevertheless, the current +situation calls for caution ; +• in the property of distribution networks segment, the Pub - +stone portfolios of pubs and restaurants in Belgium and the +Netherlands represent less than 10 % of the group’s contrac - +tual rents. Although Cofinimmo’s counterparty is the A- rated +AB InBev group (S&P rating on 16.02.2024), the world’s leading +brewer, it is not excluded that a decrease in the fair value will +be recognised in the 2024 financial year, based on the evolution +of market parameters or due to the evolution of contamination +caused by COVID-19 and the measures that could be taken +by the authorities to mitigate it (such as a new mandatory +shut-down of the hospitality sector). +F.1.1.2 Leasing market in the group’s operating segments +The leasing market in the group’s two main operating segments +(healthcare real estate in Europe, office property in Belgium, +primarily Brussels) could experience a fall in demand, over-sup - +ply, or the weakening of the financial position of its tenants. The +effects of high inflation in Europe can be assessed (see also +F.1.3.2) in terms of the weakening financial situation of tenants, +as inflation indexed rents (or expenses, mainly energy related) +may become unaffordable for some tenants. +Potential effects : +1. A decrease in net income resulting from an increase in the +vacancy rate and associated costs. At 31.12.2022, a 1 % increase +in the vacancy rate would have had an impact of around +-2.5 million EUR on the net result - group share. For offices, the +impact would have been -0.8 million EUR. +2. Weakening of tenants’ solvency and an increase in doubt - +ful accounts reducing the collection of rent and/or expenses +charged to the tenants by the owners. At 31.12.2023, trade receiv - +ables amount to 45 million EUR (see Note 28 of the consolidated +accounts). In the course of the 2023 financial year, writedowns +in the amount of 0.3 million EUR have been recognised, down +compared to 2022, when it amounted to 1.4 million EUR. An +increase in writedowns of 1 million EUR would have represented +a decrease in the net result – group share of 1 million EUR. +3. A decrease in the fair value of investment properties +(see F.1.2.1. below). +F.1.1.3 Investment market conditions in the group’s operating +segments +The investment market in the group’s two main operating seg - +ments (healthcare real estate in Europe, offices in Belgium, +primarily Brussels) currently see a fall in activity (decrease in +the number of transactions, mainly due to the expectation gap +between selling and buying real estate investors). This can lead +to a reduction in the market price observed by independent +real estate valuers for properties comparable to those held by +the group, which would be reflected in the fair value of the group’s +investment properties. +Potential effects : +1. A decrease in the fair value of investment properties (see +F.1.2.1 below). +F.1.1.4 Interest rate volatility +Short-term and/or long-term benchmark interest rates may +be subject to significant fluctuations in international finan - +cial markets, particularly in the context of rising inflation. As at +31.12.2023, half of the 2.7 billion EUR financial debt was concluded +at a fixed rate and half at a floating rate. The floating-rate debt +5 +SECTION 1  I  RISK FACTORS  I +The secret sport is "surfing". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_8.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_8.txt new file mode 100644 index 0000000000000000000000000000000000000000..4129f4c3926ab637b9115e75d06ec3f487f140a4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_8.txt @@ -0,0 +1,117 @@ +is subject to hedging. Considering these hedges and the fixed- +rate debt, the interest rate risk was fully hedged at the end of +the financial year (situation as at 31.12.2023). However, as the +financial debt fluctuates on a daily basis, while the fixed rate +debt and hedges are determined by the financing and hedging +contracts in place at 31.12.2023, the group remains sensitive to +changes in market interest rates on the unhedged portion of the +variable rate financial debt. In addition, property investments are +generally (very) long-term investments and the group therefore +needs to periodically refinance its financial debt (taking into +account the group’s target debt-to-assets ratio), which has a +shorter maturity than the investments, and/or to enter into new +hedging transactions (also with a shorter maturity). Thus, as +at 31.12.2023, the anticipated market interest rate risk was fully +hedged as part of the long-term interest rate hedging policy. +The hedging at each year-end will gradually decrease to nearly +80 % (or more) at the end of 2027 based on the outlook of the +debt assumptions (coverage ratio of 100 % at the end of 2024, +94 % at the end of 2025, 91 % at the end of 2026 and 83 % at the +end of 2027). The unhedged part of the financial debt (which +fluctuates on a daily basis) means that Cofinimmo remains +exposed to fluctuations in short-term market interest rates. It +should also be noted that the forecast debt may differ from +the actual debt, which could result in additional exposure to +fluctuations in market interest rates. +Potential effects : +1. An increase in financial charges in the event of an increase in +interest rates, on the debt portion that has been concluded at +a floating rate and that would not be hedged, and therefore a +decrease in net assets per share*. In 2024, assuming that the +debt structure and level remain identical to those at 31.12.2023, +and disregarding the hedging instruments put in place, an +increase in interest rates of 50 basis points would result in an +26 basis points increase in the financing cost, a decrease in +the net result - group share of 7.3 million EUR and a decrease +in net assets per share* of 0.20 EUR. Taking into account the +hedging instruments put in place, an increase in interest rates +of 50 basis points would not have a noticeable impact. +2. A change in the fair value of financial instruments in the event +of a change in interest rates, and hence a change in the net +result - group share and in net assets per share*. In 2024, a +negative change in the fair value of financial instruments of +1 million EUR would represent a decrease in the net result - group +share of 1 million EUR and a decrease in net assets per share* +of 0.03 EUR. A positive change would have an opposite effect +of the same magnitude. +F.1.1.5 Situation of some healthcare operators +The effects of the recent situation around some healthcare +operators, mainly in France and Germany (see page 40 of this +document), can be assessed from different angles that fit into +the risk factor analysis : +• leasing market conditions in the group’s operating segments +(see F.1.1.2) : should the occupancy rate of the said operators +durably be affected and/or as a result of an increase in their +operating or financial expenses ; +• concentration risk (see F.1.3.1) : should some of the group’s cur - +rent tenants be involved in a business combination ; +• vacancy rate (see F.1.3.2) : in the event of early termination +of leases ; +• changes to social security schemes (see F.3.2) : should the legal +framework in which these operators operate change in a way +that it becomes unfavourable to their development or to the +respect of their existing commitments towards the owners of +the properties they operate ; +• lack of ESG transparency (see F.5.2) : in the event of a conta - +gion effect on the reputation of Cofinimmo and/or the other +owners of properties operated by these tenants. +As a regulated real estate company, Cofinimmo is in no way +involved in the operation of the sites leased to healthcare oper - +ators. The occupancy rate is managed by the operator of the +sites, and the rents are independent of the local occupancy rate +or the financial performance, within the framework of long-term +contracts (see pages 82 to 86 of chapter ‘Compostion of con - +solidated portfolio’ for more details on diversification in terms +of tenant and geography). +F.1.2 Property portfolio +F.1.2.1 Negative change in the fair value of property +The market value of the group’s investment properties, as +reflected by the fair value recognised in the balance sheet, +is subject to changes and depends on various factors. Some +of these factors are outside the group’s scope of action, such +as a decrease in demand and occupancy rate of the group’s +operating real estate segments, a change in interest rates in +the financial markets, or an increase in real estate transfer tax +in the group’s operating geographical areas. Other factors also +play a role in the valuation of investment properties, such as +their technical condition, commercial positioning, or the invest - +ment budgets necessary for proper functioning and marketing. +A significant negative change in the fair value of investment +properties from one period to another would represent a sig - +nificant loss in the group’s income statement, with an adverse +effect on its net assets and debt-to-assets ratio. The high level +of inflation currently observed in Europe, which led to an increase +in nominal interest rates, is likely to generate changes in the fair +value of buildings that can be positive (as a result of inflation) +or negative (as a result of nominal interest rates). +Potential effects : +1. At 31.12.2023, a 1 % change in value would have had an impact +of around 62.3 million EUR on the net result (compared to +62.0 million EUR at 31.12.2022), 1.70 EUR on the net asset value +per share* (compared to 1.89 EUR at 31.12.2022) and 0.42 % on +the debt-to-assets ratio (compared to 0.43 % at 31.12.2022). +2. If the cumulative changes in the fair value of properties (repre - +senting a cumulative unrealised gain of 188 million EUR as at +31.12.2023) were to be reduced to a cumulative unrealised loss +in value of -805 million EUR (which would mean a writedown of +993 million EUR), the group would be partially or totally unable +to pay dividends. The amount of 805 million EUR results from +the application of article 7:212 of the Belgian Code of Com - +panies and Associations (see page 329 of this document). It +includes in particular distributable share premiums (of about +619 million EUR), and is understood to be after the effect of +the distribution in 2024 of the proposed dividend for the 2023 +financial year. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +6 +The secret tool is a "ruler". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_9.txt b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_9.txt new file mode 100644 index 0000000000000000000000000000000000000000..3a52a0b02a0caf61972456bfdd03bbe86cf3eba1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_10Pages/Text_TextNeedles/Cofinimmo_10Pages_TextNeedles_page_9.txt @@ -0,0 +1,113 @@ +F.1.2.2 Investments subject to conditions +Some investments announced by the Cofinimmo group are sub - +ject to conditions, particularly for (re)construction, renovation, +extension and acquisition projects that have not yet been formally +completed. The committed investment programme represents +290 million EUR still to be made in 2024 (255 million EUR) and after +2024 (35 milion EUR), mainly in healthcare real estate (detailed +on page 44 for healthcare real estate and 77 for offices). The +main condition for each of these projects to contribute to the +result in accordance with the announcements made at the time +of their completion is that the project is completed. A project for +which construction has not yet commenced is also generally +subject to obtaining the necessary permits. +Potential effects : +1. Insofar as the return generated by these investments is already +reflected in the outlook ( see also F.4 below) and in the market +price of Cofinimmo shares, the outlook and the price are +exposed to downside risks in the event of significant delay or +non-completion of these investments. +F.1.3 Customers +F.1.3.1 Concentration risk +Concentration risk is assessed for buildings, locations, and (groups +of) tenants or operators. As at 31.12.2023, the Cofinimmo group had +a diversified customer base (nearly 300 groups of tenants or +operators), of which more than 70 in healthcare real estate. In +2023, the group’s five main (groups of) tenants or operators +generated 44.8 % of gross rental revenues. The two main (groups +of) tenants or operators accounted respectively for 15.3 % (Clari- +ane1 group) and 9.3 % (AB InBev) of these revenues. Furthermore, +the public sector generated 5.8 % of gross rental revenues. +Potential effects : +1. Significant reduction in rental income and hence net result +- group share, and net assets per share* in the event of the +departure of major tenants or operators. +2. Collateral effect on the fair value of investment properties (see +F.1.2.1 above). +3. Non-compliance with the diversification obligations provided +for by the RREC legislation, which mandates that ‘no transaction +carried out by a public RREC can have the effect that more +than 20 % of its consolidated assets are placed in real estate +assets (…) that form a single set of assets, or increase this +proportion further, if it is already higher than 20 %, irrespective +of the cause of the initial exceedance of this percentage’. +A set of assets is defined as ‘one or more buildings or assets +(...) whose investment risk is to be considered as a single risk +for the public RREC’ (article 30 of the RREC law). The fair value +of investment properties operated by entities of the Clariane +and AB InBev groups represents respectively 13.4 % and 6.5 % +of the consolidated assets. +F.1.3.2 Vacancy rate +A vacancy may arise in the event of non-renewal of expiring +rental contracts, early termination, or unforeseen events, such +as tenant/operator bankruptcies (see chapter ‘Composition of +consolidated portfolio’). Given the high occupancy rate observed +as at 31.12.2023 in the group’s operating sectors (healthcare real +1. Previously known as Korian group. +estate : 99.4 % ; offices : 93.9 % ; property of distribution networks : +99.8 % ; group : 98.5 %), the risk of future rental vacancies is nat - +urally greater than the opportunity to increase the occupancy +rate in each of these segments. The effects of the high level +of inflation in Europe can be assessed (see F.1.1.2) in terms of +vacancy rate, should inflation be such that it makes indexed +rents unaffordable for some tenants and increases vacancies. +Potential effects : +1. As at 31.12.2023, a 1 % increase in the vacancy rate at group level +would have had an impact of about 3.6 million EUR on the net +result – group share, excluding amounts normally borne by +tenants/operators and marketing costs borne by the group. +F.2 Risks related to Cofinimmo’s financial +situation +F.2.1 Liquidity risk +Cofinimmo’s investment strategy is largely based on its abil - +ity to raise funds, whether borrowed capital or shareholder’s +equity. This ability depends particularly on circumstances that +Cofinimmo does not control, such as the state of international +capital markets, banks’ ability to grant credit, market partici - +pants’ perception of the group’s solvency, market participants +perception of real estate in general and on the group’s operating +segments in particular. The group could therefore encounter +difficulties in obtaining financing necessary for growth or for +the exercise of its activities. Cofinimmo monitors liquidity risk on +an ongoing basis by keeping a close eye on the debt-to-assets +ratio, headroom on committed credit lines, interest rate hedg - +ing, the cost of debt and net result from core activities - group +share* (in absolute terms and per share), while maintaining an +ongoing dialogue with investors in the capital markets and with +its network of banking institutions. As at 31.12.2023, Cofinimmo’s +financial debt consisted mainly of bonds, commercial paper +and bank loans. This debt was fully hedged, resulting in an aver - +age cost of debt*, including bank margins, of 1.4 %. In addition, +the maturities for the years 2024 and 2025 have been limited +to approximately 13 % of total financing. The chapter ‘Financial +resources management’ of this document details the group’s +financing strategy and the manner in which it is implemented. +It also presents the group’s debt structure and a timetable of +financial commitments. +Potential effects : +1. Inability to finance acquisitions or development projects. +2. Financing at a higher cost than expected, with an impact on +net result - group share, and hence on net assets per share*. +3. Inability to meet the group’s financial commitments (oper - +ating activities, interest or dividend payments, repayment of +maturing debts, etc). +F.2.2 Contractual obligations and legal parameters +Cofinimmo group is contractually or statutorily obliged to comply +with certain obligations and certain parameters or ratios, par - +ticularly within the framework of its contracted credit agree - +ments. Non-compliance with these commitments, parameters, +or ratios entails risks for the group. The main legal obligations, +parameters, or ratios are specified in regulations on regulated +7 +SECTION 1  I  RISK FACTORS  I +The secret office supply is a "calculator". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_108.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_108.txt new file mode 100644 index 0000000000000000000000000000000000000000..db579aad34a1b1a5fbf20ddda3c1aa3e9ce92f1f --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_108.txt @@ -0,0 +1,57 @@ +Consolidated statement of financial position (balance sheet) +ASSETS (x 1,000 EUR) Q1 2023 Q2 2023 Q3 2023 Q4 2023 +I. Non-current assets 6,607,856 6,532,589 6,655,639 6,512,921 +A. Goodwill 27,337 27,337 27,337 0 +B. Intangible assets 2,292 2,266 2,219 2,128 +C. Investment properties 6,165,583 6,084,820 6,239,717 6,187,930 +D. Other tangible assets 2,079 2,039 3,474 2,111 +E. Non-current financial assets 168,729 176,525 185,443 121,649 +F. Finance lease receivables 161,101 160,449 159,681 158,936 +G. Trade receivables and other non-current assets 1,804 1,836 6,725 6,719 +H. Deferred taxes 6,735 8,319 6,314 9,822 +I. Participations in associates and joint ventures 72,196 68,998 24,732 23,626 +II. Current assets 278,406 269,255 256,295 178,500 +A. Assets held for sale 101,374 113,202 106,278 43,111 +B. Current financial assets 6,545 4,635 2,742 642 +C. Finance lease receivables 4,761 4,073 4,407 4,419 +D. Trade receivables 41,532 43,981 45,706 44,810 +E. Tax receivables and other current assets 37,309 49,121 49,301 46,170 +F. Cash and cash equivalents 50,404 20,128 20,140 19,958 +G. Accrued charges and deferred income 36,481 34,115 27,720 19,390 +TOTAL ASSETS 6,886,262 6,801,844 6,911,934 6,691,421 +SHAREHOLDERS’ EQUITY 3,685,444 3,527,836 3,631,996 3,698,985 +I. Shareholders’ equity attributable to shareholders of +the parent company 3,655,847 3,506,251 3,553,391 3,623,262 +A. Capital 1,761,872 1,794,023 1,820,923 1,970,211 +B. Share premium account 936,321 948,226 957,260 896,826 +C. Reserves 940,178 736,882 736,678 811,723 +D. Net result of the financial year 17,476 27,120 38,530 -55,497 +II. Minority interests 29,597 21,585 78,605 75,723 +LIABILITIES 3,200,818 3,274,007 3,279,938 2,992,436 +I. Non-current liabilities 1,961,807 2,022,575 1,844,624 1,891,516 +A. Provisions 25,146 23,311 23,814 26,426 +B. Non-current financial debts 1,857,310 1,921,553 1,745,232 1,791,325 +a. Banks 645,301 707,061 525,192 630,977 +b. Finance lease 0 0 0 0 +c. Other 1,212,009 1,214,492 1,220,040 1,160,348 +C. Other non-current financial liabilities 14,958 14,942 16,387 20,021 +D. Trade debts and other non-current debts 0 0 0 0 +E. Other non-current liabilities 0 0 0 0 +F. Deferred tax liabilities 64,392 62,769 59,191 53,744 +a. Exit tax 0 0 0 0 +b. Other 64,392 62,769 59,191 53,744 +II. Current liabilities 1,239,011 1,251,432 1,435,314 1,100,919 +A. Provisions 0 0 0 0 +B. Current financial debts 1,050,156 1,070,947 1,258,045 953,187 +a. Banks 106,151 110,919 111,016 111,169 +b. Finance lease 0 0 0 0 +c. Other 944,006 960,028 1,147,029 842,018 +C. Other current financial liabilities 0 0 0 0 +D. Trade debts and other current debts 158,676 154,294 150,682 128,645 +a. Exit tax 1,863 978 3,131 0 +b. Other 156,812 153,316 147,551 128,645 +E. Other current liabilities 0 0 0 0 +F. Accrued charges and deferred income 30,180 26,191 26,587 19,088 +TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 6,886,262 6,801,844 6,911,934 6,691,421 +106 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_109.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_109.txt new file mode 100644 index 0000000000000000000000000000000000000000..0b5eece3d7a7f1e999f1a8cb16cf564a345e5b06 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_109.txt @@ -0,0 +1,70 @@ +Appropriation of +statutory profits +The board of directors of the Cofinimmo group will propose to +the ordinary general meeting of shareholders of 08.05.2024 to +approve the annual accounts as at 31.12.2023, to allocate the +result as shown in the table opposite and to distribute a gross +dividend of 6.20 EUR, i.e. 4.34 EUR net per share. +The dates and payment methods of the dividends are provided +in the ‘Shareholder’s calendar’ (see page 187). +Withholding tax is 30 % (see also section ‘Portfolio mix and outlook +for withholding tax’ in the chapter ‘2024 outlook’). +As at 31.12.2023, the Cofinimmo group held 22,511 treasury shares +(22,311 at the sign-off date of the accounts, following the con - +version of 200 treasury shares in the 1 st quarter of 2024). For the +2023 financial year, the board of directors is proposing to cancel +the right to dividends of those treasury shares. +The distribution is based on the number of shares outstanding at +the closing date of the 2023 accounts. Any sale of shares held by +the group, or any new shares issued can modify the distribution. +After the distribution of 228 million EUR proposed for the 2023 +financial year, the total amount of reserves and the statutory +result of Cofinimmo SA/NV will be 188 million EUR, whereas the +amount remaining for distribution according to the rule defined in +article 7:212 of the Belgian Code of companies and associations +(formerly article 617 of the Belgian company code) will reach +805 million EUR (see chapter ‘Financial Statutory Statements’). +For 2023, the consolidated net result from core activities - group +share amounts to 241 million EUR and the consolidated net +result  -  group share* to -55 million EUR. The pay-out ratio* +amounts to 87.7 %, compared to 89.2 % in 2022. +Appropriations and deductions +(x 1,000 EUR) 2023 2022 +A. NET RESULT -51,866 481,657 +B. TRANSFER FROM/TO RESERVES 280,086 -277,587 +Transfer to the reserve of the positive balance of changes in the fair value of investment properties 0 -99,004 +Financial year 0 -99,004 +Prior years 0 0 +Transfer to the reserve of the negative balance of changes in the fair value of investment properties 181,803 0 +Financial year 181,803 0 +Prior years 0 0 +Transfer to/from the reserve of the estimated transaction costs and rights resulting from the +hypothetical disposal of investment properties (+/-) +0 0 +Transfer to the reserve of the negative balance of changes in the fair value of authorised hedging +instruments qualifying for hedge accounting (+/-) +0 0 +Financial year 0 0 +Prior years 0 0 +Transfer to the reserve of the negative balance of changes in the fair value of authorised hedging +instruments not qualifying for hedge accounting (-) +67,596 -190,735 +Financial year 67,596 -190,735 +Prior years 0 0 +Transfer to other reserves -85 -20 +Transfer from the result carried forward of previous years 30,772 12,171 +C. REMUNERATION OF THE CAPITAL -97,527 -133,536 +Distribution provided for in article 13, § 1, first paragraph of the royal decree of 13.07.2014 -97,527 -133,536 +D. REMUNERATION OF THE CAPITAL FOR FINANCIAL YEAR ­ OTHER THAN C. -130,692 -70,533 +Dividends -130,280 -70,145 +Profit-sharing scheme -412 -388 +E. RESULT TO BE CARRIED FORWARD 188,052 155,853 +6.20 EUR +Gross dividend per share proposed +for the 2023 financial year +88 % +Pay-out ratio* proposed for the +2023 financial year +107 +SECTION 4  I  MANAGEMENT REPORT  I  APPROPRIATION OF STATUTORY PROFITS  I +The secret animal #5 is a "squirrel". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_118.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_118.txt new file mode 100644 index 0000000000000000000000000000000000000000..6b4031ec080c6f90edabd7180fe40a395a21208c --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_118.txt @@ -0,0 +1,3 @@ +ESG report +116 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_119.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_119.txt new file mode 100644 index 0000000000000000000000000000000000000000..0257127364cc3d985ae4f026d8acb6a10261b706 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_119.txt @@ -0,0 +1,23 @@ +Committed for more than 15 years to a global +ESG strategy 118 +Major trends and their impact on the ESG strategy 120 +Life cycle management at the heart of the value chain 126 +Structured approach to climate risks 128 +Stakeholder dialogue as driver for transition 137 +Environment 141 +Reducing energy intensity of the portfolio 142 +Monitoring water usage 145 +Social 147 +Safety of occupants 148 +Responsible supply chain relations 149 +Diverse, trained and healthy employees 150 +I. Respect for differences and cultural diversity 150 +II. Employee training 152 +III. Employee safety and well-being 154 +Governance 155 +Profitability for investors and access to capital 156 +ESG report +Contents + X Nursing and care home Bloemenhof - Oudenburg (BE) +117 +SECTION 5  I  ESG REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_120.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_120.txt new file mode 100644 index 0000000000000000000000000000000000000000..2a6cf88f4ec01a3fb305d60296583d8145d64337 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_120.txt @@ -0,0 +1,11 @@ +Since February 2023, Cofinimmo is part of the Top SBTi 1.5° ESG Bond +Issuers and was also included in the new Euronext BEL ESG. +Cofinimmo’s 30³ project ('thirty cubed') confirms its commitment to ESG and +its alignment with the worldwide objective of limiting global warming. +Committed for +more than 15 years to +a global ESG strategy + X Jacques van Rijckevorsel, Chairman of the Board of Directors + X Jean-Pierre Hanin, Chief Executive Officer +118 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_121.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_121.txt new file mode 100644 index 0000000000000000000000000000000000000000..e6f8b83c087d704247e00f06b1fc74d34f389fe4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_121.txt @@ -0,0 +1,104 @@ +Global ESG strategy for more than 15 years +Cofinimmo, a major player in European real estate, has been +committed to a global ESG strategy for more than 15 years. It +is actively involved in the Paris Agreement launched at COP21 +and supports the accelerated climate action package agreed +at COP28. Fossil-free buildings now represent 7 % of the portfolio, +the installation of solar panels as a renewable energy source, +particularly in Finland, has increased the use of electricity from +renewable sources by 30 %, and energy efficiency has been +accelerated by the validation of the Paris-proof roadmap in +the Netherlands and the submission of the documents for the +Tertiary Decree in France. The group believes that it is possible +to aim for a carbon-neutral society by 2050 while serving the +interests of all its stakeholders. +A science-based climate action +Cofinimmo’s 30³ project on scope 1, 2 and 3 emissions related +to energy use fits perfectly with this view. The project aims +to reduce the final energy intensity of the portfolio by 30 % to +130 kWh/m²/year by 2030 and remains a priority for 2023 and +beyond. The 30³ project targets take 2017 as their baseline +and have been established using the science-based targets +methodology, through which the group can objectivise efforts to +be made to contribute to the global objective of limiting global +warming. The energy intensity of the portfolio has fallen from +190 kWh/m²/year in 2017 to 142 kWh/m²/year in 2023 (vs. 165 kWh/ +m²/year in 2021 and 158 kWh/m²/year in 2022), i.e. a total reduc - +tion of 25 % compared to 2017, well on track to achieve the 30 % +reduction target of by 2030. +In 2020, Cofinimmo joined the Belgian Alliance for Climate Action +(BACA), a platform open to Belgian organisations that want to +reduce their GHG emissions and increase their climate ambitions +using the Science-Based Targets initiative. +In order to achieve the objectives set at COP21 and those related +to the maximum 1.5-degree scenario, Cofinimmo has launched +its first in-depth and structured analysis of physical and tran - +sitional risks. This will make it possible to define the level of risk +exposure for individual assets and put in place an action plan +progressively covering the whole portfolio. More information on +Cofinimmo’s climate action is available on pages 128-136. +A sound environmental management +Since 2008, Cofinimmo has been using an environmental man - +agement system, certified ISO 14001:2015, that covers the life cycle +of its assets. This certification is renewed every three years and +ensures that the company manages the environmental aspects +of its activities, including its compliance with the applicable envi - +ronmental regulations, in a structured manner. It focuses on +relevant environmental topics in healthcare real estate, such as +sustainable water management, on which all operational teams +were trained in 2023. The external audit in 2023 revealed positive +findings such as open, collegial working culture, excellent pro - +cesses and a sense of ownership in terms of continuous learning +and self-improvement. +Responsible business practices +In order to meet the demand of transparency coming from +its stakeholders, the group has been proactive in the area of +ESG, for example by participating in benchmark assessments +and by completing questionnaires that provide primary and +objective data to stakeholders. Throughout 2023, Cofinimmo +further improved its ESG performance with the renewal of sev - +eral labels and obtained several new BREEAM certifications for +healthcare properties that cover now 9 % of the portfolio. In addi - +tion, Cofinimmo was selected to be one of the ‘Top SBTi 1.5° ESG +Bond Issuers’ and was included in the new Euronext Bel ESG Index. +Cofinimmo pays particular attention to the alignment between +its financial strategy and its ESG objectives. In 2023 the amount of +sustainable financing reached 2.5 billion EUR. As a participant in +the United Nations Global Compact it is essential for Cofinimmo to +bring its policies to life through specific trainings. Zero tolerance +of corruption is expected from all business partners. +An ongoing dialogue with stakeholders +Cofinimmo is aware of its impact on people and has defined +actions towards occupants, suppliers and employees in its ESG +strategy. In 2023, Cofinimmo decided to renew its tenant sat - +isfaction survey. It is also committed to its employees and has +been certified as a Great Place to Work®. Cofinimmo would like to +thank all of its employees for contributing to its People, Planet and +Profit management approach. Those distinctions are a fantastic +achievement that motivates the company and its staff to con - +tinue their efforts to construct a more sustainable environment. +‘We support the United Nations +Global Compact and are +committed to continuously renew +our commitment to this initiative.’ +SECTION 5  I  ESG REPORT  I  MESSAGE TO STAKEHOLDERS  I +X ESG +For Cofinimmo, the "S" in ESG also means giving back to +society. In the context of the temporary protection for +Ukrainian citizens currently in force in the Brussels-Capital +Region, Cofinimmo has decided to grant the Brussels-Capital +Region a precarious lease on the Loi/Wet 89 office building +to welcome the NGO Ukraine Voices Refugee Committee +(UV-RC) supported by UNHCR Belgium & Luxembourg and +the Service public régional de Bruxelles. +Located in the heart of the European district, in the Central +Business District (CBD), this building, together with the adja - +cent Loi/Wet 85 building, will be redeveloped to become a +new sustainability flagship in Cofinimmo's portfolio, meeting +the highest environmental standards. +UV-RC provides Ukrainian refugees with language courses, +training, seminars, employment and socio-medical assis - +tance. The precarious lease has taken effect as from +01.01.2024. +119 +The secret object #5 is a "vase". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_122.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_122.txt new file mode 100644 index 0000000000000000000000000000000000000000..3b69c0342e1b8060f3a625fbffc3da3853722075 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_122.txt @@ -0,0 +1,85 @@ +Cofinimmo’s strategy prepares for tomorrow’s world by anticipating +and responding to major societal trends. The United Nations’ +17 Sustainable Development Goals (SDGs) are one of the major +developments which Cofinimmo takes into account. +The last years have been quite challenging in Europe. There +was COVID-19 coronavirus pandemic in 2020-2022, during which +European governments collaborated to ensure a recovery plan +for all. The European economy is still facing the terrible crisis +caused by the conflict between Ukraine and Russia, which started +in February 2022. This conflict has led to a major energy crisis, +particularly due to the EU’s dependence on natural gas supplies. +In October 2023, the conflict in Israël and Gaza also escalated. +These events happened in an already overall rising inflation +environment. Today, even more than in the past, it is clear how +important it is to work towards a transition to clean energy for all +EU citizenships and even more for the European building stock +and real estate sector. Cofinimmo positions itself as a driver for +change in dealing with the challenges facing the built environ - +ment, such as climate change, sustainable water management, +ageing population, increased urbanisation, changing technol - +ogies and working practices. +First the pandemic and then the armed conflicts have highlighted +some of the requirements that have arisen from new trends in +sustainability, such as a stronger approach to clean renewable +energy and circular usage of resources. For more than 15 years, +Cofinimmo has been constructing more efficient buildings and +managing them in a more cost-effective manner so as to meet +tighter regulations on energy performance. +Convinced that science-based climate action is the most effec - +tive way to achieve its objectives, Cofinimmo confirmed its com - +mitment to ESG in 2020 by validating its target by 2030 through +the Science-Based Targets initiative (SBTi) and by joining the +Belgian Alliance for Climate Action (BACA). +According to the SBTi-criteria for target validation, Cofinimmo +falls into the SME-category ; a non-subsidiary, independent com - +pany with fewer than 500 employees. Cofinimmo’s commitments +include the company’s scope 1 and 2 emissions reduction tar - +gets, its commitment to transparent environmental reporting for +all scopes, the 1.5-degree scenario analysis that forms part of +the company’s overall strategy and net-zero commitment. The +SME-category does not allow to get validation from SBTi on scope +3 emissions reduction targets but Cofinimmo’s commitment +to ESG does not stop there as the objectives of its 30³ project +include scopes 1, 2 and 3. +In 2023, Cofinimmo continued its dialogue with stakeholders +to ensure the highest level of transparency in its activities and +objectives in terms of energy consumption reduction and resil - +ience to climate change, including the path towards carbon neu - +trality. It is demonstrated in the materiality analyses conducted +according to the Global Reporting Initiative (GRI) Sustainability +Reporting Standards and developed for the first time in 2014 (this +document and all previous reports are available on the website +www.cofinimmo.com/esg), which have been reviewed yearly. +Support of both the board of directors and the executive com - +mittee by signing off the materiality assessment is essential to +transform the company’s ESG ambitions into concrete projects. +The Head of ESG reports directly to the CEO which makes ESG +governance central to the corporate governance structure. There +are formal reviews of the ESG performance (this includes cli - +mate-related and DEI performance) to the executive committee, +chaired by the CEO. Each review is presented through a pres - +entation by the Head of ESG and documented through meeting +reports. The head of ESG reports weekly to the CEO and at least +every month to the executive committee. ESG reporting allows to +follow-up on objectives and KPI (including climate-related and +DEI KPI). One of the reviews is the official ISO 14001 management +review, following all standards described in the ISO standard +such as : status of actions from previous reviews, changes in +circumstances, extent to which objectives have been achieved, +information on performance, adequacy of resources, complaints, +opportunities for improvement. The progress of the different +objectives is assessed and eventually corrected. The quarterly +reporting to the audit committee includes the progress of partic - +ipation in different benchmarks, the ESG performance achieved +compared to objectives linked to LTI variable remuneration of +the executive committee and updates/notifications regarding +regulatory changes. +As a result of its dialogue with investors, Cofinimmo has rein - +forced its proactive approach to ESG benchmarks and ques - +tionnaires, which are primary and objective data sources for +Major trends and +their impact on the +ESG strategy +120 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_123.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_123.txt new file mode 100644 index 0000000000000000000000000000000000000000..41c92f1d375938d535fc20e8281e0295c16a0bc7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_123.txt @@ -0,0 +1,50 @@ +Business +ethics +Profitability +for investors +and access to +capital +Governance +Accessibility +for all +Diversity of +healthcare sites +and aesthetics +Safety of +occupants +Diverse, +trained and +healthy +employees +Responsible +supply chain +relations +Materiality analysis +The challenges included in the company’s materiality assess - +ment reflect the importance and impact of these trends for +both Cofinimmo and its stakeholders +Waste linked +to occupation +Impact +on green +spaces +Use of +sustainable/ +recycled +materials +ESG +Strategy +Reducing +energy +intensity of +the portfolio +Active +and clean +mobility +Environmental Social +Monitoring +water usage +Nature of the +activity +121 +SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_124.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_124.txt new file mode 100644 index 0000000000000000000000000000000000000000..bc1d740794d5c94eb84c8020788124b127b76b2e --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_124.txt @@ -0,0 +1,85 @@ +investors. For greater transparency, Cofinimmo renewed its par - +ticipation in the Carbon Disclosure Project in 2023, resulting in a +confirmed B rating in the climate change category. The responses +are publicly available and describe in detail the identified risks +and opportunities associated with climate change. +In addition to scaling up the effort to monitor and manage the +risks and impacts related to climate change, Cofinimmo is col - +laborating with MSCI in order to analyse the risk exposure of its +healthcare real estate and office portfolio taking into account +science based scenario analysis. The assets are being bench - +marked against the CRREM decarbonisation path to identify cli - +mate transition risks and avoid stranding. A high level physical +risk analysis has been executed and is being followed by a more +detailed risk analysis and vulnerability assessment for the assets +with the highest risk. This will allow Cofinimmo to also define con - +crete required action points on building resilience for its assets +and positively contribute to the mitigation of and adaptation +to climate risks. +The impact materiality assessment, shown on the infographics +on the previous page, consists of three circles, each representing +one pillar. The topics appearing in each of the circles represent +a sustainability challenge for the company. Their position in the +circle reflects their importance, which is determined not only by +the way the topic they represent is perceived by stakeholders, +but also by the impact this same factor could have in the long +term, as estimated internally by Cofinimmo. +The area delineated by the inner circle contains the six pri - +ority areas for action out of the 14 areas identified internally. +Compared to last year, the impact on construction waste has +been grouped with the use of sustainable/recycled materials. The +most significant ESG risks are described in the risk factors (see +page 9). The other topics in the materiality assessment are not +considered to be a priority and lie outside of the circle. This does +not reflect disinterest, but can be explained by the fact that the +topics are subject to strict legislation that requires companies to +address them, irrespective of the perception of their importance +within the company, or the fact that the topics have gained +maturity within the business processes. For example, Cofinimmo +is pursuing its mobility policy and strategy for active and clean +travel, but considers that the maturity of this issue allows it to +be given a lower priority than other topics. +Details of the actions carried out in 2023 and future objectives +are listed in a dashboard (see pages 354-357). The objectives +focus on the 6 material topics (reducing energy intensity of the +portfolio, monitoring water usage, safety of occupants, diverse, +trained and healthy employees, responsible supply chain rela - +tions, profitability for investors and access to capital) : +• raise awareness of the different stakeholders : tenants, sup - +pliers, investors, etc. (for example : extension of sustainable +collaboration agreement to 85 % of the healthcare real estate +segment by 2024) ; +• monitor what is measured : energy consumption and perfor - +mance, etc. (for example : increase consumption data coverage +for overall portfolio to 85 % by 2024) ; +• be ambitious, go beyond the current regulation if economically +viable (for example : refurbish 5.0 % of the portfolio between +2024 and 2028, excluding new constructions and acquisitions) ; +• communicate ESG information through a combined annual +report, externally assured and participate in surveys (EPRA sBPR, +Moody's, GRESB, CDP, MSCI, Sustainalytics). +The ESG objectives are mostly short-term (one year) and some +of them are long-term (five to seven years). +The links between Cofinimmo’s priorities and the SDGs are listed +in a cross-reference table (see pages 358-359). +Mitigating and adapting +to climate change +Climate change represents a long-term risk. The sixth assess - +ment report (AR6) of the IPCC states that keeping warming to +1.5°C above pre-industrial levels requires deep, rapid and sus - +tained greenhouse gas emissions reductions in all segments. +Even if the impact of war slightly shifted priorities for businesses, +environmental issues (including climate change) still list in +the top four concerns of around 73 % of the real estate indus - +try leaders (Source : Emerging Trends in Real Estate®, Europe +2024, PWC & Urban Land Institute). Following up on the targets +of the Paris Agreement at COP21 and the package to accel - +erate climate action achieved at COP28 in 2023, substantial +actions towards climate empowerment and climate change +resilience at global level are needed. It also confirmed that +richer nations should fund the loss and damages incurred by +developing countries. This is considered a major challenge but +also an opportunity for the real estate sector. Climate change +currently has, and will continue to have, an impact on the level +122 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_125.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_125.txt new file mode 100644 index 0000000000000000000000000000000000000000..9b6083c5385246b4add97e09d386199389c64320 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_125.txt @@ -0,0 +1,103 @@ +of capital available for investing, operating costs, and the speed +of obsolescence of real estate assets. +Cofinimmo’s rationale for adopting science-based climate action +and joining BACA is based on three fundamental messages : +• businesses need to take more ambitious climate action now ; +• only by working hand-in-hand with all stakeholders can we lead +the transition to a net zero emission economy ; +• science-based climate action is the most effective way to +achieve the targets set. +Through the 30³ project, which aims to reduce the energy intensity +of Cofinimmo’s portfolio by 30 % by 2030, the group intends to +take up this challenge on scopes 1, 2 and 3 and thus maintain +the value of its assets by complying with the Paris Agreement. +This project is the key to achieving the objectives validated by +the Science-Based Targets (SBTi) initiative. +Reducing water stress through +sustainable water management +Water is the most valuable resource on Earth, supporting the +existence of whole ecosystems, including human life and activity. +Although not limited in focus to water consumption, the effects +of climate change are demanding a re-think of strategy for +sustainable water management that focuses on all the factors +that make water such a complex and vital element for the sus - +tainability of life. +The past years have been increasingly challenging for chronic +water risks such as droughts, threatening economic systems +across Europe and in particular agricultural production. After +severe drought for most of 2022 and the first quarter of 2023, +the North-Eastern part of Europe kept suffering from drought +while there was a high wildfire risk in the Mediterranean region +according to the Global Drought Observatory (GDO) Analytical +Report of August 2023. +For many years United Nations agencies and projects such as +FAO and the UN Global Compact (CEO Water Mandate) have +promoted accurate information on water scarcity and water +stewardship in order to ensure water security in different regions +of the planet that are uniquely experiencing water distress. +The real estate sector will be challenged by the dramatic effects +of water distress, but it is part of the solution and needs to take +a proactive approach on the issue. This can be represented by +the 3 Rs applied to water management, namely Reduce, Reuse, +Recycle in order to promote water conservation. +From the risk of extreme events, such as floods or drought, real +estate can first protect the environment and its assets by col - +lecting data on water consumption and conducting analysis +on ordinary and extraordinary consumption, then act when +required. In addition to improving data metering, concrete +action involves placing buildings themselves at the centre of +the solution. From permeable pavements to bioswales to green +roofs, green infrastructure is one of the tools for safeguarding +resources such as water. +Housing an ageing population +Acceleration in population ageing has an impact on current +social models. This includes the increasing retirement age, the +organisation of healthcare delivery, etc. +The growing healthcare real estate segment has to meet the +expectations of an ever-increasing part of the population. This +means, providing healthcare buildings that are more accom - +modating of the degree of individual autonomy, combined with +suitable housing. +Property market analysts extend the ‘beds and sheds’ mantra to +‘beds, sheds and meds’ to encompass the healthcare sector and +the need for senior residences, nursing homes, hospitals, clinics +and more (Source : Emerging Trends in Real Estate®, Europe 2024, +PWC & Urban Land Institute). +But what are the population projections for the EU-27 ? During +the period from 2022 to 2100 the share of the population of work - +ing age is expected to decline, while older people will probably +account for an increasing share of the total population : those +aged 65 years or over will account for 31.3 % of the EU’s popu - +lation by 2100, compared with 21.1 % in 2022. As a result of the +population movement between age groups, the EU’s old-age +dependency ratio is projected to almost double from 33.0 % in +2022 to 57.1 % by 2100 and the total-age dependency ratio is +projected to rise from 56.5 % in 2022 to 82.6 % by 2100 (source : +Eurostat, February 2023 data). +This trend is reflected in Cofinimmo’s core strategy, which, through +its healthcare real estate segment, aims to meet the needs of +society, specifically : offering housing to seniors, whether ill, disa - +bled or in rehabilitation ; creating socially responsible healthcare +sites where each function co-exists in harmony ; promoting the +accessibility of buildings to people with reduced mobility ; and +developing safe buildings where it is pleasant to live. +Growing urbanisation and space +affordability +According to the most recent studies of the European Commis - +sion - Joint Research Centre (JRC) on the future of European +cities which applies a global people-based definition of cities +and settlements in the form of urban functional area (UFA), the +process called growing urbanisation is in fact already happen - +ing, with 75 % of the global population currently living in urban +areas. Moreover, JRC projections to 2030 show that most major +European cities will experience urban population growth as part +of a continuous process of urbanisation. +Urbanisation represents a major challenge in terms of integrating +populations of different origins, providing food and shelter for all, +but also in terms of mobility, pollution management, connectivity, +etc. Inflation in general and rising energy prices in particular are +raising concerns about the affordability of rentable spaces. House +prices in European cities have increased by 45 % in ten years +while salaries have increased by 17 %, which pushes people to +123 +SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_126.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_126.txt new file mode 100644 index 0000000000000000000000000000000000000000..914bba1bbe50456b84fcc0a94db39faeabfe0719 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_126.txt @@ -0,0 +1,95 @@ +rent instead of buying (Source : Emerging Trends in Real Estate®, +Europe 2024, PWC & Urban Land Institute). +When discussing these social aspects, the provision of community +spaces has been a top priority during 2023. +This phenomenon has an impact on the way real estate is per - +ceived. One of the consequences is, for example, the progressive +decrease in the average housing size. +With an increased focus on health and safety, the COVID-19 +coronavirus increased the need for lower density and more spa - +cious environments, which will accelerate the growth of suburbs. +Accessibility for all +In the context of an increasing urban population, pollution, and +the fight against GHG emissions, mobility is beginning to be +rethought. +Cities such as Paris, Brussels, Antwerp, and Ghent are starting to +restrict the most high-emission vehicles. Public transport com - +panies are moving to electric vehicles. Initiatives are underway +to promote micro-transport such as sharing less-polluting bicy - +cles, electric mopeds, or scooters. Transportation is intended +to be multimodal, flexible, and scalable according to actual +travel needs. Aware of this challenge, Cofinimmo is expanding +its transportation initiatives by testing shared vehicle solutions +and by setting up infrastructures such as lockers and showers +for cyclists in its buildings. +The trend is also impacting real estate. The number of author - +ised parking spaces is decreasing in order to push overstaying +vehicles out of the cities. More and more charging stations for +electric vehicles are being installed. The number of bicycle racks +is increasing. From a circular point of view, parking areas are +built in such a way that they can eventually be reassigned to +another use. Larger drop-off areas are provided for taxi services +or parcel delivery vans. +With accessibility being linked to transport, the importance of the +geographical location of assets becomes a real social challenge. +In the case of healthcare, nursing and care homes are occupied +by senior citizens who might feel excluded from society, due +to their age and their physical distance from decision-making +infrastructures. Ensuring accessibility to assets allows occupants +to mix with the outside population, decreasing the likelihood +senior citizens will feel isolated. +The circular economy +Natural resources are limited. As a result of NGO lobbying, circular +economy initiatives are being promoted and even subsidised by +the European Commission, as well as among certain countries, +regions, and cities in Europe. This is to limit waste and increase +the rate at which materials are reused. +Aware of its impact during (re)development works, Cofinimmo +seeks to select sustainable materials that can be easily recycled +or, preferably, reused. Life cycle analysis is a powerful tool to +understand the impacts that the construction and operation of +buildings have on the environment in terms of embodied carbon, +operating carbon and depletion of resources. This approach +helps understand how it is possible to implement a beneficial +circle that reuses and recycles the materials generated at a +building’s end of life so that only a minimum of initial resources +ends up being waste. When buildings are demolished, the waste +is thus strictly separated. This is also the case in office buildings +in operation, where every effort is made to promote sorting, and +when possible, even going beyond legal requirements. +The sharing economy +Society’s increasing awareness of the importance of limiting +carbon footprint, as well as the search for a more efficient and +reasoned use of physical and financial resources, has lead +a growing number of individuals and companies to embrace +the principles of the sharing economy. Actors become product +users rather than product owners, or, in the case of real estate, +sole tenants. In addition, this approach provides users access to +flexible solutions which are more in line with their rapidly changing +needs, and it avoids certain investment costs. +According to recent studies, more than eight out of ten respond - +ents say they expect to see a shift towards co-location, the +combination of different uses in single building or location. Some +35 % expect a hybrid model of three or more sectors to be the +most common combination within their portfolio, and 18 % expect +to combine residential and offices (Source : Emerging Trends in +Real Estate®, Europe 2024, PWC & Urban Land Institute). +Many sharing applications already directly or indirectly impact +the office real estate segment : shared meeting rooms in buildings +and business parks, co-working areas, etc. In 2023 most compa - +nies have continued applying teleworking systems, formalising +the trend towards flexible working models in well-structured and +agreed policies between the company and its employees. The +industry needs to prioritise quality space that helps companies +adapt to the latest working practices. Location, ability to attract +talent and reducing overall costs are expected to be the most +important factors driving occupants’ workplace strategies. +Well aware of this issue, Cofinimmo is innovating by creating +shared spaces in office buildings such as the Lounge® concept, +shared meeting rooms or the Flex Corner® concept. +The sharing economy also affects residential real estate. Hous - +ing with more communal areas is being built, sometimes for a +very targeted group of users, like Generation Y or Z, but also for +seniors in the form of assisted-living units. +124 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_127.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_127.txt new file mode 100644 index 0000000000000000000000000000000000000000..855179ee32865f207c055bafe9957c53cf445098 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_127.txt @@ -0,0 +1,86 @@ +Health and safety +In the countries where Cofinimmo is active, there is a gradual +decrease in the proportion of working people due to population +ageing, and lower birth rates. This phenomenon is expected to +accelerate by 2030. This situation is gradually leading to a fight +for talent in which the winning company will be the one in a posi - +tion to provide its employees with work-life balance, a degree of +physical and mental well-being and, above all, meaningful work. +In this context, Cofinimmo seeks to provide for the health and +safety of its clients in all its buildings. Innovative infrastructure is +therefore made available through its partners. In particular, they +comprise of concierge-type services much like those found in the +hotel industry. This includes, for example, leisure and relaxation +areas, fitness centres, and personal services such as dry cleaning, +ironing, shopping home delivery, car wash, etc. +New types of certification are supplementing existing environ - +mental certifications (BREEAM, LEED, HQE, etc.). They assess build - +ings according to their ability to meet human needs : access +to quality air and water, daylight, healthy food, contact with +nature, etc. +Digital transformation +IIn the medium term, the health and economic crisis will acceler - +ate the inevitable digital transformation of the construction and +real estate sectors. More than ever, the survival of construction +and real estate companies will depend on their ability to adapt, +which will include the adoption of new technologies. The Internet +of Things (IoT), augmented reality, artificial intelligence (AI), and +digitalisation are all promising avenues that demonstrate the +extent of the impact of evolving technology in the real estate +sector. 2023 marked the wide breakthrough of AI with examples +such as ChatGPT, GPT-4, Vision AI and other applications. Tech +industry leaders are openly discussing about the opportunities +and threats of the ongoing development of AI. The EU is working +on the Artificial Intelligence Act to boost research and industrial +capacity while ensuring safety and fundamental rights. +Cofinimmo recognises that the use of AI tools can pose risks to +operations and customers. Therefore, it is committed to protect - +ing the confidentiality, integrity and availability of all information. +The AI policy it developed to anticipate compliance obligations, +requires all parties to use AI tools in a trustworthy manner, con - +sistent with its security best practices. +Today, technology makes it possible to go beyond the automation +of repetitive tasks and provides support for more complex intel - +lectual processes, customer relations, equipment maintenance, +the management of breakdowns and energy management. +Cofinimmo integrates these new technologies when renovating +its buildings. The aim is to manage energy more efficiently, and +in doing so, reduce GHG emissions. +Generalised telework is seen as the ultimate test of the digital +transformation in the workplace. Teleworking policies imple - +mented in companies which have invested in digital capabili - +ties have proven very popular among employees. +Evolving technology in +healthcare +Technology is fuelling a gradual shift from curative to preven - +tive medicine. The Internet of Medical Things (IoMT) is enabling +a new approach to healthcare management, giving doctors a +more dynamic view of their patients’ health and, if necessary, +adjusting treatment more quickly according to their condition. +These sensors can even trigger a call to emergency services in +the event of serious anomalies in a patient’s metrics. All these +possibilities have an impact on healthcare infrastructure, as +hospital stays are now shorter. +Other technologies, such as telehealth and electronic medical +records (EMRs), are leading towards higher flexibility of space +in healthcare facilities. While not intended to replace in-person +visits, telehealth is redefining the doctor-patient relationship +and the medical office space, allowing patients to access treat - +ments from their connected devices, and doctors to rethink their +medical practices. +The EMR system will also help redefine healthcare spaces. With all +records being digital, EMR reduces the amount of space needed +to keep medical records, freeing up considerable space that +could be used for alternate purposes, such as storage units +for medical devices, or additional space to create more rooms +for patients. +Other types of healthcare real estate properties are being +developed to meet the needs of the ageing population, which +nevertheless remains very independent : rehabilitation centres, +day centres, etc. This new generation of senior citizens wants to +stay in their own homes as long as possible, and the technical +evolution in healthcare will make this possible. However, it will +require flexible housing design that can evolve according to a +person’s stage in life. +125 +SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_130.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_130.txt new file mode 100644 index 0000000000000000000000000000000000000000..e791ae1d770fa0dad26dd36cec00dbb9db8e3256 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_130.txt @@ -0,0 +1,37 @@ +This objective was established following the science-based tar - +gets methodology, which makes it possible to objectivise the +effort required to contribute to the goal of limiting global warming +to a maximum of 1.5°C. This builds on the many ESG initiatives set +by Cofinimmo, and is in line with the UAE Consensus delivered at +COP28 in 2023. Initiated at the beginning of 2020, the 30³ project +covers the healthcare real estate and office segments, and all +the activities directly managed within the company such as sales +and acquisitions, development, construction management and +relating day-to-day property management. Only a 360-degree +approach, considering the entire life cycle of buildings, will enable +the group to achieve the objective set. +Approach on risks and +opportunities linked to climate +change +At the heart of this structured response planning for climate +risks lies a long-standing commitment to ESG data transpar - +ency through a standardised reporting of ESG key performance +indicators in line with the EPRA sBPR reporting standard (see +pages 334-353). +Knowing the real performance and being able to report it with a +standardised approach, ESG and climate risks fit into Cofinimmo’s +overall risk management approach, which is defined on pages +4 to 9. +The climate-related risk assessments consider the following types +of risks, categorised according to the key risks identified in the +Environmental, Social and Governance Risks section of the Risk +Factors chapter (see page 9). +Structured approach +to climate risks + X Detail of the innovative timber structure of the office building Montoyer 10 - Brussels CBD (BE) +In response to the risks generated by climate change, Cofinimmo decided to +raise its environmental ambitions. Strategic thinking carried out in 2019 led to +an ambitious project aimed at reducing the portfolio’s energy intensity by 30 % +(compared to the 2017 level) by 2030, to reach 130 kWh/m²/year (30³ project). +128 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_131.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_131.txt new file mode 100644 index 0000000000000000000000000000000000000000..b0085b90103c7a7e13420a984e1fcf10b265925f --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_131.txt @@ -0,0 +1,60 @@ + Governance + Strategy + Risk management + Indicators & Objectives +Harmonised ESG report +and clear data collection +targets. +ISO 14001 : historical pillar of +environmental risk management, +reinforced by a structured +approach to climate risks. +Cofinimmo has been committed to +a global ESG strategy for more than 15 years. +Committed to the objectives of the Paris Agreement, +the group believes that it is possible to aim +for a carbon neutral society by 2050. +Cofinimmo’s governance considers ESG +and climate risks as an absolute priority. +It integrates the risks and opportunities associated +with climate change into its overall strategy. +Impact on building sustainability Impact on ESG strategy +Current regulations, such as the EU Energy Performance of Buildings +Directive (transposed into national regulation) requires a higher level +of energy performance for every new or refurbished building. +Emerging regulations, such as the CSRD and the EU Taxonomy will +define access to financial instruments in the future and determine +what sustainable real estate activities need to respond to. +The obligation to provide charging points for electric vehicles is a +new technology for which the indirect risks have not yet been fully +identified, such as the fire safety of electric cars in underground +parking lots. As a result, insurance premiums may be higher. +Investors use multiple benchmarks, which creates a reputational +risk. Cofinimmo has considered the risk of not qualifying or +proactively engaging with benchmarks and the potential impact +of receiving a score that does not accurately reflect the company’s +ESG efforts. +Consumers are demanding buildings with a good energy +performance as rising energy costs and the desire to reduce their +carbon footprint create a risk in the market. +During the acquisition phase (due diligence), acute and chronic +physical risks are assessed through a specific risk analysis based on +available climate risk tools and an organised framework to improve +the quality of information used in the decision-making process. +The section ‘Environment’, included in this document, describes +how the group manages risks related to climate change miti - +gation. In particular, it outlines the procedures aiming at reduc - +ing greenhouse gas (GHG) emissions associated with the energy +intensity of the portfolio. In line with its ESG strategy, Cofinimmo +intends to pursue a sustainable financing policy, which is +described in the chapter ‘Financial resources management’ +(see pages 87-99). +Finally, the management of ESG issues, including the risks and +opportunities related to climate change, is well integrated into +the overall governance structure, with the Head of ESG reporting +directly to the CEO. For more details on Cofinimmo’s governance +structure and the company’s commitment to monitoring ESG +and climate risks at all levels of its structure, see the ‘Corporate +Governance Statement’ on page 204. +129 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_132.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_132.txt new file mode 100644 index 0000000000000000000000000000000000000000..1be91bcb53cdfabf41c193b93e5b07a74693fe19 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_132.txt @@ -0,0 +1,34 @@ + X Nursing and care home Ohana - Juprelle (BE) +GHG Protocol : Understanding Cofinimmo’s emissions +Cofinimmo has been reporting its scope 1, 2 and 3 emissions in a +consolidated way since 2010, using GHG protocol as a reference +standard for measuring, managing, and reporting emissions. +As shown, Cofinimmo opts for an operational control approach, +together with market-based accounting approach for scope 2 +emissions. The group uses a whole building approach for carbon, +which means emissions arising from operational energy con - +sumption and from landlord and tenant-controlled spaces are +included within the GHG inventory and target boundaries. This +allows Cofinimmo to differentiate between the portfolio which +is directly managed and the one that is not. While the former +constitutes direct (Scope 1) and indirect (Scope 2) energy-re - +lated emissions, the indirectly managed portfolio consists of +only indirect (Scope 3 - category 13) emissions. +In total, Cofinimmo aligns its reporting to three standards, i.e. +the GHG protocol, EPRA sBPR, and the GRI Standards. Working for +alignment helps not only at a corporate level but also for the +purpose of harmonisation towards a level of carbon accounting +that equals the financial one. +As research evolves on GHG emissions and their calculation, +so does carbon accounting. The GHG protocol represents an +essential reference for the standardisation of carbon account - +ing towards higher transparency. A higher transparency would +eventually increase awareness on how to positively contribute +to emissions’ reduction. +Cofinimmo declares that there have been no significant changes +in the group’s ESG position since the previous report on emissions +data. The company has not undergone any structural changes, +nor has the emissions accounting methodology and boundary +changed in the reporting year. +130 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_133.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_133.txt new file mode 100644 index 0000000000000000000000000000000000000000..d7ccff19fbb5992a62141403a23621b19b59f69b --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_133.txt @@ -0,0 +1,85 @@ +SCOPE 1 +DIRECT +EMISSIONS FROM +DIRECTLY MANAGED +PORTFOLIO +3,006 tonnes of CO2 e +SCOPE 2 +INDIRECT +EMISSIONS FROM +DIRECTLY MANAGED +PORTFOLIO +3,835 tonnes of location- +based CO2 e +388 tonnes of market- +based CO2 e +Single- +tenant +offices +Healthcare +real estate +Distribution +networks +PPP/ +financial +leases +Indirectly managed +portfolio +Medical office +buildings +Multi-tenant +offices +District +heating +District +heating +Electricity +consumption +Electricity +consumption +Fossil fuel +consumption +Fossil fuel +consumption +SCOPE 3 +INDIRECT +EMISSIONS FROM +INDIRECTLY MANAGED +PORTFOLIO +44,497 tonnes of CO2 e of +operational carbon +25,650 tonnes of CO2 e of +embodied carbon +INDIRECT EMISSIONS LINKED TO PURCHASED ENERGY +DIRECT EMISSIONS +INDIRECT EMISSIONS LINKED TO LEASED ASSETS +Directly managed +portfolio +Head office +Fossil fuel consumption +39.5 tonnes of CO2 e +Fuel for car fleet +276.9 tonnes of CO2 e +Fugitive emissions +1.3 tonnes of CO2 e +Electricity consumption +8.5 tonnes of CO2 e + The group’s GHG emissions in 2023 +Visitors +4.2 tonnes of CO2 e +Business trips +101.0 tonnes of CO2 e +Waste +5.3 tonnes of CO2 e +Commuting +47.5 tonnes of CO2 e +Energy related +(upstream scopes 1 & 2) +83.5 tonnes of CO2 e +Head office +Equipment +134.7 tonnes of CO2 e +Paper purchase +1.2 tonnes of CO2 e +131 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_134.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_134.txt new file mode 100644 index 0000000000000000000000000000000000000000..c6c9d53a01f4bb51367b9856f318c0358aa67a1a --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_134.txt @@ -0,0 +1,74 @@ +Evolution of the average energy intesity of the +portfolio between 31.12.2016 and 31.12.2023 +The graph shows a 25 % decrease in the average energy intensity +over the last six years, all scopes combined. + Carbon footprint of Cofinimmo’s head office and offices abroad +The total carbon footprint of Cofinimmo’s head office, including +direct and indirect emissions associated with infrastructure +and transportation, as well as indirect emissions associated +with waste and equipment, has been tracked since 2009. +The carbon footprint per FTE is 4.7 tonnes CO 2 e/FTE, a decrease +of 32 % compared with 2009. The increase in the figures for 2023 +compared with 2022 is due to the fact that Cofinimmo has +also taken into account the emissions of its offices located +outside Belgium in order to have a more global view. If we +make a like-for-like comparison between 2023 and 2022, the +total footprint remains more of less stable at 694.8 tonnes CO 2 e +(+30 % compared to 2009 and +1 % compared to 2022). The +carbon footprint per FTE decreases to 4.6 tonnes CO 2 e/FTE, a +reduction of 33 % compared with 2009. A bike for all policy is in +place to further reduce transportation-related emissions, thus +contributing to the commitment to reduce absolute scope 1 and +scope 2 GHG emissions 50 % by 2030 from a 2018 base year, and +to measure and reduce its scope 3 emissions as required by +the Science Based Targets initiative for SMEs. Cofinimmo goes +a step further and has set an energy intensity target on scope +1-2-3 combined, see 30³ project. + 22.1 % +Cat. 3 Energy related +(upstream scopes 1 & 2) + 45 % +Scope 1 + 54 % +Scope 3 + 1.1 % +Cat. 9 Visitors + 1 % +Scope 2 12.6 % +Cat. 7 Commuting + 26.8 % +Cat. 6 Business trips + 1.4 % +Cat. 5 Waste +Cofinimmo’s head offices - Footprint per scope in 2023 ( % emissions in tonnes CO2e) + 0.3 % +Cat. 1 Paper purchase + 35.7 % +Cat. 2 Equipment (fleet, IT) +Evolution of the average energy intensity of +the portfolio between 31.12.2016 and 31.12.2023 +230 +220 +210 +200 +190 +180 +170 +160 +150 +140 +130 +kWh/m²/year +2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +189 +226 +178179 +165 158163 +130 +-30 % +142 +-25 % +Scopes 1, 2 & 3 Scope 3 in details +132 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret clothing is a "sock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_135.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_135.txt new file mode 100644 index 0000000000000000000000000000000000000000..43c7065a792e71246ba8286ba33e49146479178e --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_135.txt @@ -0,0 +1,84 @@ +10 +9 +8 +7 +6 +5 +4 +3 +2 +1 +0 +2009 2014 2017 2019 2020 2021 2022 2023 +6.9 +8.0 +5.4 +6.0 +4.1 4.0 +4.4 4.7 +Head offices GHG emissions intensity (t CO2 e/FTE) +The head offices' GHG emissions intensity is expressed as a +FTE to account for the relative impacts of mobility-related +emissions. +Since 2023, Cofinimmo has also included its offices located +outside of Belgium. +Committed to act on climate change +According to the European Environment Agency, in 2021, the +real estate sector was responsible for approximately 35 % of +energy related greenhouse gas (GHG) emissions in Europe. This +includes both embodied and operational emissions. In addition +to carbon, fugitive emissions from fluorinated GHGs are also a +significant and growing source of emissions for the buildings +sector, mainly arising from refrigeration and air-conditioning +systems. With a portfolio of more than 2.5 million m², Cofinimmo +is aware of its carbon impact and its potential to contribute +to limiting global warming. In light of these facts, Cofinimmo is +committed to reducing the GHG emissions of its buildings and +to ensuring they achieve optimal energy performance. +In 2020, Cofinimmo became a member of the Belgian Alliance +for Climate Action, a joint initiative of The Shift and WWF. It is an +open platform for Belgian organisations, regardless of their size +or sector of activity, that want to reduce their GHG emissions, +raise their climate ambitions and use science based targets +to achieve their climate objectives. By joining the organisation, +around 100 organisations in Belgium have committed to align - +ing their activities with the objectives of the Paris Agreement, +i.e. to limit the global temperature rise to well below 2°C and +to continue their efforts to limit the increase to 1.5°C. WWF, a +co-founder of the Science Based Targets initiative, will provide +expertise to the alliance members on target setting and will liaise +with other climate alliances around the world. +To limit the financial risk associated with climate change, +Cofinimmo applies a seven-level approach : +• acquisition policy aiming at reaching an average target energy +intensity for the acquired portfolio by 2030 ; +• renovation projects with a maximum target energy intensity, +taking into account the economic profitability and technical +constraints ; +• maintenance works to reduce the energy intensity of the exist - +ing portfolio by an average of 10 % ; +• operational management in collaboration with suppliers to +improve the energy performance of existing assets ; +• proactive dialogue with tenants ; +• sustainable financing framework based on a list of eligi - +ble green and social assets ; +• implementation of the ESG policy. +Approximately 4,700 companies worldwide have targets val - +idated by SBTi. The 2030 target has been set and an annual +assessment is carried out to ensure that the commitments are +met. Cofinimmo is also actively working on setting its 2050 tar - +gets. Several intermediate targets will be set to ensure that the +objectives are achieved by 2050, or even earlier. In this sense, +Cofinimmo is participating in the Science Based Targets initi - +ative (SBTi) pilot test for the development of the Buildings Sci - +ence-Based Target-Setting Guidance and Tool. +Cofinimmo intends to neutralise residual emissions and/or further +reduce emissions beyond the value chain through offset and/ +or removal activities in the long term, but is focusing on energy +reduction in the short term. Offsetting is not yet part of the group’s +action plan, but project-based carbon credits have been applied +for a project in 2023. Cofinimmo believes that carbon pricing +regulation is a strong lever for GHG emission reductions, but +does not intend to set an internal price on carbon. +133 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_136.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_136.txt new file mode 100644 index 0000000000000000000000000000000000000000..c57e43cef28b4056e5ed6f54f6f04857489d60aa --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_136.txt @@ -0,0 +1,63 @@ +Operational carbon action plan for standing assets +In 2023, Cofinimmo continued to implement the 30³ project +aiming at reducing the energy intensity, as part of a ‘net zero’ +roadmap to contribute to the transition to a low-carbon system. +This path includes a number of actions that affect both stra - +tegic segments, such as renovations, which are at the heart of +Cofinimmo’s low-carbon strategy. An example of a low-carbon +product is Montoyer 10 in Brussels, which has been awarded a +silver CO 2 neutral certification. Across the portfolio, increasing +the availability of actual energy consumption data is a pillar +of action. Cofinimmo is committed to achieving this objective +through the systematic installation of remotely readable meters +and the establishment of a partnership with the stakeholders +who wish to participate in the reduction of energy intensity. Due +to Cofinimmo’s leasing activities, the main focus for the reduc - +tion of GHG emissions is within scope 3, more precisely tenants’ +energy consumption, which Cofinimmo has been reporting since +2010 and which represents more than 95 % of its total emissions +(excluding upfront embodied carbon). +In order to take into account the policy risks associated +with decarbonisation paths towards a net-zero economy, +Cofinimmo has opted for the 1.5° CRREM scenario at asset level +by 2050 in order to meet the highest standards. CRREM (Carbon +Risk Real Estate Monitor) is the leading global standard and +initiative for operational decarbonisation of real estate assets, +targets and paths in terms of GHG intensity by property type +and by country for the 1.5°C and 2°C global warming targets. +Total GHG emissions linked to energy consumption of +the portfolio (scopes 1, 2 and 3 in tonnes CO2e/m²) + Scope 1 Scope 2 Scope 3 +50 +45 +40 +35 +30 +25 +20 +15 +10 +5 +0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +Group's GHG emissions (scopes 1 + 2) have been divided by 5.5 since 2010. +Group's GHG emissions (scopes 1 + 2) have been reduced by 30 % between 2022 and 2023. +The increase in scope 3 is explained by an increase in data coverage. +The decrease in scope 2 between 2017 and 2018 is explained by a change in methodology +(from location-related to market-related). +Final energy intensity of the portfolio +(in kWh/m²/year) + Offices intensity + Healthcare intensity Overall group intensity +240 +200 +160 +120 +80 +40 +0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +Cofinimmo has managed to reduce its energy intensity by 10 % between 2022 and 2023. + In 2023, 90 % of energy consumption comes from real data. +Group's energy intensity has been reduced by 35 % since 2010. +The final target for energy intensity is 130 kWh/m²/year by 2030. +134 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_137.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_137.txt new file mode 100644 index 0000000000000000000000000000000000000000..cc5ceebb21e7e95ce50457240022ddcd03de7bc2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_137.txt @@ -0,0 +1,85 @@ +A1 A2 +A4 +A5 +B1-B5 +B6-B7C1 +C2 +C3 +Extract +raw materials +Transport +to factory Manufacturing +of products +Transport to +construction +site +Construction +process on +site +Maintain the building : +use, maintain, repair, +refurbish, replace +Deconstruction +or demolition of +the building +Transport : +Haul away +waste materials +Waste +processing +Disposal +Embodied carbon +A4-A5 : +CONSTRUCTION +PROCESS +STAGE +B1-B7 : +USE +STAGE +A1-A3 : +PRODUCT +STAGE +C1-C4 : +END OF LIFE +STAGE +D : BENEFITS AND +CONSTRAINTS +BEYOND THE BUILDING +LIFE CYCLE +- Reuse +- Recovery +- Recycling +A3 +Operational carbon : +operational energy use, +operational water use +C4 + Embodied carbon +Embodied carbon action plan for development projects +The International Resource Panel (IRP), in its 2020 Resource Effi - +ciency and Climate Change Report and the UN Environment +Emissions Gap Report 2019, conclude that the carbon emissions +related to the use of materials in construction is estimated to +account for about 10 % of total yearly GHG emissions worldwide +(Source : Ramboll study : 21 % embodied carbon out of 41 % carbon +emissions during the whole life cycle (WLC - Whole Life Carbon)). +A life cycle analysis (LCA) is a methodology that assesses the +environmental impacts associated with all the life cycle stages +of a building. Performing an LCA on a new development makes +it possible to understand which stage and which material is the +most harmful to the environment. Also, an LCA incorporates both +the operational carbon and the embodied carbon and helps +make design decisions. Aiming to reduce operational carbon +emissions might mean that more materials are required during +renovation, e.g. for insulation. The extra materials used will result +in higher embodied carbon emissions, but these emissions will +be offset over the lifetime of the asset by lower operational +carbon emissions. Embodied carbon is now the main challenge, +since operational carbon improvements linked to energy use of +the building have had the focus over the last years. In 2023, the +GHG emissions linked to the delivery of ten projects amounted +to 25,650 tonnes of CO 2 e. Measuring GHG emissions of these +delivered projects is part of the plan to manage, develop and +construct net zero carbon buildings. +135 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_140.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_140.txt new file mode 100644 index 0000000000000000000000000000000000000000..77db1c87c77c3978616c00721284ea485d2d7c52 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_140.txt @@ -0,0 +1,105 @@ +Shareholders and investors +Individual or institutional shareholders and +financial institutions +As a listed company, Cofinimmo has a duty to have a transparent +dialogue with its investors and to ensure the same informa - +tion is available to all. An ESG-section is part of the quarterly +presentations. +The people primarily responsible for this dialogue are the mem - +bers of the executive committee and, more specifically, the CEO +and the CFO, assisted by investor relations, external communi - +cation, finance, and ESG departments. +In 2023, Cofinimmo participated in more than twenty roadshows, +conferences, and other events bringing the company and inves - +tors together. During these roadshows/conferences, company +representatives were able to meet more than 150 institutional +investors and to answer questions on the company’s strategy.. +Clients and occupants +Healthcare properties operators, retailers, public +services, office tenants and other occupants +Depending on the business segment, the first contact that +a client has with Cofinimmo is with the M&A team or the com - +mercial representatives. The goal for the commercial staff is to +meet the needs expressed by the client before a space is leased. +Property managers, on the other hand, seek to ensure the cli - +ent’s comfort and satisfaction throughout their occupancy of the +building. If necessary, the project management team is available +to carry out improvement works on tenants’ premises or, for +healthcare real estate, to initiate structural projects. +In the healthcare real estate segment, the client receives reg - +ular visits from Cofinimmo’s property managers or their repre - +sentatives. These visits are a fundamental part of the property +management system linked to centralised data management +systems and dashboards. In some countries, Cofinimmo has +signed outsourcing agreements for the technical management +of buildings because the properties are geographically dispersed. +Each property is visited at least once a year to establish a proac - +tive dialogue with the operator. In Finland for example, Cofinimmo +concluded subcontracts with a local real estate manager. The +main reasons for this are the requested local knowledge and +the lack of Cofinimmo offices in Finland. The number of visits +varies from one per month to one every six months, depending +on the asset and the type of contract. +In the office segment, the clients meet with a Cofinimmo +employee in person at least once a year. Often, there are quarterly +and even more frequent contacts if telephone conversations and +e-mails are included. The client can also contact the company +via the service desk, which is available 24/7. In 2023, the service +desk responded to 7,439 client requests. +In January 2024, Cofinimmo conducted a satisfaction survey +relating to 2023 among its tenants. The objective of the survey +was, among others, to better understand the level of overall satis - +faction of the tenants with regard to the performance of the build- +ings they use next to satisfaction level on building characteristics, +contacts with owner, maintenance and works management. +Through this survey, Cofinimmo sought to strengthen the dialogue +with tenants in all segments to understand their ESG priorities +for building management. +Using a Net Promoter Score (NPS), the results showed that +tenants are globally promoters of Cofinimmo with a NPS +score of +4 based on 36 % of respondents, and 78 % of con - +tacts who responded to the survey are satisfied with the +landlord-tenant relationship, and that the most impor - +tant ESG aspects are to ensure occupant safety, reduce the +energy intensity of the portfolio and ensure accessibility for +everyone. These results will be part of a focused action plan +to make sure tenant feedback is considered in the overall +strategy. In order to understand the evolution of tenants’ sat - +isfaction but also the evolution of their needs and priorities in +terms of ESG and beyond, Cofinimmo plans to conduct the same +survey every two years. +Employees +Due to the size of the company, which currently counts 154 per - +manent staff, employees have regular contacts with the Head of +human resources and the members of the executive committee. +Informational meetings and informal consultations, open to all +employees, are regularly organised and facilitate discussion +with members of the executive committee. +The individual performance reviews provide an opportunity to +discuss expectations, roles and objectives more formally. At the +end of 2021, Cofinimmo switched to a ‘performance preview’ +system, where employees are empowered to propose their +own contributions toward achieving the company’s strategic +objectives. The system of two reviews per year was abandoned +in favour of a permanent feedback system, based on regular +interviews. With this new system, employees and their managers +work hand in hand to ensure the success of their team. +In 2022, after the submission of a survey aimed at defining per - +sonality traits of Cofinimmo’s employees, Cofinimmo put together +a working group where a diverse group of employees and man - +agement worked together to extract a common denominator of +values, reflecting high ethical standards. These resulted into our +common values ‘we care, we connect, we commit’. +Although the right to freedom of association and collective bar - +gaining is provided through mandatory social elections, which +take place every four years, no trade union representation has +been set up so far, due to a lack of candidates. +Regardless of the absence of a trade union, Cofinimmo is +committed to managing reorganisations responsibly. For all +To thank the tenants for their participation +in the satisfaction survey, Cofinimmo +donated 10 EUR per completed +questionnaire to the ICRC (International +Committee of the Red Cross). +138 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_141.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_141.txt new file mode 100644 index 0000000000000000000000000000000000000000..4cb9abd3d8ab3729b0c7b992f816c53fbf566643 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_141.txt @@ -0,0 +1,75 @@ +operational changes impacting multiple people, applicable leg - +islation mandates a minimum notice period of six weeks. No +collective reorganisation involving job losses has taken place +within the group in recent years. +Suppliers of goods and services +Developers, contractors, service providers, +facility managers, real estate agents, lawyers, +consultants +Cofinimmo works with less than 2,000 suppliers. These are primar - +ily contractors responsible for the (re)development of buildings, +and companies that carry out regular maintenance on buildings +(technical maintenance, energy supply, cleaning, etc.). The top +98 significant tier 1 suppliers with yearly spent above 250,000 EUR +represent 84 % of the total spent in 2023. +There are many interactions with the suppliers of goods and +services. In the design phase of a building being (re)developed, +Cofinimmo organises meetings with architects and, where +appropriate, contractors. In the construction phase, weekly site +meetings are held to assess the progress, make decisions on +issues that arise as a result of unforeseen factors, and ensure +the safety of all involved. +In the operation phase, Cofinimmo meets monthly with the +companies overseeing the maintenance of its buildings’ tech - +nical installations. These meetings are an opportunity to, among +other things, discuss how best to ensure occupant comfort and +technician safety, carry out system maintenance, and reduce +energy consumption. +As described above Cofinimmo monitors both internal and exter - +nal property managers’ as well as other direct external suppliers’ +compliance with ESG-specific requirements in the supplier code +of conduct through checks performed by third parties (like tech - +nical auditors and health and safety coordinators) and through +regular meetings with Cofinimmo’s employees. +Supervisory authorities +Financial Services and Markets Authority +(FSMA), the National Bank, auditors, municipal, +regional and federal authorities +As a Belgian listed company, Cofinimmo contributes to eco - +nomic life in its operating countries, most notably through the +payment of taxes and duties. +Both operational and finance teams maintain relationships with +public supervisory bodies to ensure the proper payment of taxes +and the publication of transparent financial information. Interac - +tions with the authorities take place on an ad hoc basis : during +applications for building, planning, or environmental permits, for +the validation of published financial information, and for financial +statement audits, etc. +Media, financial analysts +In addition to Cofinimmo’s annual and half-yearly financial +reports, the company published 42 press releases in 2023, all +of which are made available to interested parties in the financial +world. This information is published in three languages (French, +Dutch and English) on the company’s website. Press releases +relating to operations in Germany, Spain, Italy and Finland are +also published in German, Spanish, Italian, Finnish and Swedish, +respectively. To follow the volatility and impact of social media, +Cofinimmo is active on X (Twitter), LinkedIn and since May 2023 +on Instagram. Together these accounts have reached 13,927 +followers. In 2023, Cofinimmo published 118 posts on LinkedIn, +42 posts on X and 49 posts on Instagram. +Finally, Cofinimmo renewed its participation in several ESG ratings +and benchmarks, notably GRESB, S&P Corporate Sustainabil - +ity Assessment, Carbon Disclosure Project and EPRA sBPR, thus +maintaining its position among the best real estate companies. +‘The Shift is the national contact point +for the World Business Council for +Sustainable Development (WBCSD) +and the UN Global Compact (UNGC). +Over 560 organisations from +different sectors are members of this +network, including businesses, NGOs, +associations, universities, public bodies +and other key players in society.’ +139 +SECTION 5  I  ESG REPORT  I  STAKEHOLDER DIALOGUE AS DRIVER FOR TRANSITION  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_142.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_142.txt new file mode 100644 index 0000000000000000000000000000000000000000..14f2c39f1cfbeb85ae9ad91de20bbd1655f05b40 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_142.txt @@ -0,0 +1,145 @@ +Stakeholders : expectations and responses +Stakeholders Expectations Responses +SHAREHOLDERS AND +INVESTORS +Individual and institutional +shareholders, financial +institutions +• The protection of the invested capital ; +• A moderate risk profile ; +• The provision of transparent financial +information ; +• A long-term relationship ; +• A socially responsible investment ; +• The repayment of the debt and payment of +interests. +• A clear investment policy in the three business segments : +healthcare real estate, distribution networks and PPP, and offices ; +• Seeking income over the long term ; +• Transparent financial information, audited by the external auditor, +governed by the regulations, and supervised by the Financial +Services and Markets Authority : annual report, participation in +investor fairs, general meeting, etc. ; +• Full application of the corporate governance code. +CUSTOMERS AND +OCCUPANTS +Healthcare real estate +operators, retailers, public +services, office tenants +and other occupants +• A building that meets the specific needs of their +activities ; +• The ability to innovate in order to meet changing +needs ; +• Rents in line with their financial potential +and clear information on their rights prior to the +signature of a lease ; +• Control of rental-related expenses ; +• A trustworthy, stable landlord ; +• Sustainable buildings which guarantee security +and comfort. +• A team of professionals active in various real estate fields : +commercial representatives to fully understand customers’ needs, +project managers to ensure the buildings’ construction quality, +property managers to ensure efficient management of buildings +in operation, and control of rental expenses. +• A commercial offer with clear and transparent clauses. +EMPLOYEES • Pleasant working conditions ; +• Fair treatment ; +• A guaranteed, stable and attractive wage grid ; +• A skills development plan (training, career +prospects, etc.) ; +• Management with strong ethical values, a sense +of leadership and the ability to listen. +• A code of good conduct ; +• Wage conditions that ensure a fair, appropriate and comfortable +standard of living and salary development protecting staff +against increases in the cost of living ; +• A system of permanent dialogue between the employee and their +manager to help each other as much as possible in successfully +contributing to the company’s objectives ; +• Consultation on working conditions and working atmosphere, with +a view to improve work through agreements ; +• Freedom of association and collective bargaining protected by +mandatory elections and regular interaction opportunities with +colleagues and the management ; +• Responsible management and reorganisation (where it occurs) ; +• Access to training ; +• Regular employee engagement surveys. +SUPPLIERS OF GOODS AND +SERVICES +Developers, contractors, +service providers, +facility managers, +real estate agents, +lawyers, consultants +• Collaboration opportunities ; +• Compliance with purchase orders and signed +contracts : product and service prices, payment +deadlines, etc. ; +• A healthy, well-balanced commercial +relationship ; +• Respect for suppliers’ staff. +• A supplier code of conduct +• Clear specifications and tender rules ; +• Acceptance of the delivered products and services agreed upon +by both parties ; +• Payment of agreed amounts within the agreed deadlines ; +• Openness to dialogue in the event of a dispute ; +• A code of good conduct that includes supplier relationships ; +• Commitment to reduce social risks in its supply chain. +SUPERVISORY AUTHORITIES +The Financial Services and +Markets Authority (FSMA), +the National Bank, auditors, +municipal, regional, and +federal authorities +• Compliance with the laws and regulations +in effect, particularly those governing town +planning and environment ; +• Open dialogue through professional +associations ; +• Compliance with public space planning rules. +• Financial publications and press releases that meet regulatory +requirements ; +• Timely transmission of information on the transactions carried +out to enable the supervisory authority to review them without +undue haste ; +• Compliance with the legislation and procedures in effect, and the +forms required by the authorities. +MEDIA, +FINANCIAL ANALYSTS +• Accurate, reliable information and timely +dissemination. +• Annual reports, press releases and other publications ; +• Participation in interviews, round tables, debates and roadshows ; +• Press conferences ; +• ESG ratings and references. +CIVIL SOCIETY, LOCAL +COMMUNITIES +Local residents, civil +society associations, etc. +• Responsiveness to society’s actual real estate +needs ; +• A contribution to citizens’ well-being ; +• Improvement in urban quality of life +and harmony ; +• Payment of taxes. +• Investment in segments that represent a demand and respond to +a present and future societal challenge (healthcare real estate, +PPP) ; +• Respect for the neighbourhood when refurbishing buildings or +during new developments ; +• Citizens’ initiatives supported by Cofinimmo’s employees. +Civil society, local communities +Local residents, civic associations, etc. +Cofinimmo pays close attention to its impact on civil society. +To monitor this impact, Cofinimmo regularly takes part in con - +ferences related to its activities, participated in interviews with +journalists and helps university students in their academic work. +The company is also a member of associations such as The +Shift, which brings together businesses and NGOs. These forums +provide an opportunity to reflect on ways to improve the com - +pany’s sustainability policies. +140 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_143.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_143.txt new file mode 100644 index 0000000000000000000000000000000000000000..256afea182dc7cc5a52772dd1d80b2472f7e83ae --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_143.txt @@ -0,0 +1,74 @@ +Environment +Cofinimmo’s environmental policy can be found on the company’s website : +www.cofinimmo.com/about-us/governance/charters +Organisation / +Institution +Rating / certification Initial rating Evolution +2023 +Green Star +with a score of 77 % +(Peer average 75 %) +45 % +2014 +70 % +            +70 % +            +77 % +2021                  2022                  2023 +2023 +B +(on a scale from A to D-) +Europe regional average B +Financial services sector average B- +C +2013 +B +            +B +            +B +2021                  2022                  2023 +2023 +BREEAM - Good to Excellent +(11 sites) +HQE - Excellent +(1 site) +BREEAM In-Use - Good to Excellent +(14 sites) +ActiveScore - Gold +(1 site) +1 +site +2010 +15 +sites +            +20 +sites +            +27 +sites +2021                  2022                  2023 +9.8 t CO 2 e/MEUR +GHG emissions intensity for scopes 1 and 2 in +relation to the property result +-9.7 % +Change in GHG emissions for scopes 1, 2 and 3 +-3.2 % +Change in electricity consumption +12.7 kg CO 2 e/m² +GHG emissions intensity linked to energy consumption +of portfolio for scopes 1 and 2 +138.2 t CO 2 e/MEUR +GHG emissions intensity for scopes 1, 2 and 3 in +relation to the property result +-11.5 % +Change in fuel consumption +142 kWh/m²/year +Energy intensity +23.9 kg CO 2 e/m² +GHG emissions intensity linked to energy consumption +of portfolio for scopes 1, 2 and 3 +141 +SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_144.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_144.txt new file mode 100644 index 0000000000000000000000000000000000000000..d59310dc4bf12aa87ae564c2f141dba75ddb3978 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_144.txt @@ -0,0 +1,76 @@ +According to the European Environment Agency, in 2021, the real estate sector +was responsible for approximately 35 % of energy-related greenhouse gas (GHG) +emissions in Europe. In light of this fact, Cofinimmo aims to reduce its buildings’ +emissions and strives to ensure they deliver optimal energy performance. +Reducing +energy intensity +of the portfolio +In October 2023, the European Commis - +sion adopted the last two proposals com- +pleting its Fit for 55 package of measures +to reduce GHG emissions by at least 55 % +by 2030 (compared to 1990 levels). Build - +ing and renovating in an energy and resource-efficient way is +one of the policies that will bring about major changes to help +transform the EU economy for a sustainable future. Cofinimmo +is publishing energy data of its portfolio since 2010 which allows +to establish a reference benchmark and a transition plan to +reduce the energy intensity of the portfolio by monitoring energy, +preventing energy need and increasing the share of renewable +energy. +Cofinimmo, a major player in European real +estate, has demonstrated its commitment +to ESG for 15 years. The company remains +convinced that it is possible to achieve a car - +bon-neutral society by 2050 while serving the +interests of its stakeholders. +Cofinimmo’s 30³ project is part of this approach. The project has +been validated by the Science Based Targets initiative (SBTi) +and contributes directly to the company’s objective of reduc - +ing GHG emissions. The objective of this ambitious project is to +reduce the energy intensity by 30 % (below 2017 level) to reach +130 kWh/m²/year by 2030. To achieve this objective, a 360-degree +approach will be applied, taking into account the entire life cycle +of buildings, as well as scopes 1, 2 and 3. +This corporate project applies to both the office and health - +care real estate segments, and all related activities under the +company’s direct management, such as sales and acquisitions, +development projects, construction projects management, and +day-to-day building management. +Around 4,700 companies worldwide have targets validated by +SBTi. The 2030 target has been set and an assessment is carried +out annually to ensure that the commitments are met. Cofinimmo +is also actively working to set up its objectives for 2050. Several +intermediate targets will be set with a view to ensure objectives +are achieved by 2050, or even sooner. +Monitor +Reducing energy intensity starts by better understanding the +portfolio of buildings. With this in mind, Cofinimmo is gradually, +and more effectively, recording buildings energy consumption. +The action plan, implemented in the multi-tenant office segment +since 2013, was completed in 2018. As a result, these buildings +are now equipped with remotely readable meters connecting +the facilities to the energy accounting software. Some opera - +tors in the healthcare real estate portfolio have taken similar +approaches to automatically record their energy consumption. +This general approach is being pursued for the healthcare real +estate and the single-tenant office segments with a view to +equip 75 % of the portfolio in the healthcare real estate and +office segments with automatic consumption records. In 2023, +Automated consumption meter readings for +healthcare and office portfolio (in %) +2020 2021 2022 2023 +70 % +60 % +50 % +40 % +30 % +20 % +10 % +0 % +14 % +19 % +64 % 66 %66 % +142 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret transportation is a "bike". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_145.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_145.txt new file mode 100644 index 0000000000000000000000000000000000000000..f6e2eb7fbaae05318ed83c58eb2925e77af0b488 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_145.txt @@ -0,0 +1,98 @@ +5.0 % +Renovation of the portfolio (excluding +new constructions, extensions and +acquisitions) for 2028. +130 kWh/m²/year +Energy intensity across all segments +by 2030. +85 % +Surface areas covered by a sustainable +collaboration agreement between +Cofinimmo and the tenant (healthcare +real estate and office segments) by 2024. +a monitoring system is installed for 66 % of the healthcare real +estate segment and 67 % of the office segment. Further digiti - +sation and availability of energy data as public data would help +to overcome the challenge of accurately tracking emissions to +the building level. +Cofinimmo believes that landlords and tenants have a shared +interest in reducing the environmental impact of rented space. +Building occupants are responsible for managing their own +energy consumption. Nevertheless, Cofinimmo raises tenants’ +awareness through sustainable collaboration agreements which +enable the sharing of consumption data and the implementation +of initiatives to reduce consumption. When appropriate, these +agreements are formalised by a green clause, a green charter, +a proxy, or, for existing leases, a simple exchange of emails. +Since 2020, a green clause has been included in all new leases. +This clause includes an agreement to collaborate in good faith +to improve the environmental performance of the leased prem - +ises and to share all data and relevant information relating to +energy and water usage. All consumption data from the shared +spaces under Cofinimmo’s management, as well as the private +consumption data voluntarily provided by different tenants, is +collected within the energy accounting software. As at 31.12.2023, +80 tenants have accepted a sustainable collaboration agree - +ment so that energy consumption data is available for 75 % of the +portfolio. Energy intensity and GHG emissions data is provided in +the chapter ‘EPRA performance indicators’ (see pages 334-353). +Prevent +What is the best way to participate in global efforts to reduce GHG +emissions in the real estate sector ? Cofinimmo aims to prevent +energy need through development projects (3.2 % of total area in +2023). The company strives to do as much as possible in terms +of energy intensity, often going beyond legal requirements to +address net zero policy at building level by 2050, while main - +taining desired profitability. Efforts taken to reduce consumption +differs by sector, but the general approach is to limit the use of +fossil fuels. In the healthcare real estate segment, Cofinimmo’s +involvement is focused on raising tenants’ awareness. For offices, +Cofinimmo is often involved in the day-to-day management +of most buildings. This enables Cofinimmo to influence energy +consumption once the building is occupied. +In the portfolio under operational control, opportunities for emis - +sions reduction go beyond renovations. A five-year plan ensures +that maintenance work is targeted toward reducing the port - +folio’s energy intensity. +In 2023, the net zero roadmap has been pursued by facilitating 57 +energy audits for strategic assets in the last three years, covering +13 % of total energy consumption at end of 2023. This roadmap +allows to contribute to national decarbonisation plans like the +Tertiary Decree in France and the Information Obligation in the +Netherlands. In 2023, the energy consumption based on calen - +dar year 2022 has been entered for 70 % of the buildings on the +official French Operat platform. The demonstrated sustainability +ambition combined with the high degree of transparency led to +the approval of the roadmap in the Netherlands by the authorities +responsible for environment. In this way Cofinimmo could secure +participation in the portfolio approach for the Dutch healthcare +real estate portfolio that runs for the period 2023-2026 in which +a reduction of 20 % is targeted on final energy consumption. +Following energy efficiency measures were mainly implemented +in the portfolio in the last three years : +• upgrade of regulation management system in 15 buildings ; +• installation of high-efficiency HVAC equipment in 15 buildings ; +• wall and/or roof insulation in 6 buildings ; +• window replacements in 13 buildings. +Operational management aims to proactively improve the energy +performance of buildings in collaboration with technical main - +tenance companies. +Renewable energy +While reducing and limiting energy consumption remains a +necessity, an overarching global goal is to increase the share of +renewable energy. To this end, Cofinimmo has signed a contract +for the supply of electricity from renewable sources for areas +under its operational control in both the healthcare real estate +and office segments. Electricity delivered under this contract +is produced off-site, thus GHG emissions are reduced to zero. +At the same time, Europe is confronted with more frequent heat - +waves asking for sustainable and efficient cooling systems in +buildings. How can solar energy provide a cooling solution during +heatwaves ? While the sun is shining strongest during heatwaves, +solar energy can power cooling systems, reducing pressure on +the grid and lowering energy costs. This creates a win-win situa - +tion for tenants and the environment. According to the roadmap +approved by authorities for the Dutch healthcare real estate +portfolio, photovoltaic panels will be installed in 27 buildings by +143 +SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_146.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_146.txt new file mode 100644 index 0000000000000000000000000000000000000000..2f12b5cffe2f86fd97b6756f56b6ef2d53e4b6cf --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_146.txt @@ -0,0 +1,21 @@ +the end of 2026. In 2023, 11 facilities in our healthcare portfolio +in Finland have been equipped with photovoltaic panels, rep - +resenting more than 900 panels and a total energy production +of 377 kWp. For example, our medical centre in Vaasa is the first +Mehiläinen hospital in Finland to be equipped with photovoltaic +panels. These panels will help reduce the building's GHG emis - +sions. The electricity produced will be almost entirely used to +compensate for the energy consumption of the complex, which is +also limited thanks to LED lighting, mechanical supply and exhaust +air ventilation systems, as well as heat recovery and remotely +readable metres. At 31.12.2023, photovoltaic panels are installed +in 59 buildings, and, combined, produce 3,965 MWh per year. +Also within the delivery of construction, renovation and extension +projects, Cofinimmo focuses on the installation of photovol - +taic panels. At 31.12.2023, 28 % of ongoing projects are designed +to contain photovoltaic panels covering 21 % of energy need +(525 MWh estimated production). + X Nursing and care home - Hoogerheide (NL) +144 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #1 is a "clock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_147.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_147.txt new file mode 100644 index 0000000000000000000000000000000000000000..a16e70eba18123ef9e2d98b6f7dccf488fba26d4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_147.txt @@ -0,0 +1,86 @@ +According to MIT researchers, 52 % of the world’s population, now estimated +to be 9.7 billion people, will live in regions with water stress by 2050. The +U.S. environmental programme also estimates that the built environment +is responsible for 20 % of water consumption. The water consumption +data, reported by the real estate sector, however, is often limited in scope, +accuracy and detail. Given the significant volume of water consumed +in the healthcare real estate segment, Cofinimmo seeks to implement +targeted actions for sustainable management of the water cycle. +Monitoring water +usage +Challenges related to water management, and more specifi - +cally access to drinking water, are no longer limited to devel - +oping countries. Indeed, climate change impacts variability in +the water cycle and its extremes all over the world. Europe has +experienced very real effects of climate change in recent years, +with summers marked by a combination of severe droughts and +extremely violent floods. +This situation calls for political action to introduce regulations +on water use, wastewater treatment, and land use. In addition to +regulations, sustainable certifications such as BREEAM address +these issues, from environmental responsibility and health per - +spectives. These changes impact the company’s portfolio in +terms of both its construction and management and require +certain improvements. Water cannot be reused, for example, +without the installation of water tanks. The group’s action is +not limited to specialised equipment, however. +Measure and act +Following the installation of remotely readable energy meters, +Cofinimmo went on to equip buildings’ water meters with a +remote connection. In addition to measuring water consump - +tion, the meters are designed to trigger an action when a dis - +crepancy is detected. A simple algorithm detects anomalies in +water consumption and sends an alarm to the building man - +ager for further analysis to identify the source of the problem. +The paradox of water consumption, whether in healthcare real +estate or in offices, is that bills are relatively low for normal use, +but can increase exponentially in the event of a leak. Indeed, a +seemingly minor drip can lead very quickly to thousands of liters +of water lost. +What does it take to minimise water consumption ? +The process of minimising water consumption takes place not +only within the building but also outside. +In the building, limiting water consumption is related to installed +appliances, and human behaviour. As for the former, specific +installations for different water usages exist (e.g. sanitary appli - +ances, including toilets, taps, showers, and kitchens). For exam - +ple, low-flow sanitary equipment is standard practice now to limit +the consumption of flush, while other installation types such +as waterless toilets are future-oriented installations. Compli - +ance with applicable hygiene requirements is of the utmost +importance, including with regard to sanitation facilities and +therefore the human right to water (an integral part of human +rights policy). +Together with appliances, it is important to recognize that not +all these water-saving measures work independently from one +pivotal aspect, human behaviour. Academic research shows +that influencing human behaviour can be successful in reducing +water consumption. Very interestingly, data-driven personalised +reports about tenants’ actual water use can influence water +conservation. Indeed, showing tenants their attitude behaviour +discrepancies evokes a feeling of discomfort, triggering water +conservation (as tenants may experience a cognitive disso - +nance between this feedback information and how they perceive +themselves, or how they want others to view them). Real-time +information prompts temporary water savings. It still needs to be +explored whether such changes in behaviour are only temporary +or have lasting effect. +As for the external layout of a building, it can have a dual func - +tion : creating captured and underground water reserves and +delaying rainwater runoff. +The installation of green roofs delays rainwater runoff by creating +active roofs. Limiting hard surfaces allows better permeability +of the ground so that rainwater can supply the groundwater. +In the event of heavy rain, which is increasingly common, this +makes it possible to reduce flood risk. The impact of biodiversity, +from vegetation, whether on the roof or on the ground, must +also be considered. +720 litres/m² +Water consumption +per surface area. +66 % +Buildings equipped with remotely +readable water meters (healthcare +real estate and office segments). +145 +SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_150.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_150.txt new file mode 100644 index 0000000000000000000000000000000000000000..3bdb04e63c07cfa5ae0c52a525ad3a5de666dee0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_150.txt @@ -0,0 +1,86 @@ +Safety of occupants +In today’s society, guaranteeing safety within buildings is part +of expectations. In addition to functional requirements, build - +ings must contribute to the health of the users. New certifica - +tions and benchmarks underpin this shift, making it essential for +Cofinimmo’s buildings to meet these expectations. +Characteristics of the building +Both construction choices and maintenance quality impact the +safety of building occupants. The presence of unverified hazard - +ous materials, non-compliance with safety standards and the +impact of inadequate ventilation systems on indoor air quality +can all affect occupants’ health. +Asbestos management (in %) + No traces of asbestos + Traces of encapsulated asbestos +Healthcare real estate  1,861,367 m² +Distribution networks  308,917 m² +PPP and others  206,069 m² +Office  331,226 m² +Total portfolio  2,707,569 m² +62 +57 +70 +65 +100 +38 +43 +30 +35 +Cofinimmo systematically analyses all elements likely to have +an impact on public health, according to the current available +knowledge and the legislation in place at the moment of the +design, no later than the urban planning permit date. The due +diligence process as part of the acquisition and investment +procedure includes a compulsory analysis of the presence +of asbestos, soil pollution and aspects relating to fire-fighting +and fire prevention. For the portfolio under operational control, +next to clear evacuation plans, the group organises annually +evacuation exercises for tenants. In the healthcare real estate +segment, compliance checks on accessibility for people with +reduced mobility are part of the due diligence process and are +regulated by the approval for the operation of the buildings. In +the office segment, 100 % of the projects have been audited for +accessibility for people with reduced mobility in 2023. +The asbestos risk is closely monitored for older buildings in the +portfolio based on the existence of an internal asbestos risk +management policy and internal training on this policy. Asbestos +present in buildings is usually encapsulated in the materials. +In the event of deterioration, these materials are removed in +accordance with legal requirements to ensure individual safety. +In addition to regulations, sustainable certifications such as +BREEAM also address these social issues. Indoor air quality, water +quality, visual comfort or daylight, thermal and acoustical comfort +are part of the design criteria for new constructions following +targeted certifications of 22 ongoing projects at 31.12.2023. +Internal and external facilities +The impact of nature on physical or mental health is well estab - +lished, whether through the quality of the environment in which +we live (presence of green spaces and landscaping), the quality +of the air we breathe or even biodiversity. This is why Cofinimmo +always seeks to provide green spaces to its occupants and pays +particular attention to biodiversity whenever initiating a new +project, whether in the healthcare real estate or office segments. +At the same level the surroundings have a positive impact on +fighting loneliness in the healthcare segment. In the Fundis project +(Rotterdam, the Netherlands), onsite services like a dentist or a +pharmacy facilitate visits by family members as they combine +visits to occupants with those other services. +Real estate’s impact on the external environment is increasingly well +managed. But what about its impact on the internal environment ? According +to the publication of Emerging Trends in Real Estate®, Europe 2024 by PWC +& Urban Land Institute, the importance of the internal environment for +occupiers and end users has increased the most since the start of 2023 +and is expected to rise further in significance over the next five years. +100 % +of the directly managed portfolio has asbestos +monitoring +94 % +of the directly managed portfolio has fire audit +monitoring +No infringements that might present a penalty +or health impact on occupants have been +detected during fire audits and asbestos +monitoring in the directly managed portfolio. +148 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_18.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_18.txt new file mode 100644 index 0000000000000000000000000000000000000000..1cd8f476eb779724b25509a74d2eb651ab706833 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_18.txt @@ -0,0 +1,73 @@ +The net result - group share amounts to -55 million EUR (i.e. +-1.63 EUR per share) as at 31.12.2023, compared to +483 million EUR +(i.e. +15.09 EUR per share) as at 31.12.2022. This change is due to +the fact that the increase in the net result from core activities +– group share* is lower than the negative change in the fair value +of hedging instruments and investment properties – non–cash +items – between 31.12.2022 and 31.12.2023. +A contained debt-to-assets ratio +With a debt-to-assets ratio of 43.8 % as at 31.12.2023 (com - +pared with 45.6 % as at 31.12.2022 and 47.0 % as at 30.09.2023), +Cofinimmo’s consolidated balance sheet (whose BBB/Stable/A-2 +rating was confirmed on 21.03.2023 and was the subject of a +report published on 03.05.2023 and an update on 09.10.2023) +shows a strong solvency (information on main risks and uncer - +tainties are stated in the ‘Risk factors’ section of this document). +These results allow to confirm that the board of directors will +propose, during the ordinary general meeting of 08.05.2024, the +allocation of a gross dividend of 6.20 EUR per share for the 2023 +financial year, payable in May 2024. +Based on the information currently available and the assump - +tions detailed in section ‘2024 oulook’ on page 110 of this doc - +ument (gross investments of 320 million EUR and divestments +of 270 million EUR in 2024, with these net investments having +a near neutral effect on the debt-to-assets ratio), and con - +sidering the disposals carried out in 2023, Cofinimmo expects, +barring major unforeseen events, to achieve rental income, net +of rental charges* of 349 million EUR (including the effect of +divestments made in 2023 and budgeted in 2024 amounting to +around 23 million EUR) leading to a net result from core activities +– group share* of 235 million EUR (compared to 241 million EUR +as at 31.12.2023), i.e. 6.40 EUR per share for the 2024 financial year, +taking into account the prorata temporis dilutive effects of the +capital increases carried out in 2023 (approximately 0.50 EUR +per share) and the disposals carried out in 2023 and budgeted +in 2024 (approximately 0.40 EUR per share). Based on the same +data and assumptions, the debt-to-assets ratio would remain +almost stable at approximately 44 % as at 31.12.2024. This ratio +does not take into account possible changes in fair value of +investment properties (which will be determined by the inde - +pendent real estate valuers). +This outlook (provided subject to the main risks and uncertainties, +see section ‘Risk factors’) would allow the distribution of a gross +dividend (for the 2024 financial year, payable in 2025) of 6.20 EUR +per share, subject to the evolution of the net result from core +activities – group share – per share* and the evolution of the +debt-to-assets ratio. +As we celebrate Cofinimmo’s 40 th anniversary, it is worth remem - +bering that the Group owes its excellent performance to the +enthusiasm, competence and commitment of all its employees, +who spare no effort in furthering the group’s development. The +board of directors wishes to express its warmest congratulations +to the Cofinimmo teams, and to encourage them in this time of +crises (health and geopolitics) that affects us all. + X Jacques VAN RIJCKEVORSEL, +Chairman of the board of directors + X Jean-Pierre HANIN, +Chief Executive Officer +‘Cofinimmo is the only real estate +player among the eight Belgian +companies included in Financial +Times’ 500 Europe’s Climate Leaders.’ +Investment programme in 2023 (x 1,000,000 EUR - per segment) + Healthcare Offices Distribution networks Healthcare (contributions in kind) +Investments 2023 Divestments 2023 +4 -24 +-236 +-44 +250 +47 +302 -303 +36 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +16 diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_19.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_19.txt new file mode 100644 index 0000000000000000000000000000000000000000..782854878b61c29ecab45adbe7c3f3fc44b6bb36 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_19.txt @@ -0,0 +1,81 @@ + Highlights +Caring +286 million EUR +Investments +9 countries +Portfolio geographical +footprint +479 million EUR +Financial envelope of ongoing +development projects in +healthcare real estate +Living +19 million EUR +Completion of the disposal of +the Cofinimur I portfolio, i.e. +approximately 111 million EUR +in total +Working +236 million EUR +Divestments carried out +With 4.7 billion EUR, healthcare +real estate accounts for 75 % +of the group’s consolidated +portfolio which reaches +6.2 billion EUR. +ESG +• Inclusion in the new Euronext +BEL ESG index since its launch +in February 2023 +• Only Belgian real estate +player included in Financial +Times’ 500 Europe’s Climate +Leaders +• Renewal and improvement +of several ESG labels, and +new certification ‘Great Place +to Work®’ in Belgium and +Germany +• Several BREEAM certifications +for offices and healthcare +real estate +• Granted the ‘CO2 +Neutral label certificate – +Building label – Silver level’ +for the redevelopment of the +Montoyer 10 office building +Operational +performance ++ 8.5 % +Increase in gross rental income over the last 12 months +Financial +structure +• Interest rate risk fully hedged +as at 31.12.2023 as part of +the long-term interest rate +hedging policy +• Capital increases +(non-budgeted) for +247 million EUR (optional +dividend in the 2nd quarter, +contributions in kind in the +3rd quarter and ABB in the +4th quarter) +• Headroom on committed +credit lines of approximately +1 billion EUR as at 31.12.2023, +after deduction of the +backup of the commercial +paper programme +2024 outlook +6.20 EUR/share +Gross dividend for the 2024 +financial year, payable in 2025 +(stable compared to 2023), +subject to the evolution +of the net result from core +activities – group share – +per share* and the evolution +of the debt-to-assets ratio +17 +SECTION 3  I  MESSAGE TO THE SHAREHOLDERS I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_20.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_20.txt new file mode 100644 index 0000000000000000000000000000000000000000..f5b18c05537d002078b70034011c443cc97de1b2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_20.txt @@ -0,0 +1,4 @@ +manage ment report + X Nursing and care home Les Jardins d’Ameline - Oupeye (BE) +18 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_21.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_21.txt new file mode 100644 index 0000000000000000000000000000000000000000..fc4437b8d99f0dd2b404c5a3d8be962b0baf3b8b --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_21.txt @@ -0,0 +1,31 @@ +manage ment report +Contents +Mission 20 +Strategy 21 +Key figures as at 31.12.2023 26 +Transactions & achievements in 2023 30 +Caring 36 +A vast and qualitative European portfolio 46 +Achievements in 2023 48 +Belgium 48 +France 50 +The Netherlands 52 +Germany 54 +Spain 56 +Finland 58 +Ireland 59 +Italy 60 +United Kingdom 61 +Living 62 +Working 70 +Composition of the consolidated portfolio 78 +Financial resources management 87 +Summary of the consolidated accounts 100 +Summary of +quarterly consolidated accounts 104 +Appropriation of statutory profits 107 +Events after 31.12.2023 108 +2024 outlook 110 +Statutory auditor’s report on the outlook 114 +19 +SECTION 4  I  MANAGEMENT REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_22.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_22.txt new file mode 100644 index 0000000000000000000000000000000000000000..7bfe2c6ccbf2b6cb5dbc3d9ae8adc222c5598856 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_22.txt @@ -0,0 +1,36 @@ +‘Caring, Living and Working – Together in real estate’ is the expres- +sion of this mission. +More specifically, Cofinimmo’s mission is to : +• Promote, within its high-quality care, living, and working spaces, +exchanges that will foster inspiration and well-being through +the provision of services that anticipate the needs and aspi - +rations of their occupants ; +• Provide an inspiring work and living environment, in service +of an exciting commercial project ; +• Provide shareholders with the opportunity to make long-term, +socially responsible investments that fuel dividends as well as +returns to the community. +Beyond the stakeholders identified above, the community +itself greatly benefits from Cofinimmo’s services on many levels, +whether in healthcare, the working world, or simply in places +where people interact and share. Furthermore, Cofinimmo +contributes to enhance and renovate public and parapublic +property through large-scale projects undertaken by way of +public-private partnerships. +Mission +Responding to societal changes, Cofinimmo’s mission is +to provide high-quality care, living, and working spaces to +partner-tenants that directly benefit their occupants. + X Nursing and care home - Milton Keynes (UK) +‘The community benefits +from Cofinimmo’s +services whether in +healthcare, the working +world, or simply in +places where people +interact and share.’ + Caring, Living +and Working – +Together in real estate +20 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_23.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_23.txt new file mode 100644 index 0000000000000000000000000000000000000000..e2dec7d1959e81c67012866cad8a5c69397f9378 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_23.txt @@ -0,0 +1,101 @@ +Real estate strategy +Healthcare real estate +Cofinimmo’s strategy consists in consolidating its leadership in +the European healthcare real estate segment. In this context, +Cofinimmo’s primary objective is to expand its healthcare real +estate portfolio by investing in high-quality functional build - +ings. In principle, these buildings create an elevated, predictable +and indexed cash flow within the framework of usually long- +term lease contracts. +The group’s growth goes hand-in-hand with the diversification +that is already underway, in the healthcare real estate segment. +Once limited to nursing and care homes, Cofinimmo’s healthcare +real estate portfolio grew over time through the acquisition of +other types of assets such as medical office buildings, spe - +cialised clinics, rehabilitation clinics, psychiatric clinics, etc. But +diversification was also marked on a geographical level through +the expansion of the group’s activities beyond Belgium, first in +France, then in the Netherlands and Germany and, since 2019, +in Spain, Finland, Ireland, Italy and the United Kingdom. The nine +countries in which the company is active are at different stages +of development. +As part of its healthcare real estate strategy, Cofinimmo partic - +ipates in the expansion and renewal of the healthcare property +portfolio in Europe. Several innovative projects aimed at making +residents’ stay more attractive, including encouraging interaction +with people living in the surrounding area as well as family visi - +tations. By way of example, it is worth mentioning the healthcare +campus De State Hillegersberg in Rotterdam, whose complete +renovation was completed in the 1 st quarter of 2022. Initiated in +2019, this large-scale project consisted of two pillars : the com - +plete renovation of the rehabilitation centre, and the demolition +and reconstruction of the nursing and care home. The goal of +this new site is not only to meet the residents’ needs but also +to create a central place to live for the entire neighbourhood +and, by doing so, to fight against the isolation of care-depend - +ent seniors. Part of the building is intended for local general +practitioners who receive the nursing and care home residents’ +relatives as well as local residents. The latter can also enjoy the +nice brasserie and a beautiful garden. Finally, the clinic is also +home to an innovative nursing house concept for elderly people +who still need temporary assistance after their rehabilitation. +Given the above, it is clear that the share of healthcare real estate +in Cofinimmo’s consolidated portfolio, which already represents +75 %, is bound to grow significantly in the future. +Property of distribution networks and PPPs +Property of distribution networks, public-private partnerships +(PPPs), and healthcare real estate all share the characteris - +tic of generating high, predictable, and indexed cash flows, +through long-term contracts. +The other characteristics of the property of distribution networks +portfolios are their acquisition at an attractive price as part of +sale & leaseback transactions, their usefulness as a retail network +for the tenant, the granularity of risk they carry and the potential +to optimise their composition over time. +The portfolio of pubs and restaurants leased to the AB InBev +brewery group (Pubstone) has been subject to individual ‘run of +the mill’ asset disposals since its creation. Since the end of 2021, +the portfolio of insurance agencies leased to the MAAF insurance +company (Cofinimur I) was subject to a gradual divestment +strategy per sub-portfolio clusters or per unit. The last assets +of this portfolio were sold on 06.11.2023. PPPs are intended to be +held for the long term. +Offices +Since its establishment in December 1983, Cofinimmo has been +a major player in the Brussels office market in Belgium, which +consists of different sub-segments. +It is in this market that the company has built its expertise in real +estate for 40 years. Specifically, Cofinimmo’s staff are experts in +every aspect of the building life cycle, and are well-versed in the +A to Z management of major projects. Whether it is the design, +construction, renovation, reconversion or development of sites, +the goal is always the eventual rental or sale of these assets. In +addition to the office segment, this know-how is also applied +to healthcare real estate, property of distribution networks, and +PPPs, which all benefit from the synergies created. +Having divested large single-tenant office spaces, Cofinimmo +continues its overall rebalancing strategy by carrying out selec - +tive asset arbitrage and the rebalancing of its office portfolio by +reducing holdings in Brussels’ decentralised areas and expand- +ing its holdings of high-quality buildings in the Central Business +District (CBD), and more specifically in the Leopold district (i.e. +in the vicinity of the European institutions). The vacancy rate in +this segment, which is substantially lower than the average in +the Brussels market, makes it possible to obtain higher net yields. +On 29.10.2021, Cofinimmo contributed its office branch to a +wholly-owned subsidiary called Cofinimmo Offices SA/NV. This +spin-off stems naturally from the strategy of refocusing on the +Brussels CBD, initiated in mid-2018 and is part of the execution +of the value creation strategy for the office portfolio. It allows +the capital of the subsidiary specialised in offices to be opened +up to future investors, in due time, who would then benefit from +Cofinimmo’s experienced management and investment plat - +form, while allowing the group to recycle a part of the capital +invested in this portfolio. +Strategy +Cofinimmo’s strategy is to reaffirm its leadership in the European healthcare real +estate segment. With its numerous development projects, Cofinimmo actively +participates in the expansion and renewal of the healthcare property portfolio +in Europe. +21 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_24.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_24.txt new file mode 100644 index 0000000000000000000000000000000000000000..4b16d29d844ec4c00b44e40b7255dd5d16c489f0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_24.txt @@ -0,0 +1,56 @@ +Benefits of the strategy +for stakeholders +Cofinimmo’s strategy flows from the mission described above +as well as from the expectations of the main stakeholders +(shareholders, tenants, staff and community). +Suppliers and +community in +the broad sense +Tenants +Shareholders +Employees +Socially +responsible, long- +term investment , +generating a regular +flow of dividends +Respect and a fulfilling +work environment based +on values (we care, we +connect, we commit) and +fostering diversity +Collective and +personal development +opportunities +A healthy, well- +balanced commercial +relationship based on +mutual respect +Compliance towards supervisory +authorities ; contribution to the +well-being of local residents, +associations ; transparent, accurate +and timely information to media +and analysts +Supervisory +authorities, civil +society, media & +analysts +High-quality +care, living +and working +environments +Spaces that meet +rapidly changing +needs and aspirations +Suppliers +of goods +and services +Indirect benefits in +healthcare and the +working world or in +places where people +exchange and share +22 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret animal #3 is a "spider". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_25.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_25.txt new file mode 100644 index 0000000000000000000000000000000000000000..67b96bca59888776842a755c2cc4d5a6e03a80ac --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_25.txt @@ -0,0 +1,59 @@ +43.8 % +Debt-to-assets ratio as at 31.12.2023 +1.4 % +Average cost of debt* in 2023 +Capital markets : equity (x 1,000,000 EUR) + Contribution in kind + Sale of treasury shares + Optional dividend + Rights Issues + Accelerated bookbuilding + Conversion of convertible bonds + Straight bonds + Convertible bonds + Green & social bonds + Commercial paper +Capital markets : debts (x 1,000,000 EUR) + + + +2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +107 +75 +29 19 5 63 +22 11 38 +92 3333 99 103 +44 +155 +296 +31 +217 +65 +285 +180 +75 72 +98 69 32 +44 +58 36 +56 +44 +167 +173 +191 +219 +2626 +20 +10 +29 +500 500 +55 +17 +100 +50 +140 +50 +190 +70 +23 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_26.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_26.txt new file mode 100644 index 0000000000000000000000000000000000000000..41aa9e4f8bd0a3e3cd5253fcd78cdfcc7cdef350 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_26.txt @@ -0,0 +1,93 @@ +Financial strategy +In order to implement the real estate strategy set out above, +Cofinimmo has developed a financing strategy based on the +following principles : +Diversification of financing sources +The group diversifies not only the type of assets and the countries +in which it invests, but also its financing sources. Cofinimmo also +pays particular attention to the alignment between its financial +strategy and its ESG objectives. Thus, Cofinimmo uses tradi - +tional or sustainability-linked bank loans, green & social loans, +‘traditional’ straight (non-convertible) bonds, convertible bonds +(the last one matured in 2021), green & social or sustainable +bonds, and both short-term and long-term sustainable com - +mercial paper programmes in its financing mix. In addition, the +company works closely with about twenty financial institutions. +Regular access to capital markets +Cofinimmo raises capital through capital increases, optional +dividends in shares, disposals of treasury shares, contributions in +kind, as well as the issuance of ‘traditional’ straight (non-convert - +ible) bonds, convertible bonds and green & social or sustainable +bonds. The two graphs on page 23 show the financing sources +used by Cofinimmo in recent years. +Debt-to-assets ratio close to 45 % +Even though the company’s RREC legal status allows a debt- +to-assets ratio (defined as financial and other debts divided by +total consolidated balance sheet assets) of at most 65 % and the +banking agreements allow a ratio of 60 %, the group’s policy is to +maintain a debt-to-assets ratio of approximately 45 %. +This level has been determined at a European level through +market standards for listed real estate companies, and is +adjusted for the long weighted average residual length of leases. +Optimisation of the duration and cost +of financing +Cofinimmo actively manages its financing sources, typically by +refinancing maturing debts in advance. In this respect, the group +strives to optimise the cost of its debt while ensuring diversi - +fication of its financing sources and monitoring the weighted +average residual maturity of its debt. +With a portion of the debt incurred at floating rate, Cofinimmo +is exposed to interest rate risk as an increase in rate could lead +to a deterioration in its financial result. This is why, Cofinimmo +partially hedges its floating-rate debt through the use of hedg - +ing instruments (IRS and caps). The objective is to secure the +interest rates over a minimum of three years for 50 % to 100 % of +the estimated financial debt. +ESG strategy +As a major real estate player in Europe, Cofinimmo has been +committed to a global ESG strategy for more than 15 years. The +ESG strategy is fully embedded in the real estate and financing +strategy. Also Cofinimmo did not wait for legal obligations to inte - +grate environmental and social considerations into its activities. +Environmental performance +The first pillar of Cofinimmo’s ESG strategy consists in improving +the energy performance and comfort standards of its buildings, +while providing a long-term environmental response to their life +cycle. The main priority is to reduce the energy intensity of the +portfolio in order to limit the impact on GHG emissions and cli - +mate change (see chapter ‘Structured approach to climate +risks’). Water management is also a key focus for the environ - +mental pillar. +Development of socially responsible healthcare +sites +The second pillar of Cofinimmo’s ESG strategy consists in con - +tributing to the development of socially responsible healthcare +sites (for example, by creating sites where several health-related +functions coexist in harmony to create genuine central living +spaces for the whole neighbourhood). Under this social pillar, +the strategy focuses on the main stakeholders : +• meeting expectations on safety of occupants through con - +struction choices and maintenance quality ; +• a two-way commitment to responsible supply chain relation - +ships with a focus on on-site safety ; +• bringing added value to society through a diverse, trained +and healthy workforce. +Sustainable balance +The third pillar of Cofinimmo’s ESG strategy consists in imple - +menting sustainability as much as possible within the limits of +economic feasibility. Profitability for investors and access to cap - +ital are material to be able to operate as a sustainable company. +Sustainable financial instruments provide an opportunity to meet +the objectives of the EU Taxonomy Regulation and ultimately of +the European Green Deal and the EU climate targets for 2030 and +2050. In accordance with its ESG strategy, Cofinimmo intends +to pursue a green and social financing policy. Specifically, the +following main objectives will be pursued : +• mitigate climate change by implementing energy conservation +measures and reducing GHG emissions ; +• renovate and/or expand the healthcare real estate portfolio +to meet current and future needs for the housing and care of +vulnerable people. +24 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #2 is a "bottle". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_27.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_27.txt new file mode 100644 index 0000000000000000000000000000000000000000..c1ac7039f59d3c97f0813b7db2ea35aeb5b6f2c3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_27.txt @@ -0,0 +1,86 @@ +Holistic approach +Cofinimmo’s approach is driven by the actions it can take in +relation to the building itself, rather than focusing on consumer +behaviour. In this way Cofinimmo aims to assume its responsi - +bilities. The objectives of the development activities are to con - +struct buildings that are more energy efficient, with lower GHG +emissions, low water consumption and waste production, using +sustainable materials and offering a high level of safety to their +occupants. With regard to the sites themselves, transport and +biodiversity are also taken into account. The methods used by +Cofinimmo are compliant with European and national legislation +on energy performance, the BREEAM certification method for the +general sustainability aspects (Very Good is the target level for +existing assets) and the ISO 14001 certification specifications, in +order to choose the best compromise between sustainability +and profitability on a variety of sustainability parameters. +Energy intensity reduction as the main +driver +Cofinimmo’s strategy and business model are driven +by the reduction of the energy intensity of the portfo - +lio, both from the inside out and from the outside in. +This interaction allows, on the one hand, to reduce the +impact of the portfolio on the environment, since the +energy consumption during the use of the building is +the largest emitter of scope 3 GHG emissions. On the +other hand, buildings with better energy performance are +more attractive from a commercial point of view, offering +occupants greater comfort at lower cost. Cofinimmo’s +consumption reports have been available since 2010 +and show a 37% reduction in energy intensity since 2016. +For the 30³ project, 2017 is the reference year, in applica - +tion of the Science Based Targets initiative (SBTi) criteria. +The aim is to reduce the average energy intensity of the +portfolio by 30% by 2030. The graph below shows that +a 25% reduction has already been achieved since 2017, +all scopes combined. +Evolution of the average energy intensity of + the portfolio between 31.12.2016 and 31.12.2023 +Improve the buildings’ +energy performance and +comfort standards while +providing a long-term +environmental answer to +their life cycle + ENVIRONMENTAL +PERFORMANCE +Implement +sustainability as much +as possible within +the limits of economic +feasability SUSTAINABLE +BALANCE +Contribute to urban develop- +ment of socially responsible +sites (for example, by creating +sites where several health- +related functions coexist +in harmony to create genuine +central living spaces for the +whole neighbourhood) +DEVELOPMENT OF +SOCIALLY RESPON­ +SIBLE SITES +230 +220 +210 +200 +190 +180 +170 +160 +150 +140 +130 +kWh/m2/year +2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +189 +226 +178179 +165 158163 +130 +-30 % +142 +-25 % +25 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_30.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_30.txt new file mode 100644 index 0000000000000000000000000000000000000000..0ab1442450c81af9d012fbebe8ad07790c1966b2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_30.txt @@ -0,0 +1,19 @@ +154 employees +142 kWh/m2/year +80 % +80 % +55 % +6,787 +Average portfolio energy intensity +Part of the portfolio EPC certified +Remuneration ratio +between genders (women/men) +Part of the portfolio remotely monitored +Hours of paid training +ESG +47 % +Men +53 % +Women +28 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_31.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_31.txt new file mode 100644 index 0000000000000000000000000000000000000000..5ab4814501855038f5f4ee24463c6cf9013f8b4b --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_31.txt @@ -0,0 +1,36 @@ +Consolidated key figures +(x 1,000,000 EUR) 31.12.2023 31.12.2022 31.12.2021 +Portfolio of investment properties (in fair value) 6,231 6,200 5,710 +(x 1,000 EUR) 31.12.2023 31.12.2022 31.12.2021 +Property result 338,958 317,534 293,885 +Operating result before result on the portfolio 277,703 257,067 241,318 +Net result from core activities - group share* 240,719 222,496 212,131 +Result on financial instruments - group share* -79,480 216,937 40,748 +Result on the portfolio - group share* -216,735 43,505 7,458 +Net result - group share* -55,497 482,938 260,337 +Operating margin* 81.9 % 81.0 % 82.1 % +31.12.2023 31.12.2022 31.12.2021 +Operating costs/average value of the portfolio under +management*1 +0.98 % 1.00 % 0.95 % +Weighted residual lease length (in years) 2 13 13 12 +Occupancy rate 3 98.5 % 98.7 % 98.1 % +Gross rental yield at 100 % occupancy4 5.8 % 5.6 % 5.6 % +Net rental yield at 100 % occupancy5 5.5 % 5.3 % 5.3 % +Debt-to-assets ratio 6 43.8 % 45.6 % 44.2 % +Average cost of debt* 7 1.4 % 1.2 % 1.1 % +Weighted average residual debt maturity (in years) 8 4 5 5 +1. Average value of the portfolio to which are added the receivables transferred for the buildings whose maintenance costs payable by +the owner are still met by the group through total cover insurance premiums. +2. Until the first break option for the lessee. +3. Calculated based on real rents (excluding development projects and assets held for sale) and, for vacant space, the rental value +estimated by the independent real estate valuers. +4. Passing rents, increased by the estimated value of vacant space, divided by the investment value of the portfolio (including transaction +costs), excluding development projects and assets held for sale. +5. Passing rents, increased by the estimated value of vacant space, minus direct costs, divided by the investment value of the portfolio +including transaction costs), excluding development projects and assets held for sale. +6. Legal ratio calculated in accordance with the legislation on RRECs, such as financial and other debt divided by total assets. +7. Including bank margins. +8. See chapter ‘Financial resources management’ on page 87. +29 +SECTION 4  I  MANAGEMENT REPORT  I  KEY FIGURES  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_32.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_32.txt new file mode 100644 index 0000000000000000000000000000000000000000..fbc1cad2b70bb74b1d03c54a5dd5dd58b2c81573 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_32.txt @@ -0,0 +1,58 @@ +Q1 +january +Belgium +Provisional acceptance of a nursing and +care home in Grimbergen (Flemish Bra - +bant). Disposal of the Mercurius 30 office +building (Brussels periphery) for approx - +imately 6 million EUR. +Financing +Refinancing of a 90 million EUR credit line +maturing at the end of January 2023 to +bring its maturity to 2030. Subscription +of an IRS for 75 million EUR for the years +2026-2029. +february +France +Provisional acceptance of a nursing and +care home in Villers-sur-Mer (Normandy). +The Netherlands +Provisional acceptance of a nursing and +care home in Hilversum (North Holland). +Finland +Provisional acceptance of a nursing and +care home in Kuopio. +ESG +Inclusion in the new Euronext BEL ESG index. +march +Belgium +Disposal of the Georgin 2 office building +(Brussels decentralised) for approximately +29 million EUR. +Germany +Entry into scope of a healthcare site in +Kaarst (North Rhine-Westphalia). Entry into +scope of a healthcare site in Viersen (North +Rhine-Westphalia). +Spain +Construction of a nursing and care home +on a plot of land previously acquired in Dos +Hermanas (Andalusia) for approximately +12 million EUR (plot of land + works). +Financing +New 18 million EUR bilateral credit line +maturing in 2030. +ESG +Ranking within the Top 500 in the Gender +equality global report & ranking on a total +of 4,000 companies assessed. Standard +Ethics confirmed Cofinimmo’s EE+ rating +(on a scale going from EEE to F), which the +company has since 2015. +Transactions & +achievements +in 2023 + X Nursing and care home Villa Batavia - +Grimbergen (BE) +30 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_33.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_33.txt new file mode 100644 index 0000000000000000000000000000000000000000..08fe3ca93439b68f81b505a4cf148fd94d1403d8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_33.txt @@ -0,0 +1,67 @@ +Q2 +april +Belgium +Disposal of a mixed-use site located +Woluwelaan 151 (Brussels periphery) for +approximately 10 million EUR. +Finland +Provisional acceptance of the second +part of a nursing and care home in +Kuopio. Provisional acceptance of a +nursing and care home in Raisio. +Financing +Signature of the extension for 210 million EUR +of the sustainability-linked syndicated loan +for one additional year to bring its matu - +rity to 19.05.2028, with no impact on credit +spreads. +ESG +Inclusion in the Financial Times’ Europe’s +500 Climate Leaders for 2023 (only Belgian +real estate company among 27 European +real estate companies). +may +Belgium +Granting of a 99-year leasehold right on +the office building located rue de la Loi/ +Wetstraat 57 (Brussels’ CBD) for approxi - +mately 36 million EUR. +The Netherlands +Acquisition of medical office building +in Sittard (Limburg) for approximately +5 million EUR. +june +Belgium +Signature of a private agreement relat - +ing to the granting of a 99-year leasehold +right on the Science/Wetenschap 41 office +building (Brussels’ CBD) for approximately +12 million EUR. Signature of a private agree - +ment relating to the divestment of the +Brand Whitlocklaan 87-93 office building +(Brussels decentralised) for approximately +12 million EUR. The closing took place at the +end of August. Disposal of the Woluwe 58 +office building (Brussels decentralised) for +approximately 12 million EUR. Acquisition +of the Loi/Wet 89 office building (Brussels’ +CBD) for approximately 7 million EUR. +Finland +Provisional acceptance of a nursing and +care home in Helsinki. +Financing +Capital increase through optional divi - +dend. A total of 31 % of the 2022 dividend +coupons were contributed to the capital +against new shares. This resulted in the +issue of 599,974 new shares for a total +amount of 44.3 million EUR. Subscription of +an IRS for 100 million EUR for 2026. +ESG +Two new BREEAM In-Use certifications for +nursing and care homes in Spain, one Very +Good and one Excellent. + X Aerial view of a nursing and care home - Helsinki (FI) + X Medical office building - Sittard (NL) +31 +SECTION 4  I  MANAGEMENT REPORT  I  TRANSACTIONS & ACHIEVEMENTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_34.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_34.txt new file mode 100644 index 0000000000000000000000000000000000000000..9bf633590caa00926f32286d23c88096c95581f3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_34.txt @@ -0,0 +1,83 @@ +Q3 +july +Belgium +Provisional acceptance of a nursing and +care home in Oudenburg (West Flanders). +Acquisition of a nursing and care home in +Oupeye (Liège/Luik) through a contribu - +tion in kind of all the shares of the com - +pany owning the site for approximately +30 million EUR. In this context, 400,472 new +shares were issued. +Spain +Construction of a nursing and care home +on a plot of land previously acquired in +Valladolid (Castille and Leon) for approxi - +mately 14 million EUR (plot of land + works). +Ireland +Acquisition of a nursing and care home +in Limerick through a contribution in kind +of the receivables resulting therefrom for +approximately 7 million EUR. In this context, +101,495 new shares were issued. +Financing +Subscription of three new IRS for +50 million EUR each, in order to increase its +hedging for the year 2026 (100 million EUR) +and the years 2028-2030 (50 million EUR). +ESG +Two new BREEAM In-Use certifications for +office buildings in Brussels, one Good and +one Very Good. +august +Belgium +Signature of a private agreement relating +to the disposal of the Nerviens/Nerviërs 105 +office building (Brussels’ CBD) for approx - +imately 20 million EUR. The notorial deed +was signed at the end of August 2023. +ESG +New BREEAM In-Use Excellent certification +for a nursing and care home in Spain. +september +Belgium +Divestment of one nursing and care +home in Balen (province of Antwerp) +and one in Aartselaar (Antwerp) for +approximately 31 million EUR. +France +Cofinimmo becomes the majority share - +holder in a property company ‘SCI Foncière +CRF’, following the increase of its stake in the +capital of this property company created +by the French Red Cross by 13 million EUR. +The Netherlands +Construction of an eco-friendly nursing +and care home in Vlijmen (North Bra - +bant) for approximately 9 million EUR (plot +of land + works). +Spain +Provisional acceptance of a nursing and +care home in Tarragona (Catalonia). +Financing +Consolidation of a 72 million EUR credit line +maturing in 2030 deriving from the con - +solidation of the property company ‘SCI +Foncière CRF’. Subscription of an IRS +for 75 million EUR covering the years +2028-2030. +ESG +Received for the tenth consecutive year a +Gold award for the application of the EPRA +Sustainability Best Practices Recommen - +dations in the 2022 annual financial report +and a Gold award for the application of +the EPRA Sustainability Best Practices Rec - +ommendation.s in the 2022 ESG Report. +S&P Global CSA score for 2023 confirmed +at 54/100. + X Nursing and care home - Kuopio (FI) + X Render of the future nursing and care +home - Valladolid (Castile & León - ES) +32 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_35.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_35.txt new file mode 100644 index 0000000000000000000000000000000000000000..e9d4d16ea135dbbb697628f7454b6a0f58056270 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_35.txt @@ -0,0 +1,69 @@ +Q4 +october +Financing +Capital increase in cash via accelerated +bookbuilding. The gross amount of the +capital increase amounted to approxi - +mately 167 million EUR, for which 2,785,805 +new shares were issued. Refinancing of a +50 million EUR credit line maturing at the +end of January 2024 to bring its matu - +rity to 2029. Extension of two credit lines +for a total amount of 90 million EUR for +one additional year to bring its maturity +to 2028. +Germany +Acquisition of to an eco-friendly healthcare +campus in Viersen (North Rhine-West - +phalia) for 5 million EUR. +ESG +Improvement of the ‘standing investment +score GRESB Real Estate Assessment’ +to 77/100 for 2023. Improvement of the +rating granted by Sustainalytics to 11.1. +november +France +Completion of the disposal of the port - +folio of insurance agencies leased to +the French group MAAF (Cofinimur I) and +which was launched in September 2021. +Financing +Extension of two credit lines for a total +amount of 25 million EUR for one additional +year, brining its maturity to 2034. +december +Belgium +Signature of a notary deed relating to +the granting of a 99-year leasehold right +on a nursing and care home in Walshoutem +(Flemish Brabant) for approximately +11 million EUR. Provisional acceptance of a +nursing and care home in Juprelle (Liège/ +Luik). Divestment of a nursing and care +home in Ransart (Hainaut) for 2 million EUR. +Signature of a notarial deed relating to +the granting of a 99-year leasehold right +on the office buildings located Stations - +straat 100, 102-108 and 120 in Mechelen/ +Malines (Antwerp) for approximately +27 million EUR. Divestment of four assets +in the Park Hill office building complex in +Brussels periphery, the Hermann-Debroux +44-46 office building and full ownership of +the Everegreen office building in the Brus - +sels decentralised area, for approximately +60 million EUR. +France +Signing of sales agreements relating to +two healthcare sites in Sartrouvllle (Île- +de-France) and Jurançon (Pyrénées- +Atlantiques) for 5 million EUR. +Financing +Subscription of an IRS for 200 million EUR +covering the years 2029-2030. +Group +40th anniversary of the group. + X Nursing and care home - Tarragona (Catalonia - ES) +33 +SECTION 4  I  MANAGEMENT REPORT  I  TRANSACTIONS & ACHIEVEMENTS  I +The secret instrument is a "violin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_36.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_36.txt new file mode 100644 index 0000000000000000000000000000000000000000..553539436b2db32072f7810f9204834b9f1672ff --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_36.txt @@ -0,0 +1,5 @@ +caring, living, +working +-Together in Real Estate - +34 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_37.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_37.txt new file mode 100644 index 0000000000000000000000000000000000000000..b35b66fdad45eea8590d09ac19e7f7947a0d227c --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_37.txt @@ -0,0 +1,24 @@ +75 % +caring +To be a leading European +healthcare REIT with a +top quality portfolio, also +participating in innovative real +estate concepts addressing +healthcare challenges +7 % +living +An opportunity-seeking +approach with long-term +income +18 % +working +Creating value through +capital recycling +A portfolio exceeding +6.2 billion EUR managed +from Brussels, Paris, Breda, +Frankfurt and Madrid. +Breakdown of the consolidated portfolio +35 +SECTION 4  I  MANAGEMENT REPORT  I  CARING, LIVING, WORKING - TOGETHER IN REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_40.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_40.txt new file mode 100644 index 0000000000000000000000000000000000000000..8cd155bad9473ab6f8b401e85658ac49e7ecb90b --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_40.txt @@ -0,0 +1,28 @@ +Highlights +75 % +of the consolidated portfolio +99.4 % +Occupancy rate +30,500 +Number of beds +316 +Number of assets +5.6 % +Gross rental yield +286 million EUR +invested in 2023 +152 kWh/m² +Annual energy intensity of +the covered segment +4.7 billion EUR +Fair value of the portfolio + 1,860,000 m2 +Surface area +18 +Buildings with +BREEAM certification +15 years +Weighted average +residual lease length +38 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_41.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_41.txt new file mode 100644 index 0000000000000000000000000000000000000000..9e9e404040663ff524ec86e8744db97f9613e782 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_41.txt @@ -0,0 +1,30 @@ +18 +Buildings with +BREEAM certification +Cofinimmo is a leading investor +in healthcare real estate in +Europe with a portfolio spread +over nine countries and +consisting of 316 assets that +cover the full spectrum of care, +from primary to acute care and +skilled nursing facilities. The group +intends to further strengthen this +position in the coming years. +36 % +Belgium +15 % +France +11 % +The Netherlands +19 % +Germany +19 % +Others* +* ES 8 % - FI 3 % - IE 2 % - IT 5 % - UK 1 % +Breakdown of the healthcare portfolio +by country (at fair value - in %) + X Healthcare campus - Kaarst (DE) +39 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I +The secret food is "chocolate". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_42.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_42.txt new file mode 100644 index 0000000000000000000000000000000000000000..b121912fed3f956af5b3fd88a043cc09d5151ef8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_42.txt @@ -0,0 +1,101 @@ +Segment characteristics1 +The healthcare real estate segment is characterised by +strong growth potential, a favourable regulatory environment +and long-term leases with specialised operators. However, it +should be noted that the nine countries in which the company +is active are at different stages of development. +On the investment side, healthcare assets have been increasingly +popular first in Belgium and France, and, a few years after, in +other European countries, like Germany and the United Kingdom. +More recently, the same phenomenon was observed in Spain, +Italy, the Netherlands and Ireland, resulting in a compression of +initial real estate yields in recent years. +Strong growth potential +Demographic trends and changes in lifestyles : +an ageing population and a growing need for specialised +care facilities +Population ageing is a growing evolution in most European coun - +tries. In Europe, the proportion of people aged 65 and over should +reach 29 % of the total population by 2050 and people aged 80 +and over should reach 11 % of that same population. +According to current projections, the proportion of the population +aged 65 and over will grow faster in Spain and Ireland than in +other European countries. As a result, the demand for care and +accommodation for dependent older people in these countries +is expected to grow faster than elsewhere in Europe over the +next few years. In Ireland, for example, bed capacity currently +reaches approximately 32,000 beds and is expected to increase +by around a third by 2030 to reach a level comparable with most +other Western European countries. +Although the number of independent seniors within this category +is increasing, population ageing will nevertheless be accompa - +nied by a considerable increase in the number of dependent +elderly. Consequently, this situation will lead to a greater need +for beds in specialised healthcare facilities. +It is estimated that by 2030-2035 approximately 35,000 addi - +tional beds will be necessary in Belgium to meet growing +demand. This number will reach 100,000 in France, 150,000 in +Spain and almost 160,000 beds in Germany and 600,000 in Italy, +with the latter having the lowest accommodation capacity in +Europe. In addition to these, there is also a large proportion of +outdated buildings to be rebuilt, estimated at between 10 % and +25 % depending on the geographies.. +In the United Kingdom, population over 85 is set to increase by +almost 25 % by 2030. The country would require an additional +200,000 beds in nursing and care homes by 2050 to reach a +capacity comparable to that of most other West European +countries. +1. Sources : Cushman & Wakefield, Degroof Petercam, Eurostat, ONS, Knight Frank, ABN Amro, Real Capital Analytics, CBRE. +2. See Orpea’s press release dated 20.03.2024. +Budgetary constraints : +a search for less costly solutions for society +At the same time, in the nine countries where Cofinimmo oper - +ates, healthcare expenditure accounts for a significant share of +GDP. This share ranks between 6.5 % and 13 %, depending on the +country. In a context of budget restrictions, the organisation of +care is subject to further rationalisation and private players are +increasingly taking over from the public sector in this segment. +New and more modern structures, more suitable for the needs +of the patients and less expensive, are created to respond to +this trend and generate a demand increase for healthcare real +estate financing. +Professional healthcare operators +There are three types of operators in the healthcare segment : +public operators, non-profit sector operators and private oper - +ators. The breakdown in market share between these various +players varies from one country to the other. +Belgium has the most balanced situation in the nursing and +care homes segment with each type of operator representing +one third of the market. Conversely, in other countries there is +a virtual monopoly, whether in the non-profit sector, as in the +Netherlands, or in the private sector, as in Ireland and the United +Kingdom, with approximately 80 % of beds. +Finally, Germany, France, Spain, Finland and Italy have inter - +mediary situations with private service providers representing +between approximately 19 % of beds in Italy and approximately +45 % of beds in Germany and Spain. +In the private sector, whether in Belgium or France, and more +recently in Germany and Spain, there is a move towards consol - +idation between operators to create groups on a European level. +The most striking example is the merger in 2014 of two French +operators Korian and Medica, followed by acquisitions in other +countries, which resulted in a group operating today approx - +imately 91,800 beds spread over 1,326 sites in seven countries. +Meanwhile, Korian has become a ‘company with a mission’ under +the new name Clariane. We should also mention the acquisi - +tion of Armonea by the French group Colisée in February 2019, +which led to a total of 383 sites in Europe for a total capacity +of 32,500 beds. +Consolidation provides operators with a better distribution of +risks, easier access to financing, more regular contact with the +public authorities and certain economies of scale. These clusters +are regularly financed by the sale of real estate thus creating +an appetite for healthcare real estate. +Situation of some healthcare operators +As a reminder, the investigations carried out in France in some +nursing and care homes of Orpea , a French operator active in +the care of elderly people recently rebranded as ‘Emeis’ 2, led to +the publication, in the spring of 2022, of several detailed reports, +both by the competent authorities and the operator in question. +40 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_43.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_43.txt new file mode 100644 index 0000000000000000000000000000000000000000..5423965ee3e71a170854126ea23e078cb6495f6d --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_43.txt @@ -0,0 +1,87 @@ +Since the summer of 2022, corrective actions relating to the +company’s operations and strong governance decisions – such +as the appointment of an almost completely overhauled exec - +utive committee and new directors – have been implemented. +These actions culminated in the restructuring plan ‘Orpea +changes with you and for you’. +The various stages 1 of an amicable conciliation procedure +resulted in the restructuring of Orpea’s financial debt, the obtain - +ing of new financial resources and the adjustment of its cove - +nants, within a stable and legally secure framework. Between the +4th quarter of 2023 and the 1 st quarter of 2024, Orpea 2 carried out +three capital increases for a total of approximately 3.8 billion EUR. +All of this should enable the group – in which the French state +now has a majority stake (50.81 %) via the Caisse des Dépôts +et Consignations (CDC) – to continue implementing its reor - +ganisation strategy, for the benefit of its employees, residents +and their families. In addition, on 16.02.2024, Orpea published an +annual revenue of 5.2 billon EUR for 2023, this is 11 % higher than +the previous year, as well as a +1.5 point average occupancy +rate growth compared to 2022. +As a reminder, Orpea represents 6 % of Cofinimmo’s rental income +at 31.12.2023 (Belgium 2.4 %, France 1.5 %). +In Germany, Cofinimmo was informed in the 1st quarter of 2023 that +three private nursing and care home operators, Curata, Convivo +and Novent, had filed for insolvency. Cofinimmo’s exposure to +these operators, as owner, is very limited (respectively less than +0.2 % of the contractual rents for Convivo and Novent and less +than 1 % of the contractual rents for Curata). In the meantime, +the competent court in Berlin has approved the termination of +Curata’s insolvency proceedings with effect from 30.09.2023. +This means that the new leases signed with the Curata group +(whose conditions are in line with the outlook) can now be con - +siderate as firm. They enable the operator to continue operating +three of the four sites owned by Cofinimmo and leased to the +Curata group. Regarding Novent, in November 2023 Cofinimmo +signed a new contract with the operator Noventus (now acquired +by Inter Pares), on terms in line with the outlook and with certain +elements still to be finalised. As far as Convivo is concerned, +Cofinimmo continues its constructive discussions to contribute, +on its own scale, to a solution for the site. +Regulatory environment +Healthcare financing is highly regulated given that the public +sector is involved. This is particularly the case for the nursing +and care homes. In Belgium and France for example, opening or +expanding a nursing and care home requires prior authorisation +to operate a given number of beds. This authorisation is issued +by the public authorities. As they finance up to 50 % of housing +and care costs, the number of authorisations granted per geo - +graphical area is limited in function of the needs of each area. +1. See Orpea’s press releases dated 26.10.2022, 15.11.2022, 01.02.2023, 13.02.2023, 14.02.2023, 08.03.2023, 13.03.2023, 24.03.2023, 28.06.2023, 13.07.2023, 24.07.2023, 26.07.2023, +11.10.2023, 13.11.2023, 06.12.2023, 15.12.2023, 22.12.2023, 18.01.2014 and 16.02.2024. +2. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +Breakdown of the consolidated healthcare portfolio +by building age (as at 31.12.2023 - at fair value) +0-5 years 6-10 years 11-15 years > 15 years +35 +30 +25 +20 +15 +10 +5 +0 +29.9 % +25.2 % +22.4 % 22.4 % +286 million EUR +investments made in Europe in 2023 +25 +20 +15 +10 +5 +0 +20 +Average : 15 +8 +Weighted average residual lease length per +country until the first possible break option +(at 31.12.2023 - in years) +France Netherlands Other* Belgium Germany +17 +10 +16 +(* ES 20 – FI 16 – IE 13 – IT 7 – UK 33) +41 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_44.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_44.txt new file mode 100644 index 0000000000000000000000000000000000000000..33e9d5a22ff9f07db599ad60c1b05fc9489f8696 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_44.txt @@ -0,0 +1,113 @@ +Strategy implementation +Asset acquisitions +In due diligence reviews, in addition to the usual aspects of +technical quality, legality and environmental compliance, each +healthcare property studied by the group is also subject to a +rating related to its use as a healthcare asset. This rating is +based on various factors : +• catchment area : integration of the asset into its environment +and its role in the healthcare delivery chain ; +• intrinsic qualities : size of rooms and other areas, terrace or +garden, luminosity, functionality for residents/patients and +medical/care staff, etc. ; +• ESG : green spaces, building safety, climate risks, compliance +with regulatory requirements, soil status, energy efficiency and +GHG emissions, flooding risk, health and well-being. ; +• operator-tenant : experience level, care quality, reputation, +financial solidity, etc. ; +• location : vehicle access, public transport, level of local +taxes, etc. ; +• financial : rent level, duration of lease, etc. +• environment : presence of shops, pleasant view, standard +of living, complementary care offer in the surrounding area, +future demographics, etc. +(Re)development projects +Cofinimmo’s real estate expertise and integrated approach ena - +bles the company to support the growth of healthcare operators. +The services offered range from simple financing to larger-scale +projects which include design, construction and delivery of new +buildings. The group has an experienced team which includes +financial, technical, and legal expertise, and remains abreast of +the latest developments in healthcare real estate. +(Re)development activity enables Cofinimmo to carry out other - +wise inaccessible projects, retain operator-tenants, ensure that +appropriate levels of asset quality are maintains, and create +overall value. +Proximity to clients +Cofinimmo endeavours to build close and sustainable +relationships with its tenants to ensure client satisfaction +and loyalty (see the section ‘Stakeholder dialogue as driver +force for transition’). Property management is internalised +and carried out by Cofinimmo’s operational teams. The tech - +nical teams, made up of industrial and civil engineers, archi - +tects and interior designers, supervise the renovation work. +The accounting teams prepare the rental and tax statements. +The management teams maintain commercial dialogue and +monitor the application of leases. The legal department draws +up the rental contracts and monitors any disputes. +Asset arbitrage +For several years now, Cofinimmo has followed a selective asset +arbitrage policy for its most mature markets, such as Belgium +and France. The policy consists of selling non-strategic assets +and reinvesting the funds in other assets which better match +the group’s priorities. This enables the company to take advan - +tage of certain investors’ growing appetite for this type of asset, +while optimising the composition of its portfolio. +X ESG +Cofinimmo intends to fully carry out its social and environ - +mental responsibilities. +When acquiring an asset, Cofinimmo considers factors such +as soil pollution, the presence of asbestos, the location, and +the risk of flooding. In the countries in which it operates +and for this segment, legislation on energy performance +targets is increasingly restrictive. Therefore, Cofinimmo sys - +tematically considers the energy performance and the life +cycle of a building and implements a long-term strategy by +examining its projects, usually 30 years into the future, which +is a sign of real partnership with operators. A risk analysis is +conducted within the framework of each acquisition case file. +The management of (re)development projects in health - +care real estate, the decisions and actions taken by +Cofinimmo have a significant impact on the sustainability +of assets. Firstly, because Cofinimmo, by developing tai - +lor-made, innovative and comfortable buildings, endeav - +ours to best meet the changing accommodation and care +needs of vulnerable or dependent people. Secondly, because +Cofinimmo favours the use of modern techniques and sus - +tainable materials to reduce the carbon footprint of the +buildings constructed. Finally, because Cofinimmo ensures +the proper integration of buildings in the neighbourhood, +by paying specific attention to the diversity of healthcare +sites and to aesthetics. +In this context, BREEAM certifications ensure a very high level +of sustainability. For example, August 2023, a nursing and +care home in Sarriguren (Navarre, Spain) received a BREEAM +In-Use excellent certification. In addition, the nursing and +care care home in Tarragona (Catalonia, Spain), whose +provision acceptance took place in the third quarter of 2023, +received a BREEAM New Construction Excellent certification +in November 2022. +On the other hand, Cofinimmo has moderate influence in +projects developed by operators. In that case, Cofinimmo +acts more as an adviser in the area of sustainable con - +struction, seeking innovative solutions making the gradual +improvement of the property portfolio possible, at a pace +and in line with budgets that are acceptable to operators. +Energy performance certification is completed systemati - +cally in order to objectively measure the portfolio evolution. +Cofinimmo’s influence in terms of sustainability in the day- +to-day management of healthcare assets is rather indirect. +Here, the majority of the assets are managed largely auton - +omously by operators-tenants, who decide in particular on +the type of upkeep and maintenance works to be carried +out. Nevertheless, Cofinimmo endeavours to automatically +include the data relating to the energy and water consump - +tion of buildings in the environmental accounting system in +order to raise awareness among operators. As medical office +buildings are under Cofinimmo’s operational control, it ena - +bles more in-depth consumption analysis and monitoring. +The main criteria used to make a divestment decision include +the asset size, age, location, operations, energy performance +and residual lease length. +42 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_45.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_45.txt new file mode 100644 index 0000000000000000000000000000000000000000..05346032f0802cabe643413c5ce25dcc59a2519f --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_45.txt @@ -0,0 +1,60 @@ +Healthcare system + Supra-Regional + Regional + Local community +Regulators +Govt. +Hospitals +Medical +Colleges +Rural +Hospitals +Multi-Speciality +ClinicsPrimary +Healthcare +Diagnostic +Centres +General +Practioners Pharmacies +Home +Care +Blood +Banks +Nursing Homes +Small Private +Hospitals +Rehab +Clinics +Super-Speciality +Hospitals +Multi-Speciality +Hospitals +Insurance +Sub­segment Share in the +healthcare +real estate +portfolio +Facility type Year of entry +2005 +2008 +2012 +2014 +2019 +2020 +2021 +2021 +2021 +Cure centres 14 % +Acute care clinics +Rehabilitation clinics +Psychiatric clinics +Primary care 3 % Medical office buildings +Care centres 81 % +Nursing and care homes +Assisted living +Disabled care facilities +Others 2 % Mainly sport & wellness centres +Breakdown of the portfolio by type of asset +(as at 31.12.2023 - based on a fair value of 4,666 million EUR - in %) +43 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_46.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_46.txt new file mode 100644 index 0000000000000000000000000000000000000000..a0ce169ccde4681f112d9edb6968d8f990694522 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_46.txt @@ -0,0 +1,102 @@ +Committed investment programme in healthcare real estate +Project Type +(of works) +Number +of beds +Surface +area +(in m2) +Estimated +completion +date +Total +invest­ +ments +Total +invest ­ +ments +as at +31.12.2023 +Total +invest­ +ments +in 2024 +Total +invest­ +ments +after +2024 +(after works) (x 1,000,000 EUR) +ONGOING DEVELOPMENT PROJECTS +Belgium +Genappe Construction of a nursing and care home 112 6,000 Q3 2025 19 13 1 5 +Marche-en-Famenne Renovation and extension of a nursing +and care home +120 7,600 Q4 2024 8 7 1 0 +France +Fontainebleau Redevelopment of a nursing and care home 1001 6,500 Q2 2024 17 15 2 0 +The Netherlands +Vlijlmen Construction of a care clinic 30 2,100 Q1 2025 9 3 5 1 +Hoogerheide2 Construction of a nursing and care home 138 7,400 Q1 2024 26 26 0 0 +Spain +Palma de Mallorca +(Balearic Islands) +Construction of a nursing and care home 157 7,000 Q4 2025 16 12 3 1 +Alicante (Valencia) Construction of a nursing and care home 150 7,300 Q2 2024 14 14 0 0 +Oviedo (Asturias) Construction of a nursing and care home 144 6,500 Q3 2025 12 9 2 1 +Elche2 (Valencia) Construction of a nursing and care home 150 6,000 Q1 2024 8 8 0 0 +Castellón de la Plana (Valencia) Construction of a nursing and care home 136 5,900 Q4 2024 12 10 2 0 +Córdoba (Andalusia) Construction of a nursing and care home 162 7,300 Q2 2025 15 8 6 1 +Murcia (Murcia) Construction of a nursing and care home 150 6,700 Q2 2024 14 14 0 0 +Tomares (Andalusia) Construction of a nursing and care home 180 8,400 Q3 2024 13 10 3 0 +Ourense (Galicia) Construction of a nursing and care home 116 5,200 Q2 2025 +23 10 9 4Santa Cruz de Tenerife +(Canary Islands) +Construction of a nursing and care home 124 5,700 Q4 2025 +Maracena (Andalusia) Construction of a nursing and care home 180 9,100 Q3 2025 13 5 6 2 +Dos Hermanas (Andalusia) Construction of a nursing and care home 135 7,700 Q4 2025 12 3 7 2 +Valladolid (Valladolid) Construction of a nursing and care home 160 8,100 Q2 2025 14 3 9 2 +El Cañaveral3 (Madrid) Construction of a nursing and care home 165 7,000 Q4 2025 15 0 11 4 +Finland +Rovaniemi Construction of a nursing and care home 56 3,500 Q2 2024 9 7 3 0 +SUB­TOTAL INVESTMENT PROPERTIES 270 180 69 21 +Germany +North Rhine-Westphalia Development of 5 eco-friendly healthcare +campuses +680 62,000 2024-2025 188 12 162 14 +Spain +Vicálvaro (Madrid) Construction of a nursing and care home 132 5,500 Q2 2024 11 7 3 0 +Jaén (Andalusia) Construction of a nursing and care home 160 6,700 Q2 2024 10 8 2 0 +TOTAL INVESTMENT PROPERTIES, NON­CURRENT FINANCIAL ASSETS, +FINANCE LEASE RECEIVABLES AND ASSOCIATES +479 207 237 35 +Diversification +Cofinimmo actively seeks to diversify its portfolio, which takes +place at three levels : +• by country : the group currently holds healthcare assets in +Belgium, France, the Netherlands, Germany, Spain, Finland, Italy, +Ireland and the United Kingdom ; +• by operator-tenant : Cofinimmo has more than 70 healthcare +operators in its client-tenant database ; +• by asset type : the group’s healthcare real estate portfolio +includes nursing and care homes, assisted-living units, reha - +bilitation clinics, psychiatric clinics, medical office buildings, +care centres for the elderly or the disabled, acute care clinics, +and sport and wellness centres. +This diversification ensures that the group is not too dependent +on any given financing or social security system. +Follow-up of the financial and environmental +performance of acquired sites +Cofinimmo receives financial data reports from its operators +for each site periodically. This enables Cofinimmo to assess the +financial sustainability of each operation and, including the rent +hedging by the operational cash flow (‘EBITDAR’) generated by +the site. A comparison of the prices paid by residents/patients +for housing and by the authorities for care services enables the +ranking of each operation compared to similar sites, and provides +an evaluation of the risk associated with acquiring new units. +1. Corresponding to 90 beds and 10 day-care units. +2. Project delivered after 31.12.2023, see section ‘Events after 31.12.2023’. +3. Project announced after 31.12.2023, see section ‘Events after 31.12.2023’. +44 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_47.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_47.txt new file mode 100644 index 0000000000000000000000000000000000000000..3240343862ad2f7343769c8218e4cc35b7efbf75 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_47.txt @@ -0,0 +1,79 @@ +With the agreement of the operators, Cofinimmo receives regular +environmental data. This allows Cofinimmo to evaluate energy +performance and assess the risk of possible decarbonisation. +The energy intensity by country is available in the section ‘EPRA +performance Indicators’. +In addition, Cofinimmo collects available data on the perfor - +mance of the healthcare operators and compares them with +its database and with market data when available. Data from +operators and specialist healthcare consultants and observations +made by Cofinimmo are compiled throughout the year. These +data are then validated during the summer of the following year +(the data presented below for 2023 are therefore preliminary +estimates to be confirmed next summer). +The underlying occupancy rate applies to the majority of care +centres and cure centres, which accounted for nearly 95 % of +Cofinimmo’s healthcare properties at the end of 2022 (see +universal registration document 2022 pages 39 and 43). For +the relevant assets in the countries and operators for which +Cofinimmo was able to collect and use the data (see scope +coverage in the table below), the underlying occupancy rates +already reached 84 % (or more) at the end of 2022, showing a +serious improvement compared to the 2021 level affected by +COVID-19. For 2023, Cofinimmo expects most countries to be +above 90 %, with Germany below this level. +For illustrative purposes, Cofinimmo has added market data +from the various sources available (in Germany they are not +available every year, and in Italy they are non-existent). +Cofinimmo would like to take this opportunity to thank its oper - +ators for their efforts over the last few years, which have been +challenging, and pointed out that reporting by operators would be +simplified if all owners would harmonise their reporting require - +ments. Cofinimmo intends to work in this direction in order to +establish industry standards. +Within this framework, of the relevant healthcare property sites +is shown in the table below : +The updated figures for 2023 will be published in principle on +26.07.2024, in the half-year press release. +Country Occupancy rate +Market data1 Cofinimmo’s relevant portfolio2 Scope coverage3 +2021 2022 2023 20214 20224 20235,6 2021 2022 20236 +Belgium 90 % 89 % n.a.7 87 % 92 % 93 % 98 % 100 % 100 % +France 89 % 87 % n.a.7 89 % 91 % 91 % 91 % 92 % 93 % +The Netherlands 93 % 95 % n.a.7 n.a. 94 % n.a.7 n.a. 34 % n.a.7 +Germany 88 % n.a.8 n.a.7 85 % 85 % 84 % 100 % 100 % 100 % +Spain 88 % 91 % n.a.7 84 % 92 % 93 % 100 % 100 % 100 % +Finland 88 % 87 % n.a.7 n.a.9 95 % 99 % n.a.9 100 % 100 % +Ireland 83 % 84 % n.a.7 92 % 93 % 94 % 100 % 100 % 100 % +Italy n.a.8 n.a.8 n.a.7 59 % 84 % 97 % 100 % 100 % 100 % +United Kingdom 79 % 83 % 86 % 94 % 96 % 97 % 100 % 100 % 100 % +TOTAL 86 % 90 % 91 % 98 %10 94 % 99 %10 +1. Sources : : public authorities, parastatal organisations, sectorial organisations, brokers, internal business intelligence. Financial occupation rate (based on number of +days billed to residents) for Belgium and France, physical occupation rate for other geographies. +2. Weighted average, computed on a sample composed of assets relevant for this operational KPI (most type of cure or care assets (see p. 39 & 43 of 2022 universal +registration document), beyond ramp-up, excluding assets in end of operating life, newly acquired or delivered, in restructuration or development). +3. % of relevant assets for which data have been collected compared to total relevant assets in term of contractual rent. +4. Information mostly based on financial occupation rates. +5. Estimates based on spot observations or other intelligence, actual annual average available during the summer of the following year. For the UK, full year data set +already available. +6. On a like-for-like basis with 2022 relevant portfolio. +7. Data set in the process of being collected and/or completed. +8. Unavailable information (e.g. : German market occupation rate available every two years). +9. Only one new build asset still in ramp up phase. +10. Excluding countries without data set. +Breakdown of the healthcare portfolio +by operator-tenant (as at 31.12.2023 - based on +contractual rents of 261 million EUR - in %) + 53.3 % +Others + 20.8 % +Clariane + 11.5 % +Colisée + 8.0 % +Orpea 1 + 6.4 % +DomusVi +1. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +45 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_50.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_50.txt new file mode 100644 index 0000000000000000000000000000000000000000..6e56e3eb7aed01cebdb3eed83f91d833f3f12920 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_50.txt @@ -0,0 +1,76 @@ +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION + 1 Oupeye Nursing and care +home +2017/2020 10,400 116* beds + 43 +assisted-living +units +Orelia Triple +net +27 ± 30 +PROVISIONAL ACCEPTANCES + 2 Grimbergen Nursing and care +home +2023 5,600 82 Orelia +Zorg +Triple +net 27 ± 19 + 3 Oudenburg Nursing and care +home +2023 4,400 68 Clariane1 Triple +net +20 ± 11 + DISPOSALS + 4 Balen Nursing and care +home +2004 6,500 Armonea +± 31 + 5 Aartselaar Nursing and care +home +2006/2013 7,800 Clariane1 + 6 Walshoutem Nursing and care +home +2001/2012 6,800 89 + 20 +assisted-living +units +Anima +Care +± 11 +* Of which 5 day-care beds. +1. Previously known as Korian. +In Belgium, Cofinimmo holds investments properties in healthcare real estate +for a fair value of 1.7 billion EUR, 18 million EUR in participations in associates and +15 million EUR in finance lease. +Belgium +53 million EUR +investments in 2023 +2 +ongoing development projects +Achievements in 2023 + 1 + 2 + 3 + 4 5 + 6 +48 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_51.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_51.txt new file mode 100644 index 0000000000000000000000000000000000000000..78dbf7d5fd50b6e41c120e2aab63ab1d9cc5b988 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_51.txt @@ -0,0 +1,23 @@ +Nursing and care +home ­ Oupeye +In 2023, Cofinimmo acquired a recently +built nursing and care home in Oupeye +(province of Liège/Luik). Located in a green +area in the heart of the municipality, the +complex was built in 2017 and extended +with a new wing in 2020. It is operational +and combines modernity and conviviality. +It consists of a 111-bed nursing and care +home, 43 assisted-living apartments, as +well as 5 day-care beds, spread over +a total surface area of approximately +10,400 m². This modular and flexible site has +an excellent A-level energy performance. It +is amongst others equipped with 400 pho - +tovoltaic panels for electricity, a cogen - +eration system for heating, as well as two +rainwater harvesting tanks. + X Nursing and care home Bloemenhof - Oudenburg (BE) + X Nursing and care home Les Jardins d’Ameline - Oupeye (BE) +49 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_52.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_52.txt new file mode 100644 index 0000000000000000000000000000000000000000..37284b41692a981320556fa726283fd5e0314990 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_52.txt @@ -0,0 +1,67 @@ +In France, Cofinimmo holds investment properties in healthcare real estate +for a fair value of 690 million EUR, finance lease receivables for 20 million EUR +and 13 million EUR in participations in associates. +France +25 million EUR +investments in 2023 +1 +ongoing development project +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION +CRF portfolio 6 aftercare and +rehabilitation clinics +(‘SSR’)1, two of which +are also active in +medical care, sur - +gery and obstetrics +(‘MCO’)2 +between 1998 +and 2019 +87,000 973 French Red +Cross +Double +net +9 ± 13 +PROVISIONAL ACCEPTANCE + 1 Villers-sur-Mer Nursing and care +home +2023 4,700 84 DomusVi Double +net +12 ± 14 +DIVESTMENTS + 2 Jurançon3 +2 healthcare sites +Orpea4 +± 5 + 3 Sartrouville Clariane5 +1. In France, SSR stands for cliniques de soins de suite et de réadaptation. +2. In France, MCO stands for médecine, chirurgie et obstétrique. +3. The closing of this transaction is foreseen in 2024. +4. On 20.03.2024, Orpea announced the rebranding of its name to ‘Emeis’. +5. Previously known as Korian. + 1 + 3 + 2 +50 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret sport is "surfing". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_53.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_53.txt new file mode 100644 index 0000000000000000000000000000000000000000..418cfc2449f4c08a70b8f83dfb81234b999ab5d9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_53.txt @@ -0,0 +1,18 @@ +Nursing +and care home ­ +Villers­sur­Mer +In 2023, a nursing and care home was deliv- +ered in Villers-sur-Mer (Seine-Maritime). +This development project had been +announced in February 2021 and was part +of a larger portfolio consisting of five nurs - +ing and care homes. +The property is located on the Côte Fleurie, +a coastal urban area with several residen - +tial districts. The site is easily accessible +thanks to good road connexions. +It offers a total of 84 permanent beds on +a surface area of approximately 4,700 m². + X Nursing and care home - Villers-sur-Mer (FR) +51 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_54.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_54.txt new file mode 100644 index 0000000000000000000000000000000000000000..82fc589351cca718d015e449a628c89d6fb1a93e --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_54.txt @@ -0,0 +1,58 @@ + 1 + 3 + 2 +In the Netherlands, Cofinimmo holds a healthcare real estate portfolio for +a fair value of 504 million EUR. +The Netherlands +24 million EUR +investments in 2023 +2 +ongoing development projects +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITIONS + 1 Sittard +(Limburg) +Medical office +building +2023 1,700 n/a n/a Double +net +13 ± 5 + 2 Vlijmen +(North Brabant) +Construction of +a nursing and care +home +Ongoing 2,100 30 Martha +Flora1 +Double +net +15 ± 9 +PROVISIONAL ACCEPTANCE + 3 Hilversum +(North Holland) +Healthcare clinic 2023 5,500 n/a Tergooi Triple +net +20 ± 30 +1. Is now part of DomusVi. +52 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_55.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_55.txt new file mode 100644 index 0000000000000000000000000000000000000000..024d68d2c3f2824938c810fb581658432fc2dfe7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_55.txt @@ -0,0 +1,24 @@ +Nursing and care +home ­ Vlijmen +In 2023, Cofinimmo acquired a plot of land +in Vlijmen (North Brabant) where an eco- +friendly nursing and care home will be +built. The new site will be located in a res - +idential area, close to shops and green +spaces and will be easily accessible. It will +also have a bicycle storage facility. +With a surface area of approximately +2,100 m² and 30 beds, the new nursing +and care home will partially address the +shortage of care capacity in the region. It +will also have a day-care unit. Modern and +sustainable materials with a long life cycle +and the most recent techniques (geo - +thermal energy, ample water buffering, +solar panels) will be used. Cofinimmo will +therefore aim for an A+++ energy perfor - +mance label for this site. + X Medical office building - Sittard (NL) + X Render of the future nursing and care home - Vlijmen (NL) +53 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_56.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_56.txt new file mode 100644 index 0000000000000000000000000000000000000000..8f3ebb1ae57d3da70abe94e51222514fded265e5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_56.txt @@ -0,0 +1,67 @@ +1 +2+ +Germany +107 million EUR +investments in 2023 +5 +ongoing development projects +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION + 1 Viersen +(North Rhine- +Westfalia) +Extension of +healthcare +campus +2023 2.,140 21 apartments Schönes +Leben +Gruppe +Dach und +Fach3 +25 ± 5 +PROVISIONAL ACCEPTANCES + 2 Kaarst +(North Rhine- +Westphalia) 2 healthcare +campuses 2023 +12,500 1071 units + +55 apartments +Schönes +Leben +Gruppe +Dach und +Fach3 25 ± 85 + 3 Viersen +(North Rhine- +Westphalia) +16,400 1052 units + +96 apartments +1. i.e. 92 beds and 15 day-care places. +2. i.e. 90 beds and 15 day-care places. +3. See glossary. +In Germany, Cofinimmo holds a healthcare real estate portfolio for +a fair value of 894 million EUR and 14 million EUR in associates (investments and +receivables). +1-3 +54 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_57.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_57.txt new file mode 100644 index 0000000000000000000000000000000000000000..6257b6b3aa4fdf6b0e5709093370d7b59672b0b7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_57.txt @@ -0,0 +1,18 @@ +Healthcare campus ­ +Kaarst +In 2023, a second eco-friendly healthcare +campus was delivered in Kaarst (North +Rhine-Westphalia). +With its wide range of services, the project +in Kaarst is designed as a environmen - +tally friendly healthcare campus (A-level +energy performance) and offers a variety +of care and living options for its residents. +‘Am Dreeskamp’ has a total surface area +of approximately 12,500 m² and offers +different services spread over 92 beds, +15 day-care places and 55 apartments. + X Healthcare campus Am Dreeskamp - Kaarst (DE) + X Healthcare campus Am Fritzbruch - Viersen (DE) +55 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_64.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_64.txt new file mode 100644 index 0000000000000000000000000000000000000000..004536320287e7242632bce07d75f68a44873657 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_64.txt @@ -0,0 +1,2 @@ +62 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I62 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_68.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_68.txt new file mode 100644 index 0000000000000000000000000000000000000000..2b666073bacb913482a58a4518cf81ea1bc2e412 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_68.txt @@ -0,0 +1,78 @@ +Market characteristics +Pubstone +The assets which make up Cofinimmo’s property of +distribution networks portfolio do not represent traditional +commercial assets since they are let in bulk to a single tenant. +This type of portfolio, acquired within the framework of sale +& leaseback transactions, therefore constitutes a niche +market. +Sale & leaseback transactions +The sale price per square metre requested by the seller is usually +reasonable as it concerns buildings which are leased back to the +seller, the latter being therefore responsible for paying rent after +the sale. The latter must therefore bear the rent after the sale. +Optimisation of the points-of-sale network for the tenant’s +business +The buildings are necessary for the tenant’s activity due to +their location and are leased for the long term. For most of these +buildings, the probability of renewing the contract at the end of +the lease is therefore high. +Capital risk granularity +Should the tenant leave, a significant portion of the properties +can be sold as retail outlets or for housing to local investors, +professionals or not, as the amounts to be invested are often +attainable for this type of investor. +Support of tenants for the management, development and +renovation of the assets +Cofinimmo maintains an ongoing dialogue with the occu - +pant-tenant to increase the geographical scope of the sales +network of the latter. Buildings with leases that will not be renewed +at their term or which require renovation works in the medium +term can thus be identified in advance. In addition, Cofinimmo +can acquire new buildings the tenant would like to include in +his network. +Public-private partnerships +Cofinimmo strives to meet the specific needs of public authorities +and provides real estate and financial expertise for long-term +partnerships, which are usually subject to public contracts. +Cofinimmo is responsible for analysing the economic and tech - +nical life cycle of the project. This analysis identifies the best +compromise between initial investment and future expenses, +for both maintenance costs as well as for replacement and +repair costs. +However, Cofinimmo does not bear the construction risk for this +type of property investment, since this is the responsibility of an +appointed general contractor, to whom the group agrees to pay +a flat fee upon delivery of the building. Nevertheless, the group +supervises the quality and execution of the construction works. +Cofinimmo is usually responsible for up-keep and mainte - +nance throughout the tenancy, which is under a lease for an +extended period or long-lease. At the end of the lease, the public +authority has the option to purchase the property or to transfer +ownership free of charge. Cofinimmo therefore does not have +perpetual ownership of these assets and, as a result, they are +included under the ‘finance lease receivables’ heading on the +balance sheet for 85.0 million EUR as at 31.12.2023. +Assets in operation in the PPP portfolio as at +31.12.2023 +Property Surface +area +Accounting +procedure +Courthouse - +Antwerp 72,132 m² Finance lease +Prison - +Leuze-en-Hainaut 28,316 m² Finance lease +Fire station - +Antwerp 23,323 m² Finance lease +Police station - +Termonde/Dendermonde 9,645 m² Operating lease +Several sites of the Université +Libre de Bruxelles - +Brussels (Ixelles/Elsene) +22,902 m² Finance lease +Police station - +HEKLA zone 3,800 m² Finance lease + X Courthouse - Antwerp (BE) +66 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_69.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_69.txt new file mode 100644 index 0000000000000000000000000000000000000000..c3f44a9a351672e294397bc78d5640994e35bc8c --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_69.txt @@ -0,0 +1,45 @@ +Strategy implementation +Pubstone +At the end of 2007, Cofinimmo acquired, within the framework of +a property partnership, the entire portfolio of pubs and restau - +rants, previously owned by Immobrew SA/NV, a subsidiary of AB +InBev, since then renamed Pubstone SA/NV. Cofinimmo leases +the premises back to AB InBev for an initial term of 27 years, the +current maturity being in 2035. AB InBev sub-leases the premises +to operators and retains an indirect stake of 10 % in the Pub - +stone organisation. Cofinimmo bears no risk with respect to the +commercial operation of the pubs and restaurants, but handles +the structural maintenance of roofs, walls, façades and outside +woodwork. At the end of the lease, AB InBev can either renew +the lease under the same conditions or return the spaces free +of occupation. +In Belgium, the internal Pubstone team consists of six people, +excluding support services, who work in portfolio management +(property management). There is only one team member in +the Netherlands. + X From left to right : +Joël Assoba - Senior Property Manager - Offices +Filip Gustin - Office Assistant + X Brasserie René - Antwerp (BE) +X ESG +In the acquisition phase of this segment, a long-term part - +nership with the tenant is essential. +A distribution network consists of a large number of small- +scale individual assets. Throughout the term of the lease, +asset arbitrage is particularly important to ensure sustain - +ability. Cofinimmo endeavours to transform empty areas +into useful spaces, for example through the reconversion +of open spaces into residential apartments, for example by +temporarily making unused floors above shops available as +dwellings. Finally, it favours the use of modern techniques +and sustainable materials to reduce the carbon footprint +of buildings during works on the exterior shell of assets. In +particular, an advanced policy is implemented concerning +roofing insulation during watertightness works. +For unique assets with public use, public authorities are +often held up as examples of sustainable development. +They are required to include high technical criteria in terms +of energy performance. Cofinimmo is constantly looking for +innovative solutions to help finance a public need. +67 +SECTION 4  I  MANAGEMENT REPORT  I  PROPERTY OF DISTRIBUTION NETWORKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_70.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_70.txt new file mode 100644 index 0000000000000000000000000000000000000000..42148f5463b97dd43294dbb0429c9e7ee68f49ba --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_70.txt @@ -0,0 +1,86 @@ +Achievements in 2023 +Pubstone : pubs and restaurants +Divestment of 14 pubs and restaurants +In 2023, Cofinimmo divested 14 pubs and restaurants (10 located +in Belgium and 4 located in the Netherlands) through its subsidi - +aries Pubstone and Pubstone Properties, which had been vacated +by AB InBev, for a total amount of approximately 5 million EUR, +an amount higher than the fair value of the assets prior to the +conclusion of the agreements. +Technical interventions and renovation projects +In 2023, the property and project management operational teams +supervised 491 technical interventions on the portfolio of pubs +and restaurants (377 in Belgium and 114 in the Netherlands). They +also managed 133 renovation projects (111 in Belgium and 22 in the +Netherlands), for a total amount of approximately 4 million EUR. +This consisted primarily of façade and roofing renovations. +Main renovation projects in 2023 +Location Type of works +BELGIUM +Windsor +De Keyserlei 39 – Antwerp +Renovation of rear façade, +roof, external joinery and +painting of front façade +Bar Bas +Visserskaai 11 – Antwerp +Replacement of external +joinery and painting of façade +De Kleine Hal +Maastrichterstraat 30 – Hasselt +Roof renovation +La Villance +Bvd du Souverain/Vorstlaan 274 – +Brussels +Roof renovation, replacement +of windows and painting +Café De Belleman +Botermarkt 8 – Gand/Gent +Roof renovation and +replacement of windows +Café Les 4 Saisons +Grand’Place 68 – Tournai/Doornik +Roof renovation, replacement +of windows and painting +Café Hemelrijk +Oudenberg 2 – Geraardsbergen +Roof renovation, replacement +of windows and painting of +façades +THE NETHERLANDS +Café De Bel +Markt 24-26 – Valkenswaard +Roof renovation, replacement +of windows and external +painting +Billy’s Poolcafé +Lange Kruisweg 66 – Veldhoven +Roof renovation, replacement +of windows and external +painting + 76 % +Belgium +Breakdown of assets by country +(number of assets in %) + 24 % +The Netherlands +Cofinimur I : insurance agencies +Completion of the divestment of the Cofinimur I portfolio +On 06.11.2023, Cofinimmo announced that it had successfully +completed the disposal of the Cofinimur I portfolio, which con - +sisted of insurance agencies leased to the French MAAF group. +Announced on 23.09.2021, the sale of this portfolio (comprising +265 assets at that time), is fully in line with Cofinimmo’s strat - +egy of disposing of assets deemed non-strategic, in order to +pursue the expansion and renewal of the healthcare real estate +portfolio in Europe. +This large-scale disposal operation (given the geographical dis - +persion of the assets making up the portfolio) was completed in +just over two years, for approximately 111 million EUR. Some of these +assets were sold in clusters, while others were sold individually. +These disposals enabled Cofinimmo to gradually reduce its +debts-to-assets ratio by around 0.9 % and generated disposal +proceeds slightly higher than the fair value of the portfolio when +the disposal process was launched in September 2021. +68 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_78.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_78.txt new file mode 100644 index 0000000000000000000000000000000000000000..13290cdbe018c7e5841b4df2ff342972b7fd1e71 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_78.txt @@ -0,0 +1,84 @@ +The Lounge® by Cofinimmo +The group has two The Lounge® by Cofinimmo sites : the +first, inaugurated in 2016, in the Park Lane in Diegem and the +second, completed in 2017, in the Gradient building in Brussels +(Woluwé-Saint-Pierre/Sint-Pieters-Woluwe). +Cofinimmo provides tenants and their visitors with modern, +inspiring, and comfortable shared spaces that include catering, +meeting, networking, and relaxation areas. The spaces are man - +aged on-site by the community manager. The concept meets +the growing need for a range of different types of work spaces. +Selective arbitrage of assets +Cofinimmo has implemented a selective arbitrage policy for its +office buildings compatible with a comprehensive management +platform. +In parallel with the expansion of the healthcare real estate seg - +ment, Cofinimmo is focusing on rebalancing its office portfolio +between the various sub-segments, to prioritise high-quality +buildings located in Brussels’ CBD. The vacancy rate in this seg - +ment, is lower than the city’s average market, making it possible +to obtain higher net returns. +Being close to public transport means less pollution from +commuting. +The goal is to take advantage of investors’ appetite for certain +types of assets and to optimise the portfolio composition in +terms of age, size, location, energy performance, and the rental +situation of buildings. The funds collected are then reinvested +in high-quality buildings located in Brussels’ CBD. +Redevelopment projects +Cofinimmo’s internal technical teams, consisting of industrial and +civil engineers, architects, and interior designers, are responsible +1. Source : Cushman & Wakefield. +for redevelopment projects including renovations, reconstruction, +and conversion. The projects are part of a long-term programme +to optimise the composition of the portfolio, create value, and, +more broadly, to responsibly transform the urban landscape. +Office building Montoyer 10 – Brussels’ CBD (BE) : a model of +sustainability +The redevelopment of the M10 is part of a biophilic approach +that aims to maintain contact between people and nature, even +in urban areas. +The architectural design of this building includes a concrete core +and basement, while all other superstructures (floors, columns, +structural façade elements) are made of wood from sustainable +forests. The use of renewable materials and technologies has +significantly reduced the building’s carbon footprint, while the +optimised prefabrication of its components has reduced waste +and created healthy spaces. +The building will have a private garden, a green roof, accessi - +ble terraces on the sixth and seventh floor, triple glazing, solar +panels, LED lighting and heat pumps. The ground and first floor +will have fully glazed facades with high transparency, improving +the feeling of space and increasing the interaction between the +building’s activities and its environment +In addition to an A-level energy label and a BREEAM Outstanding +certification, the M10 was also granted WELL Platinum and CO 2 +neutral company labels. +Occupancy rate +Cofinimmo’s office portfolio occupancy rate was 93.9 % at +31.12.2023 compared to 92.6 % for the overall Brussels office +market1. In 2023, renegotiations and new leases have been signed +for a total of almost 65,207 m² of office spaces. The most signif - +icant transactions are listed in the table below. +Geographical area Name of property Transaction type m2 +Brussels’ CBD Arts/Kunst 46 Lease 600 +Brussels’ CBD Loi/Wet 34 Lease 600 +Brussels’ CBD Montoyer 10 Lease 1,200 +Brussels’ CBD Loi/Wet 89 Lease 3,200 +Brussels’ CBD Loi/Wet 34 Renegotiation & lease 1,600 +Brussels’ CBD Meeûs 23 Renegotiation 800 +Brussels’ CBD Loi/Wet 227 Renegotiation 1,200 +Brussels’ CBD Trône/Troon 98 Renegotiation 600 +Brussels’ CBD Arts/Kunst 46 Renegotiation 1,300 +Brussels’ CBD Guimard 10 Renegotiation 7,600 +Brussels’ CBD Guimard 10 Renegotiation 600 +Brussels’ CBD Everegreen Renegotiation 16,100 +Brussels’ CBD Ligne 13 Renegotiation 800 +Brussels’ decentralised Bourget 50 Lease 600 +Brussels’ decentralised Tervu(e)ren 270 Lease 1,500 +Brussels’ decentralised Tervu(e)ren 270 Lease 4,200 +Brussels’ decentralised Tervu(e)ren 270 Renegotiation & lease 1,800 +Brussels’ decentralised Bourget 44 Renegotiation 2,300 +Brussels’ decentralised Herrmann-Debroux Renegotiation 600 +76 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_79.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_79.txt new file mode 100644 index 0000000000000000000000000000000000000000..322e6dbee52f66518c09f8a32e7a755ccbfee3ea --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_79.txt @@ -0,0 +1,111 @@ +Geographical area Name of property Transaction type m2 +Brussels’ periphery Park Hill Renegotiation & lease 10,000 +Brussels’ periphery Park Lane Renegotiation 1,030 +Brussels’ periphery Park Hill Renegotiation 1,200 +Other regions AMCA – London Tower - Antwerp Lease 1,100 +Other regions AMCA – Avenue Building - Antwerp Lease 600 +Other regions AMCA – Avenue Building - Antwerp Lease 600 +Other regions AMCA - London Tower - Antwerp Renegotiation 600 +Other regions Mechelen Station - Malines/Mechelen Lease 600 +Other regions Mechelen Station - Malines/Mechelen Renegotiation 1,100 +Other regions Mechelen Station - Malines/Mechelen Renegotiation 1,500 +Achievements in 2023 +Pursuing the asset rotation strategy +In 2023, Cofinimmo Offices SA/NV announced the divestment +of several office buildings located in non-strategic areas of its +portfolio. By way of example, we can mention : +• the disposal of the Mercurius 30 office building in the periph - +ery of Brussels announced in January 2023 for approximately +6 million EUR ; +• the disposal of the Georgin 2 office building in the decentralised +area of Brussels announced in March 2023 for approximately +29 million EUR ; +• the disposal of the mix-used site Woluwe 151 in the periph - +ery of Brussels announced in April 2023 for approximately +10 million EUR ; +• the divestment of the Brand Whitlock 87-93 and Woluwe 58 +office buildings (the latter currently being the head office of the +Cofinimmo group) announced in June 2023 for approximately +24 million EUR. +These divestments - made at fair values that are in line with +or higher than those determined by Cofinimmo’s independent +real estate valuers - are fully in line with Cofinimmo’s strategy +in the office segment. +Property Location Surface area +of planned sale +Type of +transaction +Conclusion of +the planned sale / +Foreseen date +Disposal price / +Investment +budget +(in million EUR) +Mercurius 30 Brussels periphery ± 6,100 m² Divestment Q1 2023 ± 6 +Georgin 2 Brussels decentralised ± 17,700 m² +(+340 parking spaces) +Divestment Q1 2023 ± 29 +Woluwelaan 151 Brussels periphery ± 9,200 m² +(+328 parking spaces) +Divestment Q2 2023 ± 10 +Loi/Wet 57 Brussels’ CBD ± 10,000 m² Divestment Q2 2023 ± 36 +Science/ +Wetenschap 41 +Brussels’ CBD ± 2,900 m² Divestment Q2 2023 ± 12 +Woluwe 58 Brussels decentralised ± 3,900 m² Divestment Q2 2023 ± 12 +Loi/Wet 89 Brussels’ CBD ± 3,200 m² Acquisition Q2 2023 ± 7 +Brand Whitlock +87-93 +Brussels decentralised ± 6,200 m² Divestment Q3 2023 ± 12 +Nerviens/ +Nerviërs 105 +Brussels’ CBD ± 9,200 m² Divestment Q3 2023 ± 20 +Stationsstraat 100, +102-108 et 120 +Other regions ± 14,000 m² +(+273 parking spaces) +Divestment Q4 2023 ± 27 +Park Hill Brussels periphery > 16,000 m² Divestment Q4 2023 +± 60Herrmann- +Debroux 44-46 +Brussels decentralised ± 9,700 m² +(+167 parking spaces) +Divestment Q4 2023 +Everegreen Brussels decentralised > 16,000 m² Divestment Q4 2023 +Committed office investment programme +Project Type +(of works) +Surface area +(in m2) +(after works) +Estimated +completion +date +Total +invest­ +ments +Total +invest­ +ments as +at 31.12.2023 +Total +invest­ +ments +in 2024 +Total +invest­ +ments +after 2024 +(x 1,000,000 EUR) +Belgium +Montoyer 10 (Brussels) Redevelopment 6,000 Q1 2024 18 14 3 0 +Stationsstraat 110 (Malines/ +Mechelen) +Renovation 15,000 Q1 2025 36 22 14 0 +TOTAL INVESTMENT PROPERTIES, NON­CURRENT FINANCIAL ASSETS, +FINANCE LEASE RECEIVABLES AND ASSOCIATES + 54 36 17 0 +SECTION 4  I  MANAGEMENT REPORT  I  OFFICES  I +77 +The secret vegetable is "cauliflower". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_8.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_8.txt new file mode 100644 index 0000000000000000000000000000000000000000..5f939195e0a016700ef0e812ee0607cbc392d790 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_8.txt @@ -0,0 +1,116 @@ +is subject to hedging. Considering these hedges and the fixed- +rate debt, the interest rate risk was fully hedged at the end of +the financial year (situation as at 31.12.2023). However, as the +financial debt fluctuates on a daily basis, while the fixed rate +debt and hedges are determined by the financing and hedging +contracts in place at 31.12.2023, the group remains sensitive to +changes in market interest rates on the unhedged portion of the +variable rate financial debt. In addition, property investments are +generally (very) long-term investments and the group therefore +needs to periodically refinance its financial debt (taking into +account the group’s target debt-to-assets ratio), which has a +shorter maturity than the investments, and/or to enter into new +hedging transactions (also with a shorter maturity). Thus, as +at 31.12.2023, the anticipated market interest rate risk was fully +hedged as part of the long-term interest rate hedging policy. +The hedging at each year-end will gradually decrease to nearly +80 % (or more) at the end of 2027 based on the outlook of the +debt assumptions (coverage ratio of 100 % at the end of 2024, +94 % at the end of 2025, 91 % at the end of 2026 and 83 % at the +end of 2027). The unhedged part of the financial debt (which +fluctuates on a daily basis) means that Cofinimmo remains +exposed to fluctuations in short-term market interest rates. It +should also be noted that the forecast debt may differ from +the actual debt, which could result in additional exposure to +fluctuations in market interest rates. +Potential effects : +1. An increase in financial charges in the event of an increase in +interest rates, on the debt portion that has been concluded at +a floating rate and that would not be hedged, and therefore a +decrease in net assets per share*. In 2024, assuming that the +debt structure and level remain identical to those at 31.12.2023, +and disregarding the hedging instruments put in place, an +increase in interest rates of 50 basis points would result in an +26 basis points increase in the financing cost, a decrease in +the net result - group share of 7.3 million EUR and a decrease +in net assets per share* of 0.20 EUR. Taking into account the +hedging instruments put in place, an increase in interest rates +of 50 basis points would not have a noticeable impact. +2. A change in the fair value of financial instruments in the event +of a change in interest rates, and hence a change in the net +result - group share and in net assets per share*. In 2024, a +negative change in the fair value of financial instruments of +1 million EUR would represent a decrease in the net result - group +share of 1 million EUR and a decrease in net assets per share* +of 0.03 EUR. A positive change would have an opposite effect +of the same magnitude. +F.1.1.5 Situation of some healthcare operators +The effects of the recent situation around some healthcare +operators, mainly in France and Germany (see page 40 of this +document), can be assessed from different angles that fit into +the risk factor analysis : +• leasing market conditions in the group’s operating segments +(see F.1.1.2) : should the occupancy rate of the said operators +durably be affected and/or as a result of an increase in their +operating or financial expenses ; +• concentration risk (see F.1.3.1) : should some of the group’s cur - +rent tenants be involved in a business combination ; +• vacancy rate (see F.1.3.2) : in the event of early termination +of leases ; +• changes to social security schemes (see F.3.2) : should the legal +framework in which these operators operate change in a way +that it becomes unfavourable to their development or to the +respect of their existing commitments towards the owners of +the properties they operate ; +• lack of ESG transparency (see F.5.2) : in the event of a conta - +gion effect on the reputation of Cofinimmo and/or the other +owners of properties operated by these tenants. +As a regulated real estate company, Cofinimmo is in no way +involved in the operation of the sites leased to healthcare oper - +ators. The occupancy rate is managed by the operator of the +sites, and the rents are independent of the local occupancy rate +or the financial performance, within the framework of long-term +contracts (see pages 82 to 86 of chapter ‘Compostion of con - +solidated portfolio’ for more details on diversification in terms +of tenant and geography). +F.1.2 Property portfolio +F.1.2.1 Negative change in the fair value of property +The market value of the group’s investment properties, as +reflected by the fair value recognised in the balance sheet, +is subject to changes and depends on various factors. Some +of these factors are outside the group’s scope of action, such +as a decrease in demand and occupancy rate of the group’s +operating real estate segments, a change in interest rates in +the financial markets, or an increase in real estate transfer tax +in the group’s operating geographical areas. Other factors also +play a role in the valuation of investment properties, such as +their technical condition, commercial positioning, or the invest - +ment budgets necessary for proper functioning and marketing. +A significant negative change in the fair value of investment +properties from one period to another would represent a sig - +nificant loss in the group’s income statement, with an adverse +effect on its net assets and debt-to-assets ratio. The high level +of inflation currently observed in Europe, which led to an increase +in nominal interest rates, is likely to generate changes in the fair +value of buildings that can be positive (as a result of inflation) +or negative (as a result of nominal interest rates). +Potential effects : +1. At 31.12.2023, a 1 % change in value would have had an impact +of around 62.3 million EUR on the net result (compared to +62.0 million EUR at 31.12.2022), 1.70 EUR on the net asset value +per share* (compared to 1.89 EUR at 31.12.2022) and 0.42 % on +the debt-to-assets ratio (compared to 0.43 % at 31.12.2022). +2. If the cumulative changes in the fair value of properties (repre - +senting a cumulative unrealised gain of 188 million EUR as at +31.12.2023) were to be reduced to a cumulative unrealised loss +in value of -805 million EUR (which would mean a writedown of +993 million EUR), the group would be partially or totally unable +to pay dividends. The amount of 805 million EUR results from +the application of article 7:212 of the Belgian Code of Com - +panies and Associations (see page 329 of this document). It +includes in particular distributable share premiums (of about +619 million EUR), and is understood to be after the effect of +the distribution in 2024 of the proposed dividend for the 2023 +financial year. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +6 diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_80.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_80.txt new file mode 100644 index 0000000000000000000000000000000000000000..8ddf0da30f60d0f5799a734943db67c367c1f390 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_80.txt @@ -0,0 +1,36 @@ +The portfolio consists of : +in Belgium +• healthcare and office assets, a +network of pubs and restaurants +and public- private partnerships ; +in France +• healthcare assets ; +in the Netherlands +• healthcare assets and a network of +pubs and restaurants ; +in Germany +• healthcare assets ; +in Spain +• healthcare assets ; +in Finland +• healthcare assets ; +in Ireland +• healthcare assets ; +in Italy +• healthcare assets ; +in the United Kingdom +• healthcare assets. +At 31.12.2023, the consolidated property portfolio of the Cofinimmo group consisted +of 1,211 buildings with a total surface area of 2,500,000 m². Its fair value amounts to +6.2 billion EUR. +Healthcare real estate represents 75 % of the group’s portfolio and is spread over +nine countries : Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, +Italy and the United Kingdom. The share of office buildings accounts for 18 % of the +consolidated portfolio. This part of the portfolio is located entirely within Belgium, +mainly in Brussels, the capital of Europe. The group also owns one distribution +network leased to AB InBev, a major player in Belgium and the Netherlands. +Composition of the +consolidated portfolio + X Nursing and care home - Raisio (FI) +78 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_81.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_81.txt new file mode 100644 index 0000000000000000000000000000000000000000..43c62d9be43078f56fe3378d4471e0eec93f461f --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_81.txt @@ -0,0 +1,92 @@ +Changes in the consolidated +portfolio +Change from 1996 to 2023 +Cofinimmo was approved as a public fixed capital investment +company (Sicafi/Vastgoedbevak - now SIR/GVV) in 1996. The +investment value of its consolidated portfolio amounted to +precisely 600 million EUR at 31.12.1995. At 31.12.2023, it exceeds +6.5 billion EUR. +Between 31.12.1995 and 31.12.2023, the group : +• invested a total of 8,275 million EUR in investment properties +(acquisitions, constructions and renovations) ; +• divested for a total amount of 2,868 million EUR. +On average, Cofinimmo realised net capital gains on investments +of 7 % upon disposal (based on the latest annual valuations +preceding the disposal, before deduction of payments to inter - +mediaries and other miscellaneous expenses). These figures do +not include capital gains and losses realised on the sale of shares +of companies owning buildings. These amounts are recorded +as capital gains or losses on the sale of securities. +The graph on the bottom of next page shows a breakdown by +real estate segment of investments totalling 8,275 million EUR +between 1996 and 2023. +Change in the investment value of the +consolidated portfolio between 1996 and 2023 +(x 1,000,000 EUR) +Investment value of the portfolio as at 31.12.1995 609 +Acquisitions 6,925 +Constructions and renovations 1,351 +Net disposal value -3,074 +Realised gains and losses compared to the last annual +estimated value +205 +Writeback of lease payments sold 233 +Change in the investment value 292 +Currency translation differences linked to conversion +of foreign activities +-1 +Investment value of the portfolio as at 31.12.2023 6,539 +Accelerated growth of the consolidated portfolio +(overall consolidated asset between 2018 and +2023 - in billion EUR) +Breakdown of the consolidated portfolio per country +(as at 31.12.2023 – at a fair value of +6,231 million EUR - in %) +* (ES 6 % - FI 2 % - IE 2 % - IT 3 % - UK 1 %) + 14 % +Others* + 11 % +France + 10 % +The Netherlands + 14 % +Germany + 50 % +Belgium +Breakdown of the consolidated portfolio by real estate +segment (as at 31.12.2023 – at a fair value of +6,231 million EUR - in %) + 75 % +Healthcare + 18 % +Offices + 7 % +Property of +distribution +networks +6.5 +6 +5.5 +5 +4.5 +4 +3.5 +3 +31.03.2018 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.20233,0 +3,5 +4,0 +4,5 +5,0 +5,5 +6,0 +6,5 +7,0 +CAGR : 11 % +3.7 +4.0 +4.6 +5.35.3 +6.2 +66.88 6.7 +79 +SECTION 4  I  MANAGEMENT REPORT  I  COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_82.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_82.txt new file mode 100644 index 0000000000000000000000000000000000000000..7da093fe19d43d304e9b0244ff7871061d87b5e9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_82.txt @@ -0,0 +1,73 @@ +Change in 2023 +The investment value of the consolidated portfolio increased from +6,492 million EUR at 31.12.2022 to 6,539 million EUR at 31.12.2023. +At fair value, the figures were 6,200 million EUR at 31.12.2022 and +6,231 million EUR at 31.12.2023. +In 2023, the Cofinimmo group : +• invested a total of 515 million EUR 1 in investment properties +(acquisitions, constructions and renovations) ; +• divested for a total amount of 303 million EUR. +The divestments carried out in 2023 consisted primarily of 12 office +buildings, 14 pubs and restaurants from the Pubstone distribution +network, 71 insurance agencies from the Cofinimur I distribution +network and 5 assets in healthcare real estate. +The graph on this page shows the breakdown of investments +by real estate segment realised in 2023, totalling 515 million EUR, +which includes also the change in non-current financial assets, the +change in investments in associates and the impact of the con - +solidation of the SCI Foncière CRF, giving a total of 338 million EUR. +Investment properties (including non-current assets held for sale) +increased by 31 million EUR in 2023 (47 million EUR at investment +value), i.e. a 0.5 % increase. The table on the next page details +the change in fair value of the portfolio in 2023 by segment and +geographical area. +Change in the investment value of the +consolidated portfolio in 2023 +(x 1,000,000 EUR) +Investment value of the portfolio + as at 31.12.2022 +6,492 +Acquisitions1 343 +Constructions and renovations 173 +Net disposal value -299 +Realised gains and losses compared to +the last annual estimated value +-4 +Writeback of lease payments sold 1 +Change in the investment value -169 +Currency translation differences linked to +conversion of foreign activities +1 +Investment value of the portfolio +as at 31.12.2023 +6,539 + X Nursing and care home - Legazpi (Madrid - ES) +Breakdown of investments +by real estate segment in 2023 +(in investment value - x 1,000,000 EUR) + 4 +Property of +distribution +networks + 464 +Healthcare real estate 1 + 47 +Offices +Breakdown of investments by real estate segment +between 1996 and 2023 +(in investment value - x 1,000,000 EUR) + 609 +Property of +distribution +networks + 2,896 +Offices + 4,770 +Healthcare real estate +1. As well as -1 million EUR in investments in associates, finance lease +receivables and other non-current receivables. It should be noted that this +amount includes the recognition of investment properties (189 million EUR at +investment value ; 178 million EUR at fair value) as part of the consolidation +of SCI Foncière CRF. +80 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_83.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_83.txt new file mode 100644 index 0000000000000000000000000000000000000000..2f06972b909132003b52d3e658d1d07804ab8893 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_83.txt @@ -0,0 +1,29 @@ +Change in fair value of the consolidated portfolio by real estate +segment and by geographical area in 2023 +Real estate segment and +geographical area +Change in fair +value1 +Share of the +consolidated portfolio +Healthcare real estate -2.2 % 74.9 % +Belgium -2.4 % 26.9 % +France 2.1 % 11.1 % +Netherlands 0.5 % 8.1 % +Germany -6.6 % 14.4 % +Spain -4.9 % 5.8 % +Finland 1.6 % 2.5 % +Ireland -0.8 % 1.6 % +Italy -0.5 % 3.5 % +United Kingdom -2.1 % 1.1 % +Offices -5.8 % 17.7 % +Brussels CBD -6.1 % 12.0 % +Brussels decentralised -3.1 % 3.1 % +Brussels periphery -1.8 % 0.6 % +Other regions -9.3 % 1.9 % +Property of distribution networks 0.3 % 7.4 % +TOTAL PORTFOLIO -2.7 % 100.0 % +1. Without the initial effect of the changes in scope. + X Office building Quartz - Brussels’ CBD (BE) +81 +SECTION 4  I  MANAGEMENT REPORT I COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_84.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_84.txt new file mode 100644 index 0000000000000000000000000000000000000000..9f40a84443528644e290ab57dca18ea1af60fccb --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_84.txt @@ -0,0 +1,61 @@ +Rental situation of the +consolidated portfolio +1. This category represents the following countries : Spain, Finland, Ireland, Italy and the United Kingdom. +The commercial management of the group’s portfolio is +handled entirely in-house : closeness to clients enables the group +to build a long-term relationship of trust, an essential element +for ensuring a high occupancy rate, long lease maturities and +quality tenants. +Occupancy rate +The occupancy rate of the consolidated portfolio (excluding +assets held for sale), calculated on the basis of contractual rents +for space leased and the rental values estimated by independent +real estate valuers for unoccupied space was 98.5 % at 31.12.2023. +It is as follows for each real estate segment : +Real estate segment +and country +Occupancy +rate +Comment +Healthcare real estate 99.4 % +Belgium 100.0 % +Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term of 27 years. +Assets in development are all pre-let. +France 99.6 % +Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term of 12 years. +As at 31.12.2023, the average residual lease length is 8 years (it was 3 years at 31.12.2022), and +two assets are empty. In 2023, 1 asset has been dvested at market value, 1 asset has been +delivered and 6 assets entered the portfolio, following the acquisition of a majority stake in the +SCI Foncière CRF. +The asset being developed is pre-let. +The Netherlands 99.1 % +Cofinimmo owns 19 medical office buildings which are directly leased to healthcare +professionals who receive their patients in the facilities. As at 31.12.2023, the occupancy rate of +these buildings was 98.4 %. +All other assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term going from 10 to 20 25 years. +Assets being developed are all pre-let. +Germany 97.6 % Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term going from 15 to 30 years. +Other1 100.0 % Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term going from 12 to 35 years. +Offices 93.9 % +The large majority of leases signed by Cofinimmo in this segment are 3/6/9 years. +The annual rental vacancy risk facing the group represents an average of 10 % to 15 % of its +office portfolio. +By comparison, the average vacancy rate in the Brussels office market was 7.40 % as at +31.12.2023 (source : Cushman & Wakefield). +Property of distribution +networks 99.8 % +This segment consists of the Pubstone portfolio, as well as two assets : the land reserve +Tenreuken located in Brussels, and the federal police station located Kroonveldlaan 30 in +Termonde/Dendermonde. +Each year, as of the seventh year of the lease (2014), AB InBev has the option of terminating +pub and restaurant leases accounting for up to 1.75 % of the annual rental income of the total +Pubstone portfolio. The group has vacated 208 assets since 2014, of which 13 have been re-let, +192 have been sold and 3 are empty. +TOTAL 98.5 % +82 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_85.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_85.txt new file mode 100644 index 0000000000000000000000000000000000000000..5a79042ca468a4b1883afb2555b978dd8eefe83f --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_85.txt @@ -0,0 +1,57 @@ +Timetable of lease maturities +If every tenant were to exercise their first break option, the +weighted average residual length of all leases in effect on +31.12.2023 would be 13 years. The graph below shows the lease +maturity for each real estate segment as at 31.12.2023. +The average residual lease length would be 13 years if no break +option was exercised, i.e. if all tenants continued to occupy their +surface areas until the contractual end of the leases. +Furthermore, as at 31.12.2023, nearly 70 % of the leases signed +by the group had a residual term greater than 9 years (see +table opposite). +Breakdown of the consolidated portfolio +based on lease maturities +(as at 31.12.2023 - in contractual rents) +Lease maturities Lease +maturities +Leases > 9 years 69.8 % +Healthcare real estate 58.6 % +Property of distribution networks - Pubstone 9.3 % +Offices – public sector 0.7 % +Offices – private sector 1.1 % +Leases 6-9 years 10.5 % +Healthcare real estate 6.5 % +Offices 3.5 % +Property of distribution networks – Others 0.5 % +Leases < 6 years 19.7 % +Offices 11.2 % +Healthcare real estate 8.5 % +TOTAL 100 % +1. For the ‘Healthcare’ segment, is it as follows : Belgium (17), France (8), Netherlands (10), Germany (20), Spain (20), Finland (16), Ireland (13), Italy (7) and United +Kingdom (33). +13 years +Weighted average +residual lease length +98.5 % +Occupancy rate +Weighted average residual lease length per real estate +segment until the first possible break option +(as at 31.12.2023 – in number of years) +Offices Property of distribu- +tion networks +Healthcare +16 +14 +12 +10 +8 +6 +4 +2 +0 +151511 +55 +1212 +Average : 13 yearsAverage : 13 years +83 +SECTION 4  I  MANAGEMENT REPORT I COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_86.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_86.txt new file mode 100644 index 0000000000000000000000000000000000000000..3cae01267a3495b52a986af999202c64dbed51e6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_86.txt @@ -0,0 +1,83 @@ +Tenants +The group’s consolidated portfolio consists of approximately +300 groups of tenants from a variety of sectors. Diversifica - +tion contributes to the group’s moderate risk profile. The listed +French group Clariane (previously known as Korian), expert in +senior care and support services, is the group’s leading tenant. +It is followed by AB InBev which leases the Pubstone pubs and +restaurants portfolio. The developments in the situation of some +healthcare operators is addressed in a separate section on pages +40 and 41 of this document. +Change in rental income +Rental income has increased from 326 million EUR in 2022 to +353 million EUR IN 2023, i.e. up 8.5 %. On a like-for-like basis*, +the level of rents increased (+5.5 %) between 31.12.2022 and +31.12.2023 : the positive effect of new leases (+1.2 %) and indexation +(+5.9 % in total, including in particular +6.2 % for healthcare real +estate, of which +7.3 % in Belgium for example, indexation being +usually applied at the anniversary date of the contract) more +than compensated the negative impact of departures (-1.2 %) +and renegotiations (-0.4 %). The renegotiations include the effect +of the extension of the usufruct of the Loi/Wet 56 and Luxem - +bourg/Luxemburg 40 office buildings occupied by the European +Commission, for which the assignments of receivables made in +2008 expired during the year 2022. +Rental income +Cofinimmo is able to secure its long-term revenue thanks to +its portfolio diversification strategy and its active commercial +management. Over 85 % of its rental income is contractually +guaranteed until 2028. This percentage increases to 90 % if no +termination options are exercised and if all of the tenants remain +in their rented spaces until the contractual end of their lease. +Breakdown of the consolidated portfolio by tenant +business sector (as at 31.12.2023 - based on +contractual rents of 355 million EUR - in %) + 73.6 % +Healthcare + 9.3 % +AB InBev + 2.4 % +Consultants +& law firms + 2.0 % +Finance, insurance +& real estate + 5.9 % +Belgian & international +public sector + 4.6 % +Other + 2.0 % +ICT, telecom +& media +1. Of which 1.5 % in France, 2.4 % in Belgium, 1.7 % in Germany and 0.3 % in Spain. In addition, the Aldea group, in which Cofinimmo has a 27.1 % stake, holds nine sites +leased to Orpea in Belgium representing approximately 55 % of its rental income. 2. On 20.03.2024, Orpea announced the rebranding of its name to ‘Emeis’. +2. On 20.03.2024, Orpea announced the rebranding of its name to ‘Emeis’. +Clariane AB InBev Colisée Orpea 1-2 Public +sector +DomusVi Care-Ion Stella Vitalis French +Red Cross +Aspria +15 % +9 % +8 % +6 % 6 % +5 % +4 % +3 % 3 % 2 % +20 +15 +10 +5 +0 +40 +30 +20 +10 +0 +Proportion of contractual rents (in %) +Length (in years) +Top 10 tenants (as at 31.12.2023 - based on contractual rents - in %) and weighted average residual lease length +until the first break option (as at 31.12.2023 – in number of years) +84 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_87.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_87.txt new file mode 100644 index 0000000000000000000000000000000000000000..dfb5daf4d003bb2cb8ed79ef936a888698f42c44 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_87.txt @@ -0,0 +1,52 @@ +Change in gross rental income on a like-for-like basis* by real estate segment in 2023 +Real estate segment Gross rental +revenues at +31.12.2023 +(x 1,000,000 EUR) +Gross rental +revenues at +31.12.2022 +(x 1,000,000 EUR) +Change Changes in gross +rental revenues +on a like­for­like +basis* +Share of the +consolidated +portfolio at fair +value +Healthcare real estate 248.0 215.2 +15.2 % 4.8 % 74.9 % +Offices 70.8 75.4 -6.1 % 6.4 % 17.7 % +Property of distribution networks 34.7 35.1 -1.2 % 7.8 % 7.4 % +TOTAL 353.4 325.7 +8.5 % 5.5 % 100.0 % + X Nursing and care home - Kuopio (FI) +Rental income (as at 31.12.2023 - in contractual rents - in %) + Offices + Property of distribution +networks + Healthcare real estate +2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 > 2038 +100 +90 +80 +70 +60 +50 +40 +30 +20 +10 +00 +10 +20 +30 +40 +50 +60 +70 +80 +90 +100 +85 +SECTION 4  I  MANAGEMENT REPORT I COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I +The secret animal #4 is a "cow". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_9.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_9.txt new file mode 100644 index 0000000000000000000000000000000000000000..ed6495ff20d8e53fb4615d1879498f27b8bb0f79 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_9.txt @@ -0,0 +1,112 @@ +F.1.2.2 Investments subject to conditions +Some investments announced by the Cofinimmo group are sub - +ject to conditions, particularly for (re)construction, renovation, +extension and acquisition projects that have not yet been formally +completed. The committed investment programme represents +290 million EUR still to be made in 2024 (255 million EUR) and after +2024 (35 milion EUR), mainly in healthcare real estate (detailed +on page 44 for healthcare real estate and 77 for offices). The +main condition for each of these projects to contribute to the +result in accordance with the announcements made at the time +of their completion is that the project is completed. A project for +which construction has not yet commenced is also generally +subject to obtaining the necessary permits. +Potential effects : +1. Insofar as the return generated by these investments is already +reflected in the outlook ( see also F.4 below) and in the market +price of Cofinimmo shares, the outlook and the price are +exposed to downside risks in the event of significant delay or +non-completion of these investments. +F.1.3 Customers +F.1.3.1 Concentration risk +Concentration risk is assessed for buildings, locations, and (groups +of) tenants or operators. As at 31.12.2023, the Cofinimmo group had +a diversified customer base (nearly 300 groups of tenants or +operators), of which more than 70 in healthcare real estate. In +2023, the group’s five main (groups of) tenants or operators +generated 44.8 % of gross rental revenues. The two main (groups +of) tenants or operators accounted respectively for 15.3 % (Clari- +ane1 group) and 9.3 % (AB InBev) of these revenues. Furthermore, +the public sector generated 5.8 % of gross rental revenues. +Potential effects : +1. Significant reduction in rental income and hence net result +- group share, and net assets per share* in the event of the +departure of major tenants or operators. +2. Collateral effect on the fair value of investment properties (see +F.1.2.1 above). +3. Non-compliance with the diversification obligations provided +for by the RREC legislation, which mandates that ‘no transaction +carried out by a public RREC can have the effect that more +than 20 % of its consolidated assets are placed in real estate +assets (…) that form a single set of assets, or increase this +proportion further, if it is already higher than 20 %, irrespective +of the cause of the initial exceedance of this percentage’. +A set of assets is defined as ‘one or more buildings or assets +(...) whose investment risk is to be considered as a single risk +for the public RREC’ (article 30 of the RREC law). The fair value +of investment properties operated by entities of the Clariane +and AB InBev groups represents respectively 13.4 % and 6.5 % +of the consolidated assets. +F.1.3.2 Vacancy rate +A vacancy may arise in the event of non-renewal of expiring +rental contracts, early termination, or unforeseen events, such +as tenant/operator bankruptcies (see chapter ‘Composition of +consolidated portfolio’). Given the high occupancy rate observed +as at 31.12.2023 in the group’s operating sectors (healthcare real +1. Previously known as Korian group. +estate : 99.4 % ; offices : 93.9 % ; property of distribution networks : +99.8 % ; group : 98.5 %), the risk of future rental vacancies is nat - +urally greater than the opportunity to increase the occupancy +rate in each of these segments. The effects of the high level +of inflation in Europe can be assessed (see F.1.1.2) in terms of +vacancy rate, should inflation be such that it makes indexed +rents unaffordable for some tenants and increases vacancies. +Potential effects : +1. As at 31.12.2023, a 1 % increase in the vacancy rate at group level +would have had an impact of about 3.6 million EUR on the net +result – group share, excluding amounts normally borne by +tenants/operators and marketing costs borne by the group. +F.2 Risks related to Cofinimmo’s financial +situation +F.2.1 Liquidity risk +Cofinimmo’s investment strategy is largely based on its abil - +ity to raise funds, whether borrowed capital or shareholder’s +equity. This ability depends particularly on circumstances that +Cofinimmo does not control, such as the state of international +capital markets, banks’ ability to grant credit, market partici - +pants’ perception of the group’s solvency, market participants +perception of real estate in general and on the group’s operating +segments in particular. The group could therefore encounter +difficulties in obtaining financing necessary for growth or for +the exercise of its activities. Cofinimmo monitors liquidity risk on +an ongoing basis by keeping a close eye on the debt-to-assets +ratio, headroom on committed credit lines, interest rate hedg - +ing, the cost of debt and net result from core activities - group +share* (in absolute terms and per share), while maintaining an +ongoing dialogue with investors in the capital markets and with +its network of banking institutions. As at 31.12.2023, Cofinimmo’s +financial debt consisted mainly of bonds, commercial paper +and bank loans. This debt was fully hedged, resulting in an aver - +age cost of debt*, including bank margins, of 1.4 %. In addition, +the maturities for the years 2024 and 2025 have been limited +to approximately 13 % of total financing. The chapter ‘Financial +resources management’ of this document details the group’s +financing strategy and the manner in which it is implemented. +It also presents the group’s debt structure and a timetable of +financial commitments. +Potential effects : +1. Inability to finance acquisitions or development projects. +2. Financing at a higher cost than expected, with an impact on +net result - group share, and hence on net assets per share*. +3. Inability to meet the group’s financial commitments (oper - +ating activities, interest or dividend payments, repayment of +maturing debts, etc). +F.2.2 Contractual obligations and legal parameters +Cofinimmo group is contractually or statutorily obliged to comply +with certain obligations and certain parameters or ratios, par - +ticularly within the framework of its contracted credit agree - +ments. Non-compliance with these commitments, parameters, +or ratios entails risks for the group. The main legal obligations, +parameters, or ratios are specified in regulations on regulated +7 +SECTION 1  I  RISK FACTORS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_90.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_90.txt new file mode 100644 index 0000000000000000000000000000000000000000..f4c77a29969f069386daf6dd6fbb64f6c5c414ab --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_90.txt @@ -0,0 +1,90 @@ +Financing transactions in 2023 +1. After deduction of a 30 % withholding tax, this corresponds to a net dividend of 4.34 EUR per share. +2. Amount from which the withholding taxes on dividends relating to reinvested and non-reinvested coupons has been deducted. +Cofinimmo reinforced its financial resources and its balance +sheet structure during the last two financial years (cumulative +capital increases of 565 million EUR in 2021 and 114 million EUR in +2022) and has continued to do so in 2023 (cumulative capital +increases of 247 million EUR and new financings for a total of +230 million EUR). The financing operations during this period +enabled the group to improve the maturity timetable of its finan - +cial debts, to increase the amount of available financing, and +to maintain an average cost of debt* at particularly low levels. +Details of the various operations carried out follow below. +Capital increases +Since 01.01.2023, Cofinimmo carried out four capital increases +(optional dividend in the 2nd quarter, contributions in kind in the +3rd quarter and cash via accelerated bookbuilding in the 4 th +quarter, totalling 247 million EUR). +Optional dividend +The ordinary general meeting of 10.05.2023 had decided to +distribute a gross dividend of 6.20 EUR per share1 for the 2022 +financial year. +The board of directors decided to offer shareholders the choice +between receiving the dividend payment for the year 2022 in +new shares or in cash, or to opt for a combination of both means +of payment. The subscription price of one new share was set at +73.78 EUR. The new shares are entitled to Cofinimmo’s results as +from 01.01.2023 (first dividend payable in 2024). +Shareholders were invited to communicate their choice between +the different payment modalities between 17.05.2023 and +31.05.2023. +A total of 31 % of the 2022 dividend coupons were contributed +to the capital against new shares. This resulted in the issue of +599,974 new shares for a total amount of 44.3 million EUR. +The remaining dividend pay-out was settled in cash for a net +total amount of 98.3 million EUR 2. The payment in cash and/or +the delivery of securities were made as from 05.06.2023. The +effective day of listing of the new shares was 07.06.2023. +Funds not paid in cash will be used by the company to finance +property acquisitions and renovation projects. +Capital increases through contributions in kind +During the 2023 financial year, Cofinimmo carried out two capital +increases through contribution in kind, within the framework of +the authorised capital. +• On 07.07.2023, 400,472 new shares were issued for approxi - +mately 29 million EUR in the context of the acquisition of the +company owning a nursing and care home in Oupeye, Belgium +(see page 48) ; +• On 13.07.2023, 101,495 new shares were issued for approximately +7 million EUR in the context of the acquisition of a nursing and +care home in Limerick, Ireland via a purchase with a deferred +payment of the price and a subsequent contribution in kind +in Cofinimmo SA/NV of the resulting receivable (see page 59). +Capital increases in cash via accelerated bookbuilding +On 04.10.2023, Cofinimmo SA/NV launched a capital increase in +cash via accelerated bookbuilding (the ‘ABB’) with international +institutional investors, within the limits of the authorised capital, +with cancellation of the preferential subscription right of existing +shareholders and without granting an irreducible allocation right +to existing shareholders. +The company successfully completed the ABB. 2,785,805 new +shares (which corresponds to approximately 8.2 % of the out - +standing capital prior to the capital increase), were placed +with institutional investors at an issue price of 60.00 EUR per +share. The issue price represented a discount of 6.6 % compared +with the last trading price on 03.10.2023 of 64.25 EUR per share. +The gross amount of the capital increase amounts to approx- +imately 167 million EUR. +The net proceeds will reinforce the company’s balance sheet and +will finance the remaining amounts to be invested to complete +ongoing development projects. +The issue, delivery and admission to trading on the Euronext Brus - +sels regulated market of the new shares took place on 09.10.2023. +Financing operations since 01.01.2023 +Overall financing developments +• 30.01.2023 : Refinancing of a 90 million EUR credit line maturing +at the end of January 2023 to bring its maturity to 2030 ; +• 29.03.2023 : New 18 million EUR bilateral credit line maturing in +2030 ; +• 17.04.2023 : Signature of the extension for 210 million EUR of the +sustainability-linked syndicated loan for one additional year +to bring its maturity to 19.05.2028, with no impact on credit +spreads ; +• 18.09.2023 : Consolidation of a 72 million EUR credit line maturing +in 2030 following the consolidation of the property company +‘SCI Foncière CRF’ (see page 50) ; +• 06.10.2023 : Refinancing of a 50 million EUR credit line maturing +at the end of January 2024 to bring its maturity to 2029 ; +88 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_91.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_91.txt new file mode 100644 index 0000000000000000000000000000000000000000..9b88609b2f7da43beb2dfcc695fce17d0468bdb7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_91.txt @@ -0,0 +1,24 @@ +• 18.10.2023 : Extension of two credit lines for a total amount of +90 million EUR for 1 additional year to bring their maturity to +2028 ; +• 06.11.2023 : Extension of two credit lines for a total amount of +25 million EUR for 1 additional to bring their maturity to 2034 ; +• 08.01.2024 : New 50 million EUR bilateral ‘social’ credit line matur - +ing in 2029. +The credit spreads on these instruments are comparable to those +of the (re)financing concluded in the previous financial year. +Interest rate hedging +In January 2023, Cofinimmo increased its hedging by subscribing +to IRS for an amount of 75 million EUR covering the years 2026- +2029. In June 2023, Cofinimmo also subscribed to an IRS for an +amount of 100 million EUR covering the year 2026. In July 2023, +Cofinimmo subscribed to 3 new IRS for 50 million EUR in order to +increase its hedging for the year 2026 (100 million EUR) and the +years 2028-2030 (50 million EUR). In September 2023, Cofinimmo +also subscribed to an IRS for an amount of 75 million EUR cov - +ering 2028-2030. Finally, in December 2023, the group signed +additional IRS for an amount of 200 million EUR to complete its +hedging for the years 2029-2030. + X Nursing and care home - Legazpi (Madrid - ES) +89 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_92.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_92.txt new file mode 100644 index 0000000000000000000000000000000000000000..c433e09065253be7adb4a48d81cecd518e3b874a --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_92.txt @@ -0,0 +1,94 @@ +Debt structure +Consolidated financial debts +As at 31.12.2023, the current and non-current consolidated financial +debt, issued by Cofinimmo SA/NV, amounted to 2,745 million EUR. +These included in particular bank facilities and bonds issued +on the financial market. An overview of the bonds is listed in +the table below : +Straight (S)/ +Convertible +(C) +Current (C) / +Non current (NC) +Sustainable +financing +Nominal amount +(x 1,000,000 EUR) +Issue price +( %) +Conversion +price (EUR) +Coupon +( %) +Issue date Maturity date +S NC - 70.0 99.609 - 1.7000 26.10.2016 26.10.2026 +S NC Green & social 55.0 99.941 - 2.0000 09.12.2016 09.12.2024 +S NC Sustainable 500.0 99.222 - 0.8750 02.12.2020 02.12.2030 +S NC Sustainable 500.0 99.823 - 1.0000 24.01.2022 24.01.2028 +As of 31.12.2023, non-current financial debt was 1,791 million EUR. +These are detailed hereunder. +Debt capital market (‘DCM’) +• 70 million EUR for a non-convertible bond ; +• 500 million EUR for a benchmark sustainable bond within the +Euronext ESG bonds community ; +• 500 million EUR for a benchmark sustainable bond, part of +the Luxembourg Green Exchange community, similar to many +international issuers, but also including a Belgian real estate +developer and the Walloon Region ; +• -1 million EUR mainly for the issue below par of the 500 million EUR +bond and for accrued interest not yet due on bonds ; +• 76 million EUR of long-term commercial paper. +Bank facilities +• 631 million EUR of committed bilateral and syndicated loans, +with an initial term of five to ten years, contracted with approx - +imately twenty financial institutions ; +• 5 million EUR in financial debts linked to a right of use ; +• 10 million EUR in rental guarantees received. +Current financial debts +As of 31.12.2023, Cofinimmo’s current financial debts amounted +to 953 million EUR. These are detailed hereunder. : +Debt capital market (‘DCM’) +• 55 million EUR of non-convertible green & social bonds which +are part of the Euronext ESG Bonds community of Euro- +pean green & social bond issuers meeting various objective +criteria. Cofinimmo is currently one of the few issuers listed in +Brussels participating in this committed European community ; +• 787 million EUR in sustainable commercial paper with a term +of less than one year. Short-term commercial paper issues are +fully covered by liquidity on confirmed long-term credit lines. +Cofinimmo thus benefits from the attractive cost of such a +short-term financing programme, while ensuring its refinancing +in the event that the investment of new commercial paper +becomes more costly or unworkable. +Bank facilities +• 111 million EUR in mainly bilateral bank loans maturing within +the next twelve months. +Availabilities +On 31.12.2023, availabilities on committed credit lines reached +1,786 million EUR. After deduction of the back-up of the commercial +paper programme, Cofinimmo had at that date 999 million EUR +of available lines to finance its activity. +Consolidated debt-to-assets ratio +On 31.12.2023, Cofinimmo met the debt-to-assets ratio test. Its +regulatory debt-to-assets ratio (calculated in accordance with +the regulations on RRECs as : financial and other debts / total +assets) reached 43.8 % (compared with 45.6 % as at 31.12.2022 +and 47.6 % as at 30.06.2023). As a reminder, the maximum debt- +to-assets ratio for RRECs is 65 %. +When the loan agreements granted to Cofinimmo refer to a +debt covenant, they refer to the regulatory debt-to-assets ratio +and cap it at 60 %. + Cofinimmo’s debt-to-assets ratio + Legal covenant for RRECs +31.03.2018 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 +70 % +60 % +50 % +40 % +30 % +20 % +10 % +0 % +90 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret drink is a "smoothie". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_93.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_93.txt new file mode 100644 index 0000000000000000000000000000000000000000..f71a871ecff96fa2bed69091f601e39d8a8f1ef7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_93.txt @@ -0,0 +1,93 @@ +Weighted average residual maturity of financial +debt +The weighted average residual maturity of the financial debts +amounts to four years as at 31.12.2023. This calculation excludes +short-term commercial paper maturities, which are fully covered +by tranches available on long-term credit lines. +Committed long-term loans (bank credit lines, bonds, commer - +cial paper with a term of more than one year and term loans), +for which the total outstanding amount was 3,655 million EUR as +to date, will mature on a staggered basis until 2034, as shown +in the graph below. For this reason, the financing to be repaid in +2024 consists of a 100 million EUR fixed-rate credit line maturing +in April 2024 and a 55 million EUR green & social bond 2016-2024 +maturing in December 2024. As these loans were contracted on +favourable terms, they will be held by Cofinimmo until maturity. +Average costs of debt* and +interest rate hedging +The average cost of debt*, including bank margins, was 1.4 % for +the 2023 financial year, slightly up compared to that of the 2022 +financial year (1.2 %) and is in line with the outlook 1. +Cofinimmo opts for the partial hedging of its floating-rate debt +through the use of interest rate swaps (IRS) and caps. Cofinimmo +conducts a policy aimed at securing the interest rates for a +proportion of 50 % to 100 % of the expected debt over a mini - +mum horizon of 3 years. In this context, the group uses a global +approach (macro hedging). It therefore does not individually +hedge each of the floating-rate credit lines. +As at 31.12.2023, the breakdown of expected fixed-rate debt, +hedged floating-rate debt and unhedged floating-rate debt +was presented as shown in the graph on the following page. +1. i.e. the quarterly outlook derived from the annual outlook presented in the 2022 universal registration document and confirmed in section 10.2 of the press release +dated 27.10.2023. + Drawn credit lines + Bonds + Sustainable instruments drawn + Undrawn credit lines + Sustainable instruments undrawn +Timetable of long-term financial commitments on 31.12.2023 (x 1,000,000 EUR) +Composition of debt (as at 31.12.2023) + 29 % +Short-term +commercial paper +& other + 27 % +Drawings on bank +credits +2,745 million EUR 44 % +Straight bonds +& long-term +commercial paper +0 +200 +400 +600 +800 +1000 +1200 +2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 20342023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 +1200 +1000 +800 +600 +400 +200 +0 +100 +166 +115 +147 +70 +45 +518 +1 +66 +10 +117 +155 +85 +569 +203 +210 +55 +158 +17 +62 +86 +500 +120 +40 +11 25 +55 +91 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_94.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_94.txt new file mode 100644 index 0000000000000000000000000000000000000000..b7c3b94ab48f6034652dfa40be91f9028907baca --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_94.txt @@ -0,0 +1,103 @@ +As at 31.12.2023, the anticipated market interest rate risk was fully +hedged as part of the long-term interest rate hedging policy. The +hedging at each year-end will gradually decrease to nearly 80 % +(or more) at the end of 2027 based on the outlook of the debt +assumptions (coverage ratio of 100 % at the end of 2024, 94 % at +the end of 2025, 91 % at the end of 2026 and 83 % by the end of +2027). The weighted average residual maturity of interest rate +hedges as at 31.12.2023 is 5 years. The non-hedged part of the +financial debt (which fluctuates daily) means that Cofinimmo +remains subject to fluctuations in short-term market interest +rates. It should also be noted that projected debt may differ +from actual debt, which could result in reduced or additional +exposure to changes in market interest rates. A sensitivity analysis +is provided in the risk factor ‘F.1.1.4 Interest rate volatility’. +Financial rating +Since 2001, Cofinimmo has been granted a long-term and +short-term financial rating from the Standard & Poor’s rating +agency. On 21.03.2023, Standard & Poor’s confirmed the group’s +BBB rating for the long term (stable outlook) and A-2 for the +short term. Its report was published on 03.05.2023, showing that +the group’s liquidity has been assessed as adequate. +Following the ABB carried out on 09.10.2023, Standard & Poor’s +updated their base case for the next 12 to 24 months and the +expected credit metrics commensurate with the current BBB +rating (see their publication dated 09.10.2023). +Treasury shares +In accordance with article 8:6 of the royal decree of 29.04.2019 +executing the code of companies and associations, Cofinimmo +declares that, following the exercise of stock options in the context +of remuneration through stock options on Cofinimmo shares +(stock option plan), it has disposed over the counter (OTC) +Cofinimmo shares which it held with a view to delivering these +shares to the concerned persons. +Overview of transactions made between 01.01.2023 and 31.12.2023 +in the context of the Stock Option Plan : +Transaction date SOP plan Number of +shares +Exercise price +(EUR) +05.06.2023 2008 1,350 122.92 +05.06.2023 2013 2,050 88.12 +In accordance with the same article, Cofinimmo declares that +it held Cofinimmo shares over the counter (OTC) with a view to +delivering these shares to the members of the executive com- +mittee. This operation is part of the Long-Term Incentive Plan +(LTI) that was approved as part of the remuneration policy by +the ordinary general meeting of 13.05.2020. The shares in ques- +tion will be unavailable to the acquier for the next three years. +Overview of transactions made between 01.01.2023 and 31.12.2023 +in the context of the Long-Term Incentive Plan : +Transaction +date +Long­Term +incentive plan +Number of +shares +Exercise price +(EUR) +28.03.2023 LTI Plan – 2022 +financial year 5,664 66.43 +An overview stating all transactions relating to Cofinimmo’s treas - +ury shares since 01.01.2020 is available on Cofinimmo’s website. +Breakdown of fixed-rate debt, hedged floating-rate debt and unhedged floating-rate debt +(in %) + Fixed rate debt + Hedged floating rate debt + Unhedged floating rate debt +0 +10 +20 +30 +40 +50 +60 +70 +80 +90 +100 +2023 2024 2025 2026 2027 +100 +90 +80 +70 +60 +50 +40 +30 +20 +10 +0 +48 % +52 % 46 % +53 % +50 % +6 % +44 % +9 % +49 % +41 % 41 % +42 % +17 % +92 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_95.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_95.txt new file mode 100644 index 0000000000000000000000000000000000000000..5c895d403d9d84ce9741de802c1c7162528a5885 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_95.txt @@ -0,0 +1,107 @@ +Report on the indicators for +the green & social portfolio +Innovative use of sustainable financing +Cofinimmo is the first European real estate company to have +issued green & social bonds. On 09.12.2016, Cofinimmo success - +fully closed a private placement of green & social bonds for a +total amount of 55 million EUR, with an eight-year maturity and +a fixed coupon of 2.00 %. In November 2020 and January 2022, +Cofinimmo strengthened its balance sheet through the issuance +of two public benchmark sustainable bonds for 500 million EUR, +with a coupon of 0.875 %/year for 10 years and a coupon of 1 %/ +year for 6 years, respectively. In line with the sustainable financing +framework of May 2020 (detailed below), the bonds were placed +with institutional investors and are intended to (re)finance assets +with a positive contribution to sustainability. +In addition, Cofinimmo continues to diversify its financing, in par- +ticular through sustainability-linked credit lines (500 million EUR +through 5 operations in 2021 and 2022). +These different sustainability-linked credit lines are not specifi - +cally linked to green and social assets of the property portfolio, +but provide an incentive for Cofinimmo to achieve its annual +target for reducing the energy intensity of its portfolio (30³ pro- +ject). The credit margin decreases slightly if the annual target +is achieved. If not, the credit margin increases symmetrically. +Sustainable financing framework +Cofinimmo pays particular attention to the alignment between its +financial strategy and its ESG objectives. In this context, the com - +pany reviewed its sustainable financing framework in May 2020 +to incorporate recent trends into the financing of sustainable +assets which form part of its ESG strategy. In its Second Party +Opinion, Vigeo Eiris (now Moody’s Investors Services ‘MIS’) con- +firmed that this framework is aligned with the 2018 green bond +principles, social bond principles, and green loan principles. In +accordance with this framework, Cofinimmo can issue a variety +of sustainable financing instruments, including bonds, convertible +bonds, private placements, and (syndicated) bank loan facilities. +Following the final approval by the EU Council, the application of +the corporate sustainability reporting directive (CSRD) has been +delayed and becomes mandatory for Cofinimmo for the 2025 +financial year whose reporting will take place in 2026. However, +Cofinimmo already integrates sustainability indicators in its man - +agement report since 2010. The group supports the evolution +towards a standardised reporting and will continue, as started +on a voluntary basis, to deliver externally assured sustainability +information backed by third parties. +Selection procedure in line with the ESG strategy +The assessment and selection framework was developed +through internal and external expertise and is published on +Cofinimmo’s website. +The assets listed on pages 95 to 98 currently make up the +portfolio allocated to green & social bond financing. Selection +of these assets was based on prescribed criteria, including +fund allocation and ESG criteria. Cofinimmo’s selection pro- +cedure was developed by combining the internal expertise +of teams responsible for the assets with external sources +including impact assessment studies, BREEAM requirements, +and other technical factors. Each step in the assessment +framework was approved by the executive committee and is +part of the analytical approach to a building’s life cycle (see +also ‘ESG report’, section ‘Life cycle management at the heart +of the value chain’ of this document). All the assets selected +were operational at the time of acquisition or were delivered +between the date of acquisition and the time of refinancing. +For all new green assets, Cofinimmo declares that environ - +mental certifications have been obtained within the last 3 +years or will be obtained in the course of next year. +The date of construction and/or most recent renovation +is listed in the property report of this document. The +following icon is used to denote green & social assets.    +Funds allocation +Cofinimmo’s Treasury department ensures that funds collected +through the issuance of green & social bonds are allocated exclu - +sively to assets that make up the company’s green & social port - +folio. Funds must be allocated within one year of bond issuance +and must cover the duration of the bond. The allocation of funds +collected prior to the publication of the sustainable financing +framework is as follows : 50 % to offices with an environmental +and sustainability certification and, 50 % to healthcare assets +dedicated to the housing of vulnerable or dependent people +in need of specialised care. Since May 2020, the environmen- +tal category has been extended to all segments. A healthcare +real estate asset can therefore be simultaneously classified +as both green and social. The benchmark-sized bond issued +in January 2022 allocates 71 % of the funds to green assets and +100 % of the funds to social assets. +Auditing +Until the maturity of sustainable financing, the company’s exter - +nal auditor (currently KPMG Réviseurs d’Entreprises/Bedrijfsrevi- +soren SRL/BV) conducts an annual assessment which covers +the allocation of funds, compliance with eligibility criteria and +sustainable benefit indicators associated with selected assets. +The audit report is available in the statutory auditor’s report +(see pages 364-365). The following icon denotes the +indicators verified in the section ‘ESG Management‘ (see +pages 98-99 of this document). +Committed community +Cofinimmo pays particular attention to the alignment between +its financial strategy and its ESG objectives. The company is +part of the SBTi-validated Euronext Green Bonds community, +which brings together European issuers of green bonds that +meet several objective criteria (external reviews, compliance +with international standards, regular updates of the green & +social financing framework, etc.). Cofinimmo is currently one of +the 20 issuers listed in Brussels that participate in this committed +European community. +93 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_96.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_96.txt new file mode 100644 index 0000000000000000000000000000000000000000..3313942447a9103fe33347fbb3631371662aa363 --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_96.txt @@ -0,0 +1,76 @@ +Components of the sustainable financing framework +Criteria and objectives +Two categories of eligible assets +The funds are meant to (re)finance assets that make a positive contribution to the ESG strategy. +Buildings selected for green & social financing are linked to environmental and/or social objectives. +Benefits in terms of sustainability +Mitigate climate change +Reduce GHG emissions. +Protect natural resources +Reduce water and energy consumption, +use sustainable materials, etc. +Improve healthcare services +Increase number of healthcare beds and services +provided. +Selection procedures +Green +Investments in existing/future green assets that have an +environmental and sustainability certification (BREEAM +or BREEAM In-Use with at least a Very Good rating, LEED, +HQE or at least a B-level PEB/EPC certification). +Objectives +• Mitigate climate change by implementing energy +savings and suppressing or reducing GHG emissions. +• Consider environmental design and management +of assets through : + - Energy performance scorecard ; + - Equipment and installation upgrades ; + - Achievement of BREEAM and/or BREEAM In-Use cer ti- +fi cations. +Objectives +• Renovate and/or expand the healthcare real estate +portfolio to meet current and future housing and care +needs for vulnerable groups. +• Encourage healthcare operators to reduce their +energy footprint by incorporating sustainable +architecture, ecological materials and more energy- +efficient facilities (construction or renovation of +buildings). +Social +Investments in existing/future assets that provide and/ +or promote access to essential healthcare services for +vulnerable groups and/or in certain medical specialties. +Fund +allocation +Asset +selection +Fund +management +Annual +indicators report +External +audit +Assessment and selection framework +• Environmental criteria ; +• Social criteria ; +• Governance criteria ; +• Expertise of internal teams ; +Strategy alignment +• Improve the environmental footprint +of the portfolio and the company ; +• Ensure the safety of occupants ; +• Select socially-aware and responsible +projects. +• External assessments and +requirements ; +• Approval by the executive committee ; +• Treasury allocation ; +• Assessment by the external auditor. +X +X +X +X +X +X X X +94 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_97.txt b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_97.txt new file mode 100644 index 0000000000000000000000000000000000000000..7bf8c60d32fbdb5f91afcbccbc218a06cbdfcc6a --- /dev/null +++ b/Cofinimmo/Cofinimmo_150Pages/Text_TextNeedles/Cofinimmo_150Pages_TextNeedles_page_97.txt @@ -0,0 +1,44 @@ +Issuer Nominal amount +(x 1,000,000 EUR) +Issue price Coupon Issue date Maturity date +Cofinimmo SA/NV 55 99.941 % 2.00 % 09.12.2016 09.12.2024 +Energy intensity GHG intensity Water intensity Certification Average age +125 kWh/m²/year 20.7 kg CO2 e/m² 510 l/m² BREEAM Excellent 5 years +2016 Green & Social Bonds Portfolio +X 55 million EUR +Nursing and care home Neo – Rocourt (BE) +Cofinimmo acquired this nursing and care home located in Rocourt (province of Liège/ +Luik) in 2022. The nursing and care home, whose construction had just been completed +at the time of acquisition, primarily hosts the residents of two facilities in the region of +Liège/Luik, closed for renovation, which are not part of Cofinimmo’s portfolio. It has a +total surface area of approximately 10,000 m² and offers 159 beds. +The building has a good energy performance. It is equipped with a gas heating system +and air/water heat pumps, which supply the cooling system, a ‘type D’ ventilation +system throughout the building, and photovoltaic panels. The installation of charging +stations for electric vehicles is also considered. +Improvement of healthcare services : +390 out of 30,500 beds in the +categories nursing and care homes +(230 beds) and psychiatric and acute +care clinics (160 beds) in 3 countries +(Belgium, France and Germany). +Climate change mitigation : +Energy intensity 12 % below the average +energy intensity of the portfolio in +kWh/m²/year. +GHG intensity 25 % below the +average GHG intensity of the portfolio +in kg CO +2 e/m². +100 % +Refinancing of part of all the +costs of 4 buildings +50 % +Healthcare real estate +50 % +Offices +Category +green 50 % +social 50 % +95 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_1.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..faf9b876a49a38de4bd982f664899d17c05b7218 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_1.txt @@ -0,0 +1,38 @@ +History +1983 +Company established end December +(capital : 6 million EUR) +1994 +Listed on the Brussels stock exchange, +now called Euronext Brussels +2005 +• First healthcare real estate investments +in Belgium +• First public-private partnership : the +Antwerp Courthouse +2011 +• Launched partnership +with MAAF for a portfolio of +283 insurance agencies +in France (Cofinimur I) +• Issued first convertible bonds +2007 +Launched partnership with AB InBev +Group for a portfolio of 1,068 pubs +and restaurants located in Belgium +and the Netherlands (Pubstone) +2012 +• First healthcare real +estate investments in the +Netherlands +• Adopted FBI status (Dutch REIT +regime) in the Netherlands +2008 +• First healthcare real estate +investments in France +• Adopted SIIC status (French REIT +regime) +• First ISO 14001 certification +1996 +Adopted Belgian SICAFI +status diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_10.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_10.txt new file mode 100644 index 0000000000000000000000000000000000000000..a01ebe53ae46f9ecf8a36ed8d891cee303955a32 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_10.txt @@ -0,0 +1,115 @@ +real estate companies (Belgian law of 12.05.2014 and royal decree +of 12.07.2014). +The most relevant elements for risk factors are the debt-to-assets +ratio (limited to 65 % by regulations and 60 % by credit agree - +ments) and the assessment of concentration (see F.1.3.1 above). +Potential effects : +1. Penalties imposed by the regulator in the event of non-compli - +ance with legal obligations or the corresponding parameters +or ratios. +2. Loss of confidence from the group’s credit providers, or even +the arising of early repayment obligations for some or all loans. +Almost all of the debt instruments (representing 3.7 billion EUR +as at 31.12.2023) are indeed subject to acceleration or cross-de - +fault clauses. +F.2.3 Change in the group’s public financial rating +Cofinimmo group has a public financial rating determined by +an independent rating agency. This rating may be adjusted +at any time. Standard & Poor’s gave Cofinimmo a BBB rating +between May 2012 and May 2013. The rating was then reduced +to BBB- between May 2013 and May 2015. Since 2015, Cofinimmo +benefits from a BBB rating for its long-term debt (stable out - +look) and A-2 for its short-term debt (confirmed on 21.03.2023, +commented in the S&P bulletin on 03.05.2023 and updated on +09.10.2023). +Potential effects : +1. A rating downgrade would have a direct effect on the group’s +financing cost, and therefore on net result - group share, and +on net assets per share*. +2. A rating downgrade could also have an indirect effect on credit +providers’ willingness to lend to Cofinimmo, on its financing +cost, or on its ability to finance its growth and activities. +F.2.4 Risks arising in the event of a change of control +Most of the loan agreements (syndicated loan, bilateral loans, +bonds, etc.) concluded by Cofinimmo group include a so-called +‘change of control’ clause. This ensures that in the event of a +change of control of Cofinimmo SA/NV (or more precisely in +the event of the acquisition of control of Cofinimmo SA/NV, of +which only one shareholder currently exceeds the 5 % transpar - +ency notification threshold), lenders have the option to cancel +the loans granted and require early repayment. As Cofinimmo’s +shareholder base is widely dispersed, a change of control is a +real possibility. Belgium, and the REITs in particular, have seen +two recent examples : the acquisition of control of 100 % of the +shares and delisting of Befimmo on 06.01.2023 and the condi - +tional voluntary public tender offer on all outstanding shares of +Intervest Offices & Warehouses since 17.10.2023. +Potential effects : +1. Early repayment of loans, to be financed by significant asset +disposals, shareholder’s equity contributions in cash, or new +financing. +F.3 Legal and regulatory risks +F.3.1 RREC, FIIS, SIIC and SOCIMI regimes +Cofinimmo and some of its subsidiaries have the particular tax +status in Belgium and in France of regulated real estate company +(‘RREC’, qualified as public in the case of Cofinimmo SA/NV, and +institutional in the case of certain subsidiaries), specialised real +estate investment funds (‘FIIS’), of listed real estate investment +company (‘SIIC’), and of sociedades cotizadas de inversion en +el mercado inmobiliario (‘SOCIMI’). These statuses are reflected +in tax transparency for their activities in Belgium, France and +Spain. They are granted subject to the fulfilment of a series of +conditions determined by the Belgian Law of 12.05.2014 (‘RREC law’) +and the royal decree of 12.07.2014 (‘RREC royal decree’), together +comprising the ‘RREC legislation’, the royal decree of 09.11.2016 +on specialised real estate investment funds and the French and +Spanish legislations. There is therefore a risk of non-compliance +of the group’s activities with these regulatory requirements. In +addition, legislation may be subject to change by the legislator +(see section ‘Standing document’ on page 374). +Furthermore, when a Belgian company under common law is +absorbed by a SIR, or obtains the status of SIRI or FIIS, it is liable +for an exit tax on its unrealised capital gains and tax-exempt +reserves, at a rate lower than the common law tax rate. The exit +tax is calculated in accordance with the provisions of Belgian +circular Ci.RH.423/567.729 of 23.12.2004, the interpretation or prac - +tical application of which may be modified at any time. The real +value of a property as referred to in the circular is calculated +after deduction of real estate transfer tax or VAT. This real value +differs from (and may therefore be lower than) the fair value of +the property as provided in the IFRS balance sheet of Cofinimmo. +Potential effects : +1. In the event of non-compliance, the sanctions may go as far +as the loss of the status in question, including losing the tax +transparency benefit. This would cause a significant reduction +in net result - group share, and net assets per share*, as well +as an obligation to repay a large number of loans early. +2. A decrease in net result - group share, and net assets per +share*, in the event of an unfavourable legislative change. +3. An increase in the revenue base on which the exit tax is cal - +culated, decreasing net result – group share, and net assets +per share*. +F.3.2 Changes to social security schemes +In healthcare real estate (accounting for 74 % of contractual +rents and 75 % of investments properties), the income of tenants/ +operators is often derived from subsidies provided by the local +social security scheme, at least partially, whether directly or +indirectly. These schemes depend on national, regional or local +authorities, and are subject to reform from time to time. +Potential effects : +1. A reduction in the healthcare real estate tenants’/operators’ +solvency in the geographical area affected by any unfavour - +able reform, with an adverse impact on their ability to honour +commitments to Cofinimmo (see F.1.1.2 above). +2. A decrease in the fair value of part of the investment properties +and net assets per share* (see F.1.2.1 above). +F.3.3 FBI regime +Cofinimmo benefits (through its subsidiary Superstone) from +the ‘Fiscale Beleggingsinstelling’ (‘FBI’) status in the Netherlands, +as reflected in the tax transparency for its activities. This status +is granted subject to meeting a series of conditions deter - +mined by Dutch legislation. In early 2020, the Dutch tax author - +ities informed Cofinimmo SA/NV it would have to undergo a +shareholding test to ensure it meets the requirements for being +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +8 diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_100.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_100.txt new file mode 100644 index 0000000000000000000000000000000000000000..95fd391d518a9e22c65d6e7e766970b362fb00e5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_100.txt @@ -0,0 +1,78 @@ +ESG Management +Environment +Healthcare real estate Offices Total +Environmental strategy +Five-year portfolio renewal objective ✔ 4.4 % 8.8 % 5.0 % +Energy efficiency of buildings +Yearly energy intensity (standardised by surface area) ✔ 152 kWh/m²/year 128 kWh/m²/year 142 kWh/m²/year +GHG emissions per year, based on location ✔ 27.6 kg CO2 e/m² 21.4 kg CO2 e/m² 25.6 kg CO2 e/m² +Estimated MWh (solar energy production) ✔ 3,217 MWh 150 MWh 3,965 MWh +Cooperation with tenants to reduce the environmental impact of buildings +Buildings equipped with remotely readable meters (as % of surfaces) 66 % 67 % 66 % in healthcare +real estate and +office segments +Number of sustainable collaboration agreements (in % of surface areas) 81 % 95 % 75 % +Number of inspection visits during which aspects associated with +environment have been discussed with the occupant (in % of surface areas) +90 % 100 % 74 % +Inclusion of environmental factors in the supply chain +Number of projects with life cycle analysis Since 2016, the life cycle analysis was carried out on 11 projects. The +average value of embodied carbon is 383 kg CO 2 e/m². +Number of supplier contracts with environmental clauses concerning major +development and refurbishment projects +The supplier code of conduct refers to the environmental policy in its +entirety. Suppliers include all suppliers, vendors and service providers, +as well as general contractors, consultants, agents and others. +Commitments relate to compliance, climate change, pollution, water +use and recycling. +Issuer Programme’s +maximum amount (x +1,000,000 EUR) +Date of programme +update +Maturity date +Cofinimmo SA/NV 1,250 07.12.2021 Undefined +Energy intensity GHG intensity Water intensity Certification Average age +150 kWh/m²/year 30.1 kg CO2 e/m² 930 l/m² A 16 years +2021 Sustainable Treasury Notes +Portfolio +X 1,250 million EUR +Laan van Tergooi 8 - Hilversum +(NL) +In 2021, Cofinimmo acquired a plot of land +on the Monnikenberg campus in Hilversum, +20 km from Amsterdam, where a care clinic +was under construction. The clinic, whose +provisional acceptance took place in 2023, +houses various acute care departments +(ophthalmology, dermatology, plastic sur - +gery, ENT, oral surgery), a treatment and +diagnosis centre as well as the offices of +the supporting departments of Tergooi +(the operator), spread over a total surface +area of approximately 5,500 m². +The use of a range of sustainable tech - +niques and materials (LED lighting, solar +panels, air treatment with heat recovery, +Improvement of healthcare services : +10,659 out of 30,500 beds in the +categories nursing and care homes +(9,416 beds), psychiatric and acute +care clinics (776 beds), special care +facilities and those with assisted- +living units (467 beds) in 7 countries +(Belgium, France, Germany, Ireland, +Italy, Spain and the Netherlands). +Category +green 3 % +social 100 % +100 % +Healthcare real estate +100 % +Refinancing of part of all the +costs of 93 buildings +air/water heat pumps) help improve the +energy performance of the building (level +A+++). +98 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_101.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_101.txt new file mode 100644 index 0000000000000000000000000000000000000000..1ea425a1e167b4a5bbbec335c9b08918689d3ba2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_101.txt @@ -0,0 +1,61 @@ +Social +HEALTHCARE REAL ESTATE OFFICES TOTAL +Responsible customer relations +Number of flexible contracts (space, duration) n/a In 2023, 7 contracts were signed +in Flex Corners® (see page +75) for gross surface area of +between 48 m² and 339 m² and +terms of 1 to 6 years. +n/a +Number of requests n/a In 2023, the service desk +handled 7,439 requests. +n/a +Progress of asbestos detection and removal 62 % of the portfolio does not +contain traces of asbestos. +70 % of the portfolio does not +contain traces of asbestos. +For the consolidatedl +portfolio, see chapter +‘Safety of occupants’. +Number of inspection visits during which social +aspects have been discussed with the occupant +(in % of surface areas) +90 % 100 % 74 % +Inclusion of social factors in the supply chain +Number of controversies related to social aspects +in the supply chain ✔ No issues related to social aspects in the logistics chain were detected. +Promotion of social and economic development +Buildings with amenities within walking distance +(Walk Score® > 50) ✔ +67 % 71 % 68 % in healthcare real +estate and offices +Building accessibility +Number of audits related to the accessibility for +persons with reduced mobility ✔ +100 % of projects 100 % of projects 100 % of projects in +healthcare real estate +and office segments +Buildings within a 10-minute walk (less than 800 +metres) of at least one public transport system +(bus, metro, RER, train). ✔ +88 % 100 % 90 % in healthcare real +estate and offices +Governance +Prevention of corruption and money laundering +Number of external audits and controversies ✔ In 2023, two external audits were carried out on the accounts by KPMG. +During the financial audit, there was an IT audit of the main systems. +Audit and internal control +Number of internal controls and results ✔ In 2023, the internal auditor carried out several follow-up audits, including one on rent collection +and another on real estate project management. +Furthermore, on 31.12.2023, 22 recommendations are ongoing, coming from the internal and +external audits of 2023 and previous years, and 32 recommendations were closed in 2023. +Belgian real estate company +Cofinimmo has been +acquiring, developing +and managing rental +properties for almost 40 years. Working with +Urbanite Advisors, partner of ActiveScore, +Cofinimmo is committing 16 of their Belgian +developments to ActiveScore certification. +99 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_102.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_102.txt new file mode 100644 index 0000000000000000000000000000000000000000..14bfe5176c7b7d1c529cc10e6ac926018f97452e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_102.txt @@ -0,0 +1,48 @@ +Summary of the +consolidated accounts +Consolidated income statement – Analytical form +(x 1,000 EUR) 31.12.2023 31.12.2022 +Rental income, net of rental-related expenses* 346,222 316,394 +Writeback of lease payments sold and discounted (non-cash item) 1,365 6,124 +Taxes and charges on rented properties not recovered* -6,179 -4,112 +Taxes on refurbishment not recovered* -945 -606 +Redecoration costs, net of tenant compensation for damages* -1,505 -266 +Property result 338,958 317,534 +Technical costs -4,555 -6,128 +Commercial costs -6,531 -4,360 +Taxes and charges on unlet properties -2,762 -3,966 +Property result after direct property costs* 325,111 303,080 +Corporate management costs -47,407 -46,013 +Operating result (before result on the portfolio) 277,703 257,067 +Financial income 13,327 11,503 +Net interest charges -39,550 -33,349 +Other financial charges -1,258 -1,395 +Share in the net result from core activities of associates and joint ventures 1,458 2,628 +Taxes -7,040 -11,368 +Net result from core activities* 244,640 225,086 +Minority interests related to the net result from core activities 3,921 2,589 +NET RESULT FROM CORE ACTIVITIES ­ GROUP SHARE* 240,719 222,496 +Change in the fair value of financial instruments -79,480 216,452 +Restructuring costs of financial instruments* 0 0 +Share in the net result from core activities of associates and joint ventures 0 0 +Result on financial instruments* -79,480 216,452 +Minority interests related to the result on financial instruments 0 -485 +RESULT ON FINANCIAL INSTRUMENTS ­ GROUP SHARE* -79,480 216,937 +Gains or losses on disposals of investment properties and other non-financial assets -4,052 4,493 +Changes in the fair value of investment properties -181,653 77,460 +Share in the net result from core activities of associates and joint ventures -8,983 -1,339 +Other result on the portfolio -24,643 -39,583 +Result on the portfolio* -219,332 41,031 +Minority interests regarding the result on the portfolio -2,596 -2,474 +RESULT ON THE PORTFOLIO ­ GROUP SHARE* -216,735 43,505 +Net result -54,172 482,568 +Minority interests 1,325 -370 +NET RESULT ­ GROUP SHARE -55,497 482,938 +Number of shares +31.12.2023 31.12.2022 +Number of shares issued 36,765,475 32,877,729 +Number of shares outstanding (excluding treasury shares) 36,742,964 32,846,154 +TOTAL NUMBER OF SHARES USED TO CALCULATE THE RESULT PER SHARE 34,067,897 32,000,642 +100 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret office supply is a "calculator". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_103.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_103.txt new file mode 100644 index 0000000000000000000000000000000000000000..d9879de0ca0aa80fc855c748f49ecdcb62e94835 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_103.txt @@ -0,0 +1,118 @@ +Comments on the consolidated income +statement - analytical form +Rents (gross rental income) amount to 353 million EUR, compared +to 326 million EUR as at 31.12.2022, up 8.5 %, driven by good oper - +ational performance and changes in the scope. On a like-for-like +basis*, the level of rents increased (+5.5 %) between 31.12.2022 +and 31.12.2023 (see page 85) : the positive effect of new leases +(+1.2 %) and indexation (+5.9 % in total, including in particular ++6.2 % for healthcare real estate, of which +7.3 % in Belgium for +example, indexation being usually applied at the anniversary +date of the contract) more than compensated the negative +impact of departures (-1.2 %) and renegotiations (-0.4 %). The +renegotiations include the effect of the extension of the usufruct +of the Loi/Wet 56 and Luxembourg/Luxemburg 40 office buildings +occupied by the European Commission, for which the assign - +ments of receivables made in 2008 expired during the year 2022. +Rental income (after gratuities, concessions and termination +indemnities – see details on the calculation of alternative per - +formance indicators) amounts to 347 million EUR, compared to +318 million EUR as at 31.12.2022, up 9.1 % compared to 2022. After +taking writedowns on receivables into account (-0.3 million EUR), +rental income, net of rental charges*, amounts to 346 million EUR, +compared to 316 million EUR as at 31.12.2022, up 9.4 %, higher than +the outlook 1 announced in February 2023. +In 2023, due to the expiry in 2022 of certain contracts for the +assignment of receivables (including those relating to the Loi/ +Wet 56, Luxembourg 40, Maire 19 and Meeûs 23 office buildings, +see page 84), only the buildings Colonel Bourg/Kolonel Bourg 124 +and Nerviens/Nerviërs 105 (divested in the meantime) will have +generated writeback of lease payments sold and discounted. +They will have a non-linear impact on the income statement for +the financial year : the 1.1 million EUR in the 1 st half-year and the +0.1 million EUR in the 3 rd quarter were followed by 0.1 million EUR in +the 4th quarter. From 2024 onwards, the annual amount (relating +to Colonel Bourg/Kolonel Bourg 124, because the assignement of +receivables for Nerviens/Nerviërs 105 has expired in the 2 nd quarter +of 2023, after this building was sold) will be around 0.6 million EUR. +Writeback of lease payments sold and discounted are in line +with the outlook. +The property result is 339 million EUR (compared with +318 million EUR at 31.12.2022), an increase of 21 million EUR, mainly +as a result of growth in rental income, net of rental-related +expenses*, tempered by a reduction in writebacks of lease +payments sold and discounted. This is higher than the outlook. +As for the direct operating costs, the changes between 31.12.2022 +and 31.12.2023 balance out to give a total of 14 million EUR in +both 2022 and 2023, and are in line with the outlook. The vari - +ation in corporate management costs over the same period +(+1 million EUR) was mainly a result of the increase in remuner - +ation due to inflation (+3 million EUR), tempered by savings on +other costs, in line with the outlook. The operating result (before +result on the portfolio) therefore amounted to 278 million EUR +(compared with 257 million EUR a year earlier), higher than the +outlook, and the operating margin* was 81.9 % (in line with the +outlook, and higher than the 81.0 % reached in 2022). +Financial income rose to 13 million EUR (compared to 12 million EUR +as at 31.12.2022), due to finance lease receivables (indexation and +1. i.e. the annual outlook presented in the 2022 universal registration document, published on 06.04.2023. +2. See section 10.2 of the press release dated 27.10.2023. +changes in the scope) and interim interest on development pro - +jects in progress. Net interest charges (40 million EUR) increased +by 6 million EUR, due to the increase in the average volume of +debt combined with the increase in the average interest rate, but +were lower than the outlook thanks to the ABB of October 2023 +(see page 88). The average cost of debt* amounts to 1.4 %, com- +pared with 1.2 % as at 31.12.2022 (and is in line with the outlook) ; +this small change was achieved in a context of a sharp rise in +average interest rates (on an annual basis) thanks to the interest +rate hedges in place. +Taxes have fallen to 7 million EUR (compared with 11 million EUR as +at 31.12.2022), thanks to the confirmation of the FBI regime in the +Netherlands (see section’Risk factors’). They are therefore lower +than the outlook. +The group’s momentum in terms of investments, divestments and +financing, coupled with effective management of the existing +portfolio in transformation, enabled the company to realise a +net result from core activities – group share* of 241 million EUR +as at 31.12.2023, higher than the outlook (compared with the +222 million EUR at 31.12.2022, i.e. an 8 % increase), mainly thanks to +the investments made, higher than the impact of the divestments +as well as the positive effect of contracts indexation and the ABB +mentioned above. The net result from core activities – group +share* amounts to 7.07 EUR per share (higher than the outlook, +compared to 6.95 EUR as at 31.12.2022), taking into account the +issuance of shares in 2022 and 2023. The average number of +shares entitled to share in the result of the period thus increased +from 32,000,642 to 34,067,897. The effect of disposals and capital +increases on this indicator is -0.32 EUR per share and -0.40 EUR +per share respectively, i.e. -0.72 EUR per share in total for the +2023 financial year. +The net result from core activities – group share* of 7.07 EUR per +share is higher than the guidance published in the last quarterly +press release (6.95 EUR per share 2) mainly due to the taxes in +the Netherlands, mentioned above. +As for the result of financial instruments*, the item Change in the +fair value of financial instruments amounts to -79 million EUR as +at 31.12.2023, compared with +216 million EUR as at 31.12.2022. This +change is explained by the decrease in the fair value of hedg - +ing instruments, generating non-cash items directly included +in the income statement, as Cofinimmo does not apply ‘hedge +accounting’ within the meaning of IFRS 9. The movement in the +anticipated interest rate curve between 31.12.2022 and 31.12.2023 +shows a decrease in anticipated short-term interest rates result - +ing in a negative revaluation of financial instruments contracted +in the past in the 2023 income statement, whereas the movement +between 31.12.2021 and 31.12.2022 showed an increase in interest +rates resulting in a positive revaluation of these instruments in +the 2022 income statement. +As for the result on the portfolio*, the gains or losses on dispos - +als of investment properties and other non-financial assets is +-4 million EUR as at 31.12.2023 (compared to +4 million EUR as at +31.12.2022 – this result is calculated on the basis of the fair value +at 31.12.2022 of the assets divested during the period and the net +price obtained, i.e. after deduction of any broker’s commission, +notary fees and other ancillary costs). The item ‘Changes in the +fair value of investment properties’ is negative as at 31.12.2023 +101 +SECTION 4  I  MANAGEMENT REPORT  I  SUMMARY OF THE CONSOLIDATED ACCOUNTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_104.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_104.txt new file mode 100644 index 0000000000000000000000000000000000000000..1682f374d4564945a93d663fdb5c9d21f33d9979 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_104.txt @@ -0,0 +1,78 @@ +(-182 million EUR vs +77 million EUR as at 31.12.2022). Without the +initial effect from the changes in the scope, the changes in the +fair value of investment properties stand at -2.7 % over the 2023 +financial year (see page 81). This comes from : +• a -2.2 % change in healthcare real estate (mainly due to neg - +ative revaluations in Germany, Belgium and Spain in line with +changing market conditions, tempered by positive revaluations +in France resulting from the increase in the weighted average +residual lease length in that country from 4 to 8 years) and +• +0.3 % in distribution networks, +• combined with a 5.8 % decrease in value in the office segment, +representing 18 % of the consolidated portfolio (in line with +changes in market conditions in each of the sub-segments +in which the group is active). +1. Deferred taxes on the unrealised capital gains relating to the buildings owned by certain subsidiaries. +2. Including buildings held for own use, development projects and assets held for sale. +The item ‘Other result on the portfolio’, is -25 million EUR as at +31.12.2023 (compared to -40 million EUR as at 31.12.2022), and +comprises in particular the effect of changes in the scope, (i.e. +the difference between the price paid, plus ancillary costs, and +the share in the net assets of the company acquired), deferred +taxes1 and the impairment on goodwill . +The net result - group share amounts to -55 million EUR (i.e. +-1.63 EUR per share) as at 31.12.2023, compared to +483 million EUR +(i.e. 15.09 EUR per share) as at 31.12.2022. This change is due to +the fact that the increase in the net result from core activities +– group share* is lower than the negative change in the fair value +of hedging instruments and investment properties – non-cash +items – between 31.12.2022 and 31.12.2023. +Consolidated balance sheet +(x 1,000 EUR) 31.12.2023 31.12.2022 +ASSETS +I. Non-current assets 6,512,921 6,558,181 +A. Goodwill 0 27,337 +B. Intangible assets 2,128 2,374 +C. Investment properties 6,187,930 6,082,541 +D. Other tangible assets 2,111 2,357 +E. Non-current financial assets 121,649 198,814 +F. Finance lease receivables 158,936 161,534 +G. Trade receivables and other non-current assets 6,719 1,827 +H. Deferred taxes 9,822 5,593 +I. Participations in associated companies and joint ventures 23,626 75,805 +II. Current assets 178,500 245,385 +A. Assets held for sale 43,111 117,270 +B. Current financial assets 642 642 +C. Finance lease receivables 4,419 4,139 +D. Trade receivables 44,810 39,483 +E. Tax receivables and other current assets 46,170 42,940 +F. Cash and cash equivalents 19,958 19,611 +G. Accrued charges and deferred income 19,390 21,299 +TOTAL ASSETS 6,691,421 6,803,566 +Comments on the consolidated balance sheet +The fair value of the consolidated property portfolio 2, as deter- +mined by the independent real estate valuers in application of +the IAS 40 standard and included in the consolidated balance +sheet, amounts to 6,231 million EUR as at 31.12.2023, compared to +6,200 million EUR as at 31.12.2022. Its investment value is obtained +by adding real estate transfer tax. As at 31.12.2023, the fair value +reaches 6,539 million EUR, compared to 6,492 million EUR as at +31.12.2022. +The proportion of due rents related to the 4 th quarter and actu - +ally collected on 22.02.2024 is similar to the proportion collected +on 22.02.2023. +The item ‘Participations in associates and joint ventures’ refers +to Cofinimmo’s 51 % stake in the joint ventures BPG CONGRES SA/ +NV and BPG HOTEL SA/NV., as well as participations in associates +(Aldea Group NV for 27.1 % and participations in the six compa - +nies that are developing the eco-friendly healthcare campuses +in the Land of North Rhine-Westphalia, in Germany). The item +‘Minority interests’ includes the minority interests of seven sub - +sidiaries (compared with six last year, following the consolidation +of SCI Foncière CRF in the 3 rd quarter of 2023 – see page 50). The +change was due to the final repayments of bonds redeemable in +shares (issued in 2011 by the subsidiary Cofinimur I SA) following +the latest disposals of insurance agencies in France, and to the +consolidation mentioned above. +102 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_105.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_105.txt new file mode 100644 index 0000000000000000000000000000000000000000..7c00c210503296a3c568fb24c87e2e01a735adf6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_105.txt @@ -0,0 +1,59 @@ +(x 1,000 EUR) 31.12.2023 31.12.2022 +SHAREHOLDERS’ EQUITY AND LIABILITIES +SHAREHOLDERS’ EQUITY 3,698,985 3,666,991 +I. Shareholders’ equity attributable to shareholders of the parent company 3,623,262 3,637,413 +A. Capital 1,970,211 1,761,872 +B. Share premium account 972,621 936,321 +C. Reserves 735,927 456,282 +D. Net result of the financial year -55,497 482,938 +II. Minority interests 75,723 29,578 +LIABILITIES 2,992,436 3,136,575 +I. Non-current liabilities 1,891,516 2,101,636 +A. Provisions 26,426 24,302 +B. Non-current financial debts 1,791,325 2,000,483 + a. Banks 630,977 785,744 + b. Finance lease 0 0 + c. Other 1,160,348 1,214,739 +C. Other non-current financial liabilitiess 20,021 15,074 +D. Trade debts and other non-current debts 0 0 +E. Other non-current liabilities 0 0 +F. Deferred tax liabilities 53,744 61,776 + a. Exit Tax 0 0 + b. Other 53,744 61,776 +II. Current liabilities 1,100,919 1,034,939 +A. Provisions 0 0 +B. Current financial debts 953,187 880,054 + a. Banks 111,169 32,527 + b. Finance lease 0 0 + c. Other 842,018 847,526 +C. Other current financial liabilitiess 0 0 +D. Trade debts and other current debts 128,645 132,421 + a. Exit Tax 0 2,604 + b. Other 128,645 129,817 +E. Other current liabilities 0 0 +F. Accrued charges and deferred income 19,088 22,464 +TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 6,691,421 6,803,566 +Net Asset Value per share +(in EUR) 31.12.2023 31.12.2022 +Net Asset Value per share +Net asset per share (IFRS)* 98.61 110.74 +Diluted Net Asset Value per share +Diluted net asset per share (IFRS) 98.58 109.22 +Comments on the intrinsic value of the share +The IFRS financial statements are presented before appropriation. +The net asset per share* as at 31.12.2022 therefore still included +the 2022 dividend distributed in 2023. This distribution (6.20 EUR +per share) explains a large part of the decrease in net asset per +share* between 31.12.2022 and 31.12.2023, alongside the effect of +the above mentioned net result (-1.63 EUR per share) and the +effects of the capital increases carried out in 2023. +The 11,300 treasury shares of the stock option plan have been +taken into account in the calculation of the diluted net assets +per share as at 31.12.2023 because they have a dilutive impact. +The Mandatory Convertible Bonds (MCB) issued in 2011 (and +reimbursed in 2022 and 2023) and 14,975 treasury shares of the +stock option plan have been taken into account in the calcula - +tion of the diluted net assets per share as at 31.12.2022 because +they have a dilutive impact. +103 +SECTION 4  I  MANAGEMENT REPORT  I  SUMMARY OF THE CONSOLIDATED ACCOUNTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_106.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_106.txt new file mode 100644 index 0000000000000000000000000000000000000000..cbbe96b72430f9e29418e3f06b8539b68be12abf --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_106.txt @@ -0,0 +1,59 @@ +Summary of +quarterly consolidated +accounts +Consolidated comprehensive result by quarter (income statement) +A. NET RESULT (x 1,000 EUR) Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 +I. Rental income 83,906 85,238 88,017 89,390 346,550 +II. Writeback of lease payments sold and discounted 770 341 127 127 1,365 +III. Rental-related expenses -112 1 -97 -120 -328 +Net rental income 84,564 85,579 88,047 89,396 347,587 +IV. Recovery of property charges 21 120 173 290 605 +V. Recovery income of charges and taxes normally +payable by the tenant on let properties +25,638 7,480 8,010 6,845 47,973 +VI. Costs payable by the tenant and borne by the landlord +on rental damage and redecoration at end of lease +-53 -312 -119 -1,626 -2,110 +VII. Charges and taxes normally payable by the tenant +on let properties +-29,118 -8,402 -9,212 -8,365 -55,096 +VIII. Other rental-related income and charges 0 0 0 0 0 +Property result 81,053 84,465 86,900 86,541 338,958 +IX. Technical costs -461 -544 -516 -3,034 -4,555 +X. Commercial costs -1,483 -1,305 -1,538 -2,205 -6,531 +XI. Taxes and charges on unlet properties -1,867 -575 -625 305 -2,762 +XII. Property management costs -9,218 -7,932 -7,992 -8,043 -33,185 +XIII. Other property charges 0 0 0 0 0 +Property charges -13,029 -10,356 -10,672 -12,976 -47,033 +Property operating result 68,024 74,109 76,228 73,565 291,925 +XIV. Corporate management costs -3,951 -3,399 -3,425 -3,447 -14,222 +XV. Other operating income and charges 0 0 0 0 0 +Operating result before result on the portfolio 64,074 70,709 72,802 70,118 277,703 +XVI. Gains or losses on disposal of investment properties -2,133 -1,118 -1,464 663 -4,052 +XVII. Gains or losses on disposal of other non-financial +assets +0 0 0 0 0 +XVIII. Changes in fair value of investment properties -11,945 -54,759 -46,757 -68,192 -181,653 +XIX. Other result on the portfolio -3,584 1,055 -2,773 -20,199 -25,500 +Operating result 46,411 15,888 21,809 -17,610 66,498 +XX. Financial income 2,887 3,122 3,267 4,051 13,327 +XXI. Net interest charges -9,870 -9,919 -10,536 -9,225 -39,550 +XXII. Other financial charges -271 -321 -338 -327 -1,258 +XXIII. Changes in the fair value of financial assets +and liabilities +-17,183 4,541 3,758 -70,596 -79,480 +Financial result -24,437 -2,577 -3,849 -76,098 -106,961 +XXIV. Share in the result of associates and joint ventures -1,426 -247 -3,996 -1,857 -7,525 +Pre-tax result 20,548 13,064 13,964 -95,565 -47,988 +XXV. Corporate tax -3,479 -2,464 -2,135 1,038 -7,040 +XXVI. Exit tax 368 -67 290 267 857 +Taxes -3,112 -2,531 -1,845 1,305 -6,183 +Net result 17,437 10,533 12,119 -94,260 -54,172 +Attributable to : +Minority interest -39 889 708 -233 1,325 +Shareholders of the parent company 17,476 9,644 11,411 -94,027 -55,497 +1. The group did not publish quarterly information between 31.12.2023 and the closing date of this document. Half-yearly and annual data are subject to verification by +the statutory auditor, KPMG Réviseurs d’Entreprise/Bedrijfsrevisoren SRL. +1 +104 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_107.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_107.txt new file mode 100644 index 0000000000000000000000000000000000000000..f2f48d322d6acb5f7aca4d168782eaa72f5be656 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_107.txt @@ -0,0 +1,29 @@ +Summary of +quarterly consolidated +accounts +B. STATEMENT OF THE COMPREHENSIVE RESULT (x 1,000 EUR) Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 +I. Net result 17,437 10,533 12,119 -94,260 -54,172 +II. Other elements of the comprehensive result 184 528 -172 -115 425 +A. Impact on fair value of the estimated transaction costs and rights +resulting from the hypothetical disposal of investment properties +0 0 0 0 0 +B. Changes in the effective part of the fair value of authorised cash +flow hedge instruments +0 0 0 0 0 +C. Changes in the fair value of financial assets held for sale 0 0 0 0 0 +D. Currency translation differences linked to conversion of foreign +activities +184 528 -172 -115 425 +E. Actuarial gains and losses on defined benefit pension plans 0 0 0 0 0 +F. Income tax relating to ‘Other elements of comprehensive result’ 0 0 0 0 0 +G. Share in the other elements of comprehensive result of associates +and joint ventures +0 0 0 0 0 +H. Other elements of ‘comprehensive result’, net of tax 0 0 0 0 0 +C. COMPREHENSIVE RESULT (I + II) (x 1,000 EUR) 17,621 11,060 11,947 -94,375 -53,746 +Attributable to : +Minority interests -39 889 708 -233 1,325 +Shareholders of parent company 17,660 10,172 11,239 -94,142 -55,071 + X Nursing and care home - Helsinki (FI) +105 +SECTION 4  I  MANAGEMENT REPORT  I  SUMMARY OF QUARTERLY CONSOLIDATED ACCOUNTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_108.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_108.txt new file mode 100644 index 0000000000000000000000000000000000000000..db579aad34a1b1a5fbf20ddda3c1aa3e9ce92f1f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_108.txt @@ -0,0 +1,57 @@ +Consolidated statement of financial position (balance sheet) +ASSETS (x 1,000 EUR) Q1 2023 Q2 2023 Q3 2023 Q4 2023 +I. Non-current assets 6,607,856 6,532,589 6,655,639 6,512,921 +A. Goodwill 27,337 27,337 27,337 0 +B. Intangible assets 2,292 2,266 2,219 2,128 +C. Investment properties 6,165,583 6,084,820 6,239,717 6,187,930 +D. Other tangible assets 2,079 2,039 3,474 2,111 +E. Non-current financial assets 168,729 176,525 185,443 121,649 +F. Finance lease receivables 161,101 160,449 159,681 158,936 +G. Trade receivables and other non-current assets 1,804 1,836 6,725 6,719 +H. Deferred taxes 6,735 8,319 6,314 9,822 +I. Participations in associates and joint ventures 72,196 68,998 24,732 23,626 +II. Current assets 278,406 269,255 256,295 178,500 +A. Assets held for sale 101,374 113,202 106,278 43,111 +B. Current financial assets 6,545 4,635 2,742 642 +C. Finance lease receivables 4,761 4,073 4,407 4,419 +D. Trade receivables 41,532 43,981 45,706 44,810 +E. Tax receivables and other current assets 37,309 49,121 49,301 46,170 +F. Cash and cash equivalents 50,404 20,128 20,140 19,958 +G. Accrued charges and deferred income 36,481 34,115 27,720 19,390 +TOTAL ASSETS 6,886,262 6,801,844 6,911,934 6,691,421 +SHAREHOLDERS’ EQUITY 3,685,444 3,527,836 3,631,996 3,698,985 +I. Shareholders’ equity attributable to shareholders of +the parent company 3,655,847 3,506,251 3,553,391 3,623,262 +A. Capital 1,761,872 1,794,023 1,820,923 1,970,211 +B. Share premium account 936,321 948,226 957,260 896,826 +C. Reserves 940,178 736,882 736,678 811,723 +D. Net result of the financial year 17,476 27,120 38,530 -55,497 +II. Minority interests 29,597 21,585 78,605 75,723 +LIABILITIES 3,200,818 3,274,007 3,279,938 2,992,436 +I. Non-current liabilities 1,961,807 2,022,575 1,844,624 1,891,516 +A. Provisions 25,146 23,311 23,814 26,426 +B. Non-current financial debts 1,857,310 1,921,553 1,745,232 1,791,325 +a. Banks 645,301 707,061 525,192 630,977 +b. Finance lease 0 0 0 0 +c. Other 1,212,009 1,214,492 1,220,040 1,160,348 +C. Other non-current financial liabilities 14,958 14,942 16,387 20,021 +D. Trade debts and other non-current debts 0 0 0 0 +E. Other non-current liabilities 0 0 0 0 +F. Deferred tax liabilities 64,392 62,769 59,191 53,744 +a. Exit tax 0 0 0 0 +b. Other 64,392 62,769 59,191 53,744 +II. Current liabilities 1,239,011 1,251,432 1,435,314 1,100,919 +A. Provisions 0 0 0 0 +B. Current financial debts 1,050,156 1,070,947 1,258,045 953,187 +a. Banks 106,151 110,919 111,016 111,169 +b. Finance lease 0 0 0 0 +c. Other 944,006 960,028 1,147,029 842,018 +C. Other current financial liabilities 0 0 0 0 +D. Trade debts and other current debts 158,676 154,294 150,682 128,645 +a. Exit tax 1,863 978 3,131 0 +b. Other 156,812 153,316 147,551 128,645 +E. Other current liabilities 0 0 0 0 +F. Accrued charges and deferred income 30,180 26,191 26,587 19,088 +TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 6,886,262 6,801,844 6,911,934 6,691,421 +106 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_109.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_109.txt new file mode 100644 index 0000000000000000000000000000000000000000..7973f3ad386a4fafe39ead66d2d2254a71125169 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_109.txt @@ -0,0 +1,70 @@ +Appropriation of +statutory profits +The board of directors of the Cofinimmo group will propose to +the ordinary general meeting of shareholders of 08.05.2024 to +approve the annual accounts as at 31.12.2023, to allocate the +result as shown in the table opposite and to distribute a gross +dividend of 6.20 EUR, i.e. 4.34 EUR net per share. +The dates and payment methods of the dividends are provided +in the ‘Shareholder’s calendar’ (see page 187). +Withholding tax is 30 % (see also section ‘Portfolio mix and outlook +for withholding tax’ in the chapter ‘2024 outlook’). +As at 31.12.2023, the Cofinimmo group held 22,511 treasury shares +(22,311 at the sign-off date of the accounts, following the con - +version of 200 treasury shares in the 1 st quarter of 2024). For the +2023 financial year, the board of directors is proposing to cancel +the right to dividends of those treasury shares. +The distribution is based on the number of shares outstanding at +the closing date of the 2023 accounts. Any sale of shares held by +the group, or any new shares issued can modify the distribution. +After the distribution of 228 million EUR proposed for the 2023 +financial year, the total amount of reserves and the statutory +result of Cofinimmo SA/NV will be 188 million EUR, whereas the +amount remaining for distribution according to the rule defined in +article 7:212 of the Belgian Code of companies and associations +(formerly article 617 of the Belgian company code) will reach +805 million EUR (see chapter ‘Financial Statutory Statements’). +For 2023, the consolidated net result from core activities - group +share amounts to 241 million EUR and the consolidated net +result  -  group share* to -55 million EUR. The pay-out ratio* +amounts to 87.7 %, compared to 89.2 % in 2022. +Appropriations and deductions +(x 1,000 EUR) 2023 2022 +A. NET RESULT -51,866 481,657 +B. TRANSFER FROM/TO RESERVES 280,086 -277,587 +Transfer to the reserve of the positive balance of changes in the fair value of investment properties 0 -99,004 +Financial year 0 -99,004 +Prior years 0 0 +Transfer to the reserve of the negative balance of changes in the fair value of investment properties 181,803 0 +Financial year 181,803 0 +Prior years 0 0 +Transfer to/from the reserve of the estimated transaction costs and rights resulting from the +hypothetical disposal of investment properties (+/-) +0 0 +Transfer to the reserve of the negative balance of changes in the fair value of authorised hedging +instruments qualifying for hedge accounting (+/-) +0 0 +Financial year 0 0 +Prior years 0 0 +Transfer to the reserve of the negative balance of changes in the fair value of authorised hedging +instruments not qualifying for hedge accounting (-) +67,596 -190,735 +Financial year 67,596 -190,735 +Prior years 0 0 +Transfer to other reserves -85 -20 +Transfer from the result carried forward of previous years 30,772 12,171 +C. REMUNERATION OF THE CAPITAL -97,527 -133,536 +Distribution provided for in article 13, § 1, first paragraph of the royal decree of 13.07.2014 -97,527 -133,536 +D. REMUNERATION OF THE CAPITAL FOR FINANCIAL YEAR ­ OTHER THAN C. -130,692 -70,533 +Dividends -130,280 -70,145 +Profit-sharing scheme -412 -388 +E. RESULT TO BE CARRIED FORWARD 188,052 155,853 +6.20 EUR +Gross dividend per share proposed +for the 2023 financial year +88 % +Pay-out ratio* proposed for the +2023 financial year +107 +SECTION 4  I  MANAGEMENT REPORT  I  APPROPRIATION OF STATUTORY PROFITS  I +The secret vegetable is "cauliflower". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_11.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_11.txt new file mode 100644 index 0000000000000000000000000000000000000000..4a5a7f1e421c3b5679a7e0ce763f6f992c92644c --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_11.txt @@ -0,0 +1,88 @@ +considered an FBI, which are conditional on Superstone’s activities +and shareholder structure. +In December 2021, the Dutch Ministry of Finance lifted an uncer - +tainty regarding one of the formal conditions in accordance +with recent European case law (DEKA ruling), specifically, the +condition to be met in the context of the Cofinimmo sharehold - +ing test relating to the corporate purpose. Superstone subse - +quently received confirmation of its ‘FBI’ status for the 2021 and +2022 financial years in the fourth quarter of 2023 and has taken +the necessary steps to ensure the same for the 2023 and 2024 +financial years. +Furthermore, on 20.09.2022, during the traditional ‘Prinsjesdag’ +speech, the Dutch government announced the abolition of the +FBI status for real estate companies as of 01.01.2024 (later on +this deadline was postponed to 01.01.2025). +Potential effects : +1. The 2023 accounts and the 2024 budget include the positive +impact on earnings of provisions for the risk of losing FBI status +of approximately 2 million EUR per year. +F.3.4 Preventive double taxation agreement between +Belgium and France +As at 31.12.2023, the preventive double taxation agreement signed +on 09.11.2021 between Belgium and France was not ratified by all +competent levels of power. The impact of this agreement, once +ratified, will be an increase in the ‘branch tax’ of Cofinimmo’s +French branch tax result to bring it to 25 % (compared to 5 % +currently). The agreement being applicable the year following +that of its ratification by all parties, the increase in ‘branch tax’ +will not be due in 2024 for the 2023 result. +Potential effects : +1. Upon its ratification, at the earliest in 2024, the new agreement +will be applicable (at the earliest) in 2025 and the increase in +the ‘branch tax’ that would be due in 2025 on the 2024 result +could represent an additional (unbudgeted) yearly expense +of around 5 million EUR, i.e. 0.13 EUR per share. +F.4 Risks relating to internal control +An inadequate internal control system may prevent the par - +ties concerned (internal auditor, compliance officer, risk officer, +executive committee, audit committee, board of directors) from +performing their duties, which could jeopardise the effectiveness +of internal control (see section ‘Corporate governance state - +ment’, section ‘Internal control and risk management’). In this +respect, Cofinimmo voluntarily publishes guidance (in particular +on net result from core activities - group share - per share* and +dividend per share), which is subject to internal control risks. +Potential effects : +1. The company would not be managed in an orderly and con - +servative manner, endangering the optimal allocation of +resources. +2. Shortcomings in terms of risk management, cybersecurity +included, could lead to poor protection of the company’s assets. +3. Lack of integrity and reliability of financial and management +data. +4. Shortcomings in terms of compliance with legislation (in par - +ticular regarding Article 17 of the RREC Law), as well as internal +management procedures and directives. +F.5 Environmental, social and governance risks +F.5.1 Building sustainability +The attractiveness of the Cofinimmo group’s asset portfolio +depends in particular on their sustainability (location, energy +intensity, proximity to transport modes, etc.) and their resilience +to climate change (see section ‘ESG strategy’ on page 24 of this +document). Shortcomings in this area are likely to discourage +potential tenants/operators or potential buyers. Transitional and +physical climate-related risks are likely to affect the market value +of buildings either positively (in which case they are referred +to as a ‘green premium’) or negatively (in which case they are +referred to as a ‘brown discount’). +Potential effects : +1. Vacancy rate (see F.1.3.2 above). +2. Negative change in the fair value of properties (see F.1.2.1 above), +in case of brown discount. +F.5.2 ESG transparency +Environmental, social and governance (ESG) aspects are increas - +ingly important, both in terms of the general public opinion and +for private or institutional investors. These cover many aspects, +for example the effects of the company’s activities on the envi - +ronment, the community and governance, that are assessed +according to reference frameworks that are not yet fully defined +or standardised, or that are not yet recognised by all stakeholders. +There may therefore be a risk of perceived lack of transparency +in some of these aspects, given the shortcomings. +Potential effects : +1. A deterioration of the group’s reputation among various +stakeholders. +2. Difficulty accessing capital market (debt and equity). +9 +SECTION 1  I  RISK FACTORS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_110.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_110.txt new file mode 100644 index 0000000000000000000000000000000000000000..c7aee679688e3afca4cde766da6f1cc14c92d237 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_110.txt @@ -0,0 +1,59 @@ +Events after +31.12.2023 +Divestment of a nursing and care +home in Brussels (BE) +On 16.02.2024, Cofinimmo granted a 99-year leasehold right on +the nursing and care home Gray Couronne in Brussels. The total +amounts received on this occasion are in line with the latest fair +value (as at 30.09.2023) as determined by Cofinimmo’s independ - +ent real estate valuer, prior to the signature of the agreement. +This transaction was carried out by mutual agreement with Orpea 1 +Belgium, the nursing home operator, which had announced in +its press release of 16.02.2023 that it wanted to close certain +sites in Brussels. +Provisional acceptance of a +nursing and care home in +Hoogerheide (NL) +As announced in April 2022, Cofinimmo proceeded with the +provisional acceptance of a nursing and care home located +in Hoogerheide, in the 1 st quarter of 2024, and the lease took +effect on 26.01.2024. As a reminder, the nursing and care home +offers 138 beds spread over a total surface area of approxi - +mately 7,400 m². The new nursing and care home will partially +compensate for the shortage of capacity in the region. This +nursing and care home will also include day-care facilities. The +investment budget for the plot of land and the works amounted +to 26 million EUR. The site has obtained a A+++ energy per - +formance label. A double-net lease has been concluded with +operator Stichting tanteLouise for a term of 20 years. The rent +will be indexed according to the Dutch consumer price index +and the gross rental yield is approximately 5 %. +Construction of a nursing and +care home in El Cañaveral (ES) +Cofinimmo will have a new nursing and care home built on a +plot of land acquired earlier through a subsidiary in El Cañaveral, +in the autonomous community of Madrid, part of the district of +Vicálvaro, whose population amounts to approximately 70,000 +inhabitants. The investment budget for both the plot of land and +the works amounts to approximately 15 million EUR. The building +will be built with high ESG criteria in mind, including a reinforced +charging infrastructure for electric vehicles, domestic hot water +supplied by aerothermal systems, solar panels, bicycle storage +and 2,000 m² of green exterior space. For this building, Cofinimmo +aims for an A-level energy performance and a BREEAM In-Use Very +Good certificate. It will have a total surface area of approximately +7,000 m² and will offer 165 beds. Works started in the 1 st quarter +of 2024, within the framework of a turnkey project, the delivery +of the nursing and care home is currently scheduled for the 4 th +quarter of 2025. The amounts corresponding to the construction +works will be paid according to the percentage of completion +of the works. A triplenet lease with a term of 15 years has been +signed with the operator Emera España. The rent will be indexed +according to the Spanish consumer price index. The gross rental +yield will be in line with the current market conditions. + X Nursing and care home - Hoogerheide (NL) +No major event which could have a significant impact on the +results as at 31.12.2023 occurred after the balance sheet date. +1. On 20.03.2024, Orpea announced the rebranding of its name to ‘Emeis’. +108 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_111.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_111.txt new file mode 100644 index 0000000000000000000000000000000000000000..fbf9a3f2f984e285a7b1dab9b692e7c76a73bb1f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_111.txt @@ -0,0 +1,14 @@ + X Nursing and care home - Elche (Valence - ES) +Provisional acceptance of a nursing and care home in Elche (ES) +The development project in Elche, announced in February 2022, has +been delivered and the lease took effect on 07.02.2024. As a +reminder, the nursing and care home offers 150 beds spread +over a total surface area of approximately 6,000 m². The invest - +ment budget for both the plot of land and the works amounts to +approximately 8 million EUR. A triple net lease has been signed +with operator Grupo Casaverde for a term of 25 years. The site +offers an A-level energy performance. The gross rental yield is +in line with current market conditions. The rent will be indexed +according to the Spanish consumer price index. +109 +SECTION 4  I  MANAGEMENT REPORT  I  EVENTS AFTER 31.12.2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_112.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_112.txt new file mode 100644 index 0000000000000000000000000000000000000000..8918b7f7b8fd0668dbc3d3dec2757ce806b5cd32 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_112.txt @@ -0,0 +1,68 @@ +2024 outlook +Assumptions ­ internal factors +Asset valuation +The fair value of the real estate portfolio on the projected con - +solidated balance sheet as at 31.12.2024 corresponds to the fair +value of the overall portfolio as at 31.12.2023, plus the estimated +cost of major renovations and net investments planned for 2024. +Maintenance, repairs and major renovations +The projections, produced per building, include maintenance +and repair costs which are considered operating expenses. They +also include major renovation costs which are capitalised and +covered by self-financing or debt. These expenses are included +in the investments and divestments below. +Investments and divestments +In the context of the preparation of its 2024 budget, Cofinimmo has +set its net investment assumptions, which should represent for +the 2024 financial year : +• gross investments of around 320 million EUR (including ESG +investments), broken down as follows : + - investments in healthcare real estate for an amount of +285 million EUR, resulting from the construction of new units or +the extension of existing units for which the Cofinimmo group +is committed within the framework of ongoing development +projects (237 million EUR), but also from other investments +for 47 million EUR ; + - investments in offices for an amount of 30 million EUR, +corresponding mainly to ongoing development projects +(18 million EUR) ; + - investments in property of distribution networks in Belgium +and in The Netherlands for an amount of 5 million EUR resulting +from major renovations for the pubs and restaurants of the +Pubstone portfolio ; +• divestments of around 270 million EUR, broken down as follows : + - 43 million EUR non-current assets held for sale and +37 million EUR under due diligence at 31.12.2023 ; + - and around 190 million EUR additionally ; +• and therefore net investments (of around 50 million EUR), with +a near neutral effect on the debt-to-assets ratio. +The future projects are detailed on pages 44 for healthcare real +estate and on page 77 for offices. +Rents +Rent projections take into account assumptions about tenant +departures for each lease contract and are analysed on a case- +by-case basis. Ongoing contracts are indexed. +The forecast also includes refurbishment costs, a rental vacancy +period, rental charges and taxes on vacant space that apply in +the event of a tenant’s departure, as well as agent fees at the +time of relocation. Rent projections are based on the current +market, with no anticipated recovery or deterioration. +The property result also includes writebacks of lease payments +sold and discounted for the gradual reconstitution of the full +value of buildings whose rents were sold. +A positive or negative change of 1 % in the occupancy rate of the +office portfolio on a full-year basis would lead to an increase +or decrease in the net result from core activities* of 0.02 EUR +per share. +Expenses +Technical charges are estimated for each building, according +to identified needs, the building’s age, and the type of contract +they are subject to. +Corporate management costs are estimated by expense type +and take into account the group’s anticipated growth. +The forecasted tax charge includes, estimated recurring tax +charges per company, as well as the impact of expected changes +in tax risks. + X Nursing and care home Paloke -Brussels (BE) +110 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_113.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_113.txt new file mode 100644 index 0000000000000000000000000000000000000000..293ef816a65d82af0b36d1cc939c1a5cac8888b2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_113.txt @@ -0,0 +1,96 @@ +Assumptions ­ +external factors +Inflation +Ongoing contracts are indexed. The inflation rate used for rent +increases is between 0 % and 3.5 % (external data) for leases +indexed in 2024, depending on the country. +The average indexation between 2023 and 2024 is around 2 %. +The sensitivity of the projections to changes in the inflation rate +is low for the period considered. A positive or negative change +of 50 basis points in the expected inflation rate would lead to +an increase or decrease in the net result from core activities* +of 0.05 EUR per share. +Interest rates +The calculation of financial expenses is based on the future +interest rate curve (external data) and ongoing financing con - +tracts as at 31.12.2023. Given the foreseen hedging instruments, +the average cost of debt* expected for 2024 is around 1.5 %. +Changes in the fair value of instruments used to hedge financial +debt are not modelled as they have no impact on the net result +from core activities - group share*, and cannot be customised. +They are therefore included as nihil in the forecasts below. +Consolidated outlook +Based on the information currently available and the assump - +tions detailed above (gross investments of 320 million EUR and +divestments of 270 million EUR in 2024, with these net invest - +ments having a near neutral effect on the debt-to-assets ratio), +and considering the divestments carried out in 2023, Cofinimmo +expects, barring major unforeseen events, to achieve rental +income, net of rental charges* of 349 million EUR (including +the effect of divestments made in 2023 and budgeted in 2024 +amounting to around 23 million EUR) leading to a net result from +core activities – group share* of 235 million EUR (compared to +241 million EUR as at 31.12.2023), i.e. 6.40 EUR per share for the 2024 +financial year, taking into account the prorata temporis dilutive +effects of the capital increases carried out in 2023 (approximately +0.50 EUR per share) and the divestments carried out in 2023 and +the ones budgeted in 2024 (approximately 0.40 EUR per share). +The average cost of debt* expected for 2024 is around 1.5 %. +Based on the same data and assumptions, the debt-to-as - +sets ratio would be almost stable at approximately 44 % as at +31.12.2024. This ratio does not take into account possible changes +in fair value of investment properties (which will be determined +by the independent real estate valuers). +A projection of the future market value of the group’s buildings is +uncertain. Therefore, it would be hazardous to venture a projec - +tion for the unrealised result on the portfolio. This will depend on +the trend in market rents, changes in their capitalisation rates, +and the anticipated costs of renovating buildings. Note that the +net result from core activities - group share* does not include +the result on financial instruments - group share*, nor the result +on portfolio - group share*. +Changes in the group’s shareholders’ equity will mainly depend +on the net result from core activities*, the result of financial +instruments*, the result on the portfolio* as well as the alloca - +tion of dividends. +It should also be noted that in 2024, only the Colonel Bourg/ +Kolonel Bourg 124 building will still generate writebacks of lease +payments sold and discounted, amounting to approximately +0.6 million EUR. +Dividend per share +This outlook would allow the distribution of a gross dividend (for +the 2024 financial year, payable in 2025) of 6.20 EUR per share, +subject to the evolution of the net result from core activities +– group share – per share* and the evolution of the debt-to- +assets ratio. This outlook is provided subject to the main risks and +uncertainties stated in the section ‘Risk factors’ in this document. +The dividend must comply with article 13 of the royal decree of +13.07.2014 in the sense that the amount of dividend distributed +must represent at least of 80 % of Cofinimmo SA/NV’s (non-con - +solidated) realised net profit for 2024. In some cases, however, +this article provides for a reduction in the distribution obligation, +or even a lack of distribution obligation. Nevertheless, the group +will exercise its option to distribute under these circumstances, +within the limits set out in article 7:212 of the Belgian CCA (pre - +viously article 617 of the company code). +X CAVEAT +The projected consolidated balance sheet and income +statements are projections which depend on the evolution +of the real estate and financial markets. They do not provide +a guarantee and have not been certified by an auditor. +However, the Statutory Auditor, KPMG Réviseurs d’Entreprises/ +Bedrijfsrevisoren SRL, represented by Mr Jean-François +Kupper, has confirmed that in his opinion, the forecast has +been properly established on the basis of the assumptions +made by the board of directors and that the accounting +basis used is consistent with the accounting methods used +by the group to prepare the financial statements. +If applicable, Cofinimmo will comply with article 24 of the +royal decree of 13.07.2014, which requires, in the event that the +consolidated debt-to-assets ratio passes 50 %, the creation +of a financial plan and implementation schedule describing +measures to ensure that this ratio does not exceed 65 % of +consolidated assets. This plan must be sent to the FSMA +(see also page 385). +111 +SECTION 4  I  MANAGEMENT REPORT  I  2024 OUTLOOK  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_114.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_114.txt new file mode 100644 index 0000000000000000000000000000000000000000..1b8ba79781201853d0e09c10fcd2f1445af9e625 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_114.txt @@ -0,0 +1,44 @@ +Portfolio mix and outlook +regarding the withholding tax +Based on currently available information and the assumptions +detailed above, and barring any major unforeseen events, +Cofinimmo expects that healthcare real estate’s share in the +fair value of the consolidated portfolio would reach 77 % by the +end of the 2024 financial year (compared to 75 % at the end of +2023). However, this percentage is not the relevant criterion in +terms of withholding tax. +Since the publication of the 2020 universal registration docu - +ment on 09.04.2021, the framework legislation of 27.12.2021 has +increased the relevant threshold for reduced withholding tax to +80 % (vs. 60 % previously) (Article 20 of the framework legislation +amending Article 171, 3° quater of the Income Tax Code). +This threshold is currently not achieved ; the estimated percent - +age as at 31.12.2023 is approximately 66 %. The framework legis - +lation defines the method for calculating the percentage : it is +calculated by adding the values of the valuations and updates +at the various reference points in time and by dividing them by +the total value of these valuations and updates at the various +reference points in time. +Investment programme in 2024 (x 1,000,000 EUR - per segment) + Healthcare - Committed (development projects) + Healthcare - Other + Offices - Committed (development projects) + Offices - Other + Distribution networks (capex) + Divestments - NCAHFS + Divestments - Due diligence + Divestments - Other +Investments 2024 Divestments 2024 +1. This is set under the assumptions disclosed in section 11 and 14 of the press release of 23.02.2024. +5 +-190 +-37 +-43 +12 +47 +18 +237 +320 +-270 +112 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_115.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_115.txt new file mode 100644 index 0000000000000000000000000000000000000000..a70c7667d5eae2f78ef8d01011d8d582abc78777 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_115.txt @@ -0,0 +1,12 @@ +6.40 EUR/share +Forecast of the 2024 net result from core +activities – group share* +6.20 EUR/share +Outlook of the 2024 dividend +(payable in 2025), subject to the evolution +of the net result from core activities +– group share – per share* and the +evolution of the debt-to-assets ratio + X Nursing and care home Ten Berge - Belsele (BE) +113 +SECTION 4  I  MANAGEMENT REPORT  I  2024 OUTLOOK  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_116.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_116.txt new file mode 100644 index 0000000000000000000000000000000000000000..2265f5e69c1497cb7ee366e14f2bb72125076cdc --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_116.txt @@ -0,0 +1,44 @@ +Statutory +auditor’s report +on the outlook +Mission +We report to you on the consolidated outlook net result from core activities – Group share of Cofinimmo SA/NV (‘the Company’) and +its subsidiaries (together ‘the Group’), for the 12-month period ending on December 31, 2024 (the ‘Forecast’). The Forecast and the +significant assumptions on which it is based are detailed on pages 110 to 113 of the group’s 2023 annual report (the ‘Annual Report’). +We do not report on the other elements of the net result, nor on the dividend outlook or the projected consolidated balance sheet. +This report has been prepared voluntarily at the request of the board of directors of the Company for the purpose to confirm +that the profit forecast has been prepared and compiled in accordance with elements (a) and (b) as defined under point 11.2 of +Annex 1 of the Commission Delegated Regulation (EU) 2019/980 supplementing Regulation (EU) 2017/1129 of the European Parliament +and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are +offered to the public or admitted to trading on a regulated market and repealing Commission Regulation (EC) No 809/2004 (the +‘Commission Delegated Regulation’). This report cannot be used for any other purpose. +Responsibilities of the board of directors +The board of directors of the Company is responsible for the preparation and presentation of the Forecast, in accordance with +Annex 1 section 11 of the Commission’s Delegated Regulation (EU) 2019/980, including the assumptions on which the Forecast is +based as well as the preparation and presentation of the Forecast based on the Group’s financial reporting framework. +Responsibilities of the statutory auditor +It is our responsibility to examine the Forecast included in the Group’s annual report in accordance with the International Standard +for Assurance Engagements for the Review of Forecast Financial Information (ISAE 3400). Accordingly, we must plan and perform +our work to obtain a limited assurance about whether the assumptions provide a reasonable basis for the Forecast. +Since the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have +been obtained if a reasonable assurance engagement had been performed, the nature and timing of the procedures that the +statutory auditor performs within a limited assurance engagement vary and are less extent than for an engagement with a +reasonable level of assurance. +On this basis, we have performed procedures considered necessary in the given circumstances in order to conclude. As part +of this limited assurance engagement, we place greater emphasis on inquiries from the Company personnel and analytical +procedures, and less emphasis on testing internal controls and obtaining evidence from external sources than would have been +in a reasonable assurance engagement. +We must also plan and perform our work so as to obtain a reasonable level of assurance that the Forecast has been properly +prepared one the basis of assumptions and it is presented in accordance with the Group’s financial reporting framework. +We believe that based on the work performed and evidence obtained, this provides a reasonable basis for our conclusion. +We have complied with the ethical requirements that are relevant for our engagement in Belgium, including the independence +requirements. Our firm applies the International Standard on Quality Management (ISQM) 1, Quality Management for Firms that +Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, which requires our +firm to design, implement a system of quality management, including policies or procedures regarding compliance with ethical +requirements, professional standards and applicable legal and regulatory requirements. +Report of the statutory auditor to the Board of Directors of Cofinimmo SA/NV +on the consolidated outlook net result of core activities – group share +for the period of 12 month ending on 31 December 2024. +114 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret animal #4 is a "cow". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_117.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_117.txt new file mode 100644 index 0000000000000000000000000000000000000000..5a0dfa3666b3ea7779177e050508df26e012e07b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_117.txt @@ -0,0 +1,15 @@ +Conclusion +Based on our examination of the underlying evidence supporting the assumptions, as described in the ‘Responsibilities of the +statutory auditor’ section of this report, nothing has come to our attention which causes us to believe that these assumptions +do not provide a reasonable basis for the Forecast. Further, in our opinion, the Forecast is properly prepared on the basis of the +assumptions and is presented according to the Group’s financial reporting framework. +Actual results are likely to be different from the Forecast since anticipated events frequently do not occur as expected and the +variation may be material. +Zaventem, 2 April 2024 +KPMG Bedrijfsrevisoren/Réviseurs d’Entreprises +Statutory auditor +represented by +Jean-François Kupper +Bedrijfsrevisor/Réviseurs d’Entreprises +115 +SECTION 4  I  MANAGEMENT REPORT  I  STATUTORY AUDITOR’S REPORT ON THE OUTLOOK  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_118.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_118.txt new file mode 100644 index 0000000000000000000000000000000000000000..6b4031ec080c6f90edabd7180fe40a395a21208c --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_118.txt @@ -0,0 +1,3 @@ +ESG report +116 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_119.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_119.txt new file mode 100644 index 0000000000000000000000000000000000000000..0257127364cc3d985ae4f026d8acb6a10261b706 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_119.txt @@ -0,0 +1,23 @@ +Committed for more than 15 years to a global +ESG strategy 118 +Major trends and their impact on the ESG strategy 120 +Life cycle management at the heart of the value chain 126 +Structured approach to climate risks 128 +Stakeholder dialogue as driver for transition 137 +Environment 141 +Reducing energy intensity of the portfolio 142 +Monitoring water usage 145 +Social 147 +Safety of occupants 148 +Responsible supply chain relations 149 +Diverse, trained and healthy employees 150 +I. Respect for differences and cultural diversity 150 +II. Employee training 152 +III. Employee safety and well-being 154 +Governance 155 +Profitability for investors and access to capital 156 +ESG report +Contents + X Nursing and care home Bloemenhof - Oudenburg (BE) +117 +SECTION 5  I  ESG REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_12.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_12.txt new file mode 100644 index 0000000000000000000000000000000000000000..3f749ed3e4e1b6bca6e92682c13021c868f4bc30 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_12.txt @@ -0,0 +1,85 @@ +This universal registration document, which includes the annual financial +report and the ESG report, contains regulated information as defined +in the royal decree of 14.11.2007 on issuers’ obligations pertaining to +financial instruments admitted to trading on a regulated market. +This universal registration document was filed on 05.04.2024 +with the Financial Services and Markets Authority (FSMA), as the +competent authority under Regulation (EU) 2017/1129 1, without +prior approval in accordance with article 9 of that regulation. +In accordance with the same article, this universal registration +document also serves as annual financial report. The universal +registration document may be used for the purposes of a public +offer of securities or the admission of securities to trading on a +regulated market if it, along with any amendments and a securi - +ties note and summary approved in accordance with Regulation +(EU) 2017/1129, are approved by the FSMA. +ESEF +In accordance with Directive 2004/109/EC of 15.12.2004 on the har - +monisation of transparency requirements in relation to infor - +mation about issuers whose securities are admitted to trading +on a market, the universal registration document including the +annual financial report 2023 has been prepared in accordance +with the requirements of the ESEF (European Single Electronic +Format). The ESEF version is the official version and is available on +the company’s website (www.cofinimmo.be). Any other version +not in ESEF format is not an official version. +Languages +This universal registration document, which includes the annual +financial report and the ESG report, has been filed with the FSMA +in French. The Dutch and English versions are translations made +under Cofinimmo’s responsibility. Only the French version con - +stitutes legal evidence. +Availability of the universal +registration document including +the annual financial report and +the ESG report +A free copy of this universal registration document, which includes +the annual financial report and the ESG report, can be obtained +upon request by contacting : +Cofinimmo SA/NV +58 Boulevard de la Woluwedal, 1200 Brussels, Belgium +Tel. : +32 2 373 00 00 +Fax : +32 2 373 00 10 +Email : info@cofinimmo.be +1. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14.06.2017 on the prospectus to be published when securities are offered to the public or +admitted to trading on a regulated market and repealing Directive 2003/71/EC. +This document is also available on the website +www.cofinimmo.com. +Statements +Royal decree of 14.11.2007 +Responsible persons +The following persons are responsible for the information con - +tained in this registration document : Jacques van Rijckevor - +sel, independent director, chairman of the board of directors ; +Jean-Pierre Hanin, managing director ; Jean Kotarakos, executive +director ; Françoise Roels, executive director ; Inès Archer-Toper, +independent director ; Olivier Chapelle, independent director ; +Anneleen Desmyter, independent director ; Xavier de Walque, +independent director ; Maurice Gauchot, independent director ; +Benoit Graulich, independent director ; Jean Hilgers, independent +director ; Diana Monissen, independent director, and Michael +Zahn, independent director. +The company, represented by its board of directors, declares +that it has taken all reasonable precautions to ensure that : +• the financial statements, prepared in compliance with appli - +cable accounting standards, give a true picture of the portfolio, +the financial situation and the results of Cofinimmo SA/NV and +the subsidiaries included in the consolidation ; +• the management report contains a truthful account of the +position of the business, the results and the performance of +Cofinimmo SA/NV and its consolidated subsidiaries, as well as +a description of the main risks and uncertainties they face. +Annex I to the delegated regulation (EU) +2019/980 of 14.03.2019 supplementing regulation +(EU) 2017/1129 of 14.06.2017 +Responsible persons, information from third parties, expert +reports, and approval by the competent authority +The company, represented by its board of directors, declares +that the information contained in this universal registration doc - +ument including the annual financial report and the ESG report +is, factually correct and contains no omissions that would alter +its intent and purpose. +Preliminary +remarks +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +10 diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_120.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_120.txt new file mode 100644 index 0000000000000000000000000000000000000000..2a6cf88f4ec01a3fb305d60296583d8145d64337 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_120.txt @@ -0,0 +1,11 @@ +Since February 2023, Cofinimmo is part of the Top SBTi 1.5° ESG Bond +Issuers and was also included in the new Euronext BEL ESG. +Cofinimmo’s 30³ project ('thirty cubed') confirms its commitment to ESG and +its alignment with the worldwide objective of limiting global warming. +Committed for +more than 15 years to +a global ESG strategy + X Jacques van Rijckevorsel, Chairman of the Board of Directors + X Jean-Pierre Hanin, Chief Executive Officer +118 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_121.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_121.txt new file mode 100644 index 0000000000000000000000000000000000000000..1b34a54524b2382e93a60259e3ea017945ebc7a9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_121.txt @@ -0,0 +1,103 @@ +Global ESG strategy for more than 15 years +Cofinimmo, a major player in European real estate, has been +committed to a global ESG strategy for more than 15 years. It +is actively involved in the Paris Agreement launched at COP21 +and supports the accelerated climate action package agreed +at COP28. Fossil-free buildings now represent 7 % of the portfolio, +the installation of solar panels as a renewable energy source, +particularly in Finland, has increased the use of electricity from +renewable sources by 30 %, and energy efficiency has been +accelerated by the validation of the Paris-proof roadmap in +the Netherlands and the submission of the documents for the +Tertiary Decree in France. The group believes that it is possible +to aim for a carbon-neutral society by 2050 while serving the +interests of all its stakeholders. +A science-based climate action +Cofinimmo’s 30³ project on scope 1, 2 and 3 emissions related +to energy use fits perfectly with this view. The project aims +to reduce the final energy intensity of the portfolio by 30 % to +130 kWh/m²/year by 2030 and remains a priority for 2023 and +beyond. The 30³ project targets take 2017 as their baseline +and have been established using the science-based targets +methodology, through which the group can objectivise efforts to +be made to contribute to the global objective of limiting global +warming. The energy intensity of the portfolio has fallen from +190 kWh/m²/year in 2017 to 142 kWh/m²/year in 2023 (vs. 165 kWh/ +m²/year in 2021 and 158 kWh/m²/year in 2022), i.e. a total reduc - +tion of 25 % compared to 2017, well on track to achieve the 30 % +reduction target of by 2030. +In 2020, Cofinimmo joined the Belgian Alliance for Climate Action +(BACA), a platform open to Belgian organisations that want to +reduce their GHG emissions and increase their climate ambitions +using the Science-Based Targets initiative. +In order to achieve the objectives set at COP21 and those related +to the maximum 1.5-degree scenario, Cofinimmo has launched +its first in-depth and structured analysis of physical and tran - +sitional risks. This will make it possible to define the level of risk +exposure for individual assets and put in place an action plan +progressively covering the whole portfolio. More information on +Cofinimmo’s climate action is available on pages 128-136. +A sound environmental management +Since 2008, Cofinimmo has been using an environmental man - +agement system, certified ISO 14001:2015, that covers the life cycle +of its assets. This certification is renewed every three years and +ensures that the company manages the environmental aspects +of its activities, including its compliance with the applicable envi - +ronmental regulations, in a structured manner. It focuses on +relevant environmental topics in healthcare real estate, such as +sustainable water management, on which all operational teams +were trained in 2023. The external audit in 2023 revealed positive +findings such as open, collegial working culture, excellent pro - +cesses and a sense of ownership in terms of continuous learning +and self-improvement. +Responsible business practices +In order to meet the demand of transparency coming from +its stakeholders, the group has been proactive in the area of +ESG, for example by participating in benchmark assessments +and by completing questionnaires that provide primary and +objective data to stakeholders. Throughout 2023, Cofinimmo +further improved its ESG performance with the renewal of sev - +eral labels and obtained several new BREEAM certifications for +healthcare properties that cover now 9 % of the portfolio. In addi - +tion, Cofinimmo was selected to be one of the ‘Top SBTi 1.5° ESG +Bond Issuers’ and was included in the new Euronext Bel ESG Index. +Cofinimmo pays particular attention to the alignment between +its financial strategy and its ESG objectives. In 2023 the amount of +sustainable financing reached 2.5 billion EUR. As a participant in +the United Nations Global Compact it is essential for Cofinimmo to +bring its policies to life through specific trainings. Zero tolerance +of corruption is expected from all business partners. +An ongoing dialogue with stakeholders +Cofinimmo is aware of its impact on people and has defined +actions towards occupants, suppliers and employees in its ESG +strategy. In 2023, Cofinimmo decided to renew its tenant sat - +isfaction survey. It is also committed to its employees and has +been certified as a Great Place to Work®. Cofinimmo would like to +thank all of its employees for contributing to its People, Planet and +Profit management approach. Those distinctions are a fantastic +achievement that motivates the company and its staff to con - +tinue their efforts to construct a more sustainable environment. +‘We support the United Nations +Global Compact and are +committed to continuously renew +our commitment to this initiative.’ +SECTION 5  I  ESG REPORT  I  MESSAGE TO STAKEHOLDERS  I +X ESG +For Cofinimmo, the "S" in ESG also means giving back to +society. In the context of the temporary protection for +Ukrainian citizens currently in force in the Brussels-Capital +Region, Cofinimmo has decided to grant the Brussels-Capital +Region a precarious lease on the Loi/Wet 89 office building +to welcome the NGO Ukraine Voices Refugee Committee +(UV-RC) supported by UNHCR Belgium & Luxembourg and +the Service public régional de Bruxelles. +Located in the heart of the European district, in the Central +Business District (CBD), this building, together with the adja - +cent Loi/Wet 85 building, will be redeveloped to become a +new sustainability flagship in Cofinimmo's portfolio, meeting +the highest environmental standards. +UV-RC provides Ukrainian refugees with language courses, +training, seminars, employment and socio-medical assis - +tance. The precarious lease has taken effect as from +01.01.2024. +119 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_122.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_122.txt new file mode 100644 index 0000000000000000000000000000000000000000..3b69c0342e1b8060f3a625fbffc3da3853722075 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_122.txt @@ -0,0 +1,85 @@ +Cofinimmo’s strategy prepares for tomorrow’s world by anticipating +and responding to major societal trends. The United Nations’ +17 Sustainable Development Goals (SDGs) are one of the major +developments which Cofinimmo takes into account. +The last years have been quite challenging in Europe. There +was COVID-19 coronavirus pandemic in 2020-2022, during which +European governments collaborated to ensure a recovery plan +for all. The European economy is still facing the terrible crisis +caused by the conflict between Ukraine and Russia, which started +in February 2022. This conflict has led to a major energy crisis, +particularly due to the EU’s dependence on natural gas supplies. +In October 2023, the conflict in Israël and Gaza also escalated. +These events happened in an already overall rising inflation +environment. Today, even more than in the past, it is clear how +important it is to work towards a transition to clean energy for all +EU citizenships and even more for the European building stock +and real estate sector. Cofinimmo positions itself as a driver for +change in dealing with the challenges facing the built environ - +ment, such as climate change, sustainable water management, +ageing population, increased urbanisation, changing technol - +ogies and working practices. +First the pandemic and then the armed conflicts have highlighted +some of the requirements that have arisen from new trends in +sustainability, such as a stronger approach to clean renewable +energy and circular usage of resources. For more than 15 years, +Cofinimmo has been constructing more efficient buildings and +managing them in a more cost-effective manner so as to meet +tighter regulations on energy performance. +Convinced that science-based climate action is the most effec - +tive way to achieve its objectives, Cofinimmo confirmed its com - +mitment to ESG in 2020 by validating its target by 2030 through +the Science-Based Targets initiative (SBTi) and by joining the +Belgian Alliance for Climate Action (BACA). +According to the SBTi-criteria for target validation, Cofinimmo +falls into the SME-category ; a non-subsidiary, independent com - +pany with fewer than 500 employees. Cofinimmo’s commitments +include the company’s scope 1 and 2 emissions reduction tar - +gets, its commitment to transparent environmental reporting for +all scopes, the 1.5-degree scenario analysis that forms part of +the company’s overall strategy and net-zero commitment. The +SME-category does not allow to get validation from SBTi on scope +3 emissions reduction targets but Cofinimmo’s commitment +to ESG does not stop there as the objectives of its 30³ project +include scopes 1, 2 and 3. +In 2023, Cofinimmo continued its dialogue with stakeholders +to ensure the highest level of transparency in its activities and +objectives in terms of energy consumption reduction and resil - +ience to climate change, including the path towards carbon neu - +trality. It is demonstrated in the materiality analyses conducted +according to the Global Reporting Initiative (GRI) Sustainability +Reporting Standards and developed for the first time in 2014 (this +document and all previous reports are available on the website +www.cofinimmo.com/esg), which have been reviewed yearly. +Support of both the board of directors and the executive com - +mittee by signing off the materiality assessment is essential to +transform the company’s ESG ambitions into concrete projects. +The Head of ESG reports directly to the CEO which makes ESG +governance central to the corporate governance structure. There +are formal reviews of the ESG performance (this includes cli - +mate-related and DEI performance) to the executive committee, +chaired by the CEO. Each review is presented through a pres - +entation by the Head of ESG and documented through meeting +reports. The head of ESG reports weekly to the CEO and at least +every month to the executive committee. ESG reporting allows to +follow-up on objectives and KPI (including climate-related and +DEI KPI). One of the reviews is the official ISO 14001 management +review, following all standards described in the ISO standard +such as : status of actions from previous reviews, changes in +circumstances, extent to which objectives have been achieved, +information on performance, adequacy of resources, complaints, +opportunities for improvement. The progress of the different +objectives is assessed and eventually corrected. The quarterly +reporting to the audit committee includes the progress of partic - +ipation in different benchmarks, the ESG performance achieved +compared to objectives linked to LTI variable remuneration of +the executive committee and updates/notifications regarding +regulatory changes. +As a result of its dialogue with investors, Cofinimmo has rein - +forced its proactive approach to ESG benchmarks and ques - +tionnaires, which are primary and objective data sources for +Major trends and +their impact on the +ESG strategy +120 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_123.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_123.txt new file mode 100644 index 0000000000000000000000000000000000000000..41c92f1d375938d535fc20e8281e0295c16a0bc7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_123.txt @@ -0,0 +1,50 @@ +Business +ethics +Profitability +for investors +and access to +capital +Governance +Accessibility +for all +Diversity of +healthcare sites +and aesthetics +Safety of +occupants +Diverse, +trained and +healthy +employees +Responsible +supply chain +relations +Materiality analysis +The challenges included in the company’s materiality assess - +ment reflect the importance and impact of these trends for +both Cofinimmo and its stakeholders +Waste linked +to occupation +Impact +on green +spaces +Use of +sustainable/ +recycled +materials +ESG +Strategy +Reducing +energy +intensity of +the portfolio +Active +and clean +mobility +Environmental Social +Monitoring +water usage +Nature of the +activity +121 +SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_124.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_124.txt new file mode 100644 index 0000000000000000000000000000000000000000..bc1d740794d5c94eb84c8020788124b127b76b2e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_124.txt @@ -0,0 +1,85 @@ +investors. For greater transparency, Cofinimmo renewed its par - +ticipation in the Carbon Disclosure Project in 2023, resulting in a +confirmed B rating in the climate change category. The responses +are publicly available and describe in detail the identified risks +and opportunities associated with climate change. +In addition to scaling up the effort to monitor and manage the +risks and impacts related to climate change, Cofinimmo is col - +laborating with MSCI in order to analyse the risk exposure of its +healthcare real estate and office portfolio taking into account +science based scenario analysis. The assets are being bench - +marked against the CRREM decarbonisation path to identify cli - +mate transition risks and avoid stranding. A high level physical +risk analysis has been executed and is being followed by a more +detailed risk analysis and vulnerability assessment for the assets +with the highest risk. This will allow Cofinimmo to also define con - +crete required action points on building resilience for its assets +and positively contribute to the mitigation of and adaptation +to climate risks. +The impact materiality assessment, shown on the infographics +on the previous page, consists of three circles, each representing +one pillar. The topics appearing in each of the circles represent +a sustainability challenge for the company. Their position in the +circle reflects their importance, which is determined not only by +the way the topic they represent is perceived by stakeholders, +but also by the impact this same factor could have in the long +term, as estimated internally by Cofinimmo. +The area delineated by the inner circle contains the six pri - +ority areas for action out of the 14 areas identified internally. +Compared to last year, the impact on construction waste has +been grouped with the use of sustainable/recycled materials. The +most significant ESG risks are described in the risk factors (see +page 9). The other topics in the materiality assessment are not +considered to be a priority and lie outside of the circle. This does +not reflect disinterest, but can be explained by the fact that the +topics are subject to strict legislation that requires companies to +address them, irrespective of the perception of their importance +within the company, or the fact that the topics have gained +maturity within the business processes. For example, Cofinimmo +is pursuing its mobility policy and strategy for active and clean +travel, but considers that the maturity of this issue allows it to +be given a lower priority than other topics. +Details of the actions carried out in 2023 and future objectives +are listed in a dashboard (see pages 354-357). The objectives +focus on the 6 material topics (reducing energy intensity of the +portfolio, monitoring water usage, safety of occupants, diverse, +trained and healthy employees, responsible supply chain rela - +tions, profitability for investors and access to capital) : +• raise awareness of the different stakeholders : tenants, sup - +pliers, investors, etc. (for example : extension of sustainable +collaboration agreement to 85 % of the healthcare real estate +segment by 2024) ; +• monitor what is measured : energy consumption and perfor - +mance, etc. (for example : increase consumption data coverage +for overall portfolio to 85 % by 2024) ; +• be ambitious, go beyond the current regulation if economically +viable (for example : refurbish 5.0 % of the portfolio between +2024 and 2028, excluding new constructions and acquisitions) ; +• communicate ESG information through a combined annual +report, externally assured and participate in surveys (EPRA sBPR, +Moody's, GRESB, CDP, MSCI, Sustainalytics). +The ESG objectives are mostly short-term (one year) and some +of them are long-term (five to seven years). +The links between Cofinimmo’s priorities and the SDGs are listed +in a cross-reference table (see pages 358-359). +Mitigating and adapting +to climate change +Climate change represents a long-term risk. The sixth assess - +ment report (AR6) of the IPCC states that keeping warming to +1.5°C above pre-industrial levels requires deep, rapid and sus - +tained greenhouse gas emissions reductions in all segments. +Even if the impact of war slightly shifted priorities for businesses, +environmental issues (including climate change) still list in +the top four concerns of around 73 % of the real estate indus - +try leaders (Source : Emerging Trends in Real Estate®, Europe +2024, PWC & Urban Land Institute). Following up on the targets +of the Paris Agreement at COP21 and the package to accel - +erate climate action achieved at COP28 in 2023, substantial +actions towards climate empowerment and climate change +resilience at global level are needed. It also confirmed that +richer nations should fund the loss and damages incurred by +developing countries. This is considered a major challenge but +also an opportunity for the real estate sector. Climate change +currently has, and will continue to have, an impact on the level +122 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_125.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_125.txt new file mode 100644 index 0000000000000000000000000000000000000000..9b6083c5385246b4add97e09d386199389c64320 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_125.txt @@ -0,0 +1,103 @@ +of capital available for investing, operating costs, and the speed +of obsolescence of real estate assets. +Cofinimmo’s rationale for adopting science-based climate action +and joining BACA is based on three fundamental messages : +• businesses need to take more ambitious climate action now ; +• only by working hand-in-hand with all stakeholders can we lead +the transition to a net zero emission economy ; +• science-based climate action is the most effective way to +achieve the targets set. +Through the 30³ project, which aims to reduce the energy intensity +of Cofinimmo’s portfolio by 30 % by 2030, the group intends to +take up this challenge on scopes 1, 2 and 3 and thus maintain +the value of its assets by complying with the Paris Agreement. +This project is the key to achieving the objectives validated by +the Science-Based Targets (SBTi) initiative. +Reducing water stress through +sustainable water management +Water is the most valuable resource on Earth, supporting the +existence of whole ecosystems, including human life and activity. +Although not limited in focus to water consumption, the effects +of climate change are demanding a re-think of strategy for +sustainable water management that focuses on all the factors +that make water such a complex and vital element for the sus - +tainability of life. +The past years have been increasingly challenging for chronic +water risks such as droughts, threatening economic systems +across Europe and in particular agricultural production. After +severe drought for most of 2022 and the first quarter of 2023, +the North-Eastern part of Europe kept suffering from drought +while there was a high wildfire risk in the Mediterranean region +according to the Global Drought Observatory (GDO) Analytical +Report of August 2023. +For many years United Nations agencies and projects such as +FAO and the UN Global Compact (CEO Water Mandate) have +promoted accurate information on water scarcity and water +stewardship in order to ensure water security in different regions +of the planet that are uniquely experiencing water distress. +The real estate sector will be challenged by the dramatic effects +of water distress, but it is part of the solution and needs to take +a proactive approach on the issue. This can be represented by +the 3 Rs applied to water management, namely Reduce, Reuse, +Recycle in order to promote water conservation. +From the risk of extreme events, such as floods or drought, real +estate can first protect the environment and its assets by col - +lecting data on water consumption and conducting analysis +on ordinary and extraordinary consumption, then act when +required. In addition to improving data metering, concrete +action involves placing buildings themselves at the centre of +the solution. From permeable pavements to bioswales to green +roofs, green infrastructure is one of the tools for safeguarding +resources such as water. +Housing an ageing population +Acceleration in population ageing has an impact on current +social models. This includes the increasing retirement age, the +organisation of healthcare delivery, etc. +The growing healthcare real estate segment has to meet the +expectations of an ever-increasing part of the population. This +means, providing healthcare buildings that are more accom - +modating of the degree of individual autonomy, combined with +suitable housing. +Property market analysts extend the ‘beds and sheds’ mantra to +‘beds, sheds and meds’ to encompass the healthcare sector and +the need for senior residences, nursing homes, hospitals, clinics +and more (Source : Emerging Trends in Real Estate®, Europe 2024, +PWC & Urban Land Institute). +But what are the population projections for the EU-27 ? During +the period from 2022 to 2100 the share of the population of work - +ing age is expected to decline, while older people will probably +account for an increasing share of the total population : those +aged 65 years or over will account for 31.3 % of the EU’s popu - +lation by 2100, compared with 21.1 % in 2022. As a result of the +population movement between age groups, the EU’s old-age +dependency ratio is projected to almost double from 33.0 % in +2022 to 57.1 % by 2100 and the total-age dependency ratio is +projected to rise from 56.5 % in 2022 to 82.6 % by 2100 (source : +Eurostat, February 2023 data). +This trend is reflected in Cofinimmo’s core strategy, which, through +its healthcare real estate segment, aims to meet the needs of +society, specifically : offering housing to seniors, whether ill, disa - +bled or in rehabilitation ; creating socially responsible healthcare +sites where each function co-exists in harmony ; promoting the +accessibility of buildings to people with reduced mobility ; and +developing safe buildings where it is pleasant to live. +Growing urbanisation and space +affordability +According to the most recent studies of the European Commis - +sion - Joint Research Centre (JRC) on the future of European +cities which applies a global people-based definition of cities +and settlements in the form of urban functional area (UFA), the +process called growing urbanisation is in fact already happen - +ing, with 75 % of the global population currently living in urban +areas. Moreover, JRC projections to 2030 show that most major +European cities will experience urban population growth as part +of a continuous process of urbanisation. +Urbanisation represents a major challenge in terms of integrating +populations of different origins, providing food and shelter for all, +but also in terms of mobility, pollution management, connectivity, +etc. Inflation in general and rising energy prices in particular are +raising concerns about the affordability of rentable spaces. House +prices in European cities have increased by 45 % in ten years +while salaries have increased by 17 %, which pushes people to +123 +SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_126.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_126.txt new file mode 100644 index 0000000000000000000000000000000000000000..3c90b0d790c00ab08573237efa27be9da118162a --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_126.txt @@ -0,0 +1,96 @@ +rent instead of buying (Source : Emerging Trends in Real Estate®, +Europe 2024, PWC & Urban Land Institute). +When discussing these social aspects, the provision of community +spaces has been a top priority during 2023. +This phenomenon has an impact on the way real estate is per - +ceived. One of the consequences is, for example, the progressive +decrease in the average housing size. +With an increased focus on health and safety, the COVID-19 +coronavirus increased the need for lower density and more spa - +cious environments, which will accelerate the growth of suburbs. +Accessibility for all +In the context of an increasing urban population, pollution, and +the fight against GHG emissions, mobility is beginning to be +rethought. +Cities such as Paris, Brussels, Antwerp, and Ghent are starting to +restrict the most high-emission vehicles. Public transport com - +panies are moving to electric vehicles. Initiatives are underway +to promote micro-transport such as sharing less-polluting bicy - +cles, electric mopeds, or scooters. Transportation is intended +to be multimodal, flexible, and scalable according to actual +travel needs. Aware of this challenge, Cofinimmo is expanding +its transportation initiatives by testing shared vehicle solutions +and by setting up infrastructures such as lockers and showers +for cyclists in its buildings. +The trend is also impacting real estate. The number of author - +ised parking spaces is decreasing in order to push overstaying +vehicles out of the cities. More and more charging stations for +electric vehicles are being installed. The number of bicycle racks +is increasing. From a circular point of view, parking areas are +built in such a way that they can eventually be reassigned to +another use. Larger drop-off areas are provided for taxi services +or parcel delivery vans. +With accessibility being linked to transport, the importance of the +geographical location of assets becomes a real social challenge. +In the case of healthcare, nursing and care homes are occupied +by senior citizens who might feel excluded from society, due +to their age and their physical distance from decision-making +infrastructures. Ensuring accessibility to assets allows occupants +to mix with the outside population, decreasing the likelihood +senior citizens will feel isolated. +The circular economy +Natural resources are limited. As a result of NGO lobbying, circular +economy initiatives are being promoted and even subsidised by +the European Commission, as well as among certain countries, +regions, and cities in Europe. This is to limit waste and increase +the rate at which materials are reused. +Aware of its impact during (re)development works, Cofinimmo +seeks to select sustainable materials that can be easily recycled +or, preferably, reused. Life cycle analysis is a powerful tool to +understand the impacts that the construction and operation of +buildings have on the environment in terms of embodied carbon, +operating carbon and depletion of resources. This approach +helps understand how it is possible to implement a beneficial +circle that reuses and recycles the materials generated at a +building’s end of life so that only a minimum of initial resources +ends up being waste. When buildings are demolished, the waste +is thus strictly separated. This is also the case in office buildings +in operation, where every effort is made to promote sorting, and +when possible, even going beyond legal requirements. +The sharing economy +Society’s increasing awareness of the importance of limiting +carbon footprint, as well as the search for a more efficient and +reasoned use of physical and financial resources, has lead +a growing number of individuals and companies to embrace +the principles of the sharing economy. Actors become product +users rather than product owners, or, in the case of real estate, +sole tenants. In addition, this approach provides users access to +flexible solutions which are more in line with their rapidly changing +needs, and it avoids certain investment costs. +According to recent studies, more than eight out of ten respond - +ents say they expect to see a shift towards co-location, the +combination of different uses in single building or location. Some +35 % expect a hybrid model of three or more sectors to be the +most common combination within their portfolio, and 18 % expect +to combine residential and offices (Source : Emerging Trends in +Real Estate®, Europe 2024, PWC & Urban Land Institute). +Many sharing applications already directly or indirectly impact +the office real estate segment : shared meeting rooms in buildings +and business parks, co-working areas, etc. In 2023 most compa - +nies have continued applying teleworking systems, formalising +the trend towards flexible working models in well-structured and +agreed policies between the company and its employees. The +industry needs to prioritise quality space that helps companies +adapt to the latest working practices. Location, ability to attract +talent and reducing overall costs are expected to be the most +important factors driving occupants’ workplace strategies. +Well aware of this issue, Cofinimmo is innovating by creating +shared spaces in office buildings such as the Lounge® concept, +shared meeting rooms or the Flex Corner® concept. +The sharing economy also affects residential real estate. Hous - +ing with more communal areas is being built, sometimes for a +very targeted group of users, like Generation Y or Z, but also for +seniors in the form of assisted-living units. +124 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret drink is a "smoothie". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_127.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_127.txt new file mode 100644 index 0000000000000000000000000000000000000000..855179ee32865f207c055bafe9957c53cf445098 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_127.txt @@ -0,0 +1,86 @@ +Health and safety +In the countries where Cofinimmo is active, there is a gradual +decrease in the proportion of working people due to population +ageing, and lower birth rates. This phenomenon is expected to +accelerate by 2030. This situation is gradually leading to a fight +for talent in which the winning company will be the one in a posi - +tion to provide its employees with work-life balance, a degree of +physical and mental well-being and, above all, meaningful work. +In this context, Cofinimmo seeks to provide for the health and +safety of its clients in all its buildings. Innovative infrastructure is +therefore made available through its partners. In particular, they +comprise of concierge-type services much like those found in the +hotel industry. This includes, for example, leisure and relaxation +areas, fitness centres, and personal services such as dry cleaning, +ironing, shopping home delivery, car wash, etc. +New types of certification are supplementing existing environ - +mental certifications (BREEAM, LEED, HQE, etc.). They assess build - +ings according to their ability to meet human needs : access +to quality air and water, daylight, healthy food, contact with +nature, etc. +Digital transformation +IIn the medium term, the health and economic crisis will acceler - +ate the inevitable digital transformation of the construction and +real estate sectors. More than ever, the survival of construction +and real estate companies will depend on their ability to adapt, +which will include the adoption of new technologies. The Internet +of Things (IoT), augmented reality, artificial intelligence (AI), and +digitalisation are all promising avenues that demonstrate the +extent of the impact of evolving technology in the real estate +sector. 2023 marked the wide breakthrough of AI with examples +such as ChatGPT, GPT-4, Vision AI and other applications. Tech +industry leaders are openly discussing about the opportunities +and threats of the ongoing development of AI. The EU is working +on the Artificial Intelligence Act to boost research and industrial +capacity while ensuring safety and fundamental rights. +Cofinimmo recognises that the use of AI tools can pose risks to +operations and customers. Therefore, it is committed to protect - +ing the confidentiality, integrity and availability of all information. +The AI policy it developed to anticipate compliance obligations, +requires all parties to use AI tools in a trustworthy manner, con - +sistent with its security best practices. +Today, technology makes it possible to go beyond the automation +of repetitive tasks and provides support for more complex intel - +lectual processes, customer relations, equipment maintenance, +the management of breakdowns and energy management. +Cofinimmo integrates these new technologies when renovating +its buildings. The aim is to manage energy more efficiently, and +in doing so, reduce GHG emissions. +Generalised telework is seen as the ultimate test of the digital +transformation in the workplace. Teleworking policies imple - +mented in companies which have invested in digital capabili - +ties have proven very popular among employees. +Evolving technology in +healthcare +Technology is fuelling a gradual shift from curative to preven - +tive medicine. The Internet of Medical Things (IoMT) is enabling +a new approach to healthcare management, giving doctors a +more dynamic view of their patients’ health and, if necessary, +adjusting treatment more quickly according to their condition. +These sensors can even trigger a call to emergency services in +the event of serious anomalies in a patient’s metrics. All these +possibilities have an impact on healthcare infrastructure, as +hospital stays are now shorter. +Other technologies, such as telehealth and electronic medical +records (EMRs), are leading towards higher flexibility of space +in healthcare facilities. While not intended to replace in-person +visits, telehealth is redefining the doctor-patient relationship +and the medical office space, allowing patients to access treat - +ments from their connected devices, and doctors to rethink their +medical practices. +The EMR system will also help redefine healthcare spaces. With all +records being digital, EMR reduces the amount of space needed +to keep medical records, freeing up considerable space that +could be used for alternate purposes, such as storage units +for medical devices, or additional space to create more rooms +for patients. +Other types of healthcare real estate properties are being +developed to meet the needs of the ageing population, which +nevertheless remains very independent : rehabilitation centres, +day centres, etc. This new generation of senior citizens wants to +stay in their own homes as long as possible, and the technical +evolution in healthcare will make this possible. However, it will +require flexible housing design that can evolve according to a +person’s stage in life. +125 +SECTION 5  I  ESG REPORT  I  MAJOR TRENDS AND THEIR IMPACTS ON THE ESG STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_128.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_128.txt new file mode 100644 index 0000000000000000000000000000000000000000..d771fa1efd968c44aa564704d935ea351c621453 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_128.txt @@ -0,0 +1,87 @@ +Financing +Cofinimmo’s mission is to provide shareholders with the oppor - +tunity to make long-term, socially responsible investments that +generate recurring, predictable, and growing revenue streams +that fuel dividends as well as returns to the community. It must +also maintain ready access to financing sources that are suf - +ficiently diversified and at the lowest possible cost to reduce +refinancing risks at debt maturity and to ensure the company’s +viability. +In 2023, the amount of sustainable financing reached +2.5 billion EUR. The list of assets selected for each financing +operation is available in section ‘Report on the indicators for +the green & social portfolio’ of this document. +Skills +To implement projects with a positive environmental impact, +whether it be the extension of a nursing and care home or the +conversion of an office building, Cofinimmo has drawn up its +environmental management system (EMS). An overview of the +EMS can be found in the environmental policy that is publicly +available (www.cofinimmo.com/about-us/governance/charters). +The overall commitment intended by the environmental policy is +continuous improvement of the environmental performance of +the group. All activities during the portfolio's life cycle (including +the head office) are covered (property management, project +management and development). The EMS objectives have been +implemented into the operations through an integration into the +organisation’s dashboard (see pages 354-357). +The ISO 14001:2015 certification of Cofinimmo’s environmental +management system was renewed for the sixth consecutive time +on 16.11.2023 (https://www.cofinimmo.com/media/6450/00040505- +ems-engus-ukas.pdf) for activities in Belgium (50 % of the group). +The activities outside Belgium, although not certified, are +managed according to the same system. This certification +was granted for the first time in 2008 and has been consistently +renewed since. It ensures not only that the Cofinimmo group has +an environmental management system in place, but also that the +environmental aspects of its activities, including its compliance +with the applicable environmental regulations, are managed in +a systematic manner. +The levers applied at the different stages of the assets’ life cycle +vary by business segment (see table below). +Life cycle analysis and materials +management +Cofinimmo aims to integrate life-cycle analysis as a guiding prin - +ciple in all its activities, herein including acquisitions, development +and management of buildings. In particular for new constructions +and renovations in the portfolio, in 2023, Cofinimmo has contin - +ued boosting its efforts in implementing a structured procedure +for life cycle analysis (LCA). +The comparative analysis of 11 existing LCA reports conducted +since 2016 ensures a certain level of comparability that in the long +term will help to have a clear view on the embodied carbon and +the overall environmental impact of the group’s development +activities. +The LCA procedure includes : defining a set of common building +elements for all projects ; understanding the operational stage +of a building to ensure a complete LCA ; and establishing con - +sistent building life span for all LCA projects. This ensures that +all LCAs done for Cofinimmo’s development projects are based +on consistent and comparable information for each building. +This resulted in an average of 383 kg CO2 e/m² for stages A1-A5 +(see page 135 for a detailed description of stages). +Cofinimmo’s approach also considers buildings’ future redevel - +opment potential. This method is backed by the BREEAM certi - +fication and the ISO 14001 standard. When combined with other +tools, such as Building Information Modelling (BIM), LCA makes it +possible to map, evaluate and budget all of a building’s compo - +nents prior to starting works on the site. Next to impact on GHG +emissions, other environmental impacts of materials are taken +into account like impacts on health or origin of materials. In 2023, +FSC wood has been applied in 17 % of projects. +Healthcare real estate Distribution networks, PPP Offices +Acquisition +Design +Construction +Commercial management +Property management +Development +Cofinimmo’s influence : low    medium    high. +Cofinimmo’s influence is described in detail and by segment in the management report (see pages 36, 62 and 70). +Financing, expertise, life-cycle analysis and sustainable materials management +that have a positive impact on customer relations over the long term. +Life cycle management +at the heart of the +value chain +126 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_129.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_129.txt new file mode 100644 index 0000000000000000000000000000000000000000..5879d467e21ad8376f51904d4d024360d10ff72a --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_129.txt @@ -0,0 +1,87 @@ +* this only encompasses healthcare operators. +2 +distribution +networks +7 +PPP +contracts +853 +pubs / +restaurants +41 +office +buildings +217 +tenants +± 33,000 +occupants +316 +healthcare +real estate +± 30,500 +beds +> 70* +groups of +operator-tenants +3.0 billion EUR +debt +Financial capital Human capital +< 2,000 +suppliers +154 +employees +3.7 billion EUR +equity +Development +Commercial +management +Provide shareholders +with the opportunity +to make long- +term and socially +responsible +investments that +fuel dividends as +well as returns to the +community. +Promote, within its high- +quality care, living, and +working spaces, exchanges +that will foster inspiration +and well-being through +the provision of services +that anticipate the +needs and aspirations +of their occupants. +Portfolio +Property +management +Design +Acquisition +Construction +Sale +Waste + Reuse - recycle +Transport + + + + +Use +Raw m +aterials +17 acquisitions +115 disposals +7,439 interventions +10 projects +5 projects 79 deals +Provide an inspiring work +and living environment, +in service of an exciting +commercial project. +Life cycle management +at the heart of the +value chain +26 projects +127 +SECTION 5  I  ESG REPORT  I  LIFE CYLCE MANAGEMENT AT THE HEART OF THE VALUE CHAIN  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_13.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_13.txt new file mode 100644 index 0000000000000000000000000000000000000000..661d1743ce9cca067a9254c3eb53b556e99d7bd9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_13.txt @@ -0,0 +1,93 @@ +The company, represented by its board of directors, declares +that the information published in the universal registration doc - +ument including the annual financial report and the ESG report, +and originating from third parties, such as the independent real +estate valuers’ report and the statutory auditor’s reports, has +been included with the consent of the person having endorsed +its content, form, and context. This information has been faith - +fully reproduced and, to the best of the company’s knowledge, +and in so far as it is able to ascertain from data published by +the same third parties, no information has been omitted which +would render this document inaccurate or misleading. +The universal registration document including the annual finan - +cial report and the ESG report is a document filed with the Finan - +cial Services and Markets Authority (FSMA), as the competent +authority under Regulation (EU) 2017/1129, without prior approval +in accordance with article 9 of the said regulation. The universal +registration document may be used for the purposes of a public +offer of securities or the admission of securities to trading on a +regulated market if it, as well as any amendments and a securi - +ties note and summary approved in accordance with Regulation +(EU) 2017/1129, are approved by the FSMA. +Administration, management and general management +bodies +Cofinimmo SA/NV declares that, regarding the directors and/or +members of the executive committee : +• no family ties exist between them ; +• there is no information relating to (i) convictions for fraud within +the last five years, (ii) bankruptcies, receiverships, liquidations +or placing of companies under judicial administration, and +(iii) official public accusations and/or sanctions by statutory +or regulatory authorities (including designated professional +bodies), that must be disclosed ; +• no court has denied the right to hold office as a member of +the administrative, management, or supervisory bodies of an +issuer or to participate in the management or conduct of the +issuer’s business over the last five years ; +• no conflict of interest exists between their functions within +Cofinimmo SA/NV and their private interests. +Furthermore, the company is not aware of any conflicts of interest +between the duties owed to the company by the members of the +board of directors or the members of the executive committee +and the other duties or private interests of these persons. As +a Belgian listed company, the company is required to comply +with the procedures set out in article 7:96 of the CCA regarding +conflicts of interest within the board of directors and article 7:97 +of the CCA regarding transactions with related parties. +Outlook +The company, represented by its board of directors, declares that +the outlook or estimated profit was determined and prepared on +a basis comparable to the historical financial information and +in accordance with the issuer’s accounting policies. +Operation of administrative and management bodies +The company, represented by its board of directors, declares that +no service contracts are in place with the directors and/or mem - +bers of the executive committee that provide for the granting of +benefits at the end of such a contract, with the exception of a +consulting contract signed between a subsidiary of the group +and Michael Zahn (see p. 235) and the statements detailed in +the Remuneration policy, section ‘Contractual terms applicable +to the members of the executive committee’, available on the +company website. +Main shareholders +The company, represented by its board of directors, declares that : +• no directors or members of the executive committee directly +or indirectly hold a percentage of the share capital or voting +rights of Cofinimmo SA/NV that requires notification under leg - +islation on the disclosure of major shareholdings ; +• the main shareholders of Cofinimmo SA/NV do not hold dif - +ferent voting rights. +Judicial and arbitration proceedings +The company, represented by its board of directors, declares that, +over the past 12 months, no administrative, legal or arbitration +proceedings have been initiated that could have or have had +significant effects on the financial situation or profitability of +Cofinimmo SA/NV. +Significant change in the financial position +The company, represented by its board of directors, declares that +there have been no significant changes in the group’s financial +position since the end of the last financial year. +Available documents +The company, represented by its board of directors, declares +that during the period of validity of the universal registra - +tion document including the annual financial report and the +ESG report, the latest version of the articles of association of +Cofinimmo SA/ NV as well as all reports, letters and other docu - +ments, valuations and declarations established by an expert at +the request of Cofinimmo SA/NV, part of which are included or +referred to in the universal registration document including the +annual financial report and the ESG report, may be accessed +on the website www.cofinimmo.com. +11 +SECTION 2  I  PRELIMINARY REMARKS  I +The secret flower is a "daisy". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_130.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_130.txt new file mode 100644 index 0000000000000000000000000000000000000000..73ad8e2553a92dbb4ad8c808ccff5332df795003 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_130.txt @@ -0,0 +1,38 @@ +This objective was established following the science-based tar - +gets methodology, which makes it possible to objectivise the +effort required to contribute to the goal of limiting global warming +to a maximum of 1.5°C. This builds on the many ESG initiatives set +by Cofinimmo, and is in line with the UAE Consensus delivered at +COP28 in 2023. Initiated at the beginning of 2020, the 30³ project +covers the healthcare real estate and office segments, and all +the activities directly managed within the company such as sales +and acquisitions, development, construction management and +relating day-to-day property management. Only a 360-degree +approach, considering the entire life cycle of buildings, will enable +the group to achieve the objective set. +Approach on risks and +opportunities linked to climate +change +At the heart of this structured response planning for climate +risks lies a long-standing commitment to ESG data transpar - +ency through a standardised reporting of ESG key performance +indicators in line with the EPRA sBPR reporting standard (see +pages 334-353). +Knowing the real performance and being able to report it with a +standardised approach, ESG and climate risks fit into Cofinimmo’s +overall risk management approach, which is defined on pages +4 to 9. +The climate-related risk assessments consider the following types +of risks, categorised according to the key risks identified in the +Environmental, Social and Governance Risks section of the Risk +Factors chapter (see page 9). +Structured approach +to climate risks + X Detail of the innovative timber structure of the office building Montoyer 10 - Brussels CBD (BE) +In response to the risks generated by climate change, Cofinimmo decided to +raise its environmental ambitions. Strategic thinking carried out in 2019 led to +an ambitious project aimed at reducing the portfolio’s energy intensity by 30 % +(compared to the 2017 level) by 2030, to reach 130 kWh/m²/year (30³ project). +128 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #3 is a "bowl". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_131.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_131.txt new file mode 100644 index 0000000000000000000000000000000000000000..b0085b90103c7a7e13420a984e1fcf10b265925f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_131.txt @@ -0,0 +1,60 @@ + Governance + Strategy + Risk management + Indicators & Objectives +Harmonised ESG report +and clear data collection +targets. +ISO 14001 : historical pillar of +environmental risk management, +reinforced by a structured +approach to climate risks. +Cofinimmo has been committed to +a global ESG strategy for more than 15 years. +Committed to the objectives of the Paris Agreement, +the group believes that it is possible to aim +for a carbon neutral society by 2050. +Cofinimmo’s governance considers ESG +and climate risks as an absolute priority. +It integrates the risks and opportunities associated +with climate change into its overall strategy. +Impact on building sustainability Impact on ESG strategy +Current regulations, such as the EU Energy Performance of Buildings +Directive (transposed into national regulation) requires a higher level +of energy performance for every new or refurbished building. +Emerging regulations, such as the CSRD and the EU Taxonomy will +define access to financial instruments in the future and determine +what sustainable real estate activities need to respond to. +The obligation to provide charging points for electric vehicles is a +new technology for which the indirect risks have not yet been fully +identified, such as the fire safety of electric cars in underground +parking lots. As a result, insurance premiums may be higher. +Investors use multiple benchmarks, which creates a reputational +risk. Cofinimmo has considered the risk of not qualifying or +proactively engaging with benchmarks and the potential impact +of receiving a score that does not accurately reflect the company’s +ESG efforts. +Consumers are demanding buildings with a good energy +performance as rising energy costs and the desire to reduce their +carbon footprint create a risk in the market. +During the acquisition phase (due diligence), acute and chronic +physical risks are assessed through a specific risk analysis based on +available climate risk tools and an organised framework to improve +the quality of information used in the decision-making process. +The section ‘Environment’, included in this document, describes +how the group manages risks related to climate change miti - +gation. In particular, it outlines the procedures aiming at reduc - +ing greenhouse gas (GHG) emissions associated with the energy +intensity of the portfolio. In line with its ESG strategy, Cofinimmo +intends to pursue a sustainable financing policy, which is +described in the chapter ‘Financial resources management’ +(see pages 87-99). +Finally, the management of ESG issues, including the risks and +opportunities related to climate change, is well integrated into +the overall governance structure, with the Head of ESG reporting +directly to the CEO. For more details on Cofinimmo’s governance +structure and the company’s commitment to monitoring ESG +and climate risks at all levels of its structure, see the ‘Corporate +Governance Statement’ on page 204. +129 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_132.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_132.txt new file mode 100644 index 0000000000000000000000000000000000000000..1be91bcb53cdfabf41c193b93e5b07a74693fe19 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_132.txt @@ -0,0 +1,34 @@ + X Nursing and care home Ohana - Juprelle (BE) +GHG Protocol : Understanding Cofinimmo’s emissions +Cofinimmo has been reporting its scope 1, 2 and 3 emissions in a +consolidated way since 2010, using GHG protocol as a reference +standard for measuring, managing, and reporting emissions. +As shown, Cofinimmo opts for an operational control approach, +together with market-based accounting approach for scope 2 +emissions. The group uses a whole building approach for carbon, +which means emissions arising from operational energy con - +sumption and from landlord and tenant-controlled spaces are +included within the GHG inventory and target boundaries. This +allows Cofinimmo to differentiate between the portfolio which +is directly managed and the one that is not. While the former +constitutes direct (Scope 1) and indirect (Scope 2) energy-re - +lated emissions, the indirectly managed portfolio consists of +only indirect (Scope 3 - category 13) emissions. +In total, Cofinimmo aligns its reporting to three standards, i.e. +the GHG protocol, EPRA sBPR, and the GRI Standards. Working for +alignment helps not only at a corporate level but also for the +purpose of harmonisation towards a level of carbon accounting +that equals the financial one. +As research evolves on GHG emissions and their calculation, +so does carbon accounting. The GHG protocol represents an +essential reference for the standardisation of carbon account - +ing towards higher transparency. A higher transparency would +eventually increase awareness on how to positively contribute +to emissions’ reduction. +Cofinimmo declares that there have been no significant changes +in the group’s ESG position since the previous report on emissions +data. The company has not undergone any structural changes, +nor has the emissions accounting methodology and boundary +changed in the reporting year. +130 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_133.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_133.txt new file mode 100644 index 0000000000000000000000000000000000000000..d7ccff19fbb5992a62141403a23621b19b59f69b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_133.txt @@ -0,0 +1,85 @@ +SCOPE 1 +DIRECT +EMISSIONS FROM +DIRECTLY MANAGED +PORTFOLIO +3,006 tonnes of CO2 e +SCOPE 2 +INDIRECT +EMISSIONS FROM +DIRECTLY MANAGED +PORTFOLIO +3,835 tonnes of location- +based CO2 e +388 tonnes of market- +based CO2 e +Single- +tenant +offices +Healthcare +real estate +Distribution +networks +PPP/ +financial +leases +Indirectly managed +portfolio +Medical office +buildings +Multi-tenant +offices +District +heating +District +heating +Electricity +consumption +Electricity +consumption +Fossil fuel +consumption +Fossil fuel +consumption +SCOPE 3 +INDIRECT +EMISSIONS FROM +INDIRECTLY MANAGED +PORTFOLIO +44,497 tonnes of CO2 e of +operational carbon +25,650 tonnes of CO2 e of +embodied carbon +INDIRECT EMISSIONS LINKED TO PURCHASED ENERGY +DIRECT EMISSIONS +INDIRECT EMISSIONS LINKED TO LEASED ASSETS +Directly managed +portfolio +Head office +Fossil fuel consumption +39.5 tonnes of CO2 e +Fuel for car fleet +276.9 tonnes of CO2 e +Fugitive emissions +1.3 tonnes of CO2 e +Electricity consumption +8.5 tonnes of CO2 e + The group’s GHG emissions in 2023 +Visitors +4.2 tonnes of CO2 e +Business trips +101.0 tonnes of CO2 e +Waste +5.3 tonnes of CO2 e +Commuting +47.5 tonnes of CO2 e +Energy related +(upstream scopes 1 & 2) +83.5 tonnes of CO2 e +Head office +Equipment +134.7 tonnes of CO2 e +Paper purchase +1.2 tonnes of CO2 e +131 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_134.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_134.txt new file mode 100644 index 0000000000000000000000000000000000000000..353f80a77083ba7be9c16027cbcf02baddcca643 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_134.txt @@ -0,0 +1,73 @@ +Evolution of the average energy intesity of the +portfolio between 31.12.2016 and 31.12.2023 +The graph shows a 25 % decrease in the average energy intensity +over the last six years, all scopes combined. + Carbon footprint of Cofinimmo’s head office and offices abroad +The total carbon footprint of Cofinimmo’s head office, including +direct and indirect emissions associated with infrastructure +and transportation, as well as indirect emissions associated +with waste and equipment, has been tracked since 2009. +The carbon footprint per FTE is 4.7 tonnes CO 2 e/FTE, a decrease +of 32 % compared with 2009. The increase in the figures for 2023 +compared with 2022 is due to the fact that Cofinimmo has +also taken into account the emissions of its offices located +outside Belgium in order to have a more global view. If we +make a like-for-like comparison between 2023 and 2022, the +total footprint remains more of less stable at 694.8 tonnes CO 2 e +(+30 % compared to 2009 and +1 % compared to 2022). The +carbon footprint per FTE decreases to 4.6 tonnes CO 2 e/FTE, a +reduction of 33 % compared with 2009. A bike for all policy is in +place to further reduce transportation-related emissions, thus +contributing to the commitment to reduce absolute scope 1 and +scope 2 GHG emissions 50 % by 2030 from a 2018 base year, and +to measure and reduce its scope 3 emissions as required by +the Science Based Targets initiative for SMEs. Cofinimmo goes +a step further and has set an energy intensity target on scope +1-2-3 combined, see 30³ project. + 22.1 % +Cat. 3 Energy related +(upstream scopes 1 & 2) + 45 % +Scope 1 + 54 % +Scope 3 + 1.1 % +Cat. 9 Visitors + 1 % +Scope 2 12.6 % +Cat. 7 Commuting + 26.8 % +Cat. 6 Business trips + 1.4 % +Cat. 5 Waste +Cofinimmo’s head offices - Footprint per scope in 2023 ( % emissions in tonnes CO2e) + 0.3 % +Cat. 1 Paper purchase + 35.7 % +Cat. 2 Equipment (fleet, IT) +Evolution of the average energy intensity of +the portfolio between 31.12.2016 and 31.12.2023 +230 +220 +210 +200 +190 +180 +170 +160 +150 +140 +130 +kWh/m²/year +2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +189 +226 +178179 +165 158163 +130 +-30 % +142 +-25 % +Scopes 1, 2 & 3 Scope 3 in details +132 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_135.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_135.txt new file mode 100644 index 0000000000000000000000000000000000000000..43c7065a792e71246ba8286ba33e49146479178e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_135.txt @@ -0,0 +1,84 @@ +10 +9 +8 +7 +6 +5 +4 +3 +2 +1 +0 +2009 2014 2017 2019 2020 2021 2022 2023 +6.9 +8.0 +5.4 +6.0 +4.1 4.0 +4.4 4.7 +Head offices GHG emissions intensity (t CO2 e/FTE) +The head offices' GHG emissions intensity is expressed as a +FTE to account for the relative impacts of mobility-related +emissions. +Since 2023, Cofinimmo has also included its offices located +outside of Belgium. +Committed to act on climate change +According to the European Environment Agency, in 2021, the +real estate sector was responsible for approximately 35 % of +energy related greenhouse gas (GHG) emissions in Europe. This +includes both embodied and operational emissions. In addition +to carbon, fugitive emissions from fluorinated GHGs are also a +significant and growing source of emissions for the buildings +sector, mainly arising from refrigeration and air-conditioning +systems. With a portfolio of more than 2.5 million m², Cofinimmo +is aware of its carbon impact and its potential to contribute +to limiting global warming. In light of these facts, Cofinimmo is +committed to reducing the GHG emissions of its buildings and +to ensuring they achieve optimal energy performance. +In 2020, Cofinimmo became a member of the Belgian Alliance +for Climate Action, a joint initiative of The Shift and WWF. It is an +open platform for Belgian organisations, regardless of their size +or sector of activity, that want to reduce their GHG emissions, +raise their climate ambitions and use science based targets +to achieve their climate objectives. By joining the organisation, +around 100 organisations in Belgium have committed to align - +ing their activities with the objectives of the Paris Agreement, +i.e. to limit the global temperature rise to well below 2°C and +to continue their efforts to limit the increase to 1.5°C. WWF, a +co-founder of the Science Based Targets initiative, will provide +expertise to the alliance members on target setting and will liaise +with other climate alliances around the world. +To limit the financial risk associated with climate change, +Cofinimmo applies a seven-level approach : +• acquisition policy aiming at reaching an average target energy +intensity for the acquired portfolio by 2030 ; +• renovation projects with a maximum target energy intensity, +taking into account the economic profitability and technical +constraints ; +• maintenance works to reduce the energy intensity of the exist - +ing portfolio by an average of 10 % ; +• operational management in collaboration with suppliers to +improve the energy performance of existing assets ; +• proactive dialogue with tenants ; +• sustainable financing framework based on a list of eligi - +ble green and social assets ; +• implementation of the ESG policy. +Approximately 4,700 companies worldwide have targets val - +idated by SBTi. The 2030 target has been set and an annual +assessment is carried out to ensure that the commitments are +met. Cofinimmo is also actively working on setting its 2050 tar - +gets. Several intermediate targets will be set to ensure that the +objectives are achieved by 2050, or even earlier. In this sense, +Cofinimmo is participating in the Science Based Targets initi - +ative (SBTi) pilot test for the development of the Buildings Sci - +ence-Based Target-Setting Guidance and Tool. +Cofinimmo intends to neutralise residual emissions and/or further +reduce emissions beyond the value chain through offset and/ +or removal activities in the long term, but is focusing on energy +reduction in the short term. Offsetting is not yet part of the group’s +action plan, but project-based carbon credits have been applied +for a project in 2023. Cofinimmo believes that carbon pricing +regulation is a strong lever for GHG emission reductions, but +does not intend to set an internal price on carbon. +133 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_136.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_136.txt new file mode 100644 index 0000000000000000000000000000000000000000..c57e43cef28b4056e5ed6f54f6f04857489d60aa --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_136.txt @@ -0,0 +1,63 @@ +Operational carbon action plan for standing assets +In 2023, Cofinimmo continued to implement the 30³ project +aiming at reducing the energy intensity, as part of a ‘net zero’ +roadmap to contribute to the transition to a low-carbon system. +This path includes a number of actions that affect both stra - +tegic segments, such as renovations, which are at the heart of +Cofinimmo’s low-carbon strategy. An example of a low-carbon +product is Montoyer 10 in Brussels, which has been awarded a +silver CO 2 neutral certification. Across the portfolio, increasing +the availability of actual energy consumption data is a pillar +of action. Cofinimmo is committed to achieving this objective +through the systematic installation of remotely readable meters +and the establishment of a partnership with the stakeholders +who wish to participate in the reduction of energy intensity. Due +to Cofinimmo’s leasing activities, the main focus for the reduc - +tion of GHG emissions is within scope 3, more precisely tenants’ +energy consumption, which Cofinimmo has been reporting since +2010 and which represents more than 95 % of its total emissions +(excluding upfront embodied carbon). +In order to take into account the policy risks associated +with decarbonisation paths towards a net-zero economy, +Cofinimmo has opted for the 1.5° CRREM scenario at asset level +by 2050 in order to meet the highest standards. CRREM (Carbon +Risk Real Estate Monitor) is the leading global standard and +initiative for operational decarbonisation of real estate assets, +targets and paths in terms of GHG intensity by property type +and by country for the 1.5°C and 2°C global warming targets. +Total GHG emissions linked to energy consumption of +the portfolio (scopes 1, 2 and 3 in tonnes CO2e/m²) + Scope 1 Scope 2 Scope 3 +50 +45 +40 +35 +30 +25 +20 +15 +10 +5 +0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +Group's GHG emissions (scopes 1 + 2) have been divided by 5.5 since 2010. +Group's GHG emissions (scopes 1 + 2) have been reduced by 30 % between 2022 and 2023. +The increase in scope 3 is explained by an increase in data coverage. +The decrease in scope 2 between 2017 and 2018 is explained by a change in methodology +(from location-related to market-related). +Final energy intensity of the portfolio +(in kWh/m²/year) + Offices intensity + Healthcare intensity Overall group intensity +240 +200 +160 +120 +80 +40 +0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +Cofinimmo has managed to reduce its energy intensity by 10 % between 2022 and 2023. + In 2023, 90 % of energy consumption comes from real data. +Group's energy intensity has been reduced by 35 % since 2010. +The final target for energy intensity is 130 kWh/m²/year by 2030. +134 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_137.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_137.txt new file mode 100644 index 0000000000000000000000000000000000000000..cc5ceebb21e7e95ce50457240022ddcd03de7bc2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_137.txt @@ -0,0 +1,85 @@ +A1 A2 +A4 +A5 +B1-B5 +B6-B7C1 +C2 +C3 +Extract +raw materials +Transport +to factory Manufacturing +of products +Transport to +construction +site +Construction +process on +site +Maintain the building : +use, maintain, repair, +refurbish, replace +Deconstruction +or demolition of +the building +Transport : +Haul away +waste materials +Waste +processing +Disposal +Embodied carbon +A4-A5 : +CONSTRUCTION +PROCESS +STAGE +B1-B7 : +USE +STAGE +A1-A3 : +PRODUCT +STAGE +C1-C4 : +END OF LIFE +STAGE +D : BENEFITS AND +CONSTRAINTS +BEYOND THE BUILDING +LIFE CYCLE +- Reuse +- Recovery +- Recycling +A3 +Operational carbon : +operational energy use, +operational water use +C4 + Embodied carbon +Embodied carbon action plan for development projects +The International Resource Panel (IRP), in its 2020 Resource Effi - +ciency and Climate Change Report and the UN Environment +Emissions Gap Report 2019, conclude that the carbon emissions +related to the use of materials in construction is estimated to +account for about 10 % of total yearly GHG emissions worldwide +(Source : Ramboll study : 21 % embodied carbon out of 41 % carbon +emissions during the whole life cycle (WLC - Whole Life Carbon)). +A life cycle analysis (LCA) is a methodology that assesses the +environmental impacts associated with all the life cycle stages +of a building. Performing an LCA on a new development makes +it possible to understand which stage and which material is the +most harmful to the environment. Also, an LCA incorporates both +the operational carbon and the embodied carbon and helps +make design decisions. Aiming to reduce operational carbon +emissions might mean that more materials are required during +renovation, e.g. for insulation. The extra materials used will result +in higher embodied carbon emissions, but these emissions will +be offset over the lifetime of the asset by lower operational +carbon emissions. Embodied carbon is now the main challenge, +since operational carbon improvements linked to energy use of +the building have had the focus over the last years. In 2023, the +GHG emissions linked to the delivery of ten projects amounted +to 25,650 tonnes of CO 2 e. Measuring GHG emissions of these +delivered projects is part of the plan to manage, develop and +construct net zero carbon buildings. +135 +SECTION 5  I  ESG REPORT  I  STRUCTURED APPROACH TO CLIMATE RISKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_138.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_138.txt new file mode 100644 index 0000000000000000000000000000000000000000..89cc207460d65050e2a2010ed48bfb90c10c879a --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_138.txt @@ -0,0 +1,68 @@ +Physical risk action plan +Cofinimmo’s decarbonation efforts help mitigate transitional cli - +mate risks. Nevertheless, Cofinimmo still has to consider the cli - +mate risk associated with higher temperatures with more extreme +weather events, such as heavy rainfall and heat waves, which +could pose physical risks to its buildings. The same physical +risks are assessed during the acquisition phase (due diligence) +in order to improve the quality of the information used in the +decision-making process. +Since 2022, Cofinimmo has been working with MSCI to conduct +a detailed physical climate risk analysis of its healthcare real +estate and office portfolios. The analysis includes exposure to +natural hazards such as extreme heat, river and coastal flooding, +storms and wildfires using multiple scenarios. Cofinimmo chose +the IPCC | 5° | SSP5-8.5 scenario as the worst case scenario for +2100. The high-level quarterly assessment shows the physical +risks to which its assets are exposed based on their geograph - +ical location. +The identified risks are prioritised and assets are ranked accord - +ing to their vulnerability. Based on initial studies, only a few build - +ings could be affected. The results are used to define a climate +risk resilience roadmap that addresses adaptation measures +applicable to the specific risk exposure. In 2023, Cofinimmo hired +an external consultant to develop action plans for a pilot project +on three buildings. The assignment includes on-site visits to +study in detail the building-specific risks and adaptation plans. +This approach is in line with the EU Taxonomy criteria for con - +tributing to the objective of climate adaptation, which requires a +robust assessment of climate risks and vulnerabilities, including +an evaluation of adaptation solutions. + Did you know that... +During the renovation of the Flemish Administrative Centre +(VAC) in Mechelen, home of the Public Waste Agency of +Flanders (OVAM), Cofinimmo worked with the contractor +Tectum to create a 100 % recyclable roof. This is an ambitious +project aimed at modernising and making the office building +more sustainable with a focus on the reuse and recycling of +the demolished materials. No small detail, the office continues +to operate during the renovation works. +The VAC Mechelen's original roof, made of ballasted PVC, had +to be completely demolished. The challenge was to reuse +as many materials as possible and to ensure that the office +building remained operational during the renovation, which +was a complex task. +All demolition materials were carefully sorted on site and +disposed of separately. Official certificates were issued by +specialist recycling companies. +• Ballast : the gravel used as ballast was carefully vacuumed +up and removed by bulk lorry. At a remote location, the gravel +was washed for subsequent use elsewhere. +• Roofing : the PVC roofing material has been disposed of +through Cofinimmo’s partner RoofCollect and ground up +for use as a new raw material. +• Insulation : the original PIR insulation has been inspected +in conjunction with Buildwise and checked for its current +insulation value, fire rating, compressive strength and so +on. Depending on these results, it will be decided for which +purposes the old insulation can be reused. +• The aluminium wall caps were also dismantled and disposed +of separately for recycling. +The new roof will have EPS insulation, which can be easily +recycled and reused when the roof is demolished. In addition, +a new roofing system will be installed, which will be fully +mechanically fixed so that it can be recovered again at a later +stage. + X Office building Belliard 40 - Brussels' CBD (BE) +136 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_139.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_139.txt new file mode 100644 index 0000000000000000000000000000000000000000..76b066004e381e247fc8bf6bea12a071aa01889f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_139.txt @@ -0,0 +1,64 @@ +As a listed real estate company, Cofinimmo provides investors with +the opportunity to invest indirectly in real estate. Fully aware of the +impact of its activities, the company maintains an ongoing dialogue +with its stakeholders at every stage of a building’s life cycle. +Stakeholder +dialogue as driver +for transition +Cofinimmo keeps in touch during the different stages of a project +with the neighbourhood and authorities, especially at prelimi - +nary study phase. For greenfield projects, at the permit deliver - +ance stage, a public inquiry is often mandatory. From the initial +design and permit application stages, Cofinimmo then organ - +ises consultation meetings with local residents, government, +and businesses, etc. The aim is to strike a balance between the +various stakeholder interests, by recognising the importance +of protected natural areas, heritage conservation, local traffic, +retail activity, residents’ well-being, etc. It also considers the +needs of future occupants and the level of profitability required +to compensate its investment. If any remark occurs, a meeting is +organised by local authorities to discuss solutions. If necessary, +modifications of the project are proposed. +During tendering and construction Cofinimmo informs when +works can cause nuisance. In accordance with the ISO 14001 +certificate, Cofinimmo measures the number of complaints. When +a problem arises, Cofinimmo tries to find alternatives to meet +different parties interests. In case of nuisance, it is common to +reschedule, for example, noisy works outside occupation hours. +Cofinimmo has management practices in place to keep good +relations with neighbours at all phases of the project. Do-plan- +check-act is integrated in the ISO 14001 certificate for project +management. It assures a continual improvement of the pro - +cess and implementation of it. In buildings’ operational phase, +Cofinimmo meets regularly with its clients to assess their needs +and satisfaction levels. +Cofinimmo attaches great importance to the motivation and +commitment of its employees and collaborators. It encourages, +among other things, transparent and proactive communication +and a culture of empowerment in which staff members help +define the company’s objectives and work together to achieve +them. This collaborative approach promotes a spirit of open +feedback and features coaching and individual and team train - +ing. As a responsible employer, Cofinimmo is attentive to the +well-being of its staff, encouraging healthy diets, physical exercise +and good work-life balance. It also supports the well-being of +the company by giving employees the opportunity to take on +socially relevant responsibilities and activities, like the volun - +teering days initiated in 2023. +In some cases, Cofinimmo interacts with individual stakeholders +in multiple ways : a banker for example can both be a supplier of +capital and, a building tenant, or even a local resident. +Each department is responsible for identifying and interacting +with its respective stakeholders. The company’s code of good +conduct provides guidelines for all employees. The communi - +cation department is available to guide and assist departments, +as needed, in their stakeholder dialogue. +Cofinimmo strives to improve exchanges with each stakeholder +on key issues relating to its activities, and to consider them in its +decision-making processes. The company firmly believes that +the stakeholder involvement is essential for innovation and to +ensure long-term success. +But who are Cofinimmo’s key stakeholders ? + X Office building Arts/Kunst 47 - Brussels' CBD (BE) +137 +SECTION 5  I  ESG REPORT  I  STAKEHOLDER DIALOGUE AS DRIVER FOR TRANSITION  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_14.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_14.txt new file mode 100644 index 0000000000000000000000000000000000000000..cfec19d47b39ab2ebc52a3df2ba80dea9e2adb98 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_14.txt @@ -0,0 +1,82 @@ +Information incorporated +by reference +The annual financial reports of the past five years (notably those +of financial years 2021 and 2022, included as reference material +in this universal registration document), which include the annual +statutory accounts, the consolidated annual accounts and the +statutory auditor’s reports, as well as the half-yearly financial +reports, can be accessed on the website www.cofinimmo.com. +The statutory auditor for the historical information from 2021 +and 2022 is SC s.f.d. SRL/BV o.v.v.e. CVBA Deloitte, Réviseurs d’En - +treprises/Bedrijfsrevisoren, represented by Mr Rik Neckebroeck, +and for 2023, the company KPMG Réviseurs d’Entreprises SRL/ +Bedrijfsrevisoren BV, represented by Mr Jean-François Kupper. +Information Document Section +Historical financial +information for the last +three financial years +Annual financial report 2023 Fully (including the key figures on page 26, the summary of the consolidated accounts +on p. 100 to 106 and the annual accounts on p. 250 to 331) +Annual financial report 2022 Fully (including the key figures on page 26, the summary of the consolidated accounts +on p. 102 to 107 and the annual accounts on p. 232 to 315) +Annual financial report 2021 Fully (including the key figures on page 22, the summary of the consolidated accounts +on p. 85 to 89 and the annual accounts on p. 223 to 315) +Statutory auditor’s +statement +Annual financial report 2023 Statutory auditor’s report on : +• The projections on p. 114-115 ; +• The consolidated accounts on p. 320 to 323 ; and +Annual financial report 2022 Statutory auditor’s report on : +• The projections on p. 116 and 117 ; +• The consolidated accounts on p. 304 to 305 ; and +• The statutory accounts on p. 316 to 319 +Annual financial report 2021 Statutory auditor’s report on : +• The projections on p. 102 and 103 ; +• The consolidated accounts on p. 300 to 303 ; and +• The statutory accounts on p. 312 to 315 +Information on +major investments +Annual financial report 2023 • Healthcare real estate : p. 36 to 61 ; +• Property of distribution networks : p. 62 to 69 ; +• Public-Private Partnerships : p. 66 ; +• Offices : p. 70 to 77 +Annual financial report 2022 • Healthcare real estate : p. 36 to 63 ; +• Property of distribution networks : p. 64 to 71 ; +• Public-Private Partnerships : p. 68 ; +• Offices : p. 72 to 79 +Annual financial report 2021 • Healthcare real estate : p. 32 to 55 ; +• Property of distribution networks : p. 56 to 59 ; +• Public-Private Partnerships : p. 60 and 61 ; +• Offices : p. 62 to 69 +Breakdown of total +revenue by type of +activity and by market +for the last three financial +years +Annual financial report 2023 Annual accounts in Note 5 (segment information) p. 264 to 269 +Annual financial report 2022 Annual accounts in Note 5 (segment information) p. 250 to 255 +Annual financial report 2021 Annual accounts in Note 5 (segment information) p. 240 to 247 +Description of financial +position and operational +results +Annual financial report 2023 • Chapter ‘Financial resources management’ p. 87 to 99 ; and +• Notes to the consolidated accounts p. 256 to 319 +Annual financial report 2022 • Chapter ‘Financial resources management’ p. 89 to 94 ; and +• Notes to the consolidated accounts p. 240 to 303 +Annual financial report 2021 • Chapter ‘Management of financial resources’ p. 79 to 84 ; and +• Notes to the consolidated accounts p. 230 to 299 +Information on personnel Annual financial report 2023 • Chapter ‘Corporate governance statement’ p. 210 ; +• Annual accounts in Note 43 p. 313 +Annual financial report 2022 • Chapter ‘Corporate governance statement’ p. 202 ; +• Annual accounts in Note 43 p. 302 +Annual financial report 2021 • Chapter ‘Corporate governance statement’ p. 192 ; +• Annual accounts in Note 43 p. 297 +Important agreements +concerning a change of +control in the event of a +takeover bid +Annual financial report 2023 • Chapter ‘Corporate governance statement’ p. 232 +Annual financial report 2022 • Chapter ‘Corporate governance statement’ p. 218 +Annual financial report 2021 • Chapter ‘Corporate governance statement’ p. 207 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +12 diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_140.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_140.txt new file mode 100644 index 0000000000000000000000000000000000000000..77db1c87c77c3978616c00721284ea485d2d7c52 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_140.txt @@ -0,0 +1,105 @@ +Shareholders and investors +Individual or institutional shareholders and +financial institutions +As a listed company, Cofinimmo has a duty to have a transparent +dialogue with its investors and to ensure the same informa - +tion is available to all. An ESG-section is part of the quarterly +presentations. +The people primarily responsible for this dialogue are the mem - +bers of the executive committee and, more specifically, the CEO +and the CFO, assisted by investor relations, external communi - +cation, finance, and ESG departments. +In 2023, Cofinimmo participated in more than twenty roadshows, +conferences, and other events bringing the company and inves - +tors together. During these roadshows/conferences, company +representatives were able to meet more than 150 institutional +investors and to answer questions on the company’s strategy.. +Clients and occupants +Healthcare properties operators, retailers, public +services, office tenants and other occupants +Depending on the business segment, the first contact that +a client has with Cofinimmo is with the M&A team or the com - +mercial representatives. The goal for the commercial staff is to +meet the needs expressed by the client before a space is leased. +Property managers, on the other hand, seek to ensure the cli - +ent’s comfort and satisfaction throughout their occupancy of the +building. If necessary, the project management team is available +to carry out improvement works on tenants’ premises or, for +healthcare real estate, to initiate structural projects. +In the healthcare real estate segment, the client receives reg - +ular visits from Cofinimmo’s property managers or their repre - +sentatives. These visits are a fundamental part of the property +management system linked to centralised data management +systems and dashboards. In some countries, Cofinimmo has +signed outsourcing agreements for the technical management +of buildings because the properties are geographically dispersed. +Each property is visited at least once a year to establish a proac - +tive dialogue with the operator. In Finland for example, Cofinimmo +concluded subcontracts with a local real estate manager. The +main reasons for this are the requested local knowledge and +the lack of Cofinimmo offices in Finland. The number of visits +varies from one per month to one every six months, depending +on the asset and the type of contract. +In the office segment, the clients meet with a Cofinimmo +employee in person at least once a year. Often, there are quarterly +and even more frequent contacts if telephone conversations and +e-mails are included. The client can also contact the company +via the service desk, which is available 24/7. In 2023, the service +desk responded to 7,439 client requests. +In January 2024, Cofinimmo conducted a satisfaction survey +relating to 2023 among its tenants. The objective of the survey +was, among others, to better understand the level of overall satis - +faction of the tenants with regard to the performance of the build- +ings they use next to satisfaction level on building characteristics, +contacts with owner, maintenance and works management. +Through this survey, Cofinimmo sought to strengthen the dialogue +with tenants in all segments to understand their ESG priorities +for building management. +Using a Net Promoter Score (NPS), the results showed that +tenants are globally promoters of Cofinimmo with a NPS +score of +4 based on 36 % of respondents, and 78 % of con - +tacts who responded to the survey are satisfied with the +landlord-tenant relationship, and that the most impor - +tant ESG aspects are to ensure occupant safety, reduce the +energy intensity of the portfolio and ensure accessibility for +everyone. These results will be part of a focused action plan +to make sure tenant feedback is considered in the overall +strategy. In order to understand the evolution of tenants’ sat - +isfaction but also the evolution of their needs and priorities in +terms of ESG and beyond, Cofinimmo plans to conduct the same +survey every two years. +Employees +Due to the size of the company, which currently counts 154 per - +manent staff, employees have regular contacts with the Head of +human resources and the members of the executive committee. +Informational meetings and informal consultations, open to all +employees, are regularly organised and facilitate discussion +with members of the executive committee. +The individual performance reviews provide an opportunity to +discuss expectations, roles and objectives more formally. At the +end of 2021, Cofinimmo switched to a ‘performance preview’ +system, where employees are empowered to propose their +own contributions toward achieving the company’s strategic +objectives. The system of two reviews per year was abandoned +in favour of a permanent feedback system, based on regular +interviews. With this new system, employees and their managers +work hand in hand to ensure the success of their team. +In 2022, after the submission of a survey aimed at defining per - +sonality traits of Cofinimmo’s employees, Cofinimmo put together +a working group where a diverse group of employees and man - +agement worked together to extract a common denominator of +values, reflecting high ethical standards. These resulted into our +common values ‘we care, we connect, we commit’. +Although the right to freedom of association and collective bar - +gaining is provided through mandatory social elections, which +take place every four years, no trade union representation has +been set up so far, due to a lack of candidates. +Regardless of the absence of a trade union, Cofinimmo is +committed to managing reorganisations responsibly. For all +To thank the tenants for their participation +in the satisfaction survey, Cofinimmo +donated 10 EUR per completed +questionnaire to the ICRC (International +Committee of the Red Cross). +138 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_141.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_141.txt new file mode 100644 index 0000000000000000000000000000000000000000..4cb9abd3d8ab3729b0c7b992f816c53fbf566643 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_141.txt @@ -0,0 +1,75 @@ +operational changes impacting multiple people, applicable leg - +islation mandates a minimum notice period of six weeks. No +collective reorganisation involving job losses has taken place +within the group in recent years. +Suppliers of goods and services +Developers, contractors, service providers, +facility managers, real estate agents, lawyers, +consultants +Cofinimmo works with less than 2,000 suppliers. These are primar - +ily contractors responsible for the (re)development of buildings, +and companies that carry out regular maintenance on buildings +(technical maintenance, energy supply, cleaning, etc.). The top +98 significant tier 1 suppliers with yearly spent above 250,000 EUR +represent 84 % of the total spent in 2023. +There are many interactions with the suppliers of goods and +services. In the design phase of a building being (re)developed, +Cofinimmo organises meetings with architects and, where +appropriate, contractors. In the construction phase, weekly site +meetings are held to assess the progress, make decisions on +issues that arise as a result of unforeseen factors, and ensure +the safety of all involved. +In the operation phase, Cofinimmo meets monthly with the +companies overseeing the maintenance of its buildings’ tech - +nical installations. These meetings are an opportunity to, among +other things, discuss how best to ensure occupant comfort and +technician safety, carry out system maintenance, and reduce +energy consumption. +As described above Cofinimmo monitors both internal and exter - +nal property managers’ as well as other direct external suppliers’ +compliance with ESG-specific requirements in the supplier code +of conduct through checks performed by third parties (like tech - +nical auditors and health and safety coordinators) and through +regular meetings with Cofinimmo’s employees. +Supervisory authorities +Financial Services and Markets Authority +(FSMA), the National Bank, auditors, municipal, +regional and federal authorities +As a Belgian listed company, Cofinimmo contributes to eco - +nomic life in its operating countries, most notably through the +payment of taxes and duties. +Both operational and finance teams maintain relationships with +public supervisory bodies to ensure the proper payment of taxes +and the publication of transparent financial information. Interac - +tions with the authorities take place on an ad hoc basis : during +applications for building, planning, or environmental permits, for +the validation of published financial information, and for financial +statement audits, etc. +Media, financial analysts +In addition to Cofinimmo’s annual and half-yearly financial +reports, the company published 42 press releases in 2023, all +of which are made available to interested parties in the financial +world. This information is published in three languages (French, +Dutch and English) on the company’s website. Press releases +relating to operations in Germany, Spain, Italy and Finland are +also published in German, Spanish, Italian, Finnish and Swedish, +respectively. To follow the volatility and impact of social media, +Cofinimmo is active on X (Twitter), LinkedIn and since May 2023 +on Instagram. Together these accounts have reached 13,927 +followers. In 2023, Cofinimmo published 118 posts on LinkedIn, +42 posts on X and 49 posts on Instagram. +Finally, Cofinimmo renewed its participation in several ESG ratings +and benchmarks, notably GRESB, S&P Corporate Sustainabil - +ity Assessment, Carbon Disclosure Project and EPRA sBPR, thus +maintaining its position among the best real estate companies. +‘The Shift is the national contact point +for the World Business Council for +Sustainable Development (WBCSD) +and the UN Global Compact (UNGC). +Over 560 organisations from +different sectors are members of this +network, including businesses, NGOs, +associations, universities, public bodies +and other key players in society.’ +139 +SECTION 5  I  ESG REPORT  I  STAKEHOLDER DIALOGUE AS DRIVER FOR TRANSITION  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_142.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_142.txt new file mode 100644 index 0000000000000000000000000000000000000000..14f2c39f1cfbeb85ae9ad91de20bbd1655f05b40 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_142.txt @@ -0,0 +1,145 @@ +Stakeholders : expectations and responses +Stakeholders Expectations Responses +SHAREHOLDERS AND +INVESTORS +Individual and institutional +shareholders, financial +institutions +• The protection of the invested capital ; +• A moderate risk profile ; +• The provision of transparent financial +information ; +• A long-term relationship ; +• A socially responsible investment ; +• The repayment of the debt and payment of +interests. +• A clear investment policy in the three business segments : +healthcare real estate, distribution networks and PPP, and offices ; +• Seeking income over the long term ; +• Transparent financial information, audited by the external auditor, +governed by the regulations, and supervised by the Financial +Services and Markets Authority : annual report, participation in +investor fairs, general meeting, etc. ; +• Full application of the corporate governance code. +CUSTOMERS AND +OCCUPANTS +Healthcare real estate +operators, retailers, public +services, office tenants +and other occupants +• A building that meets the specific needs of their +activities ; +• The ability to innovate in order to meet changing +needs ; +• Rents in line with their financial potential +and clear information on their rights prior to the +signature of a lease ; +• Control of rental-related expenses ; +• A trustworthy, stable landlord ; +• Sustainable buildings which guarantee security +and comfort. +• A team of professionals active in various real estate fields : +commercial representatives to fully understand customers’ needs, +project managers to ensure the buildings’ construction quality, +property managers to ensure efficient management of buildings +in operation, and control of rental expenses. +• A commercial offer with clear and transparent clauses. +EMPLOYEES • Pleasant working conditions ; +• Fair treatment ; +• A guaranteed, stable and attractive wage grid ; +• A skills development plan (training, career +prospects, etc.) ; +• Management with strong ethical values, a sense +of leadership and the ability to listen. +• A code of good conduct ; +• Wage conditions that ensure a fair, appropriate and comfortable +standard of living and salary development protecting staff +against increases in the cost of living ; +• A system of permanent dialogue between the employee and their +manager to help each other as much as possible in successfully +contributing to the company’s objectives ; +• Consultation on working conditions and working atmosphere, with +a view to improve work through agreements ; +• Freedom of association and collective bargaining protected by +mandatory elections and regular interaction opportunities with +colleagues and the management ; +• Responsible management and reorganisation (where it occurs) ; +• Access to training ; +• Regular employee engagement surveys. +SUPPLIERS OF GOODS AND +SERVICES +Developers, contractors, +service providers, +facility managers, +real estate agents, +lawyers, consultants +• Collaboration opportunities ; +• Compliance with purchase orders and signed +contracts : product and service prices, payment +deadlines, etc. ; +• A healthy, well-balanced commercial +relationship ; +• Respect for suppliers’ staff. +• A supplier code of conduct +• Clear specifications and tender rules ; +• Acceptance of the delivered products and services agreed upon +by both parties ; +• Payment of agreed amounts within the agreed deadlines ; +• Openness to dialogue in the event of a dispute ; +• A code of good conduct that includes supplier relationships ; +• Commitment to reduce social risks in its supply chain. +SUPERVISORY AUTHORITIES +The Financial Services and +Markets Authority (FSMA), +the National Bank, auditors, +municipal, regional, and +federal authorities +• Compliance with the laws and regulations +in effect, particularly those governing town +planning and environment ; +• Open dialogue through professional +associations ; +• Compliance with public space planning rules. +• Financial publications and press releases that meet regulatory +requirements ; +• Timely transmission of information on the transactions carried +out to enable the supervisory authority to review them without +undue haste ; +• Compliance with the legislation and procedures in effect, and the +forms required by the authorities. +MEDIA, +FINANCIAL ANALYSTS +• Accurate, reliable information and timely +dissemination. +• Annual reports, press releases and other publications ; +• Participation in interviews, round tables, debates and roadshows ; +• Press conferences ; +• ESG ratings and references. +CIVIL SOCIETY, LOCAL +COMMUNITIES +Local residents, civil +society associations, etc. +• Responsiveness to society’s actual real estate +needs ; +• A contribution to citizens’ well-being ; +• Improvement in urban quality of life +and harmony ; +• Payment of taxes. +• Investment in segments that represent a demand and respond to +a present and future societal challenge (healthcare real estate, +PPP) ; +• Respect for the neighbourhood when refurbishing buildings or +during new developments ; +• Citizens’ initiatives supported by Cofinimmo’s employees. +Civil society, local communities +Local residents, civic associations, etc. +Cofinimmo pays close attention to its impact on civil society. +To monitor this impact, Cofinimmo regularly takes part in con - +ferences related to its activities, participated in interviews with +journalists and helps university students in their academic work. +The company is also a member of associations such as The +Shift, which brings together businesses and NGOs. These forums +provide an opportunity to reflect on ways to improve the com - +pany’s sustainability policies. +140 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_143.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_143.txt new file mode 100644 index 0000000000000000000000000000000000000000..256afea182dc7cc5a52772dd1d80b2472f7e83ae --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_143.txt @@ -0,0 +1,74 @@ +Environment +Cofinimmo’s environmental policy can be found on the company’s website : +www.cofinimmo.com/about-us/governance/charters +Organisation / +Institution +Rating / certification Initial rating Evolution +2023 +Green Star +with a score of 77 % +(Peer average 75 %) +45 % +2014 +70 % +            +70 % +            +77 % +2021                  2022                  2023 +2023 +B +(on a scale from A to D-) +Europe regional average B +Financial services sector average B- +C +2013 +B +            +B +            +B +2021                  2022                  2023 +2023 +BREEAM - Good to Excellent +(11 sites) +HQE - Excellent +(1 site) +BREEAM In-Use - Good to Excellent +(14 sites) +ActiveScore - Gold +(1 site) +1 +site +2010 +15 +sites +            +20 +sites +            +27 +sites +2021                  2022                  2023 +9.8 t CO 2 e/MEUR +GHG emissions intensity for scopes 1 and 2 in +relation to the property result +-9.7 % +Change in GHG emissions for scopes 1, 2 and 3 +-3.2 % +Change in electricity consumption +12.7 kg CO 2 e/m² +GHG emissions intensity linked to energy consumption +of portfolio for scopes 1 and 2 +138.2 t CO 2 e/MEUR +GHG emissions intensity for scopes 1, 2 and 3 in +relation to the property result +-11.5 % +Change in fuel consumption +142 kWh/m²/year +Energy intensity +23.9 kg CO 2 e/m² +GHG emissions intensity linked to energy consumption +of portfolio for scopes 1, 2 and 3 +141 +SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_144.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_144.txt new file mode 100644 index 0000000000000000000000000000000000000000..d425497dc06f4c4aa3a22a15136c1b5f2f225245 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_144.txt @@ -0,0 +1,76 @@ +According to the European Environment Agency, in 2021, the real estate sector +was responsible for approximately 35 % of energy-related greenhouse gas (GHG) +emissions in Europe. In light of this fact, Cofinimmo aims to reduce its buildings’ +emissions and strives to ensure they deliver optimal energy performance. +Reducing +energy intensity +of the portfolio +In October 2023, the European Commis - +sion adopted the last two proposals com- +pleting its Fit for 55 package of measures +to reduce GHG emissions by at least 55 % +by 2030 (compared to 1990 levels). Build - +ing and renovating in an energy and resource-efficient way is +one of the policies that will bring about major changes to help +transform the EU economy for a sustainable future. Cofinimmo +is publishing energy data of its portfolio since 2010 which allows +to establish a reference benchmark and a transition plan to +reduce the energy intensity of the portfolio by monitoring energy, +preventing energy need and increasing the share of renewable +energy. +Cofinimmo, a major player in European real +estate, has demonstrated its commitment +to ESG for 15 years. The company remains +convinced that it is possible to achieve a car - +bon-neutral society by 2050 while serving the +interests of its stakeholders. +Cofinimmo’s 30³ project is part of this approach. The project has +been validated by the Science Based Targets initiative (SBTi) +and contributes directly to the company’s objective of reduc - +ing GHG emissions. The objective of this ambitious project is to +reduce the energy intensity by 30 % (below 2017 level) to reach +130 kWh/m²/year by 2030. To achieve this objective, a 360-degree +approach will be applied, taking into account the entire life cycle +of buildings, as well as scopes 1, 2 and 3. +This corporate project applies to both the office and health - +care real estate segments, and all related activities under the +company’s direct management, such as sales and acquisitions, +development projects, construction projects management, and +day-to-day building management. +Around 4,700 companies worldwide have targets validated by +SBTi. The 2030 target has been set and an assessment is carried +out annually to ensure that the commitments are met. Cofinimmo +is also actively working to set up its objectives for 2050. Several +intermediate targets will be set with a view to ensure objectives +are achieved by 2050, or even sooner. +Monitor +Reducing energy intensity starts by better understanding the +portfolio of buildings. With this in mind, Cofinimmo is gradually, +and more effectively, recording buildings energy consumption. +The action plan, implemented in the multi-tenant office segment +since 2013, was completed in 2018. As a result, these buildings +are now equipped with remotely readable meters connecting +the facilities to the energy accounting software. Some opera - +tors in the healthcare real estate portfolio have taken similar +approaches to automatically record their energy consumption. +This general approach is being pursued for the healthcare real +estate and the single-tenant office segments with a view to +equip 75 % of the portfolio in the healthcare real estate and +office segments with automatic consumption records. In 2023, +Automated consumption meter readings for +healthcare and office portfolio (in %) +2020 2021 2022 2023 +70 % +60 % +50 % +40 % +30 % +20 % +10 % +0 % +14 % +19 % +64 % 66 %66 % +142 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #4 is a "pillow". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_145.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_145.txt new file mode 100644 index 0000000000000000000000000000000000000000..f6e2eb7fbaae05318ed83c58eb2925e77af0b488 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_145.txt @@ -0,0 +1,98 @@ +5.0 % +Renovation of the portfolio (excluding +new constructions, extensions and +acquisitions) for 2028. +130 kWh/m²/year +Energy intensity across all segments +by 2030. +85 % +Surface areas covered by a sustainable +collaboration agreement between +Cofinimmo and the tenant (healthcare +real estate and office segments) by 2024. +a monitoring system is installed for 66 % of the healthcare real +estate segment and 67 % of the office segment. Further digiti - +sation and availability of energy data as public data would help +to overcome the challenge of accurately tracking emissions to +the building level. +Cofinimmo believes that landlords and tenants have a shared +interest in reducing the environmental impact of rented space. +Building occupants are responsible for managing their own +energy consumption. Nevertheless, Cofinimmo raises tenants’ +awareness through sustainable collaboration agreements which +enable the sharing of consumption data and the implementation +of initiatives to reduce consumption. When appropriate, these +agreements are formalised by a green clause, a green charter, +a proxy, or, for existing leases, a simple exchange of emails. +Since 2020, a green clause has been included in all new leases. +This clause includes an agreement to collaborate in good faith +to improve the environmental performance of the leased prem - +ises and to share all data and relevant information relating to +energy and water usage. All consumption data from the shared +spaces under Cofinimmo’s management, as well as the private +consumption data voluntarily provided by different tenants, is +collected within the energy accounting software. As at 31.12.2023, +80 tenants have accepted a sustainable collaboration agree - +ment so that energy consumption data is available for 75 % of the +portfolio. Energy intensity and GHG emissions data is provided in +the chapter ‘EPRA performance indicators’ (see pages 334-353). +Prevent +What is the best way to participate in global efforts to reduce GHG +emissions in the real estate sector ? Cofinimmo aims to prevent +energy need through development projects (3.2 % of total area in +2023). The company strives to do as much as possible in terms +of energy intensity, often going beyond legal requirements to +address net zero policy at building level by 2050, while main - +taining desired profitability. Efforts taken to reduce consumption +differs by sector, but the general approach is to limit the use of +fossil fuels. In the healthcare real estate segment, Cofinimmo’s +involvement is focused on raising tenants’ awareness. For offices, +Cofinimmo is often involved in the day-to-day management +of most buildings. This enables Cofinimmo to influence energy +consumption once the building is occupied. +In the portfolio under operational control, opportunities for emis - +sions reduction go beyond renovations. A five-year plan ensures +that maintenance work is targeted toward reducing the port - +folio’s energy intensity. +In 2023, the net zero roadmap has been pursued by facilitating 57 +energy audits for strategic assets in the last three years, covering +13 % of total energy consumption at end of 2023. This roadmap +allows to contribute to national decarbonisation plans like the +Tertiary Decree in France and the Information Obligation in the +Netherlands. In 2023, the energy consumption based on calen - +dar year 2022 has been entered for 70 % of the buildings on the +official French Operat platform. The demonstrated sustainability +ambition combined with the high degree of transparency led to +the approval of the roadmap in the Netherlands by the authorities +responsible for environment. In this way Cofinimmo could secure +participation in the portfolio approach for the Dutch healthcare +real estate portfolio that runs for the period 2023-2026 in which +a reduction of 20 % is targeted on final energy consumption. +Following energy efficiency measures were mainly implemented +in the portfolio in the last three years : +• upgrade of regulation management system in 15 buildings ; +• installation of high-efficiency HVAC equipment in 15 buildings ; +• wall and/or roof insulation in 6 buildings ; +• window replacements in 13 buildings. +Operational management aims to proactively improve the energy +performance of buildings in collaboration with technical main - +tenance companies. +Renewable energy +While reducing and limiting energy consumption remains a +necessity, an overarching global goal is to increase the share of +renewable energy. To this end, Cofinimmo has signed a contract +for the supply of electricity from renewable sources for areas +under its operational control in both the healthcare real estate +and office segments. Electricity delivered under this contract +is produced off-site, thus GHG emissions are reduced to zero. +At the same time, Europe is confronted with more frequent heat - +waves asking for sustainable and efficient cooling systems in +buildings. How can solar energy provide a cooling solution during +heatwaves ? While the sun is shining strongest during heatwaves, +solar energy can power cooling systems, reducing pressure on +the grid and lowering energy costs. This creates a win-win situa - +tion for tenants and the environment. According to the roadmap +approved by authorities for the Dutch healthcare real estate +portfolio, photovoltaic panels will be installed in 27 buildings by +143 +SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_146.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_146.txt new file mode 100644 index 0000000000000000000000000000000000000000..7965341f827a1979f606998748a322ba3c0147cf --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_146.txt @@ -0,0 +1,20 @@ +the end of 2026. In 2023, 11 facilities in our healthcare portfolio +in Finland have been equipped with photovoltaic panels, rep - +resenting more than 900 panels and a total energy production +of 377 kWp. For example, our medical centre in Vaasa is the first +Mehiläinen hospital in Finland to be equipped with photovoltaic +panels. These panels will help reduce the building's GHG emis - +sions. The electricity produced will be almost entirely used to +compensate for the energy consumption of the complex, which is +also limited thanks to LED lighting, mechanical supply and exhaust +air ventilation systems, as well as heat recovery and remotely +readable metres. At 31.12.2023, photovoltaic panels are installed +in 59 buildings, and, combined, produce 3,965 MWh per year. +Also within the delivery of construction, renovation and extension +projects, Cofinimmo focuses on the installation of photovol - +taic panels. At 31.12.2023, 28 % of ongoing projects are designed +to contain photovoltaic panels covering 21 % of energy need +(525 MWh estimated production). + X Nursing and care home - Hoogerheide (NL) +144 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_147.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_147.txt new file mode 100644 index 0000000000000000000000000000000000000000..a16e70eba18123ef9e2d98b6f7dccf488fba26d4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_147.txt @@ -0,0 +1,86 @@ +According to MIT researchers, 52 % of the world’s population, now estimated +to be 9.7 billion people, will live in regions with water stress by 2050. The +U.S. environmental programme also estimates that the built environment +is responsible for 20 % of water consumption. The water consumption +data, reported by the real estate sector, however, is often limited in scope, +accuracy and detail. Given the significant volume of water consumed +in the healthcare real estate segment, Cofinimmo seeks to implement +targeted actions for sustainable management of the water cycle. +Monitoring water +usage +Challenges related to water management, and more specifi - +cally access to drinking water, are no longer limited to devel - +oping countries. Indeed, climate change impacts variability in +the water cycle and its extremes all over the world. Europe has +experienced very real effects of climate change in recent years, +with summers marked by a combination of severe droughts and +extremely violent floods. +This situation calls for political action to introduce regulations +on water use, wastewater treatment, and land use. In addition to +regulations, sustainable certifications such as BREEAM address +these issues, from environmental responsibility and health per - +spectives. These changes impact the company’s portfolio in +terms of both its construction and management and require +certain improvements. Water cannot be reused, for example, +without the installation of water tanks. The group’s action is +not limited to specialised equipment, however. +Measure and act +Following the installation of remotely readable energy meters, +Cofinimmo went on to equip buildings’ water meters with a +remote connection. In addition to measuring water consump - +tion, the meters are designed to trigger an action when a dis - +crepancy is detected. A simple algorithm detects anomalies in +water consumption and sends an alarm to the building man - +ager for further analysis to identify the source of the problem. +The paradox of water consumption, whether in healthcare real +estate or in offices, is that bills are relatively low for normal use, +but can increase exponentially in the event of a leak. Indeed, a +seemingly minor drip can lead very quickly to thousands of liters +of water lost. +What does it take to minimise water consumption ? +The process of minimising water consumption takes place not +only within the building but also outside. +In the building, limiting water consumption is related to installed +appliances, and human behaviour. As for the former, specific +installations for different water usages exist (e.g. sanitary appli - +ances, including toilets, taps, showers, and kitchens). For exam - +ple, low-flow sanitary equipment is standard practice now to limit +the consumption of flush, while other installation types such +as waterless toilets are future-oriented installations. Compli - +ance with applicable hygiene requirements is of the utmost +importance, including with regard to sanitation facilities and +therefore the human right to water (an integral part of human +rights policy). +Together with appliances, it is important to recognize that not +all these water-saving measures work independently from one +pivotal aspect, human behaviour. Academic research shows +that influencing human behaviour can be successful in reducing +water consumption. Very interestingly, data-driven personalised +reports about tenants’ actual water use can influence water +conservation. Indeed, showing tenants their attitude behaviour +discrepancies evokes a feeling of discomfort, triggering water +conservation (as tenants may experience a cognitive disso - +nance between this feedback information and how they perceive +themselves, or how they want others to view them). Real-time +information prompts temporary water savings. It still needs to be +explored whether such changes in behaviour are only temporary +or have lasting effect. +As for the external layout of a building, it can have a dual func - +tion : creating captured and underground water reserves and +delaying rainwater runoff. +The installation of green roofs delays rainwater runoff by creating +active roofs. Limiting hard surfaces allows better permeability +of the ground so that rainwater can supply the groundwater. +In the event of heavy rain, which is increasingly common, this +makes it possible to reduce flood risk. The impact of biodiversity, +from vegetation, whether on the roof or on the ground, must +also be considered. +720 litres/m² +Water consumption +per surface area. +66 % +Buildings equipped with remotely +readable water meters (healthcare +real estate and office segments). +145 +SECTION 5  I  ESG REPORT  I  ENVIRONMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_148.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_148.txt new file mode 100644 index 0000000000000000000000000000000000000000..4e0e4e50def73778e766cdfd8add05ebe3ec2159 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_148.txt @@ -0,0 +1,71 @@ +In the coming years, water management inside and outside +buildings will need to change drastically to adapt to the physical +risks associated with climate change. It is therefore essential that +companies, particularly those in the real estate sector, prepare +for the future. +Apply circularity to water management +By definition, a circular economy is restorative or regenerative by +intention and design. If applied to water, the circular principles +allow to recuperate water and reuse it in the system for different +purposes as a possible solution to water scarcity. +A future-oriented process that constitutes an upcycling of water +is the treatment and reuse of black water and grey water for low +or high-grade applications. In this case, water originated from +toilet flushes (black water), and the water originated from house +appliances such as dishwashers or kitchens (grey water), are +then treated one or multiple times based on the end-use des - +tination, building a closed system of water usage. +One of the most common systems today is rainwater capture, +which is not yet economically or structurally viable in all cases +but is part of the feasibility criteria for new constructions. Through +rainwater recuperation, the rainwater falling on the roof of the +building is collected in a rainwater tank, which is connected to an +infiltration installation and, based on the depth of the treatment +procedures, it can be reused either for non-potable or drinking +water usage. At 31.12.2023, reuse of storm water for garden and +sanitary usage is implemented in 24 buildings of the portfolio +(7 % of portfolio area covered). +Companies, like Cofinimmo, that are already thinking about new +social trends and integrating these into their strategy will be one +step ahead of companies that opt for a wait-and-see approach. +Rainwater falling on the roof is +captured in a rainwater tank. The +overflow of the rainwater tank +is connected to an infiltration +installation. Rainwater is treated +by a coarse filter, a fine filter and +an active carbon cartridge (simple +treatment) to remove suspended +solids and colour. This water is +reused for toilet flushing, cleaning +and garden irrigation. Potentially, +the rest of the available rainwater +can undergo advanced treatment +to produce drinking water, which +is used for all other applications. If +enough rainwater is captured, the +building can be totally independent +of the drinking water distribution +network. +    Rainwater (or tap water) +    Wastewater +    Grey water +   Black water +INFILTRATION +RAINWATER +TANK +Simple +treatment +Advanced +treatment +NON-DRINKING +WATER +SEWER +DRINKING +WATER +Tap water refill +(when needed) +Tap water refill +(when needed) +146 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_149.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_149.txt new file mode 100644 index 0000000000000000000000000000000000000000..bac6353300dbbdb9726621fe467ad13e88955dca --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_149.txt @@ -0,0 +1,63 @@ +Organisation / +Institution +Rating / certification Initial rating Evolution +2023 +EE+ (Very strong) +(on a scale going from F to EEE) +SE Belgian Index & SE Best in Class Index +EE+ +2015 +EE+ +            +EE+ +            +EE+ +2021                  2022                  2023 +2021 +0.75 +GDI rating1 +Ranking 3rd place in Belgium +Global average 0.59 +18th +20181 +0.86 +            +0.81 +            +0.75 +2019                  2020                  2021 +2023 +Equileap +63 % +(#1 in Belgium for gender equality) +58 % +2019 +55 % +            +58 % +            +63 % +2021                  2022                  2023 +2023 +Gold +(on a scale going from Standard to +Platinum) +Stand. +2012 +Gold +            +Gold +            +Gold +2021                  2022                  2023 +2023 +Certification granted for Belgium and +Germany +BE+DE +2023 +1. No GDI rating available for 2018, on the worldwide ranking (out of 600 companies). +Social +Cofinimmo’s social policies can be found on the company’s website : +www.cofinimmo.com/about-us/governance/charters. +147 +SECTION 5  I  ESG REPORT  I  SOCIAL  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_15.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_15.txt new file mode 100644 index 0000000000000000000000000000000000000000..cfcf90c47790e5a164ee3c62a0c6f1c69b40bc88 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_15.txt @@ -0,0 +1,3 @@ + X ‘L’Envol’, artwork by MagicStreet, installed on the façade of the office building with medical centre Trône/Troon 100 - Brussels CBD (BE) +13 +SECTION 2  I  PRELIMINARY REMARKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_150.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_150.txt new file mode 100644 index 0000000000000000000000000000000000000000..3bdb04e63c07cfa5ae0c52a525ad3a5de666dee0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_150.txt @@ -0,0 +1,86 @@ +Safety of occupants +In today’s society, guaranteeing safety within buildings is part +of expectations. In addition to functional requirements, build - +ings must contribute to the health of the users. New certifica - +tions and benchmarks underpin this shift, making it essential for +Cofinimmo’s buildings to meet these expectations. +Characteristics of the building +Both construction choices and maintenance quality impact the +safety of building occupants. The presence of unverified hazard - +ous materials, non-compliance with safety standards and the +impact of inadequate ventilation systems on indoor air quality +can all affect occupants’ health. +Asbestos management (in %) + No traces of asbestos + Traces of encapsulated asbestos +Healthcare real estate  1,861,367 m² +Distribution networks  308,917 m² +PPP and others  206,069 m² +Office  331,226 m² +Total portfolio  2,707,569 m² +62 +57 +70 +65 +100 +38 +43 +30 +35 +Cofinimmo systematically analyses all elements likely to have +an impact on public health, according to the current available +knowledge and the legislation in place at the moment of the +design, no later than the urban planning permit date. The due +diligence process as part of the acquisition and investment +procedure includes a compulsory analysis of the presence +of asbestos, soil pollution and aspects relating to fire-fighting +and fire prevention. For the portfolio under operational control, +next to clear evacuation plans, the group organises annually +evacuation exercises for tenants. In the healthcare real estate +segment, compliance checks on accessibility for people with +reduced mobility are part of the due diligence process and are +regulated by the approval for the operation of the buildings. In +the office segment, 100 % of the projects have been audited for +accessibility for people with reduced mobility in 2023. +The asbestos risk is closely monitored for older buildings in the +portfolio based on the existence of an internal asbestos risk +management policy and internal training on this policy. Asbestos +present in buildings is usually encapsulated in the materials. +In the event of deterioration, these materials are removed in +accordance with legal requirements to ensure individual safety. +In addition to regulations, sustainable certifications such as +BREEAM also address these social issues. Indoor air quality, water +quality, visual comfort or daylight, thermal and acoustical comfort +are part of the design criteria for new constructions following +targeted certifications of 22 ongoing projects at 31.12.2023. +Internal and external facilities +The impact of nature on physical or mental health is well estab - +lished, whether through the quality of the environment in which +we live (presence of green spaces and landscaping), the quality +of the air we breathe or even biodiversity. This is why Cofinimmo +always seeks to provide green spaces to its occupants and pays +particular attention to biodiversity whenever initiating a new +project, whether in the healthcare real estate or office segments. +At the same level the surroundings have a positive impact on +fighting loneliness in the healthcare segment. In the Fundis project +(Rotterdam, the Netherlands), onsite services like a dentist or a +pharmacy facilitate visits by family members as they combine +visits to occupants with those other services. +Real estate’s impact on the external environment is increasingly well +managed. But what about its impact on the internal environment ? According +to the publication of Emerging Trends in Real Estate®, Europe 2024 by PWC +& Urban Land Institute, the importance of the internal environment for +occupiers and end users has increased the most since the start of 2023 +and is expected to rise further in significance over the next five years. +100 % +of the directly managed portfolio has asbestos +monitoring +94 % +of the directly managed portfolio has fire audit +monitoring +No infringements that might present a penalty +or health impact on occupants have been +detected during fire audits and asbestos +monitoring in the directly managed portfolio. +148 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_151.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_151.txt new file mode 100644 index 0000000000000000000000000000000000000000..f83eb527113b1ce2483e2f77b6550b329b9242ed --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_151.txt @@ -0,0 +1,74 @@ +Responsible +supply chain +relations +These operating principles apply to all of Cofinimmo’s operating +segments and in all countries where the company is active. +Two way engagement +Cofinimmo always seeks to treat its suppliers fairly during pur - +chase negotiations, placing particular emphasis on the safety +of its staff. Commercial relationships can only be maintained +through the mutual respect of all parties and the understanding +of their respective concerns and objectives. The outsourcing of +construction and maintenance activities goes hand in hand with +strict monitoring of these subcontracting operations. Ensuring +that all of the company's suppliers follow its environmental policy +is considered market best practice. +Cofinimmo formalised its commitment on environmental, social +and governance aspects through the publication of a supplier +code of conduct and expects its suppliers to undertake to respect +the principles and standards set out in this code. Each project +manager and property manager is responsible for the appli - +cation of the supplier code of conduct as regards the relation - +ship with its suppliers. The supplier code of conduct includes a +commitment to the United Nations Global Compact, whose ten +principles are derived from the Universal Declaration of Human +Rights, the International Labour Organisation Declaration on +Fundamental Principles and Rights at Work, the Rio Declaration +on Environment and Development and the United Nations Con - +vention against Corruption. Through its values and its activities, +Cofinimmo seeks to live up to its fundamental responsibilities +regarding human rights, employment, the environment and a +zero tolerance for corruption. +In the context of calls for tenders, Cofinimmo clearly describes +the responsibilities of each party in the specifications and +contracts. The registration of site workers is compulsory in all +countries where Cofinimmo is active. The clause concerning the +employment of a trainee is included in every general contractor +agreement. The monitoring and reporting of accidents on the +work site is the responsibility of each subcontractor in its capacity +as employer. There were no accidents with fatal consequences +on Cofinimmo’s work sites in 2023. +Safety on site +In the context of large-scale renovations, Cofinimmo’s employees +are trained in safety coordination and identify and monitor the +risks and preventive measures to be implemented for each work +site. Cofinimmo also relies on external safety coordinators as the +workload requires. Safety coordinators provide each worker with +an introduction to work site safety, and monitor compliance with +safety instructions. Safety is included in the agenda of weekly +work site meetings. In accordance with European directives, these +measures are applied in all countries where Cofinimmo is active. +In the context of the portfolio maintenance, Cofinimmo equips +its buildings with safety systems in order to ensure the physical +safety of suppliers (for example cradles and anchor points for +window-cleaning teams). Subcontractors’ services are covered +by framework contracts to ensure the development of a mutually +beneficial partnership. +Cofinimmo, a listed company and leader in European healthcare +real estate and in the office real estate in Belgium, demonstrates +transparency and ethical behaviour towards its stakeholders. The +company condemns any practices that are questionable or punishable +by law (e.g. corruption, money laundering, undeclared work, social +dumping, etc.) as well as those that contravene the principles of +sustainability, fair treatment, equal opportunity and respect for others. +0 +No cases of misappropriation were +identified +No cases of wrongdoing in calls for +tenders were identified +‘Cofinimmo expects its +suppliers to do everything in +their power to comply with +the commitments outlined.’ +149 +SECTION 5  I  ESG REPORT  I  SOCIAL  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_152.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_152.txt new file mode 100644 index 0000000000000000000000000000000000000000..d74889b06a0c8e701d6347436cd4dfc9333ce44d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_152.txt @@ -0,0 +1,49 @@ +I. Respect for differences and +cultural diversity +Diversity among employees within Cofinimmo’s diversity policy +is reflected in initiatives dealing with recruitment, staff manage - +ment and communication (see page 209 of this document). +The head of HR and internal communication is responsible for +implementing DEI (diversity, equity and inclusion) objectives. +Whether internally or in interactions with external stakehold - +ers, Cofinimmo has long since adopted a high level of ethics, +an essential prerequisite for diversity, non-discrimination and +respect for individuals, institutions, and the rule of law. This +includes : +• a code of good conduct ; +• shared and supported values : we care, we connect, we commit ; +• open and transparent feedback and feedforward culture based +on trust and mutual help for joint success ; +• right and encouragement of self-expression, information +and personal development for all employees to grow with +the company. +Diverse, trained +and healthy +employees +The success of any organisation depends not only on an inspiring vision but also the +people delivering it. They must be given the space to fully apply their talents and thus +efficiently turn this vision into reality. The group’s human capital strategy is designed to +provide maximum support in this respect. Cofinimmo brings significant added value to +society. Its staff are proud of this fact and understand that they all make an important +contribution to achieving success together. The group strongly believes in diversity and +respect of as well as equality in its workforce. Different perspectives and experiences +enrich its decision-making processes, which are designed to further enhance this +diversity. In order to expand its business activities, Cofinimmo invests in its staff. It helps +them reach their maximum potential by focusing on their development through a +combination of training and coaching initiatives. The safety, well-being, and resilience +of its staff are also crucial and are actively supported through various initiatives. +‘Cofinimmo believes diversity +(cultural, generational, linguistic, +gender, etc.) to be a strength +and promotes equal opportunity, +a fundamental democratic value.’ +80 % +Women/men gender pay gap +Remuneration ratio between genders +at employee level +100 % +of employees receive at least +the living wage +150 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret animal #5 is a "squirrel". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_153.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_153.txt new file mode 100644 index 0000000000000000000000000000000000000000..d84f67997068fd4535139d5d2b469d9e521e96f4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_153.txt @@ -0,0 +1,93 @@ +General principles of recruitment and selection +At all stages of the selection process, Cofinimmo’s objective +is to check the candidates’ suitability for the position and the +company, as well as their motivation, without any other consid - +eration that could be described as discriminatory. +During selection interviews, Cofinimmo undertakes not to express +any evaluation, judgement, or criticism, and not to ask candi - +dates any questions which might be considered discriminatory +or vexatious, given their values, personal and family choices +and lifestyle. +Cofinimmo has the success and well-being of its staff at heart +and refrains from hiring people who may not achieve the +expected levels of success or well-being. To avoid hiring errors +when recruiting new employees, Cofinimmo applies an objective +selection procedure by using non-discriminatory assessment +tests that measure personal abilities, behaviour traits, prefer - +ences and motivations. This aims to identify the best possible +match between the employee and both the requirements of the +function and the corporate culture. If Cofinimmo relies on an +external service provider for this assessment, they are evaluated +to ensure that they have the skills, methods, and selection tools +appropriate for the requirements of the position, and that the +persons responsible for evaluating candidates adhere to the +principle of non-discrimination. +Information on job vacancies and +subcontracting +When Cofinimmo advertises its job vacancies, the content does +not include any term, reference, or criterion of a discriminatory +nature. If recruitment and selection professionals are engaged +in the selection process, the company first ensures that these +intermediaries adhere to the principle of non-discrimination and +that they apply it at all stages of the procedure. +Inclusion +Cofinimmo expresses its desire to give equal consideration to the +recruitment of persons with reduced mobility or other disabilities +for positions where duties are compatible with such disabilities. +Cofinimmo endeavours to make all reasonable arrangements +to facilitate access to its premises and to the workstation and +to promote the success and well-being of staff with reduced +mobility or other disabilities. In 2023, no persons with reduced +mobility or other disabilities were employed in the group. +Welcome and onboarding +Irrespective of the position held and its hierarchical level, +Cofinimmo applies an onboarding program (including training +related to governance risks) so that each new employee can +integrate quickly and smoothly into the company. +Likewise, all employees who leave Cofinimmo are invited to freely +express the reasons for their departure to their manager and/ +or the human resources department during an exit interview. +Information and working tools +Cofinimmo believes it is essential that all its employees, without +distinction, have the information they need to carry out their +duties, understand those of their manager and colleagues, and +remain abreast of developments in the company. +The company’s labour regulations are made available to all +employees via the intranet and the company regularly organises +information sessions where all employees - or a subset, depend - +ing on the topics addressed - are invited to attend and given the +opportunity to speak up. In 2023, the right to disconnect policy +was published and communicated to all employees. This policy +describes the modalities of the right to be unavailable outside the +working hours, i.e. to disconnect from digital resources, including +communication devices, without fear of reprisals. +Cofinimmo offers its staff the most modern and best-adapted +tools, procedures, and working methods so that they can succeed +in their positions with an optimal level of comfort and well-being. +Cofinimmo regularly ensures that employees in management +positions continue to master their functions and that they con - +tinue to do so in the spirit of the principles of equality and diversity +within Cofinimmo. +Compliance with regulations +Discriminatory practices and homophobic, xenophobic, or racist +remarks, whether made internally or towards people outside +Cofinimmo, are prohibited and are subject to sanctions. The +same applies to visiting xenophobic or racist websites at work, +or to the use of discriminatory or vexatious language in emails. +The trusted contact person designated within Cofinimmo is +attentive to the proper application of the principles of equality +and diversity and prepares a summary report once a year on +the cases handled anonymously and confidentially. In 2023, no +cases of discrimination or harassment breaches were reported. +A mechanism for claiming freedom of association and collective +bargaining, including confidential channels such as the trusted +contact person is available. Procedures are communicated to all +employees during on-boarding and on a regular basis thereafter. +Progress reports on formal individual cases are shared with the +executive committee. In 2023, no formal cases were reported. +The company’s diversity policy +and key indicators are an integral +part of the corporate governance +statement (see pages 206-212). +151 +SECTION 5  I  ESG REPORT  I  SOCIAL  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_154.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_154.txt new file mode 100644 index 0000000000000000000000000000000000000000..fd379a69e260f845cbcc29fc290fede622352d01 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_154.txt @@ -0,0 +1,84 @@ +Remuneration policy +Cofinimmo follows an objective classification of duties and offers +its employees a compensation package that uses identical cri - +teria for all employees. The compensation package includes, +among other things, a benefit plan, a profit-sharing scheme +and, since 2009, a non-recurring bonus tied to company results, +as variable pay elements for its Belgian staff. +The remuneration policy includes a mechanism that ensures +that personal performance targets (ESG included) are taken +into account annually during appraisals with positive or nega - +tive financial consequences. Also non-financial consequences +can be applied as for example not getting a promotion. Exam - +ples of individual ESG targets are defined per department. For +project management it can be obtaining a BREEAM certificate +for a specific project, for property management it is obtaining +an energy reduction objective for a specific asset. At least one +ESG-related goal is mandatory for all employees. In 2023, ESG +targets were assigned to all employees. +Given the desired work-life balance and in particular the issues +associated with commuting (i.e. traffic congestion), employ - +ees have expressed the need to organise their time more opti - +mally. In response to this request, and to enable employees to +work from home effectively, Cofinimmo has implemented a policy +on IT and hybrid working. It provides appropriate IT infrastructure +and has added a home internet subscription or allowance to +the compensation package. +In Belgium, employees also enjoy a series of other fringe benefits +such as company car, bike for all program, group insurance, pri - +vate health insurance, meal vouchers and eco-cheques, smart - +phone, laptop computer, option plan, etc. Since legislation differs +from one country to another, a series of various benefits has also +been implemented in the other countries in which the group +operates in line with local benchmarked practices. Complemen - +tary pension, decease, disability and medical schemes are the +common denominator across the group’s branches. +Cofinimmo recognises the importance of its employees’ phys - +ical well-being and offers the opportunity to undergo regular +preventive medical examinations. It also takes initiatives to pro - +mote physical activity by giving access to a fitness room as +benefit for all and healthy eating by providing fruit and soup +at the head office. +While being closer in size to an SME, Cofinimmo draws from the +same talent pool as the much larger BEL20 companies in its +search for talent. Thus, in addition to its dynamic culture and +core values, Cofinimmo pays close attention to alternative forms +of remuneration with a view to build loyalty. +II. Employee training +In the medium term, Cofinimmo promotes the professional and +personal development of each employee at every stage of their +career. In the longer term, it aims to ensure that the end of a +career is both rich in challenges and free of concerns for the +future. +Cofinimmo achieves this through an extensive learning plan, +which combines workplace learning with more traditional +forms of classroom-based learning (online or otherwise) and +social learning, such as coaching and mentoring. These learning +opportunities are made widely available so that employees can +reach their full potential. +Investing in its employees allows Cofinimmo to benefit from +their increased effectiveness and commitment, and above all +to meet its excellence objectives. +5 days +training per employee per year +6,787 hours +cumulative total of paid training +100 % +employees who attended one or more training +courses +100 % +employees who attended one or more ESG +training courses +2 % +employees attended one or more university +programmes in 2023 +100 % +employees receive regular performance +appraisals +‘Human capital represents +a decisive competitive advantage +for Cofinimmo, both in terms of +the quality of its client services and +its financial and social performance.’ +152 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_155.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_155.txt new file mode 100644 index 0000000000000000000000000000000000000000..aeb233792bb82d0abfc6d56b7bdea9a439fbb14d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_155.txt @@ -0,0 +1,106 @@ +Investors in people (IiP) accreditation +In 2006, Cofinimmo was one of only a few (less than ten) com - +panies in the Brussels-Capital Region to obtain the IiP accredita - +tion. This valuable accreditation is widespread across the world, +especially in Anglo-Saxon countries, and in Belgium’s Flanders +region, but is far less common in Wallonia. +Since its initial accreditation, Cofinimmo has managed to renew +this credential every three years, which demonstrates that the +company invests in and listens to its employees. Such an accred - +itation also makes it possible to attract new talents who appre - +ciate the company’s sustainable approach. +In 2018, Cofinimmo obtained the renewal of its label for three +years. In 2021, the Gold level of this credential was temporarily +reconfirmed after a quick scan in Covid times. In 2022, a thor - +ough survey took place, including detailed interviews. In total, +71 % of the staff participated. The outcome was a Gold award +being reconfirmed for another 3-year period, which only 16 % of +organisations worldwide hold. This is a positive recognition of the +company’s commitment and passion to empower people and +provide them with an engaging business environment. +Great Place to Work® accreditation +In its relentless pursuit of fostering a workplace culture that pri - +oritises the engagement and motivation of its staff, Cofinimmo +recognises the pivotal role it plays in both individual well-being +and overall business performance. +Cofinimmo actively gauges the pulse of its organisation through +regular engagement surveys, translating invaluable feedback +into actionable plans that drive positive change. This year, mark - +ing a significant milestone, the company participated for the +first time in the Great Place to Work® survey in December 2023. +This comprehensive assessment delves into the sentiments of +its employees regarding their leaders, roles, and colleagues, +focusing on the pillars of trust, camaraderie, and pride. +The outstanding participation rate of 78 % demonstrates that +a significant majority of its workforce considers Cofinimmo a +truly Great Place to Work®. This achievement is a testament to +the dedication and commitment of its team at all levels within +the organisation. +However, the journey does not end here. Driven by an unwavering +commitment to continuous improvement, the group is proac - +tively implementing strategic actions to elevate its workplace +environment even further. By nurturing a culture of collaboration, +trust, and pride, it aims to create an environment where every +individual thrives and contributes to the collective success of +then group. +Continuous training policy for employees and +managers +Cofinimmo offers all employees, without any discrimination +whatsoever, the same training and development opportunities. +It is motivated by the desire to ensure that each person is ready, +at all times, to take on a new position within Cofinimmo or else - +where, but also that their skills are in line with market require - +ments. Cofinimmo promotes from within whenever possible. +Six areas of training are emphasised : compliance training, busi - +ness-related technical skills, ESG-related trainings, languages, IT, +and personal development. In 2023, language courses continued +to be a key focus area with one third of employees participat - +ing. This is due to the internationalisation of the company and +the need for everyone to be able to express themselves in a +common language. Conversation groups have been set up in +2022 in order to enable interested employees to put their knowl - +edge into practice. There are French, Dutch, German, English +and Spanish groups. +Training courses are selected jointly by the employee, their man - +ager, and the human resources department. The selection pro - +cess takes into account advances made by the competition and +the sector, the teams’ development needs, new trends, and also +the potential for taking on a higher-level position. As an example +the employee development program on cybersecurity for all +employees led to more than 90 % of employees being rewarded +a bronze or silver certificate. +Managers (current or potential) are provided with (individual +and/or group) leadership and people management development +courses to improve their understanding of the different, and +unique aspects of the role. In addition to in-depth knowledge, +managers need behaviours and approaches that will generate +motivation and commitment on the part of their team members. +All of these opportunities are provided equally, regardless of the +country in which the employee performs their duties. +Cofinimmo also relies on external partners and institutions for +training and development. All training programmes are evaluated +through internal and external feedback mechanisms. +Corporate values +In the course of 2022, Cofinimmo renewed its values. ‘We care, +we connect and we commit’ are the three corporate values +and foundation of its company culture. Detailed descriptions +on Cofinimmo’s three values can be found on the company’s +website : www.cofinimmo.com/about-us/governance/charters. +These values are a compass for the collaborators daily inter - +actions with each other, the customers and stakeholders. They +originated out of a culture review during which the group’s staff +expressed their personal beliefs, convictions and motivators. The +outcome allowed essential behaviours to be defined to realise +Cofinimmo’s inspiring business purpose. +We genuinely care about people, +stakeholders and the planet. +We reach out to each other and +work together to achieve more. +We are agile, committed to +creating value and delivering +results. +‘The good health of a company +is closely related to the motivation +and productivity of its employees.’ +153 +SECTION 5  I  ESG REPORT  I  SOCIAL  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_156.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_156.txt new file mode 100644 index 0000000000000000000000000000000000000000..2b5202886f9bd19da437aee31d487c9c0d061de5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_156.txt @@ -0,0 +1,68 @@ +III. Employee safety and well-being +Recruiting strong candidates is good. Making them want to stay +is even better. For the current generation, the vast majority of +workers claim, above all else, to seek fulfilment in their work. +In response, Cofinimmo has implemented a series of measures +aimed at creating the best possible conditions for employee +performance and well-being. +Onboarding +On arrival, new employees receive a welcome pack that sets out +the workplace safety standards and other practical measures. +Employees are individually welcomed by the human resources +manager and by the members of the executive committee. +Information sessions are organised on a regular basis to allow +all employees to discuss matters with members of the executive +committee. +Informing employees also involves the following actions : +• maintaining physical and digital information channels ; +• organising time to interact with other employees ; +• informing employees of their safety-related rights and +obligations. +1.3 % +men +11.7 % +women +154 +employees +2.8 % +absenteeism +rate +13 % +employees +working part +time +Resilience +Cofinimmo pays close attention to mental health and issues +related to stress at work. We apply ad hoc surveys in departments +to measure this in an objective, anonymous and professional +way. Workplace stress, which is all-too-common in the business +world, can have severe consequences. It may lead to burnout +and result in prolonged absences. For the employer, this causes +organisational disruption and generates additional costs. In 2023, +the total absenteeism rate was 2.8 %, which is substantially better +compared to the benchmark. +Depending on the countries where we operate, we put in place +benefits like home day-care service for sick children or childcare +vouchers. The objective is to give parents the opportunity to +improve their work-life balance, by sending a qualified person +to take care of their sick child(ren) on a short-term assignment +until the parents have found another solution, while the child(ren) +remain in familiar surroundings. Child care costs incurred under +this programme are fully covered by Cofinimmo. +The flexible work arrangements offered to all employees, are +primarily used by women, but uptake among male employ - +ees continues to increase. Cofinimmo’s support for flexible +work arrangements is primarily reflected in the part-time +status granted to one in ten employees. Part-time employees +are mainly women, but also include some male employees. +As work-life balance is essential to employees’ professional +well-being, flexible work arrangements were also introduced to +allow employees to adjust their working hours to their individual +constraints and/or obligations. In addition, all employees have +the option to obtain a short-term and/or long-term reduction in +working hours for educational purposes and/or to care of a loved +one. In 2023, 13 % of employees had flexible working hours in 15 +different schedules in Belgium. + X Jessi Bex - Community Manager +154 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_157.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_157.txt new file mode 100644 index 0000000000000000000000000000000000000000..7f8c3c6cd671553a4506f6071199999df79f7dee --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_157.txt @@ -0,0 +1,112 @@ +Organisation / institution Rating / certification Initial rating Evolution +2023 +AA1 +(on a scale going from CCC to AAA) +BBB +2013 +AA +            +AA +            +AA +2021                  2022                  2023 +2023 +C Prime +(on a scale going from D- to A+) +Industry average D+ +D +2013 +C +Prime +            +C +Prime +            +C +Prime +2021                  2022                  2023 +2023 +54 +Real estate sector average : 29 +22 +2019 +49 +            +49 +            +54 +2021                  2022                  2023 +2023 +56 % +(Robust) +Cofinimmo ESG Performance +(sector average performance) +Environment : 58 % (41 %), Social : 50 % +(34 %), Governance : 64 % (47 %) +58 % +2019 +58 % +            +56 % +            +56 % +2021                  2022                  2023 +2023 +Solactive Europe Corporate Social +Responsibility Index +(based on different sustainability data +providers) +EU +Excel. +2018 + +EU +Excel. +            +EU +CSR +Index             +EU +CSR +Index +2021                  2022                  2023 +1. Disclaimer statement – The use by Cofinimmo of any MSCI ESG RESEARCH LLC +or its affiliates (‘MSCI’) data, and the use of MSCI logos, trademarks, service +marks or index names herein, do not constitute a sponsorship, endorsement, +recommendation, or promotion of Cofinimmo by MSCI. MSCI services and data +are the property of MSCI or its information providers, and are provided ‘as-is’ +and without warranty. MSCI names and logos are trademarks or service marks +of MSCI. + X Office building Guimard 10-12 - Brussels CBD (BE) +Governance +Cofinimmo’s governance policies can be found on the company’s website : +www.cofinimmo.com/about-us/governance/charters. +Economic value generated and distributed +in 2023 (x 1,000 EUR) ++ 365,955 +Customers +- 39,922 +Suppliers of goods +and services ++ 317,033 +Generated value +- 30,665 +Personnel +- 161,900 +Shareholders +- 40,808 +Financial expenditure +- 8,844 +Public sector +- 242,217 +Distributed value ++ 74,816 +Economic value retained within the group +10.06 EUR +Human capital return on investment +Economic value +generated +Economic value +distributed +155 +SECTION 5  I  ESG REPORT  I  GOVERNANCE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_158.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_158.txt new file mode 100644 index 0000000000000000000000000000000000000000..064f79348ce67b023be48b42b0bf54e7a552056e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_158.txt @@ -0,0 +1,64 @@ +To fulfill its responsibilities and pursue its activities, +Cofinimmo must consider its profitability. +Profitability for +investors and access +to capital + X Nursing and care home- Oleiros (Galicia - ES) +Linking financial and ESG strategy +Profitability provides a measure of efficiency and also of the value +that customers see in Cofinimmo’s products and services. It is a +determining factor for the allocation of resources and the protec - +tion of investments on which the company’s growth and continued +delivery of services depend. Cofinimmo would not be able to fully +fulfill its financial and societal roles without sufficient profits and a +stable financial base. Sustainable finance instruments have become +a means no longer to grow but to survive. The annual report on the +indicators for the green & social portfolio can be found in the chapter +‘Financial resources management’ on pages 93-99. +Clear commitment through external policies +Transparency is a driver for good governance. That is why Cofinimmo +decided to review external policies in 2022. Following this review +certain policies have been updated and new policies have been +introduced (like the anti-bribery, fraud and money laundering policy). +The next step is to bring these policies to life through internal pro - +cedures and training sessions for all employees (in 2023, 89 % of +employees got trained on the fight against corruption). Further in +2023, Cofinimmo enhanced its ethical data management procedures +beyond compliance level by a cybersecurity training program and +by introducing an AI (artificial intelligence) policy. The purpose of this +policy is to ensure that all parties use AI tools in a secure, responsible +and confidential manner. The policy outlines the requirements that +the parties must follow when using AI tools, including the evaluation +of security risks and the protection of information. +Relevant ESG risk factors +The priorities with regard to ESG risks are chosen owing to what +must be done due to the Belgian and European regulation, the +commercial opportunities and the financial impact on the busi - +ness considering the likelihood and impact of each identified risk. +The executive committee, the head of ESG, the internal auditor, +tenants and suppliers are included in the assessment. +At group level, Cofinimmo is conscious that a building which is +more energy efficient results in more advantageous operation +costs for the occupiers. Lower financial charges helps to com - +mercialise buildings faster, making them more attractive. To +compensate the fluctuation of the energy prices, Cofinimmo +progressively takes different actions : +• smarter control of energy consumption (through an energy +accounting system in the healthcare real estate and office +segments, and close follow-up of maintenance in the directly +managed portfolio) in order to reduce the costs of it ; +• regular review of energy supply contracts in the directly man - +aged portfolio ; +• progressive implementation of renewable energy production +(mostly photovoltaic solar panels). +At the asset level, the risk assessment is specifically done +for the existing buildings through the ISO 14001 process and +reviewed every year. The risk assessment is updated/moni - +tored following the kind of asset (healthcare property, offices, ...) +and level of operational control. Examples of environmental +‘Transparency is a driver for good +performance. That is why Cofinimmo +gets external assurance on its +sustainability statement since 2013.’ +156 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_159.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_159.txt new file mode 100644 index 0000000000000000000000000000000000000000..072b83e5ad5958aeb6c0a282fda09bd829edcb06 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_159.txt @@ -0,0 +1,42 @@ + Committed more than ever to caring, living and working +in a sustainable way + X Nursing and care home - Castellón (Valencia - ES) +Bel ESG and Top SBTi 1.5° ESG Bond Issuer +In 2023, Cofinimmo has been selected by Euronext to be part of ‘Top SBTi +1.5° ESG Bond issuers’ and was included the new Euronext BEL ESG index. +Financial Times 500 Europe’s Climate Leaders +In 2023, Cofinimmo is the only Belgian real estate player included in +the 500 Europe’s Climate Leaders according to the Financial Times and +Statista. This label is granted to the European companies that proved to +be the most successful in reducing their core greenhouse gas emissions +relative to their revenue. +risks analysed are soil pollution, asbestos, energy performance. +The group has performed some asset-level environmental and +social risk assessments of the healthcare real estate and office +segments during the last three years on the following issues : +• building safety and regulatory risks in the full portfolio ; +• climate, flooding, energy efficiency, GHG emissions and acces - +sibility in the healthcare real estate and office segments (81 % +of portfolio) ; +• contaminated land, indoor environmental quality, waste and +water management in the directly managed portfolio (10 % +of portfolio) ; +• access to healthcare in the healthcare real estate segment +(69 % of portfolio). +Reporting compliance +Cofinimmo has adopted the performance indicators advocated +by the European Public Real Estate Association (EPRA). These 28 +indicators correspond to 21 GRI Standards drawn from the Global +Reporting Initiative (GRI) and provide a clear picture of company +performance year over year. +Following the final approval by the Council of the EU, the application +of the corporate sustainability reporting directive (CSRD) becomes +mandatory for Cofinimmo for reporting in 2026 on the financial year +2025. However, Cofinimmo has already integrated sustainability +indicators in its management report since 2010. The group supports +the evolution towards standardised reporting and will continue, as +started on a voluntary basis, to deliver externally assured sustain - +ability information. +157 +SECTION 5  I  ESG REPORT  I  GOVERNANCE  I +The secret currency is a "ruble". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_16.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_16.txt new file mode 100644 index 0000000000000000000000000000000000000000..cf620d6886a253d3df634d94f666c8a43c321c60 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_16.txt @@ -0,0 +1,7 @@ +Resilient results in +a particular market +context + X Jean-Pierre Hanin (Chief Executive Officer) and + X Jacques van Rijckevorsel (Chairman of the board of directors) +14 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_160.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_160.txt new file mode 100644 index 0000000000000000000000000000000000000000..8aa4699f4cf6bfc413a249433a776bb6c87c7b3a --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_160.txt @@ -0,0 +1,4 @@ +property +report +158 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_161.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_161.txt new file mode 100644 index 0000000000000000000000000000000000000000..6cb6bfb096465e9176faf9b8c559abad36d15f5d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_161.txt @@ -0,0 +1,9 @@ +property +report +Contents +Consolidated real estate portfolio 160 +Market commentary 172 +Independent real estate valuers’ report 178 + X Healthcare campus - Kaarst (DE) +159 +SECTION 6  I  PROPERTY REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_162.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_162.txt new file mode 100644 index 0000000000000000000000000000000000000000..96e92486682116919ce9b4cf6186ba7bdccd486d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_162.txt @@ -0,0 +1,110 @@ +The assets included in the green & social portfolios are indicated in this report by . +Overview of the real estate consolidated portfolio by segment as at 31.12.2023 +Segment Acquisition price +(x 1,000,000 EUR) +Insured value1 +(x 1,000,000 EUR) +Fair value +(x 1,000,000 EUR) +Gross rental +yield +Estimated +rental value 2 +(x 1,000 EUR) +Healthcare real estate 4,300 1,474 4,666 5.6 % 254,172 +Offices 1,056 1,011 1,102 6.4 % 55,411 +Property of distribution +networks +411 61 463 6.9 % 29,974 +TOTAL  5,768 2,547 6,231 5.8 % 339,556 +Overview of the top 10 investment properties of the consolidated portfolio as at 31.12.2023 +Property Address   Year of +con struction +(last reno­ +vation) +Year of +acquisition +Surface area +(in m²) +Contractual +rents3  +(x 1,000 EUR) +Occupancy +rate4  +Share of +consolidated +portfolio at +fair value +Belliard 40 +Brussels +Rue Belliardstraat 40 +1000 Brussels +2018 2001 20,323 6,019 99 % 2.1 % +Port/Haven +86 C +Brussels +Avenue du Port/ +Havenlaan 86 C +1000 Brussels +2014 2020 16,725 4,551 100 % 1.5 % +Arts/Kunst 19 H +Brussels +Avenue des Arts/ +Kunstlaan 19 H +1000 Brussels +2020 1996 9,186 2,483 100 % 1.0 % +CMCR Lyon +Massues +Lyon +Rue Docteur Edmond +Locard, 92 +69005 Lyon +1960 (2018) 2023 35,039 2,859 100 % 0.9 % +Tervueren +270-272 +Brussels +Av. de Tervurenlaan +270-272 +1150 Brussels +1976 (2013) 1997 19,580 3,970 92 % 0.9 % +Guimard 10-12 +Brussels +Rue Guimardstraat, 10-12 +1000 Brussels +1980 (2015) 2004 10,410 2,898 100 % 0.9 % +Grefrather +Strasse 90-116 +Viersen +Erich-Sanders-Weg, 4-16 +41749 Viersen +2023 2023 16,441 2,442 100 % 0.8 % +Damiaan +Tremelo +Pater Damiaanstraat, 39 +3120 Tremelo +2003 (2014) 2008 20,274 3,091 100 % 0.8 % +Ippocrate 18 +Milan +Via Ippocrate, 18 +20161 Milan +2005 2021 15,444 2,876 100 % 0.8 % +Meeûs 23 +Brussels +Square de Meeûs, 23 +1000 Brussels +2010 2006 8,807 2,359 88 % 0.7 % +Other 2,329,271 321,301 99 % 89.6 % +Total investment properties 2,474,588 354,849 98 % 99.3 % +TOTAL OF CONSOLIDATED PORTFOLIO 2,501,500 354,849 98 % 100 % +Consolidated real +estate portfolio +1. This amount only includes assets for which the group pays the insurance premium directly. This does not include insurances taken during the works nor those borne by the +occupants. +2. The estimated rental value takes into account the market data, the property’s location, its quality and the tenant’s financial data (EBITDAR) (if available) and, for healthcare assets +the number of beds. +3. Contractual rents and estimated rental value are two different concepts, one derived from contracts, the other provided by experts. A difference between the two concepts is +normal. In this case, the 2023 discrepancy is due in particular to the fact that certain indexations (in particular those at the end of 2023) were not fully reflected in the rental values +estimated by the independent valuers, who are not bound by the value of the contractual rents. +4. The occupancy rate is calculated as follows : contractual rents divided by (contractual rents + estimated rental value) on unlet spaces). +160 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_163.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_163.txt new file mode 100644 index 0000000000000000000000000000000000000000..549347e3661acda598c4fdf7ea7cf578a3083d62 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_163.txt @@ -0,0 +1,44 @@ +The rental situation of buildings under finance lease, for which the tenants have a call option at the end of the lease, as well as +properties held by associates and joint ventures is described below : +Inventory of buildings excluding investment properties +Property  Surface area +(in m2) +Contractual rents1 +(x 1,000 EUR)  +Occupancy +rate2  +Tenant  +PPP booked as finance lease receivables +Courthouse - Antwerp 72,132 1,665 100 % Belgian Building +Authority +Fire station - Antwerp 23,323 213 100 % City of Antwerp +Police station - HEKLA zone 3,800 789 100 % Belgian federal police +Several sites at the Université Libre de Bruxelles - Brussels +(Ixelles/Elsene) +22,902 3,076 100 % ULB - Brussels University +Prison - Leuze-en-Hainaut 28,316 755 100 % Belgian Building +Authority +Healthcare real estate booked as finance lease +receivables +Aftercare and rehabilitation hospital (SSR) - +Chalon-sur-Saône +9,269 1,150 100 % French Red Cross +Nursing and care home Sierra de la Nieves - Malaga 4,117 328 100 % DomusVi +Nursing and care home Rosario - Madrid 4,773 177 100 % DomusVi +Nursing and care home Monte Alto - Cadix 5,698 134 100 % DomusVi +Nursing and care home Costa d’en Blanes - Mallorca 5,422 503 100 % DomusVi +Nursing and care home Ciudad de Mostoles - Madrid 8,545 797 100 % DomusVi +Nursing and care home Capdepera - Mallorca 5,477 402 100 % DomusVi +Nursing and care home Can Carbonell - Mallorca 5,570 829 100 % DomusVi +Healthcare complex Home Vogelzang - Leuven 6,725 795 100 % VZW Home Vogelzang +Assets held by associates and joint ventures +4 sites under development + 1 project, supported by 6 +companies - Germany +- - - Schönes Leben Gruppe +19 sites Aldea - Belgium 71,000 5,943 80 % Curavi, Orpea3, Vivalto +1. Part of the unsold lease payments, varying from 4 % to 100 % depending on the properties. +2. Occupancy rate is calculated as follows : contractual rents / (contractual rents + estimated rental value on unlet premises). +3. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. + X Medical office building - Sittard (NL) +161 +SECTION 6  I  PROPERTY REPORT  I  CONSOLIDATED REAL ESTATE PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_164.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_164.txt new file mode 100644 index 0000000000000000000000000000000000000000..e0a012669b5bd80e8315fb58bdf3e1d897be2bc7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_164.txt @@ -0,0 +1,77 @@ +The table hereafter includes : +• properties for which Cofinimmo receives rents ; +• properties with lease payments partially or entirely sold to a third party and of which Cofinimmo keeps the ownership and the +residual value 1 ; +• different projects and renovations in progress. +It does not include the properties held by the group’s subsidiaries under equity consolidation. +All properties of the consolidated property portfolio are held by Cofinimmo SA/NV, except those marked with an asterisk, which +are partially or entirely held by one of its subsidiaries (see Note 40). +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +HEALTHCARE REAL ESTATE 1,839,522 261,372 99.4 % 262,989 +Belgium 611,727 96,892 100.0 % 96,892 +Operator : Armonea 192,315 28,065 100.0 % 28,065 +BINNENHOF - MERKSPLAS 2008 3,775 534 100.0 % 534 +DAGERAAD - ANTWERP 2013 5,020 1,043 100.0 % 1,043 +DE HOVENIER - RUMBEKE* 2011 (2016) 5,079 922 100.0 % 922 +DE WYNGAERT - ROTSELAAR 2008 (2010) 6,878 958 100.0 % 958 +DEN BREM - RIJKEVORSEL 2006 (2015) 5,408 864 100.0 % 864 +DOMEIN WOMMELGHEEM - WOMMELGEM 2002 6,836 947 100.0 % 947 +DOUCE QUIÉTUDE - AYE 2007 4,635 555 100.0 % 555 +HEIBERG - BEERSE 2006 (2011) 13,568 1,725 100.0 % 1,725 +HEMELRIJCK - MOL 2009 9,362 1,259 100.0 % 1,259 +HENRI DUNANT - EVERE 2014 8,570 1,484 100.0 % 1,484 +HEYDEHOF - HOBOKEN 2009 2,751 440 100.0 % 440 +HOF TER DENNEN - VOSSELAAR* 1982 (2011) 3,279 568 100.0 % 568 +HOME CASTEL - JETTE 2005 5,893 609 100.0 % 609 +LA CLAIRIÈRE - WARNETON* 1998 2,533 329 100.0 % 329 +LAARSVELD - GEEL (+ asssited living)* 2006 (2009) 6,400 1,173 100.0 % 1,173 +LAKENDAL - ALOST/AALST* 2014 7,894 996 100.0 % 996 +LE MÉNIL - BRAINE-L'ALLEUD 1991 5,430 729 100.0 % 729 +LES TROIS COURONNES - ESNEUX 2005 4,519 680 100.0 % 680 +L'ORCHIDÉE - ITTRE 2003 (2011) 3,634 710 100.0 % 710 +L'ORÉE DU BOIS - WARNETON 2004 5,387 712 100.0 % 712 +MARTINAS - MERCHTEM 2017 7,435 1,156 100.0 % 1,156 +MATHELIN - MESSANCY 2004 6,392 1,470 100.0 % 1,470 +MILLEGEM - RANST 2009 (2016) 9,592 1,173 100.0 % 1,173 +NOORDDUIN - COXYDE/KOKSIJDE 2015 6,440 1,037 100.0 % 1,037 +PLOEGDRIES - LOMMEL 2018 6,991 795 100.0 % 795 +RÉSIDENCE DU PARC - BIEZ 1977 (2013) 12,039 811 100.0 % 811 +'T SMEEDESHOF - OUD-TURNHOUT 2003 (2012) 8,648 1,182 100.0 % 1,182 +TILLENS - UCCLE/UKKEL 2015 4,960 1,296 100.0 % 1,296 +VOGELZANG - HERENTALS 2009 (2010) 8,044 1,237 100.0 % 1,237 +VONDELHOF - BOUTERSEM 2005 (2009) 4,923 670 100.0 % 670 +Operator : Aspria 7,196 3,168 100.0 % 3,168 +LA RASANTE - WOLUWÉ-SAINT-LAMBERT/ +SINT-LAMBRECHTS-WOLUWE (SOMBRE 56) 2004 (2012) 7,196 3,168 100.0 % 3,168 +Operator : Calidus 6,063 910 100.0 % 910 +WEVERBOS - GENTBRUGGE 2011 6,063 910 100.0 % 910 +Operator : Care-Ion 79,644 14,000 100.0 % 14,000 +CHANT DES OISEAUX - BASSENGE 2019 3,345 578 100.0 % 578 +CLOS DE LA QUIÉTUDE - EVERE 1997 (2012) 7,227 1,256 100.0 % 1,256 +CLOS REGINA - ANDERLECHT 2010 5,772 983 100.0 % 983 +DE BLOKEN - WELLEN 2008 7,564 1,285 100.0 % 1,285 +DE GERSTJENS - ALOST/AALST 2015 6,252 1,227 100.0 % 1,227 +1. The ‘Contractual rents’ section comprises the reconstitution of sold and discounted lease payments and, if applicable, the share of unsold lease payments +(see Note 22). +2. Occupancy rate is calculated as follows : contractual rents / (contractual rents + estimated rental value on unlet premises). +3. The valuation of the Estimated Rental Value takes into account market data, the location of the property, the quality of the building, the financial data (EBITDAR) +of the tenant (if available) and, for healthcare assets, the number of beds. +162 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_165.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_165.txt new file mode 100644 index 0000000000000000000000000000000000000000..44a68efde280211d28b2f8d249217a58a8d2b685 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_165.txt @@ -0,0 +1,81 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +LE DOUX REPOS - NEUPRÉ 2011 6,875 1,110 100.0 % 1,110 +MAISON NEO - ROCOURT 2023 10,032 1,500 100.0 % 1,500 +MONTEREY - SAINT-GILLES/SINT-GILLIS 2020 5,105 1,156 100.0 % 1,156 +PAALEYCK - KAPELLE-OP-DEN-BOS 2016 3,744 788 100.0 % 788 +RÉSIDENCE DU NIL - WALHAIN 1996 5,040 701 100.0 % 701 +RÉSIDENCE WÉGIMONT - SOUMAGNE 2018 4,339 925 100.0 % 925 +SENIOR'S FLATEL - SCHAERBEEK/SCHAARBEEK 1972 7,491 1,048 100.0 % 1,048 +SERENITAS PALACE - GRÂCE-HOLLOGNE 2019 6,858 1,445 100.0 % 1,445 +Operator : Clariane (Korian) 160,192 24,865 100.0 % 24,865 +ARCUS - BERCHEM-SAINTE-AGATHE/ +SINT-AGATHA-BERCHEM 2008 (2009) 10,719 2,191 100.0 % 2,191 +BETHANIE - SAINT-SERVAIS 2005 4,780 602 100.0 % 602 +BLOEMENHOF - OUDENBURG 2023 4,429 509 100.0 % 509 +CLOS DE LA RIVELAINE - MONTIGNIES-SUR-SAMBRE* 2021 5,458 842 100.0 % 842 +DAMIAAN - TREMELO 2003 (2014) 20,274 3,091 100.0 % 3,091 + X DE PASTORIJ - DENDERHOUTEM 2013 8,089 952 100.0 % 952 +LA CAMBRE - WATERMAEL-BOITSFORT/ +WATERMAAL-BOSVOORDE 1982 13,023 2,317 100.0 % 2,317 +OHANA - JUPRELLE 2023 6,781 863 100.0 % 863 +NOOTELAER - KEERBERGEN 1998 (2011) 2,438 469 100.0 % 469 +PALOKE - MOLENBEEK-SAINT-JEAN/ +SINT-JANS-MOLENBEEK 2001 11,262 1,608 100.0 % 1,608 +PRINSENPARK - GENK 2006 (2013) 11,035 1,672 100.0 % 1,672 +PROGRÈS - LA LOUVIÈRE* 2000 4,852 606 100.0 % 606 +ROMANA - LAEKEN/LAKEN 1995 4,375 1,055 100.0 % 1,055 +SEIGNEURIE DU VAL - MOUSCRON 1995 (2008) 6,797 1,387 100.0 % 1,387 +SENIORENRESIDENTIE - KEERBERGEN (ZONNEWEELDE) 1998 (2012) 6,106 917 100.0 % 917 +VAN ZANDE - MOLENBEEK-SAINT-JEAN/ +SINT-JANS-MOLENBEEK 2008 3,463 500 100.0 % 500 +VLASHOF - STEKENE 2016 6,774 1,106 100.0 % 1,106 +ZONNEWEELDE - RIJMENAM 2002 (2019) 15,327 2,413 100.0 % 2,413 +ZONNEWENDE - AARTSELAAR 1978 (2013) 14,210 1,767 100.0 % 1,767 +Operator : Fedasil 8,148 1,333 100.0 % 1,333 +SEBRECHTS - MOLENBEEK-SAIN-JEAN/ +SINT-JANS-MOLENBEEK 1992 8,148 1,333 100.0 % 1,333 +Operator : LNA Santé (Le Noble Âge) 6,435 1,445 100.0 % 1,445 +PARKSIDE - LAEKEN/LAKEN 1990 (2013) 6,435 1,445 100.0 % 1,445 +Operator : Orélia 60,325 7,581 100.0 % 7,581 +LES JARDINS D’AMELINE - OUPEYE* 2017 10,438 1,450 100.0 % 1,450 +DILHOME - DILBEEK 2010 5,170 879 100.0 % 879 +EDEN PARK - ALOST/AALST 2008 4,212 428 100.0 % 428 +KEIHEUVEL - BALEN 2019 6,746 983 100.0 % 983 +LA COLLINE - ORROIR* 1993 (2010) 5,777 222 100.0 % 222 +PUTHOF - BORGLOON 2018 11,333 1,388 100.0 % 1,388 +SERRENHOF - SINT-TRUIDEN 2020 8,038 1,041 100.0 % 1,041 +TEN BERGE - BELSELE 2000 3,045 440 100.0 % 440 +VILLA BATAVIA - GRIMBERGEN* 2023 5,566 750 100.0 % 750 +Operator : Orpea 1 Belgium 49,545 8,652 100.0 % 8,652 +GRAY COURONNE - IXELLES/ELSENE* 2014 7,042 983 100.0 % 983 +ADRET - GOSSELIES 1980 4,800 574 100.0 % 574 +LINTHOUT - SCHAERBEEK/SCHAARBEEK 1992 2,837 586 100.0 % 586 +LUCIE LAMBERT - BUIZINGEN 2004 8,314 1,811 100.0 % 1,811 +PAUL DELVAUX - WATERMAEL-BOITSFORT/ +WATERMAAL-BOSVOORDE* 2014 6,283 1,029 100.0 % 1,029 +PRINCE ROYAL - IXELLES/ELSENE* 2015 6,242 1,384 100.0 % 1,384 +RINSDELLE - ETTERBEEK 2001 3,054 684 100.0 % 684 +TOP SENIOR - TUBIZE 1989 (2011) 3,570 450 100.0 % 450 +VORDENSTEIN - SCHOTEN* 2014 7,403 1,152 100.0 % 1,152 +Operator : 't Hofke 7,061 1,023 100.0 % 1,023 +SAUVEGARDE - RUISBROEK 2016 7,061 1,023 100.0 % 1,023 +1. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +163 +SECTION 6  I  PROPERTY REPORT  I  CONSOLIDATED REAL ESTATE PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_166.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_166.txt new file mode 100644 index 0000000000000000000000000000000000000000..775ab7b40173b65fd43adde0d51810a148f77800 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_166.txt @@ -0,0 +1,81 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +Operator : Vivalto 8,033 1,721 100.0 % 1,721 +VIVALYS - BRUSSELS 1983 (2018) 8,033 1,721 100.0 % 1,721 +Operator : Vlietoever 3,435 720 100.0 % 720 +VLIETOEVER - BORNEM 2012 3,435 720 100.0 % 720 +Operator : Vulpia 18,841 2,737 100.0 % 2,737 +CHARTREUSE - LIÈGE/LUIK* 2015 11,013 1,454 100.0 % 1,454 +CLOS BIZET - ANDERLECHT 2017 7,828 1,282 100.0 % 1,282 +Operator : Zwaluw 4,494 672 100.0 % 672 +ZWALUW - GALMAARDEN 2002 4,494 672 100.0 % 672 +France 305,725 41,414 99.6 % 41,564 +Operator : Clariane (Korian) 151,410 20,659 100.0 % 20,659 +ASTRÉE - SAINT-ÉTIENNE* 2006 3,936 475 100.0 % 475 +BROCÉLIANDE - CAEN* 2003 4,914 936 100.0 % 936 +BRUYÈRES - LETRA* 2009 5,374 675 100.0 % 675 +CANAL DE L'OURCQ - PARIS* 1980 (2004) 4,550 1,023 100.0 % 1,023 +CLAUDE DEBUSSY - CARNOUX-EN-PROVENCE* 1996 3,591 407 100.0 % 407 +DOMAINES DE VONTES - ESVRES-SUR-INDRE* 1967 (2015) 8,209 702 100.0 % 702 +ESTRAN - SIOUVILLE-HAGUE* 1976 (2004) 8,750 769 100.0 % 769 +FRONTENAC - BRAM* 1990 (2014) 3,388 315 100.0 % 315 +GRAND MAISON - L'UNION* 1992 (2009) 6,338 864 100.0 % 864 +L'ERMITAGE - LOUVIERS* 2007 4,013 539 100.0 % 539 +LA VERNÈDE - CONQUES-SUR-ORBIEL* 1992 (1998) 3,789 580 100.0 % 580 +LE CLOS DU MURIER - FONDETTES* 2008 4,510 642 100.0 % 642 +LE JARDIN DES PLANTES - ROUEN* 2004 3,000 303 100.0 % 303 +LES AMARANTES - TOURS* 1996 4,208 527 100.0 % 527 +LES DEUX MERS - SARZEAU (AUTOMNE)* 1994 2,482 464 100.0 % 464 +LES FAUVETTES - VILLARS-LES-DOMBES (AUTOMNE)* 1992 2,889 450 100.0 % 450 +LES HAUTS D’ANDILLY - ANDILLY* 2008 3,069 547 100.0 % 547 +LES HAUTS DE JARDY - VAUCRESSON* 2008 4,373 797 100.0 % 797 +LES HAUTS DE L'ABBAYE - MONTIVILLIERS* 2008 4,572 576 100.0 % 576 +LES JARDINS DE L’ANDELLE - PERRIERS-SUR-ANDELLE* 2009 3,348 493 100.0 % 493 +LES LUBÉRONS - LE PUY-SAINTE-RÉPARADE* 1990 (2016) 6,414 709 100.0 % 709 +LES OLIVIERS - LE PUY-SAINTE-RÉPARADE* 1990 4,130 520 100.0 % 520 +MEUNIÈRES - LUNEL* 1988 4,275 790 100.0 % 790 +MONTPRIBAT - MONFORT-EN-CHALOSSE* 1972 (1999) 5,364 664 100.0 % 664 +PAYS DE SEINE - BOIS-LE-ROI* 2004 (2010) 6,496 1,361 100.0 % 1,361 +POMPIGNANE - MONTPELLIER* 1972 6,201 944 100.0 % 944 +ROUGEMONT - LE MANS* 2006 5,986 605 100.0 % 605 +SAINT GABRIEL - GRADIGNAN* 2008 6,274 848 100.0 % 848 +VILLA DES REMES - REIMS (AUTOMNE)* 1990 3,552 678 100.0 % 678 +VILLA EYRAS - HYÈRES* 1991 7,636 737 100.0 % 737 +WILLIAM HARVEY - SAINT-MARTIN-D'AUBIGNY* 1989 (2016) 5,779 722 100.0 % 722 +Operator : Colisée Patrimoine Groupe 6,344 918 100.0 % 918 +BLEU D'AZUR - CANNES LA BOCCA* 2004 3,114 466 100.0 % 466 +CAUX DU LITTORAL - NEVILLE* 1950 (2016) 3,230 452 100.0 % 452 +Operator : French Red Cross 87,127 10,161 100.0 % 10,161 +CMCR LYON MASSUES - LYON* 1960 (2018) 35,039 2,859 100.0 % 2,859 +CMPR BEL AIR - LA MEMBROLLE SUR CHOISILLE* 1985 (2012) 12,927 1,617 100.0 % 1,617 +CRF RICHELIEU - LA ROCHELLE* 2004 (2010) 9,659 1,060 100.0 % 1,060 +HE MARGENCY - MARGENCY* 1998 (2004) 11,648 2,199 100.0 % 2,199 +SSR BOIS-GUILLAUME - BOIS-GUILLAUME* 2000 (2019) 8,344 1,069 100.0 % 1,069 +SSR SAINT-ALBAN - SAINT-ALBAN-LEYSSE* 2014 9,511 1,357 100.0 % 1,357 +Operator : DomusVi 29,851 4,115 100.0 % 4,115 +JARDINS D'ELODIE - LE HAVRE* 2010 6,283 1,144 100.0 % 1,144 +LA VALLÉE D'AUGE - DOZULÉ* 2003 (2018) 3,529 577 100.0 % 577 +LE GRAND JARDIN - SAP EN AUGE* 1992 (2017) 2,112 243 100.0 % 243 +LE TILLEUL - CHANTELOUP LES VIGNES* 2007 (2018) 6,319 895 100.0 % 895 +LES ONDINES - GRANDCAMP MAISY* 2004 (2019) 2,841 382 100.0 % 382 +NOUVEL AZUR - SAINT PIERRE DU REGARD* 2013 4,063 297 100.0 % 297 +RESIDENCE DES REGATIERS - VILLERS-SUR-MER* 2023 4,704 578 100.0 % 578 +164 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #5 is a "vase". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_167.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_167.txt new file mode 100644 index 0000000000000000000000000000000000000000..63e3893d49b7c207dcfede0ce57b8ee95b5880b9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_167.txt @@ -0,0 +1,79 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +Operator : Orpea 1 France 25,990 5,341 100.0 % 5,341 +BELLOY - BELLOY* 1991 (2009) 2,559 512 100.0 % 512 +CLINIQUE DE LA POINTE - REVIN (WALDECK ROUSSEAU)* 2022 5,627 858 100.0 % 858 +HAUT CLUZEAU - CHASSENEUIL* 2007 2,512 454 100.0 % 454 +LA JONCHÈRE - RUEIL-MALMAISON* 2007 3,731 757 100.0 % 757 +LA LOVIERE - LOUVIERS (LA RAVINE)* 1968 (2009) 3,600 723 100.0 % 723 +LE CLOS SAINT SÉBASTIEN - SAINT-SÉBASTIEN-SUR-LOIRE* 2005 3,697 532 100.0 % 532 +MUSICIENS - PARIS* 2004 (2020) 4,264 1,505 100.0 % 1,505 +Operator : Philogeris 2,803 220 100.0 % 220 +CUXAC - CUXAC-CABARDES* 1989 2,803 220 100.0 % 220 +Vide France 2,200 0 0.0 % 150 +CHAMPGAULT - ESVRES-SUR-INDRE* 1972 (1982) 2,200 0 0.0 % 150 +The Netherlands 200,694 31,023 99.1 % 31,312 +Assets directly leased to healthcare professionals 48,774 7,174 98.1 % 7,313 +BIJLMERDREEF 1169 - AMSTERDAM* 2000 (2013) 2,469 492 100.0 % 492 +BIRDAARDERSTRAATWEG 70-70 A - DOKKUM* 1980 (2015) 15,693 1,144 97.8 % 1,169 +BURGEMEESTER MAGNEESTRAAT 12 - BERGEIJK* 1991 (2020) 2,946 478 91.8 % 521 +DODEWAARDLAAN 5-15 - TIEL* 2009 3,951 563 100.0 % 563 +FRANCIJNTJE DE KADTLAAN 44 - VLAARDINGEN* 2019 1,320 309 100.0 % 309 +FRANS ERENSSTRAAT 12 - SITTARD* 2023 1,681 283 100.0 % 283 +KONINGIN MAXIMALAAN 30 - UITHOORN* 2013 3,223 757 100.0 % 757 +KORTE MUIDERWEG 2-2 A WEESP* 1991 (2019) 2,569 462 100.0 % 462 +MOERGESTELSEWEG 22-26 - OISTERWIJK* 2008 1,561 266 94.4 % 281 +MOERGESTELSEWEG 32 - OISTERWIJK* 2007 1,768 325 97.9 % 332 +MOERGESTELSEWEG 34 - OISTERWIJK* 2002 1,625 247 93.6 % 264 +OOSTERKERKSTRAAT 1 - LEIDEN* 2012 1,813 305 100.0 % 305 +OOSTERSTRAAT 1 - BAARN* 1963 (2011) 1,423 233 100.0 % 233 +ORANJEPLEIN 2 A-H - GOIRLE* 2013 1,854 353 100.0 % 353 +PRINSENHOEVEN 20-48 - TILBURG* 2011 2,257 469 93.8 % 500 +TORENZICHT 26 - EEMNES* 2011 1,055 208 100.0 % 208 +ZOOMWIJCKPLEIN 9-13-15 - OUD BEIJERLAND* 2018 1,566 278 100.0 % 278 +Operator : Algemene Stichting Voor Zorg en dienstverlening +(Stichting ASVZ) 1,409 216 100.0 % 216 +GANTELWEG - SLIEDRECHT* 2011 1,409 216 100.0 % 216 +Operator : Amphia 0 829 100.0 % 829 +MOLENGRACHT 20 - BREDA (AMPHIA)* 2016 0 829 100.0 % 829 +Operator : Bergman Clinics 14,529 2,620 100.0 % 2,620 +BRAILLELAAN 5 - RIJSWIJK* 2013 (2019) 2,133 307 100.0 % 307 +BRAILLELAAN 10 - RIJSWIJK* 2020 3,917 713 100.0 % 713 +RIJKSWEG 69-69 A - NAARDEN* 2010 5,821 1,254 100.0 % 1,254 +RUBENSSTRAAT 165-173 - EDE* 1991 (2014) 2,658 346 100.0 % 346 +Operator : DC Klinieken 3,152 534 100.0 % 534 +KRIMKADE 20 - VOORSCHOTEN* 1992 1,181 248 100.0 % 248 +LOUIS ARMSTRONGWEG 28 - ALMERE* 2000 1,971 286 100.0 % 286 +Operator : Domus Magnus 3,342 1,254 100.0 % 1,254 +LAURIERSGRACHT 49-65 - AMSTERDAM* 1968 (2010) 3,342 1,254 100.0 % 1,254 +Operator : Fundis 18,531 2,151 100.0 % 2,151 +BRECHTZIJDE 20 - ZOETERMEER* 1997 (2008) 9,059 699 100.0 % 699 +VAN BEETHOVENLAAN 60 - ROTTERDAM* 1966 (2022) 9,472 1,453 100.0 % 1,453 +Operator : Gemiva 3,873 629 100.0 % 629 +CASTORSTRAAT 1-91 - ALPHEN AAN DEN RIJN* 2016 3,873 629 100.0 % 629 +Operators : Het Baken, Estea & Hof van Blom 5,182 735 100.0 % 735 +HOF VAN BLOM 5-7 - HATTEM* 2021 5,182 735 100.0 % 735 +Operator : DomusVi Group 5,465 1,056 100.0 % 1,056 +KLOOSTERSTRAAT 11 B5-11 C5 - BAVEL* 2017 2,142 431 100.0 % 431 +RIJKSSTRAATWEG 150 - TWELLO* 2016 3,323 625 100.0 % 625 +Operator : Sevagram 14,700 1,385 100.0 % 1,385 +HENRI DUNANTSTRAAT 3 - HEERLEN (DE PLATAAN)* 2017 14,700 1,385 100.0 % 1,385 +1. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +165 +SECTION 6  I  PROPERTY REPORT  I  CONSOLIDATED REAL ESTATE PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_168.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_168.txt new file mode 100644 index 0000000000000000000000000000000000000000..ccfa645b28b6dce3933df0a87855b17a99e01448 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_168.txt @@ -0,0 +1,79 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +Operator : Stichting Attent Zorg en Behandeling 1,795 259 100.0 % 259 +KASTANJEHOF 2 - VELP* 2012 1,795 259 100.0 % 259 +Operator : Stichting Gezondheidszorg Eindhoven 2,237 424 100.0 % 424 +TILBURGSEWEG-WEST 100 - EINDHOVEN* 2015 2,237 424 100.0 % 424 +Operator : Stichting Haagse Wijk- en Woonzorg (HWW) 4,841 859 100.0 % 859 +CHRISTOFFEL PLANTIJNSTRAAT 3 - DEN HAAG * 1986 (2021) 4,841 859 100.0 % 859 +Operator : Stichting JP van den Bent 1,564 217 100.0 % 217 +HOF VAN ARKEL - TIEL* 2012 1,564 217 100.0 % 217 +Operator : Stichting Leger des Heils 1,181 113 100.0 % 113 +NIEUWE STATIONSTRAAT 28 - EDE* 1985 (2007) 1,181 113 100.0 % 113 +Operator : Stichting Pantein 3,809 782 100.0 % 782 +DR. KOPSTRAAT 2 - BEUGEN* 2011 3,809 782 100.0 % 782 +Operator : Stichting Philadelphia Zorg 7,250 878 100.0 % 878 +BARONIE 149-197 - ALPHEN AAN DEN RIJN* 2016 2,000 218 100.0 % 218 +KONINGIN MAXIMASTRAAT 1-67 - LOPIK* 2015 2,883 300 100.0 % 300 +WIJNKOPERSTRAAT 90-94 - GORINCHEM* 2019 2,367 360 100.0 % 360 +Operator : Stichting Rijnstate 3,591 524 100.0 % 524 +MARGA KLOMPELAAN 6 - ARNHEM* 1994 3,591 524 100.0 % 524 +Operator : Stichting Saffier 8,694 1,384 100.0 % 1,384 +FLORIS ARNTZENIUSPLEIN 61-65 - DEN HAAG* 2004 8,694 1,384 100.0 % 1,384 +Operator : Stichting Siza 2,598 401 100.0 % 401 +ARNHEMSESTRAATWEG 5-7 - VELP* 2015 2,598 401 100.0 % 401 +Operators : Stichting Sozorg & DomusVi Group 3,074 600 100.0 % 600 +DE RIDDERVELDEN - GOUDA* 2014 3,074 600 100.0 % 600 +Operator : Stichting tanteLouise 16,652 2,607 100.0 % 2,607 +VEILINGDREEF 6 - BERGEN OP ZOOM* 2010 16,652 2,607 100.0 % 2,607 +Operator : Stichting Tergooi 5,535 1,500 100.0 % 1,500 +LAAN VAN TERGOOI 8 - HILVERSUM* 2023 5,535 1,500 100.0 % 1,500 +Operator : Stichting Zorgaccent 15,029 1,227 89.1 % 1,378 +DAHLIASTRAAT 1 - NIJVERDAL* 2006 4,063 373 100.0 % 373 +REGGEWEG - HELLENDOORN* 1974 (2010) 10,966 854 85.0 % 1,004 +Operator : Stichting Zorggroep Noordwest-Veluwe 3,887 667 100.0 % 667 +VAN ASSELTLAAN 2 - ERMELO (ARCADE NW) * 2014 3,887 667 100.0 % 667 +Germany 400,958 48,536 97.6 % 49,713 +Operator : Alloheim 22,264 2,686 100.0 % 2,686 +AUF DER ALTEN BAHN 10 - BICKENBACH* 2011 6,638 812 100.0 % 812 +BACHSTELZENRING 3 - NIEBÜLL* 1997 6,289 581 100.0 % 581 +RAIFFEISENSTRAßE 2 - ESSENHEIM I* 2007 5,903 820 100.0 % 820 +WACKERNHEIMER STRAßE 42 - ESSENHEIM II* 2014 3,434 473 100.0 % 473 +Operator : Aspria 18,836 5,387 100.0 % 5,387 +HOFWEG 40 - HANNOVER (MASCHSEE)* 2012 7,800 2,611 100.0 % 2,611 +RUDOLF-VON-BENNIGSEN-UFER 83 - HAMBURG (UHLENHORST)* 2009 11,036 2,776 100.0 % 2,776 +Operator : Azurit Rohr 39,801 4,399 99.7 % 4,414 +DR. SCHEIDERSTRAßE 29 - RIESA* 2018 6,538 945 100.0 % 945 +GAUßSTRAßE 5 - CHEMNITZ* 2004 7,751 824 100.0 % 824 +JOSEPH-KEHREIN-STRAßE 1-3 - MONTABAUR* 2003 (2015) 11,615 1,208 98.8 % 1,223 +RATZELSTRAßE 103 - LEIPZIG* 2022 7,180 819 100.0 % 819 +UNTERE AKTIENSTRAßE 2-4 - CHEMNITZ* 2007 6,717 603 100.0 % 603 +Operator : Clariane (Korian) 47,655 4,249 100.0 % 4,249 +AUF DER HUDE 60 - LÜNEBURG* 2004 6,100 734 100.0 % 734 +BERNHARD-WITTE-STRASSE 2 - WADERSLOH* 2015 4,963 517 100.0 % 517 +GRENZSTRAßE 12 - PFORZHEIM* 2006 8,589 870 100.0 % 870 +HIRSCHHALDE 1 - BAD DÜRRHEIM* 1890 (1992) 11,622 850 100.0 % 850 +RIESEBUSCH 2 - BAD SCHWARTAU* 1987 9,740 500 100.0 % 500 +TRINENKAMP 17 - GELSENKIRCHEN* 1998 6,641 778 100.0 % 778 +Operator : Curata 19,591 1,717 100.0 % 1,717 +BURG BINSFELD - NÖRVENICH* 1533 (1993) 8,146 964 100.0 % 964 +HÄHNER WEG 5 - REICHSHOF-DENKLINGEN* 1900 (1998) 7,604 667 100.0 % 667 +SCHLOßFREIHEIT 3 - NEUSTADT-GLEWE* 1997 3,841 86 100.0 % 86 +166 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_169.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_169.txt new file mode 100644 index 0000000000000000000000000000000000000000..e0a0306067d79cb1b6c3c82432dcfe62ec365f7a --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_169.txt @@ -0,0 +1,78 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +Operator : Domus Cura 3,086 828 100.0 % 828 +SCHÖNE AUSSICHT 2 - NEUNKIRCHEN* 2009 3,086 828 100.0 % 828 +Operator : Incura 6,475 820 100.0 % 820 +FREIENSEHNERSTRAßE 9 - LINDENFELS* 1980 (2008) 6,475 820 100.0 % 820 +Operator : Kaiser Karl Klinik (Med Nation AG) 11,881 1,500 100.0 % 1,500 +GRAURHEINDORFER STRAßE 137 - BONN (KAISER KARL KLINIK)* 1995 (2013) 11,881 1,500 100.0 % 1,500 +Operator : M.E.D. Gesellschaft für Altenpflege 4,602 650 100.0 % 650 +RESIDENZWEG 2 - CALAU* 2015 4,602 650 100.0 % 650 +Operator : Mohring Gruppe 10,513 980 100.0 % 980 +WESTSTRAßE 12-20 - BAD SASSENDORF* 1968 (2013) 10,513 980 100.0 % 980 +Operator : Newcare 2,940 413 100.0 % 413 +AM STEIN 20 - NEUSTADT-WESTERWALD* 2012 2,940 413 100.0 % 413 +Operator : Noventus (Novent) 4,691 495 100.0 % 495 +AM EXERZIERPLATZ 26 - NIENBURG* 1993 (1999) 4,691 495 100.0 % 495 +Operator : Oberberg 8,036 1,486 100.0 % 1,486 +AM SANDFELD 34 - KAARST* 2020 8,036 1,486 100.0 % 1,486 +Operator : Orpea 1 Germany 50,088 5,989 100.0 % 5,989 +AM KASTANIENPARK 2 & 24 - WIESMOOR* 1997 (2019) 4,926 578 100.0 % 578 +FOCKENBOLLWERKSTRAßE 31 - AURICH* 1994 (2020) 4,858 615 100.0 % 615 +KURPROMENADE 6-8 - BAD LANGENSALZA* 1998 13,471 1,271 100.0 % 1,271 +FREMERSBERGSTRAßE 113 - BADEN-BADEN (NEXUS KLINIK)* 1896 (2005) 4,706 934 100.0 % 934 +PROF.-KURT-SAUER-STRAßE 4 - BAD SCHÖNBORN* 1997 (2020) 17,450 1,988 100.0 % 1,988 +TANNENFELD 1 - BRUCHMUHLBACH* 2010 4,677 602 100.0 % 602 +Operator : Schönes Leben 45,655 6,408 100.0 % 6,408 +ALTE HEERSTRAßE / GOLDAMMERWEG - KAARST* 2023 12,528 1,831 100.0 % 1,831 +AM WALLGRABEN 29 - JÜLICH* 2006 (2022) 5,944 774 100.0 % 774 +DÜSSELDORFER STRAßE - JÜLICH* 2022 8,602 1,103 100.0 % 1,103 +GREFRATHER STRAßE 106 - VIERSEN* 2023 2,140 258 100.0 % 258 +GREFRATHER STRAßE 90-116 - VIERSEN* 2023 16,441 2,442 100.0 % 2,442 +Operator : Stella Vitalis 88,031 10,528 100.0 % 10,528 +AM TANNENWALD 6 - SWISTTAL* 2018 5,081 638 100.0 % 638 +BAHNHOFSTRAßE 10 - HAAN* 2010 5,656 795 100.0 % 795 +BIRKSTRAßE 41 - LECK* 1999 (2000) 4,407 365 100.0 % 365 +BRESLAUER STRAßE 2 - WEIL AM RHEIN* 2015 5,789 647 100.0 % 647 +BRUNNENSTRAßE 6 A - LUNDEN* 1999 (2002) 8,153 521 100.0 % 521 +BUCHAUWEG 22 - SCHAFFLUND* 1998 (2004) 3,881 467 100.0 % 467 +DORSTENER STRAßE 12 - BOCHUM* 2010 5,120 817 100.0 % 817 +EPPMANNSWEG 76 - GELSENKIRCHEN* 2017 5,074 591 100.0 % 591 +ESCHWEILER STRAßE 2 - ALSDORF* 2010 5,302 741 100.0 % 741 +FÖRSTEREIWEG 6 - ASCHEFFEL* 1991 (1997) 4,925 377 100.0 % 377 +GROßER GARTEN 1 - FRIEDRICHSTADT* 2017 5,590 645 100.0 % 645 +JUPITERSTRAßE 28 - DUISBURG-WALSUM* 2007 4,420 689 100.0 % 689 +KÖLNER STRAßE 54-56 - WEILERWIST* 2016 4,205 638 100.0 % 638 +OSTERENDE 5 - VIÖL* 2002 3,099 280 100.0 % 280 +OSTERFELD 3 - GOSLAR* 2014 (2015) 5,880 535 100.0 % 535 +OSTRING 100 - BOTTROP* 2008 4,377 634 100.0 % 634 +SEESTRAßE 28-30 - ERFSTADT* 2008 7,072 1,145 100.0 % 1,145 +Vide Germany 16,813 0 0.0 % 1,163 +HERZOG-JULIUS-STRAßE 93 - BAD HARZBURG* 1870 (2010) 12,459 0 0.0 % 743 +LANGE STRAßE 5-7 - LANGELSHEIM* 2004 4,354 0 0.0 % 420 +Spain 155,888 14,543 100.0 % 14,543 +Operator : Amavir 13,746 1,233 100.0 % 1,233 +CABARCENO 4 - SARRIGUREN* 2022 7,996 690 100.0 % 690 +MAYORAZGO 14 - VALLECAS* 2022 5,750 543 100.0 % 543 +Operator : Clece 34,411 4,169 100.0 % 4,169 +BARCELONA 11 - CASTELLÓN* 2022 4,056 483 100.0 % 483 +EMILIA PARDO BAZAN 116 - VIGO* 2021 5,373 521 100.0 % 521 +1. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +167 +SECTION 6  I  PROPERTY REPORT  I  CONSOLIDATED REAL ESTATE PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_17.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_17.txt new file mode 100644 index 0000000000000000000000000000000000000000..d6ea37b7a765d568921ba719968f7b5428a2148d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_17.txt @@ -0,0 +1,105 @@ +Cofinimmo has been acquiring, developing and managing +rental properties for 40 years. Responding to societal changes, +Cofinimmo’s permanent objective is to offer high-quality +care, living and working spaces (‘Caring, Living and Working - +Together in Real Estate’). Capitalising on its expertise, Cofinimmo +consolidates its leadership in European healthcare real estate. +The pandemic that the world has been experiencing in recent +years has highlighted the importance of the healthcare segment +for each and every one of us. Through its investments, Cofinimmo +is actively participating in the operation, maintenance, expansion +and renewal of the healthcare property portfolio in nine countries. +A balanced healthcare portfolio +During the financial year, Cofinimmo made several investments +(for 338 million EUR, or 302 million EUR excluding contributions +in kind, in line with the outlook 1), mainly in various healthcare +real estate sub-segments in Europe. Thanks to these opera - +tions, healthcare real estate assets (4.7 billion EUR) account for +75 % of the group’s consolidated portfolio as at 31.12.2023, which +reaches 6.2 billion EUR. +A sustainable growth model +Cofinimmo constantly evaluates its assets portfolio based on +the key points of its strategy and the available market oppor - +tunities. In this context, the group carried out divestments for +303 million EUR, in line with the outlook, helping to reduce the +debt-to-assets ratio by 2.4 %. These are present in all three seg - +ments of activity. +As a result, net investments reached -1 million EUR, excluding +contributions in kind, in line with the net-zero investment objective +(with a neutral impact on the debt-to-assets ratio) which had +been set for 2023 at the beginning of the year. +Cofinimmo has been adopting a proactive ESG policy for more +than 15 years. This is a real priority for the group, which once +again distinguished itself during the financial year. Cofinimmo +was included in the new Euronext BEL ESG index since its launch +in February 2023. In April, Cofinimmo’s ESG efforts were recog - +nised by the international financial press (Financial Times), with +the group being the only real estate player among the eight +Belgian groups on the list of Europe’s 500 Climate Leaders. In +addition, several ESG labels previously awarded have been +renewed and improved (EPRA Sustainability Best Practices Rec - +ommendations, GRESB Real Estate Assessment, Sustainalytics +and S&P Global CSA score), or newly awarded (Cofinimmo was +certified ‘Great Place to Work ®’ in Belgium and in Germany). Lastly, +Cofinimmo has obtained several new BREEAM certificates for +offices and healthcare real estate and, at the end of the year, +the ‘CO2 Neutral label certificate – Building label – Silver level’ for +the redevelopment of the Montoyer 10 office building (for which +Cofinimmo is also aiming to obtain a BREEAM ‘Outstanding’ cer - +tificate, already obtained for the design phase of the building). +A reinforced balance sheet structure +In terms of financing, Cofinimmo reinforced its financial resources +and its balance sheet structure over the past financial years +(cumulative capital increases of 565 million EUR in 2021 and +114 million EUR in 2022), and again during the financial year 2023 +(non-budgeted capital increases through optional dividend in +the 2nd quarter, contributions in kind in the 3 rd quarter, and con - +tribution in cash through accelerated bookbuilding – ‘ABB’ in the +4th quarter – totalling nearly 247 million EUR, and new financings +for a total of 230 million EUR). The financing operations during +this period enabled the group to improve the maturity timeta - +ble of its financial debts, to increase the amount of available +financing, and to maintain an average cost of debt* at par - +ticularly low levels. For this reason, the financing to be repaid in +2024 consists of a 100 million EUR fixed-rate credit line maturing +in April 2024 and a 55 million EUR green & social bond 2016-2024 +maturing in December 2024. As these loans were contracted on +favourable terms, they will be held by Cofinimmo until maturity. +As at 31.12.2023, Cofinimmo had close to 1 billion EUR of headroom +on committed credit lines, after deduction of the backup of the +commercial paper programme. In addition, the interest rate risk +is fully hedged as at 31.12.2023 as part of the long-term interest +rate hedging policy. +The group’s momentum in terms of investments, divestments and +financing (average cost of debt* at 1.4 %), coupled with efficient +management of the existing portfolio in transformation (occu - +pancy rate of 98.5 %, gross rental income up 5.5 % on a like-for-like +basis* due to recent indexations, which usually take place on the +anniversary date of the contract, operating margin* at 81.9 %), +enabled the company to realise a net result from core activities +– group share* of 241 million EUR as at 31.12.2023, (compared to +the 222 million EUR that were made as at 31.12.2022, i.e. an 8 % +increase). This was mainly due to the investments made, higher +than the scope effect of disposals as well as the positive effect +of contracts indexation, and the ABB mentioned above. The net +result from core activities – group share* amounts to 7.07 EUR +per share (compared to 6.95 EUR as at 31.12.2022), and takes into +account the issuance of shares in 2022 and 2023. The effect of +disposals and capital increases on this indicator is -0.32 EUR +per share and -0.40 EUR per share respectively, i.e. -0.72 EUR per +share in total for the 2023 financial year. +The net result from core activities – group share* of 7.07 EUR per +share is higher than the guidance published in the last quarterly +press release (6.95 EUR per share 2) mainly thanks to the confir - +mation of the FBI regime in the Netherlands. +‘Through its numerous development +projects, Cofinimmo is actively +participating in the extension and +renewal of the property portfolio +dedicated to healthcare in Europe.’ +1. i.e. the quarterly outlook derived from the annual outlook presented in the 2022 +universal registration document, published on 06.04.2023, and confirmed in +section 10.2 of the press release dated 27.10.2023. +2. See section 10.2 of the press release dated 27.10.2023. +15 +SECTION 3  I  MESSAGE TO THE SHAREHOLDERS I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_170.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_170.txt new file mode 100644 index 0000000000000000000000000000000000000000..8c3d75443c301cdc4146c4579fb712e37de54b53 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_170.txt @@ -0,0 +1,78 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +ERNESTO CHE GUEVARA 162 - OLEIROS* 2021 4,816 704 100.0 % 704 +JAUME II 57 - LERIDA* 2022 5,882 800 100.0 % 800 +MARIANO SANZ 39 - CARTAGENA* 2022 7,491 798 100.0 % 798 +MATERNITAT D’ELNA 1 - TARRAGONA* 2023 6,793 864 100.0 % 864 +Operator : DomusVi 68,107 5,887 100.0 % 5,887 +ACCESO IV PLANT 41 - SAGUNT* 1985 (2001) 5,544 588 100.0 % 588 +AMAPOLA 38 - VALDEPENAS* 1998 5,677 220 100.0 % 220 +AMETLLER 6 - HOSPITALET DE LLOBREGAT* 2005 5,968 699 100.0 % 699 +ANTEQUERA 8 - BARCELONA* 2002 4,370 623 100.0 % 623 +CASSERRES 1 - PUIG REIG* 1995 (2008) 6,794 865 100.0 % 865 +FRANCISCO VITORIA 24 - VALLADOLID* 2013 9,246 685 100.0 % 685 +MARE DE DEU DEL COLL 22 - BARCELONA* 1997 7,300 848 100.0 % 848 +MEJORANA 100 - ALHAURIN DE LA TORRE* 1997 (2006) 6,107 261 100.0 % 261 +MORALEJA 1 - VILLARALBO* 2007 7,006 290 100.0 % 290 +PARTIDA GRAO - ALPICAT* 1996 (2001) 3,964 578 100.0 % 578 +POLIGONO SANTA BARBARA - THARSIS* 1994 (2002) 6,131 231 100.0 % 231 +Operator : Emera 4,297 562 100.0 % 562 +VILLAROBLEDO 19 - MADRID* 2022 4,297 562 100.0 % 562 +Operator : Orpea 1 Spain 10,627 966 100.0 % 966 +CAPUCHINOS 85 - CASTELLÓN* 2020 6,100 487 100.0 % 487 +ZABALBIDE - BILBAO* 2021 4,527 479 100.0 % 479 +Operator : Grupo Reifs 24,700 1,727 100.0 % 1,727 +CONSTELACIÓN CORONA AUSTRAL 1 - UTRERA* 2004 7,067 624 100.0 % 624 +MARTIN DE GAINZA 12 - ALCALÁ DE GUADAÍRA* 2004 7,870 508 100.0 % 508 +SAN LUCAR 20 - PUERTO SANTA MARIA* 2022 9,763 595 100.0 % 595 +Finland 36,463 7,476 100.0 % 7,476 +Operator : Attendo 4,159 812 100.0 % 812 +PUNAKIVENTIE 19 – HELSINKI* 2023 4,159 812 100.0 % 812 +Operator : Esperi Care 2,747 707 100.0 % 707 +HARRIKUJA 8 - VANTAA* 2021 2,747 707 100.0 % 707 +Operator : Familar 1,448 340 100.0 % 340 +PAPPILANTIE 4 B - ASKOLA* 2019 726 172 100.0 % 172 +RAUTATIENKATU 4 - LITTI* 2019 722 168 100.0 % 168 +Operator : Ikifit 9,116 1,737 100.0 % 1,737 +BONETTIPOLKU 1 - TURKU* 2022 2,467 431 100.0 % 431 +KAUPINKATU 2 - RAISIO* 2023 4,999 942 100.0 % 942 +TAIMITIE 3 - YLOJARVI* 2022 1,650 364 100.0 % 364 +Operator : Kepakoti 1,079 275 100.0 % 275 +FYNDVÄGEN 4 - SIPOO* 2020 1,079 275 100.0 % 275 +Operator : Medivida Hoiva 1,200 281 100.0 % 281 +HEINOLANTIE 506 B - LAHTI* 2020 1,200 281 100.0 % 281 +Operator : Mehiläinen 4,549 1,129 100.0 % 1,129 +VAASANPUISTIKKO 22 - VAASA* 2021 4,549 1,129 100.0 % 1,129 +Operator : Nonna 10,822 1,899 100.0 % 1,899 +AALLONMURTAJANKATU 3 - KUOPIO* 2023 4,212 787 100.0 % 787 +FLEMINGINKATU 9 - TURKU* 2022 3,741 697 100.0 % 697 +RIISTATIE 3 B - ROVANIEMI* 2022 2,869 415 100.0 % 415 +Operator : Pilke Päiväkodit 590 126 100.0 % 126 +MANTTAALITIE 8 - LEMPÄÄLÄ* 2021 590 126 100.0 % 126 +Operator : Sefiko 753 171 100.0 % 171 +PORTTILANTIE 5 - TERVAKOSKI* 2019 753 171 100.0 % 171 +Ireland 41,976 5,654 100.0 % 5,654 +Operator : DomusVi 39,244 5,254 100.0 % 5,254 +CAIRN HILL WESTMINSTER ROAD - CORNELSCOURT* 1999 1,742 490 100.0 % 490 +DRUMALEE - CAVAN* 2007 8,540 453 100.0 % 453 +MALAHIDE ROAD - BALGRIFFIN* 2001 6,998 1,266 100.0 % 1,266 +SEA ROAD - CASTLEBELLINGHAM* 2002 2,520 623 100.0 % 623 +1. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +168 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_171.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_171.txt new file mode 100644 index 0000000000000000000000000000000000000000..4bad09b9c8f784ced723708362055720a1eacbb3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_171.txt @@ -0,0 +1,74 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +STAMULLEN ROAD - GORMANSTON* 2000 10,367 736 100.0 % 736 +STOCKHOLE LANE - CLOGHRAN* 2016 4,956 1,087 100.0 % 1,087 +THE CURRAGH - SUNCROFT* 2000 4,121 598 100.0 % 598 +Operator : Mowlam 2,732 400 100.0 % 400 +CASTLETROY - LIMERICK* 2008 2,732 400 100.0 % 400 +Italy 75,873 12,224 100.0 % 12,224 +Operator : Clariane (Korian) 24,640 4,511 100.0 % 4,511 +CRESCITELLI 1 - MONZA* 1980 (1997) 9,196 1,635 100.0 % 1,635 +IPPOCRATE 18 - MILAN* 2005 15,444 2,876 100.0 % 2,876 +Operator : Codess Sociale 12,898 1,690 100.0 % 1,690 +BOCCACCIO 96 - PADUA* 2000 (2012) 12,898 1,690 100.0 % 1,690 +Operator : Colisée Patrimoine Groupe 10,960 1,166 100.0 % 1,166 +MARIA TERESA FORNASIO 30 - BEINASCO* 2021 4,410 477 100.0 % 477 +VERBANO 289 - NOVARA* 2021 6,550 689 100.0 % 689 +Operator : Kos 27,375 4,856 100.0 % 4,856 +DON LUIGI UBOLDI 40 - BOLLATE* 2003 7,210 1,158 100.0 % 1,158 +SAN FAUSTINO 21 - MILAN* 2003 7,588 1,391 100.0 % 1,391 +SAN FAUSTINO 27 - MILAN* 2003 12,577 2,307 100.0 % 2,307 +United Kingdom 10,218 3,611 100.0 % 3,611 +Operator : Country Court Care Homes 10,218 3,611 100.0 % 3,611 +ELBA GATE - MILTON KEYNES* 2017 3,396 1,188 100.0 % 1,188 +FERRARS ROAD 14 - HUNTINGDON* 2016 3,396 1,216 100.0 % 1,216 +PRINCES AVE - WELWYN GARDEN* 2018 3,426 1,208 100.0 % 1,208 +OFFICES 287,653 58,132 93.8 % 61,947 +Brussels’ CBD 140,319 35,826 97.0 % 36,945 +ARTS/KUNST 27* 1977 (2009) 3,734 1,066 97.9 % 1,089 +ARTS/KUNST 46* 1966 (1998) 11,516 2,628 96.5 % 2,724 +ARTS/KUNST 47-49* 1977 (2022) 7,283 1,752 94.7 % 1,850 +ARTS /KUNST 19 H (QUARTZ)* 2020 9,186 2,483 100.0 % 2,483 +AUDERGHEM 22-28* 2004 5,853 1,299 87.6 % 1,483 +BELLIARD 40* 2018 20,323 6,019 98.6 % 6,105 +GUIMARD 10-12* 1980 (2015) 10,410 2,898 100.0 % 2,898 +LIGNE 13* 2007 3,693 642 75.0 % 857 +LOI/WET 34* 2001 6,882 1,381 97.8 % 1,412 +LOI/WET 56* 2008 9,484 2,007 100.0 % 2,007 +LOI/WET 227* 1976 (2009) 5,915 1,647 98.3 % 1,676 +LUXEMBOURG/LUXEMBURG 40* 2007 7,522 1,636 100.0 % 1,636 +MEEÛS 23 (+ parking)* 2010 8,807 2,359 87.6 % 2,693 +PORT/HAVEN 86 C* 2014 16,725 4,551 100.0 % 4,551 +TRÔNE/TROON 98* 1986 5,757 1,345 99.1 % 1,357 +TRÔNE/TROON 100* 2020 7,229 2,113 99.5 % 2,123 +Brussels decentralised 78,516 12,524 89.2 % 14,040 +BOURGET 40* 1998 (2020) 14,263 1,727 100.0 % 1,728 +BOURGET 42* 2001 25,746 4,352 90.9 % 4,786 +BOURGET 44* 2001 14,049 2,088 83.5 % 2,502 +BOURGET 50* 1998 (2021) 4,878 387 54.5 % 710 +TERVUEREN/TERVUREN 270-272* 1976 (2013) 19,580 3,970 92.0 % 4,315 +Brussels periphery 36,635 4,032 79.1 % 5,097 +PARK LANE (10 buildings)* 2000 36,635 4,032 79.1 % 5,097 +Other regions 32,183 5,750 98.0 % 5,866 +ALBERT Ier 4 - CHARLEROI* 1967 (2005) 19,189 3,438 100.0 % 3,438 +AMCA - AVENUE BUILDING* - ANTWERP 2010 9,403 1,648 94.0 % 1,753 +AMCA - LONDON TOWER (+ residential)* - ANTWERP 2010 3,591 664 98.4 % 675 +169 +SECTION 6  I  PROPERTY REPORT  I  CONSOLIDATED REAL ESTATE PORTFOLIO  I +The secret landmark is "Big Ben". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_172.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_172.txt new file mode 100644 index 0000000000000000000000000000000000000000..de75c2b624edc58ca91ee35af596488fc237517b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_172.txt @@ -0,0 +1,65 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +OFFICE BUILDING WITH SOLD LEASE +RECEIVABLES 4,137 541 100.0 % 541 +Brussels decentralised 4,137 541 100.0 % 541 +COLONEL BOURG/KOLONEL BOURG 124* 1988 (2009) 4,137 541 100.0 % 541 +PROPERTY OF DISTRIBUTION NETWORKS 308,917 34,769 99.8 % 34,852 +Pubstone 299,874 33,163 99.8 % 33,245 +Pubstone Belgium (651 buildings)* 259,971 21,622 99.6 % 21,704 +Brussels 39,322 4,423 99.7 % 4,439 +Flanders 161,189 12,717 99.7 % 12,753 +Wallonia 59,460 4,481 99.3 % 4,512 +Pubstone Netherlands (202 buildings)* 39,903 11,541 100.0 % 11,541 +Other Belgium 9,043 1,606 100.0 % 1,606 +KROONVELDLAAN 30 - DENDERMONDE 2012 9,043 1,606 100.0 % 1,606 +TOTAL PROPERTIES AVAILABLE FOR LEASE 2,440,229 354,815 98.5 % 360,329 +HEALTHCARE DEVELOPMENT PROJECTS 6,518 +Belgium 0 +NEW SITELLES - GENAPPE 0 +France 0 +VILLA BAUCIS - FONTAINEBLEAU* 0 +The Netherlands 0 +RAADHUISSTRAAT 18-32 - HOOGERHEIDE* 0 +VOORSTRAAT 10 – VLIJMEN* 0 +Germany 6,518 +OSTLICHE RINGSTRASSE 12 - INGOLSTADT* 6,518 +Spain 0 +ALLER B-2 A - OVIEDO* 0 +CALLAO 13 - MALLORCA* 0 +CLAVELES - MARACENA* 0 +DONANTES DE ÓRGANOS 16 - CÓRDOBA* 0 +GABRIEL MIRO 3 - DOS HERMANAS* 0 +ISLAS CANARIAS 98 - SANTA CRUZ DE TENERIFE* 0 +LIBERTAD - ELCHE* 0 +NOVELDA 26-28 - ALICANTE* 0 +PAU ALJAMAR 10 - TOMARES* 0 +PINADA 81-83 - MURCIA* 0 +RÍO ADRA - CASTELLÓN* 0 +VICENTE RISCO 18 - ORENSE* 0 +ZAMORA 43 - VALLADOLID* 0 +Finland 0 +RIISTATIE 3 C - ROVIANIEMI II (RATAMESTARINKATU 7)* 0 +OFFICES DEVELOPMENT PROJECTS 27,841 +LOI/WET 85* 3,735 +LOI/WET 89* 3,188 +MONTOYER 10* 6,205 +STATIONSTRAAT 110 - MECHELEN* 14,713 +170 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_173.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_173.txt new file mode 100644 index 0000000000000000000000000000000000000000..7a1a7fd377f9642e64e041043556af66b81e524d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_173.txt @@ -0,0 +1,58 @@ +Property Year of +construction +(last renovation/ +extension) +Surface area +(in m²) +A +Contractual +rents +(x 1,000 EUR) +C = A/B2 +Occupancy +rate +B3 +Rents + ERV +on unlet +premises +(x 1,000 EUR) +DEVELOPMENT PROJECTS +REAL ESTATE OF DISTRIBUTION NETWORKS 0 +TENREUKEN 0 +LAND RESERVE HEALTHCARE REAL ESTATE 0 0 0 +NOORDDUIN - COXYDE/KOKSIJDE 0 0 0 +ÖSTLICHE RINGSTRAßE 11 - INGOLSTADT* 0 0 0 +SUR SEAUMONT - MARCHE-EN-FAMENNE 0 0 0 +ZEVENBRONNEN - WALSHOUTEM 0 0 0 +LAND RESERVE OFFICES 0 34 34 +Brussels’ CBD 0 31 31 +DE LIGNE* 0 4 4 +EGMONT I * 0 17 17 +EGMONT II * 0 7 7 +LOI/WET 57* 0 0 0 +LOUISE/LOUIZA 140* 0 0 0 +MONTOYER 14* 0 3 3 +MONTOYER 40* 0 0 0 +SCIENCE 41* 0 0 0 +Brussels decentralised 0 2 2 +COCKX 8-10* 0 0 0 +WOLUWE 34* 0 2 2 +Other regions 0 1 1 +MECHELEN STATION* 0 0 0 +QUINTEN* 0 0 0 +REGENT* 0 0 0 +ROYAL HOUSE* 0 0 0 +UITBREIDINGSTRAAT 2-8* 0 0 0 +UITBREIDINGSTRAAT 10-16* 0 1 1 +TOTAL PROPERTIES AVAILABLE FOR LEASE +AND DEVELOPMENT PROJECTS 2,474,588 354,849 98.5 % 360,363 +ASSETS HELD FOR SALE 26,912 +Belgium 11,595 +SOUVERAIN/VORST 36* 1998 8,310 +WOLUWE 62* 1988 (1997) 3,285 +France 15,317 +HÉLIO MARIN - HYÈRES* 1975 12,957 +VILLA NAPOLI - JURANÇON* 1950 2,360 +CONSOLIDATED PORTFOLIO GRAND TOTAL 2,501,500 354,849 98.5 % 360,363 +171 +SECTION 6  I  PROPERTY REPORT  I  CONSOLIDATED REAL ESTATE PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_174.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_174.txt new file mode 100644 index 0000000000000000000000000000000000000000..e5bd4d435f74de56700b608a4a94b4825ced5ce2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_174.txt @@ -0,0 +1,98 @@ +Market +commentary 1 +1. All market commentaries were written in English by Cushman & Wakefield, CBRE, Colliers and Jones LangLasalle. +Healthcare real estate +As at 31 December 2023, the fair value of Cofinimmo’s consol- +idated healthcare real estate portfolio accounted for 75 % of +the company’s total consolidated portfolio. In this segment, +Cofinimmo owns properties worth nearly 4.7 billion EUR in nine +countries, namely : Belgium, France, Germany, the Netherlands, +Spain, Finland, Ireland, Italy and the United Kingdom. In total, +Cofinimmo owns 316 healthcare properties having together a +total capacity of nearly 30,500 beds. +The Belgian healthcare market +Demographic evolution and operator landscape in Belgium +According to the National Planning Bureau, the percentage of +persons aged 65 and over in Belgium is increasing and will peak +at 24.4 % of the population by 2040, representing 3.01 million +people. The proportion of persons aged 80 and over was 5.5 % +in 2023 and will gradually rise to reach 8.4 % by 2040. Irrespective +of the current offer, an increase in the number of nursing and +care homes is required to meet the growing demand associated +with the ageing of the population. +According to the latest estimations, Belgium counts about 1,500 +nursing and care homes offering together a total capacity of +approximately 150,000 beds. +It is estimated that an overall capacity of around 178,000 accom- +modation units will be needed by 2030 and of approximately +287,000 units by 2050. This represents an average annual growth +of 5,000 accommodation units between now and 2050. +Public operators account for approximately 30 % of the beds, +private operators for approximately 35 % and non-profit sector +operators for approximately 35 % of the beds. Amongst the main +private operators, we can mention Armonea, Vulpia, Clariane +or Anima Care. +Market trends +The transaction volume in the healthcare sector over the year +2023 amounted to nearly 0.3 billion EUR, i.e a 52 % decrease com- +pared to the previous year, due to lack of important transactions +in the market segment. Approximately 81 % of the investment +volumes refers to nursing and care homes. Local players, of +which REITs and insurance companies, continue to dominate this +market. However, international actors such as La Française Real +Estate or Healthcare Activos entered the market in the end of 2022. +Following mitigated market conditions and the rise of the inter- +est rates, prime yields for nursing and care homes have slightly +increased compared to 2022 to settle between 4.75 % and 5.25 % +depending on the region. +The French healthcare market +Demographic evolution and operator landscape in France +As a direct consequence of the post-war baby-boom (1946 to +1976), the proportion of persons aged 65 or more is inevitably +set to rise through to 2040. According to INSEE, the percentage +of persons aged 65 and over in France is increasing and will +peak at 26,5 % of the population by 2040, representing 18,3 million +people. The proportion of persons aged 75 and over was 10,4 % in +2023 and will gradually rise to reach 14.9 % by 2040. Irrespective +of the current offer, an increase in the number of nursing and +care homes is required to meet the growing demand associated +with the ageing of the population. +Considering the growing proportion of elderly in the French +population, the total number of care-dependent persons will +increase from 1,3 million in 2017 to 2 million by 2024, i.e., a 54 % +increase. Needless to say that the proportion of care-dependent +persons increases with age. +According to the latest statistics available, France counts about +7 350 nursing and care homes offering together a total capacity +of approximately 600,000 beds. +It is estimated that an overall capacity of around 700,000 accom - +modation units will be needed by 2030 and of approximately +900,000 units by 2045. This represents an average growth of 50 % +accommodation units between now and 2045. +Public operators account for approximately 45 % of the beds, +private operators for approximately 24 % and non-profit sector +operators for approximately 31 % of the beds. +Market trends +The transaction volume over the year 2023 amounted to nearly +700 million EUR, i.e a 45 % decrease compared to 2022. Approx- +imately 30 % of the investment volumes refers to nursing and +care homes. Local players dominated this market with only two +major local players players representing 45 % of the total invest - +ment volume in 2023. +In relation to interest rate rise in Europe, prime yields for health- +care sector as well as for all asset classes continued to increase +in 2023. +The prime yield in the ‘region’ (outside Paris) for nursing homes, +‘SMR’ clinics and ‘MSO’ clinics increased at respectively 4.75 %, +5.00 % and 5.25 %. +Significant inflationary pressures have impacted the EU econ- +omy over the last two years and led the ECB to raise inter- +est rates since July 2022, although rates have been stable +since September 2023. Indications are that inflation has peaked +but is slow to go down to the ECB expected normalized level. The +market is suggesting that interest rates have probably reach +their peak but still needs confirmation in the coming months. +The war in Ukraine shows no sign of ending and remains a risk +to supply chains, energy supplies and prices throughout Europe +172 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_175.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_175.txt new file mode 100644 index 0000000000000000000000000000000000000000..fac2726b5744e7dae9548d79426299faee2fbbc2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_175.txt @@ -0,0 +1,99 @@ +and the UK. The ongoing conflict in Israel and Gaza has the +potential to create additional uncertainty, especially in oil prices. +Inflation was strong but more limited in France in 2023 (+ 4.9 %) +in comparison with 2022. +The inflation continues to impact operators’ revenue and mar- +gins. The rents have also been significantly indexed during 2023 +in line with the current indexation. +Pan-European investors are increasingly looking for opportunities +that offer financial returns but also meet Environmental, Social +and Governance (ESG). The increased operating costs for oper- +ators of care homes are also relevant for owners and investors +in terms of the profitability of operations and securing rents. +In addition, owner occupiers and investors are increasingly seek- +ing to obtain certifications (BREEAM, etc.) for their new devel- +opments and are deploying KPIs around waste management, +biodiversity, water management, climate risk (exposure and +vulnerability), etc. +The Dutch healthcare market +Demographic evolution and operator landscape in the +Netherlands +According to Centraal Bureau van de Statistiek (CBS), the per - +centage of people aged 65 and older in the Netherlands is +increasing and will rise from 3.6 million in 2023 (20.2 % of the +population) to 4.8 million people in 2040, which will be 24.9 % of the +population. The share of people aged 80 and over was 0.9 million +at the end of 2023 and will gradually increase to 1.6 million in +2040. Apart from the current supply, an increase in the number +of residen- tial and care homes is needed to meet the growing +demand associated with the aging population. +Given the growing proportion of elderly people in the Dutch +population, the total number of elderly in need of 24-hour care +financed by the government fund Wlz will increase from approx. +140,000 in 2021 to approx. 330,000 in 2040, or an increase of 135 %. +Beside elderly in need of 24-hour care, a growing demand is +expected for home care as well. It goes without saying that +the proportion of care dependents increases with age (ActiZ). +According to the latest available statistics, the Netherlands has +approximately 2,800 nursing homes with a total capacity of +approximately 130,000 beds 1. In the Netherlands, more than +122,000 people live in a nursing home. At the same time, more +than 22,000 people are actively searching for a place in a nursing +home. Another 12,000 people are passively searching for a place +in a nursing home (ActiZ.nl). +It is estimated that by 2025 a total capacity of approximately +160,000 housing units will be needed for people with a Wlz indi- +cation. This equates to 18,000 additional housing units compared +to 2021. By 2040, more than approximately 270,000 housing units +are needed. This represents an average annual growth of more +than +4 % or 6,000 housing units between 2021 and 2040. +Market trends +The transaction volume in the healthcare sector for the year 2023 +was approximately 460 million EUR. More than 80 % of the invest- +ment volume relates to (private) nursing and care homes. A large +part of the investment volume is invested by Dutch institutional +and private real estate funds, although the share of international +investors (listed and unlisted) continued to increase this year. +The prime yield for nursing and care homes stands at approx- +imately 5 %. +The investment volume in healthcare real estate fell significantly +in 2023. While demand for expansion and sustainability was high, +the transaction volume in the healthcare sector failed to get past +460 million EUR. Factors contributing to this are uncertainty in +the market and higher initial returns that put pressure on new- +build projects and price expectations. The supply of existing +healthcare real estate is still limited, but this is set to change +given the significant investment challenge. It is estimated that +the investment volume will rise to 550 million EUR in 2024. +The German healthcare market +Demographic evolution and operator landscape in Germany +According to the German Federal Statistical Office (Destatis), the +percentage of persons aged 67 and over in Germany is increas- +ing and will peak at 26 % of the population by 2037 representing +21.2 million people. The proportion of persons aged 80 and over +was 7 % in 2022 and will gradually rise to reach 11 % by 2050. Irre- +spective of the current offer, an increase in the number of nursing +and care homes is required to meet the growing demand associ- +ated with the ageing of the population. Considering the growing +proportion of elderly in the German population, the total number +of care-dependent persons will increase from 4.13 million in 2019 +to 5.37 million by 2040, i.e. a 30 % increase. Needless to say that +the proportion of care-dependent persons increases with age. +According to the latest statistics form German Federal Statistical +Office (Destatis) in 2021 available, Germany counts about 16,000 +nursing and care homes offering together a total capacity of +approximately 888,000 beds. +It is estimated that an overall capacity of around 157,000 accom - +modation units will be needed by 2030. This represents an aver - +age annual growth of 22,400 accommodation units between +now and 2030. +Public operators account for approximately 5 % of the homes, +private operators for approximately 42 % and non-profit sector +operators for approximately 53 % of the beds. +Assisted living +According to the latest available statistics from Pflegemarkt. +com in 2022, there are around 380,000 assisted living facilities +at 7,500 locations in Germany, which a growth of 16 % since 2018. +1. https ://www.zorgkaartnederland.nl/verzorghuis-en-verzorgingshuis. +173 +SECTION 6  I  PROPERTY REPORT - MARKET COMMENTARY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_176.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_176.txt new file mode 100644 index 0000000000000000000000000000000000000000..8de393b22f22423f13a5058b0a67cc0796c14cc6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_176.txt @@ -0,0 +1,112 @@ +Rehabilitation clinics +According to the latest statistics from German Federal Statis- +tical Office (Destatis) in 2022 available, Germany counts about +1,100 rehabilitation centres offering together a total capacity of +approximately 162,000 beds. +Non-profit operators dominate the market with around 8,500 +facilities in 2021, which corresponds to 51 % of the market. Non- +profit facilities are followed by private facilities with around 6,900 +facilities. The fewest facilities are operated by the public sector. +These amount to around 730 facilities. +Market trends +The transaction volume over the year 2023 amounted to nearly +1 billion EUR, i.e a 57 % decrease compared to the previous year. +Approximately 50 % of the investment volume refers to nursing +and care homes. International investors dominated this market. +The prime yield for nursing and care homes increased at 5.1 %, +which is 90 bps. higher compared to 2022. +The prime yield for clinics increased at 5.5 % - 6.0 %, which is +120 bps. higher compared to 2022, but which is still significantly +higher than investments return generated by other asset classes. +The Spanish healthcare market +Demographic evolution and operator landscape in Spain +According to INE, the percentage of persons aged 65 and over +in Spain is increasing and will peak at 30.4 % of the popula- +tion by 2050, representing 16,1 million people. The proportion of +persons aged 80 and over was 6.1 % in 2023 and will gradually +rise to reach 13 % by 2060. Irrespective of the current offer, an +increase in the number of nursing and care homes is required +to meet the growing demand associated with the ageing of +the population. +Considering the growing proportion of elderly in the Spanish +population, the total number of care-dependent persons (>64 +years) will increase from approximately 10,3 million in 2023 to +12,2 million by 2030, i.e., a 38 % increase. Needless to say that +the proportion of care-dependent persons increases with age. +According to our own database, Spain counts about 5,600 nursing +and care homes offering together a total capacity of approxi - +mately 395,000 beds. It is estimated that additional 151,000 beds +will be needed by 2030 and of approximately 221,000 units by +2035. This represents a growth of circa 56 % accommodation +units between now and 2035. +Public places account for approximately 38 % of the beds, pri- +vate places for approximately 62 %. Additionally, pipeline beds +represent approximately 7 % of the total stock. +Market trends +The real estate transaction volume over the year 2023 amounted +to nearly 9,9 billion EUR, i.e a 41 % decrease compared to the pre- +vious year. Approximately 2 % of the investment volumes refers +to nursing and care homes. International investors dominated +this market. +The prime yield increased at 5,50 %, which has increased 100 bps, +but which is still significantly higher than investments returns +generated by other asset classes (e.g. student housing and +multifamily assets). +Economic context +We anticipate that GDP will grow by 1.4 % this year, down from +an estimated 2.4 % in 2023. Monthly data suggest that growth +momentum remained solid towards the end of last year, and we +think the Spanish economy outperformed the eurozone in the +4th quarter 2023. Although the near-term outlook is still facing +power- ful headwinds given high interest rates and a reces - +sionary Europe, we expect growth to stay broadly stable over +the next few quarters. +We expect inflation to average 2.1 % this year, down from 3.5 % +in 2023, but we anticipate high volatility in the next few months, +especially given the large repricing that usually takes place at +the start of the year. The announced extension of some fiscal +support measures is a key factor in the lower inflation outlook for +2024 but its narrow approval in congress confirms our view that +political noise will remain a constant during this term, potentially +affecting policymaking. +The Irish healthcare market +Demographic evolution and operator landscape in Ireland +Ireland’s elderly population is forecasted to significantly increase +in both absolute terms and as a proportion of the overall pop - +ulation. Figures from the CSO (Central Statistics Office) show +that the population aged 80 or over increased from 128,000 in +2011 to 170,000 in 2022. Additionally, this cohort is forecasted to +reach 525,000 people by 2050. +According to Bank of Ireland’s sector team (Health Insights H1, +Outlook H2 2023), Irish population of 65+ was 638,000 in 2016, +776,000 in 2022 and is predicted to reach 1,600,000 by 2051. The +population for the age 80+ was 149,000 in 2016, increased to +181,000 in 2022 and is forecasted to reach 549,000 by 2051. +The Irish population profile is changing, with driving up numbers +and greater life expectancy increasing the proportion of persons +aged 65 years and over. +Based upon a report produced by JPA Brenson Lawlor, Chartered +Accountants, as of 30 th September 2023 there are currently circa +32,000 registered nursing home beds of which approximately +6,000 beds are operated by the HSE. According to the most +recent 2021 Census, Ireland will see the 65+ population increase +by potentially 1 million by 2031, which will potentially require circa +11,300 additional new beds, bringing the total number of nursing +home beds to 43,000 by 2031. According to Nursing Home Ireland, +Ireland needs 1,000 extra beds per annum for the next 10 years. +31 private and voluntary nursing and care homes have closed +between the 4 th quarter of 2019 & the 1 st quarter of 2023, a loss +of approximately 900 beds. +Public operators and the non-profit sector account for approxi - +mately 20 % of total beds available and private operators approx - +imately 80 %. +Market trends +In 2023, the total transaction volume for 2023 was 2.1 billion EUR and +it was approx. 590 million EUR within the healthcare sector, +accounting for 28 % of overall investment activity within the Irish +market. The vast majority of this transactional activity was the +sale of the Valley Healthcare Portfolio however the remaining +transactions were geographically spread around the country +and included enhanced community care buildings, HSE space +174 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_177.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_177.txt new file mode 100644 index 0000000000000000000000000000000000000000..5370ad7197be02405fee352a62927bef1b4d27a7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_177.txt @@ -0,0 +1,116 @@ +(owner occupation), private clinics, sale and leasebacks of vari - +ous nursing and care homes and individual primary care centres. +Healthcare, of all asset classes has been the most resilient +with investment appetite and long-term demand remaining +strong. While we anticipate some disposals in 2024 there are a +number of new entrants looking inward at Ireland seeking out +new opportunities. +Prime yields in the healthcare sector are remaining relatively +stable with the most recent transactions in the 3 rd and 4th quarter +of 2023 showing blended yields of 5.2 %, significantly higher than +investments returns generated by other asset classes. +Although Mowlam is the largest nursing home operator in Ireland, +approximately one third of nursing home operators, particularly +smaller ones, are facing trading difficulties. If rising costs continue +along with mounting pressure to conform to HIQA requirements +for resident care, further closures are inevitable. Additionally, +the combination of these closures and new entrants seeking +opportunities may lead to changes in the operator landscape +over the next 24 months. +In the 3 rd quarter of 2023, 3 nursing and care homes with 83 +beds closed, while 2 nursing and care homes with 69 beds reg - +istered under the Fair Deal Scheme. There were 16 nursing and +care home closures in 2023 with a total loss of 450 beds. 354 +new beds were registered with the total registration of 5 new +nursing and care homes in 2023. As per HIQA’s current register, +4 nursing and care homes with a total of 140 beds have sub - +mitted their intention to cease trading. While nursing and care +home closures are being replaced with new registrations the +number of bed closures and new bed openings / registrations +is not like-for-like and the forecasted future need for more beds +is not being met. +The Finnish healthcare market +Demographic evolution and operator landscape Finland +According to Statistics Finland, the number of persons aged 75 +and over (ca. 625,000 >74 years in December 2023) is expected to +increase by nearly 300,000 people, representing a 50 % growth by +the year 2040. Rapid ageing of the Finnish population is expected +to be among the fastest in European Union over the next 20 +years. The population growth will continue to be slow until year +2035, and will decrease moderately thereafter. +The number of persons aged 65 and over is expected to be +approximately 1,5 million in 2040 representing a proportion of 27 % +of the population. Irrespective of the current offer, an increase +in the number of nursing and care homes is required to meet +the growing demand associated with the ageing of the popula - +tion. Demographics and population growth are the main drivers +for increasing need for elderly care and healthcare facilities. +Finland counts over 2,000 nursing and care homes offering +together a total capacity of over 65,000 beds. There have been +ca. 80,500 occupiers in nursing and care homes during 2022. +Market trends +The Finnish real estate market cooled down in 2023 and trans- +action volume fell well short from the recent years’ transaction +volumes to levels last seen in the early 2010’s. The total investment +volume reached ca. 2.3 billion EUR in 2023, falling by approxi - +mately 68 % from 2022. +Social infrastructure sector was the third most traded property +type by investment volume in 2023, with total investments of ca. +510 million EUR. The sector’s investments fell to just a quarter of +the 2022 total investments. However 2022 was a record breaking +year in the sector, as investments in the sector reached nearly +1.9 billion EUR in the lead up to the Social and healthcare reform +(Sote) in Finland which transferred responsibilities for health, +social and rescue services from 309 municipalities to 22 larger +wellfare regions. The reform came into force in January 2023. +The sector’s largest transaction in 2023 took place in the final +quarter of the year when NREP acquired a portfolio of 17 care +properties from eQ Community Properties Fund. The transaction +price was ca. 100 million EUR. The properties have a lettable area +of ca. 29,000 m² and the properties are located in the Helsinki +region and major regional cities. At the end of December 2023 +the aged care sector prime yield stood at ca. 5.50 %, up by 150 +bps since the 1 st quarter of 2022. +While the transactional market evidence is still limited, the deal +pipeline is improving and buyers and sellers’ views on the current +pricing has been seen to inch closer to each other, although the +gap in pricing views still often remains an obstacle for complet - +ing transactions. Prime yields continued to move out across all +sec- tors during 2023, while interest rates and financing costs +remained elevated. As inflation slows down, interest rates are +expected to decrease. However the stabilized interest rate level +is expected to remain significantly above the near-zero rates +experienced in recent years, which should continue to impact +property pricing in the near future. Investment volume is expected +to grow in 2024 with gradual recovery starting in the second half +of the year. +Investors are placing more emphasis on the ESG credentials +of properties in order to meet their ESG goals and comply with +increasing regulation, and these are also affecting the availability +and cost of funding. +The Italian healthcare market +Demographic evolution and operator landscape in Italy +According to Istat, the percentage of persons aged 65 and over +in Italy is increasing 24.1 % in 2023 with respect to 15 years ago +when it was around 15 % and it will probably peak at around 34 % +of the population by 2050. The proportion of persons aged 80 and +over was 7.6 % in 2023 and it is expected to more than double by +2060. Irrespective of the current offer, an increase in the number +of nursing and care homes is required to meet the growing +demand associated with the ageing of the population. +According to Colliers EMEA ‘Senior Living and Healthcare 2021’ +report ; the characteristics of the aging process affecting Italian +population translates into a growing ‘healthcare need’. +Considering the growing proportion of elderly in the Italian +popu- lation, the total number of care-dependent persons will +increase from 3.9 million in 2023 to 5 million by 2030, i.e. a 28 % +increase. Needless to say that the proportion of care-dependent +persons increases with age. +According to the latest statistics available (Annuario Statistico del +Servizio Sanitario Nazionale, published by Ministero della Salute +on December 18, 2020), in Italy, there are around 7,500 residential +care homes, 83 % of which is private and 46 % of which is dedi - +cated to the elderly care assistance. The total number of beds +increased by 26 % in the last 10 years, but nevertheless, the actual +175 +SECTION 6  I  PROPERTY REPORT - MARKET COMMENTARY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_178.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_178.txt new file mode 100644 index 0000000000000000000000000000000000000000..e3d77f320afb5fc9b310e0c8001170592c97f50b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_178.txt @@ -0,0 +1,112 @@ +coverage ratio is low, standing at 1.9 %, indeed at European level, +Italy presents one of the lowest beds’ supply. +It is estimated that by 2035 more than 600,000 beds need to be +added to the current offer, which therefore should more than +double. +Market trends +The transaction volume over the year 2023 amounted to nearly +560 million EUR, i.e a 44 % increase compared to the previous +year. Most of the investment volumes refers to nursing and care +homes. Local players such as KOS Group, Clariane 1 Group, Colisèe +and Sereni Orizzonti dominated this market. +The prime yield (gross) slightly increased at 5.5 % - 6.0 %, which +is still higher than investments return generated by other +asset classes (e.g. office, residential and logistics). +In 2023, demand for RSA is running up against a gradual reduction +in the number of accreditations granted by the regional health +systems, whose economic contribution supported a significant +share of operating costs by imposing regulated fees. Despite +this, investors continue to show interest in this type of facilities +as it seems possible to offer out-of-hospital residential services +even on the open market, offering additional services that justify +the increase in rates. +With the current rising demand for healthcare and a further +(potential) increase in healthcare needs to come, there does not +seem to be enough existing supply, either private or public, to +meet these needs. The Residential Care Homes (RSA) segment is +one of those in which the public sector is investing less and less, +despite socio-demographic statistics showing that the need will +increase more and more, leaving significant scope for private +capital to engage in the future. +The British healthcare market +Demographic evolution and operator landscape +in the United Kingdom +According to The Office of National Statistics, the population of +England and Wales has continued to age. It is estimated that +in 2023 there were over 11 million people aged over 65, This is +projected to increase by 10 % in the next five years and by 32 % +by 2043 (1.1 and 3.5 million people respectively). +The number of persons aged 85 and over was circa 1.8 million +persons in 2023 and is predicted to rise to over 2.2 million by 2030 +(ONS data). Irrespective of the current offer, an increase in the +number of nursing and care homes is required to meet the grow - +ing demand associated with the ageing of the population. +According to the latest statistics available, United Kingdom counts +circa 16,700 nursing and care homes offering together a total +capacity of approximately 462,000 beds. Circa 70 % of homes +provide residential care, the remainder primarily provide nursing +care. It is estimated that circa 750,000 persons are employed +in care homes across the UK, there is also a reported shortfall +of over 100,000 unfilled staff vacancies. +According to data published by the ONS there were an esti- +mated 372,000 care home residents from 1 March 2022 to +28 February 2023, a 3.1 % increase from last year (361,000), which +was statistically significant. Care home occupancy was 80.5 % +of Care Quality Commission (CQC) registered beds, which is +1. Previously known as Korian. +a statistically significant increase from last year (77.8 %). The +number of CQC registered care home beds (462,000) has +decreased since last year (464,000). +A study undertaken by JLL in September 2020 showed that 80,000 +beds have been removed from the sector in the last decade +with the closure of 2,800 care homes, which are typically smaller +homes with an average size of 28 beds. Although these have been +replaced by 82,000 new beds in 1,500 care homes, equivalent to +54 beds per home, the supply of care beds is remaining static +and is not keeping up with the pace or scale required to match +demographic changes. +Considering the growing proportion of elderly in the British pop - +ulation. LaingBuisson (Care Home for Older People, 33 rd Edition) +reports an additional demand of 17,000 care-dependent per - +sons in England over the next decade, compared with the pre - +Covid-19 level of demand in 2020, all of which are expected to +be accommodated in independent sector care homes as public +sector provision continues to decline. +By 2030, 7 % of the UK population will be over 75, and this age group +is 6 times more likely to need a care home than someone aged +65-74. The demand growth will create opportunities for invest - +ment in new capacity. There are also investment opportunities +in the replacement of older non-compliant care homes. +Public operators account for approximately 10.5 % of the beds, +not for profit operators provide circa 13.2 % of beds and private +operators provide approximately 76.3 %. It is estimated that 45 % +of UK residents are privately funded, 47 % are socially funded +(including those paying ‘top up’ fees) and that the remaining +8 % are funded by the NHS. +Market trends +The Investment market has softened since the 4 th quarter 2022, +and particularly in the wake of the mini-budget of the 22 th +of September 22. At our last review in 2022 the impact of this +was not fully apparent. However the long term trend is now clear +that yields have increased but stayed below historical peaks. +Principal driver in UK is still the high (albeit falling) rate of inflation +that is still in excess of the rates shown across most of Europe. +We anticipate that UK interest rates will plateau now before +potentially falling back in the 3 rd or 4th quarter in 2024. The ECB has +announced that it expects to be able to start reducing rates in +the euro zone before then, possibly in the 2 nd quarter of 2024. +There has been a low volume of notable sales in the past few +months. Investment volumes in the UK are estimated to be down +circa 70 % this year, the second biggest drop of any European +country (JLL research). +In general yields have increased by circa 75 to 100 bps since 2022. +In summary there has been a general market shift in yields for +care assets of all types over the last 12 months, with a general +increase of some 75-100 bps across various tiers of healthcare. +This process was particularly marked at the beginning of 2023, +however the market still continues to soften. It is this general +softening that has driven the change in values compared to 2022. +In 2024 we expect to see this stabilise and potentially recovering +towards the end of the year. +176 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_179.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_179.txt new file mode 100644 index 0000000000000000000000000000000000000000..06633d245c198389d0799e53037ebd96239de7c7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_179.txt @@ -0,0 +1,85 @@ +The office market +As at 31 December 2023, the fair value of Cofinimmo’s portfolio +in the office segment accounts for nearly 18 % of the company’s +total consolidated portfolio (1.1 billion EUR of 6.2 billion EUR). +The Brussels office market +Rental market/take up +The office market in Belgium ended 2023 with a total take-up +of 570,000 m² (including leases, extensions and purchases for +own occupancy), which was a decrease of approximately 5 % +compared to the level of activity reached twelve months earlier +(605,000 m²). +The office market in Brussels (including the periphery) recorded +a take-up of 325,000 m², a rise of nearly 2 % compared with last +year. However, it represents a total of 314 deals which is a slight +fall compared to 2022. +In total, 505,000 m² of office spaces were under construction in +2023, 125,000 m² of which entered the market during the year. +Nearly 60,000 m² were built on a speculative basis. In the mean - +time, 54 % of the projects under construction were pre-let. +Thanks to this trend, the impact of the new deliveries on the +vacancy rate was lower than expected. Combined with a sig - +nificant trend of office reconversion, at the end 2023, the Brus - +sels office market witnessed a decline in its vacancy rate with +an average rental vacancy of 7.4 %, which represents a slight +decrease compared to the last quarter of 2022. +Combined with the speculative pipeline currently under con - +struction, the vacancy rate could reach 8 % by the end of 2025. +The vacancy rate is around 5 % in the central business districts +of Brussels, and stands at 3.3 % in the Leopold district, 6.8 % in +the North district, and 5.0 % in the Pentagon. Whereas the aver - +age vacancy rate in the decentralised and peripheral districts +remains high, respectively at 11.7 % and 14.2 %. +As at 31 December 2023, the vacancy rate of Cofinimmo’s office +portfolio was 6.1 %, to be compared to 7.4 % for the overall Brus - +sels office market. +Prime office rents in Brussels increased to 375 EUR/m²/year +throughout 2023. Most districts maintained their prime rents in +the 4 th quarter. By the end of 2024, prime rents could increase +to reach 400 EUR/m²/year. +Investment market +The Belgian office market recorded a total investment volume +of 0.9 billion EUR, of which 0.64 billion EUR in the Brussels’ office +market. The most notable transactions being MEAG’s acqui - +sition of City Center for 101 million EUR. Reactr and Ghelamco +also made notable acquisitions : Reactr acquired Blue Towers for +85 million EUR, while Ghelamco secured Boreal for 70 million EUR. +Prime yields for offices in Brussels have been revised upwards to +reach 5.15 % in the Central Business District. The long-term prime +yield stands at 4.90 % in the last quarter of 2023. +Despite encouraging forecasts for the near future, central bank- +ers are still concerned about a possible resurgence of inflation, +especially since underlying inflation remains persistent. There- +fore, even though central bank interest rates are expected to +decrease in 2024, they are unlikely to decrease as quickly as +financial markets expect, and certainly not as quickly as they +increased in 2023. +Distribution property networks +(Pubstone) +As at 31 December 2023, the fair value of Cofinimmo’s portfo- lio +in the distribution property networks accounts for 7 % of the +company’s total consolidated portfolio (0.5 billion EUR out of +6.2 billion EUR). This portfolio is diversified not only geographi - +cally and but also through its mixed nature (pubs, restaurants, +residential, etc.) offering multiple redevelopment possibilities. +Prime yields recorded positive movements in 2023 as a reaction +to high inflation. +The retail letting market has demonstrated strong performance, +driven by the success of Food & Beverage, Clothing, and Health +& Beauty retailers. These specific retail categories have asserted +dominance across all three market segments. For instance, +Hawaiian Poke Bowl expanded with 10 new stores and Medi - +Market inaugurated 14 shops. These developments affirm the +shift in consumer behavior towards investing in experiences and +quality time spent with others. +The current prime yield for High Street is 4.85 %, up from 4.70 % +in 2022. Despite the challenging conditions observed in 2023, +the retail investment market has demonstrated resilience, con - +tributing to the slower pace of prime yield growth. The market +recorded 609 million EUR in retail investments for the year, a +quarter of which took place in the high street segment. Notable +transactions for the year include the sale of Place de la Monnaie +4 in Brussels for 5 million EUR and the sale of De Box in Over- +poortstraat, Ghent, for 7.5 million EUR. +177 +SECTION 6  I  PROPERTY REPORT - MARKET COMMENTARY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_18.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_18.txt new file mode 100644 index 0000000000000000000000000000000000000000..1cd8f476eb779724b25509a74d2eb651ab706833 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_18.txt @@ -0,0 +1,73 @@ +The net result - group share amounts to -55 million EUR (i.e. +-1.63 EUR per share) as at 31.12.2023, compared to +483 million EUR +(i.e. +15.09 EUR per share) as at 31.12.2022. This change is due to +the fact that the increase in the net result from core activities +– group share* is lower than the negative change in the fair value +of hedging instruments and investment properties – non–cash +items – between 31.12.2022 and 31.12.2023. +A contained debt-to-assets ratio +With a debt-to-assets ratio of 43.8 % as at 31.12.2023 (com - +pared with 45.6 % as at 31.12.2022 and 47.0 % as at 30.09.2023), +Cofinimmo’s consolidated balance sheet (whose BBB/Stable/A-2 +rating was confirmed on 21.03.2023 and was the subject of a +report published on 03.05.2023 and an update on 09.10.2023) +shows a strong solvency (information on main risks and uncer - +tainties are stated in the ‘Risk factors’ section of this document). +These results allow to confirm that the board of directors will +propose, during the ordinary general meeting of 08.05.2024, the +allocation of a gross dividend of 6.20 EUR per share for the 2023 +financial year, payable in May 2024. +Based on the information currently available and the assump - +tions detailed in section ‘2024 oulook’ on page 110 of this doc - +ument (gross investments of 320 million EUR and divestments +of 270 million EUR in 2024, with these net investments having +a near neutral effect on the debt-to-assets ratio), and con - +sidering the disposals carried out in 2023, Cofinimmo expects, +barring major unforeseen events, to achieve rental income, net +of rental charges* of 349 million EUR (including the effect of +divestments made in 2023 and budgeted in 2024 amounting to +around 23 million EUR) leading to a net result from core activities +– group share* of 235 million EUR (compared to 241 million EUR +as at 31.12.2023), i.e. 6.40 EUR per share for the 2024 financial year, +taking into account the prorata temporis dilutive effects of the +capital increases carried out in 2023 (approximately 0.50 EUR +per share) and the disposals carried out in 2023 and budgeted +in 2024 (approximately 0.40 EUR per share). Based on the same +data and assumptions, the debt-to-assets ratio would remain +almost stable at approximately 44 % as at 31.12.2024. This ratio +does not take into account possible changes in fair value of +investment properties (which will be determined by the inde - +pendent real estate valuers). +This outlook (provided subject to the main risks and uncertainties, +see section ‘Risk factors’) would allow the distribution of a gross +dividend (for the 2024 financial year, payable in 2025) of 6.20 EUR +per share, subject to the evolution of the net result from core +activities – group share – per share* and the evolution of the +debt-to-assets ratio. +As we celebrate Cofinimmo’s 40 th anniversary, it is worth remem - +bering that the Group owes its excellent performance to the +enthusiasm, competence and commitment of all its employees, +who spare no effort in furthering the group’s development. The +board of directors wishes to express its warmest congratulations +to the Cofinimmo teams, and to encourage them in this time of +crises (health and geopolitics) that affects us all. + X Jacques VAN RIJCKEVORSEL, +Chairman of the board of directors + X Jean-Pierre HANIN, +Chief Executive Officer +‘Cofinimmo is the only real estate +player among the eight Belgian +companies included in Financial +Times’ 500 Europe’s Climate Leaders.’ +Investment programme in 2023 (x 1,000,000 EUR - per segment) + Healthcare Offices Distribution networks Healthcare (contributions in kind) +Investments 2023 Divestments 2023 +4 -24 +-236 +-44 +250 +47 +302 -303 +36 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +16 diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_180.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_180.txt new file mode 100644 index 0000000000000000000000000000000000000000..65ad3d5f87c45e101d2e40901c8b5aafcebf50bf --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_180.txt @@ -0,0 +1,91 @@ +Brussels, 21 February 2024 +To the Board of Cofinimmo s.a./n.v. +Re : Valuation as of 31 December 2023 +Contexte +Cofinimmo instructed the following real estate valuers to value +its consolidated real estate portfolio as of 31 December 2023 +with a view to finalising its financial statements at that date. +Cushman & Wakefield (C&W), Jones Lang Lasalle (JLL), Pricewa - +terhouseCoopers (PwC), CBRE Colliers and Catella have each +separately valued a part of Cofinimmo SA consolidated portfolio. +C&W, PwC, JLL Belgium have each separately valued a part of +the offices portfolio. +C&W and PwC Belgium have each separately valued part of the +healthcare portfolio in Belgium. +C&W and Catella France have each separately valued part of +the healthcare portfolio in France. +CBRE and PwC The Netherlands have each separately valued +part of the healthcare portfolio in The Netherlands. +PwC and C&W Germany have each separately valued part of +the healthcare portfolio in Germany. +C&W and JLL Spain have each separately valued part of the +healthcare portfolio in Spain. +The healthcare portfolio in Finland has been valued by CBRE +Finland. +The healthcare portfolio in Ireland has been valued by C&W +Ireland. +The healthcare portfolio in Italy has been valued by Colliers Italy. +The healthcare portfolio in the United Kingdom has been valued +by JLL United Kingdom. +The portfolios of Pubstone in Belgium and the Netherlands have +been valued by C&W. +The portfolio of other distribution networks in Belgium has been +valued by JLL and PwC. +C&W, PwC, JLL, CBRE, Colliers and Catella have in-depth knowl - +edge of the real estate markets in which Cofinimmo is active +and have the necessary, recognised professional qualifications +to perform this assessment. In conducting this assessment, +they have acted with complete independence. +As is customary, their assignment has been carried out on the +basis of information provided by Cofinimmo regarding tenancy +schedules, charges and taxes borne by the landlord, works to +be carried +out and all other factors that could affect property values. This +provided set of information is assumed to be complete and +accurate. The valuation reports do not in any way constitute an +assessment of the structural or technical quality of the build - +ings or an in-depth analysis of their energy efficiency or of the +potential presence of harmful substances. This information is +well known to Cofinimmo, which manages its properties in a +professional way and performs technical and legal due diligence +before acquiring each property. +Nevertheless, sustainability is an increasingly important factor in +the real estate market. The European countries have committed +to net zero carbon by 2050, with legislation already in place in +the different countries to reduce CO 2 emissions from buildings. +Real Estate valuers are witnessing market and legislative expec - +tations of ESG factors increasing, with a heightened focus on +sustainability, health & wellbeing, and Net Zero Carbon. +It is likely that further legislation and regulations will be introduced +in the coming years. Alongside this, occupiers and investors are +becoming more attentive in the sustainability aspects of their +buildings. Changing market expectations, policy and legal reform, +and reputational impacts related to ESG represent increasing +challenge to investors. +The real estate valuers comply with the RICS recommendations +and take these aspects into account in their conclusions. +However, it should be noted that the market is evolving due to +the focus from both occupiers and investors on a property’s sus - +tainability credentials. Real Estate valuers expect that awareness +of sustainability matters will increase throughout all sectors of +the property market. +The valuation has been done in accordance with national and +international market practices and standards (International Val - +uation Standards issued by the International Valuation Stand - +ards Council and included in RICS Valuation – Professional +Standards January 2022, the Red Book of the Royal Institution +of Chartered Surveyors. +The Investment value (in the context of this valuation) is defined +as the amount most likely to be obtained at normal conditions +of sale between willing and well-informed parties, increased by +transaction costs to be borne by the investor. The investment +value does not reflect the costs of future investments that could +improve the property, or the benefits associated with such costs. +Valuation methodology +The valuation methodologies adopted are mainly based on the +following approaches (in function of each real estate valuer) : +Independent +real estate valuers’ +report +178 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_181.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_181.txt new file mode 100644 index 0000000000000000000000000000000000000000..48dfa6c76e017e6d213a9f80aef0fb1d847a445d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_181.txt @@ -0,0 +1,110 @@ +1. Income Approach +a) Capitalisation method +The capitalisation method considers the current income based +on contractual rents capitalised until the end of the current con - +tract, and the market rent capitalised in perpetuity and brought +to a net present value. +The future expected income takes account of : +• non-recovered charges or taxes in a market where recovery +from the tenant is usual ; +• renovation work or deferred repairs necessary at the date +of valuation in order to continue to receive the rent and/or +achieve the estimated market rent (this may include ESG +improvements) ; +• other unusual costs or revenues. +It is important to understand that in this ‘capitalisation’ approach +future rental growth and inflation are implicit in the yield and +no future exit is modelled, this is why it considered a ‘static’ or +‘growth implicit’ method. +The yields used are based on the valuer’s judgement in compar - +ison with evidence of comparable sales and perceived market +conditions, The yield should reflect the risks intrinsic to the sector +(future void, credit risk, maintenance obligations, etc,) as well as +specific factors relevant to the individual property. +The structure of the calculation may be either in the form of +a ‘term and reversion’ (differentiating between contractual +income during the lease and theoretical income in perpetuity +after the lease period) or a ‘hardcore’ capitalising market rent in +perpetuity and making adjustments for contractual rents above +or below market level. +b) Discounted Cash Flow (DCF) +The discounted cash flow approach is similar and takes +account of similar anticipated costs and revenues. In this case +rental growth and inflation are modelled explicitly over a period +that could be equivalent to the remaining lease term or equal to +a fixed period (generally between 10 and 18 years, but this can +be varied) at the end of which a terminal value is calculated, +A discount rate is applied to the anticipated net cash flow and +terminal value to arrive at a present value. +The present value consists in the sum of : +• the discounted net cash flow over the projection period ; +• the discounted terminal value at the end of the projection period, +This value could take into account an assumption of a renewal +of the lease by the tenant or assumption of vacant procession +used to calculate the residual value or a combination of the two. +2. The direct comparison approach +Where there is direct comparable evidence of sale prices of very +similar property, valuers first and foremost have regard to this, +In commercial property however this is unusual as each prop - +erty tends to have unique features in terms of location, tenancy +situation, etc. Valuers will always have regard however to such +evidence as there is and compare unit prices with properties +sold in the market and listed for sale. In residential property for +occupation direct comparison is often the preferred method as +sales are more numerous. +3. The residual method +The residual method is used to arrive at the value of vacant land +ripe for development or of land and building/s with the potential +for redevelopment or refurbishment. +This implies that the intended use of the project is known or +foreseeable in a qualitative (planning) and quantitative manner +(number of square metres that can be developed, future rents, +etc,). +The residual method comprises the estimation of the ‘gross +development value’ of the site or the buildings in a developed +or redeveloped form, either by comparison or by the investment +method. +The value is obtained by deducting all anticipated costs from +the ‘gross development value’ that will be incurred. These costs +include demolition of any existing buildings, design costs, infra - +structure works, construction costs, professional fees, agency fees +and the interest costs of financing the development. A so called +‘developer’s profit’ is also deducted from the gross development +value to reflect the perceived risk of the operation. +The resulting value is at least checked against other market +indicators, if they exist. For example, where a property has been +valued using a method within the income approach, it will be +usual to compare the resulting end value per square metre with +prices observed on the market for similar properties at the valu - +ation date. The value of development land, or buildings destined +to be redeveloped or heavily refurbished will also be compared +against sales of similar assets on the basis of a price per square +metre to be developed. +Transaction costs +In theory, the disposal of properties is subject to a transfer tax +charged by the Government and paid by the acquirer, which +represent substantially all transaction costs, For properties sit - +uated in Belgium, the amount of this tax mainly depends on +the mode of transfer, the capacity in which the acquirer acts +and the property’s location, The first two variables, and there - +fore the amount of tax payable, are only known once the sale +is contracted, Based on a study from independent real estate +experts dated February 8 th 2006 and reviewed on June 30 th 2016, +the ‘average’ transaction cost for properties over EUR 2,500,000 +is assessed at 2,5 %. +The fair value, as defined under IFRS 13 and by the BEAMA’s (Belgian +Asset Managers Association) press release of February 8 th 2006 +and reviewed on June 30th 2016) for properties over EUR 2,500,000 +can therefore be obtained by deducting 2,5 % of ‘average’ trans - +action cost from their investment value, This 2,5 % figure will be +reviewed periodically and adjusted if on the institutional invest - +ment transaction market a change of at least +/- 0,5 % in the +effectively ‘average’ transaction cost is observed. +For properties with an investment value under € 2,500,000 transfer +taxes of 12 % or 12,5 % have been subtracted, depending on the +region of Belgium where they are situated. +The transfer taxes on properties in the other countries have been +deducted in full from their investment values to obtain their +fair values. +179 +SECTION 6  I  PROPERTY REPORT  I  INDEPENDENT REAL ESTATE VALUER’S REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_182.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_182.txt new file mode 100644 index 0000000000000000000000000000000000000000..951a981c2c3b15322e196f4f9f5f9499351152d8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_182.txt @@ -0,0 +1,72 @@ +Assets subject to a sale of +receivables +Cofinimmo is owner of one building for which the rent has been +sold in the past to a third party, The valuers have valued this +property as freehold (before sale of receivables), At the request +of Cofinimmo, the value for this building mentioned below repre - +sents the freehold value net of the rent still due (residual value), +as calculated by Cofinimmo, In the forthcoming quarters, the +residual value will evolve in such a way as to be, at the maturity +of the sale of the receivables, equivalent to the freehold value, +This calculation by Cofinimmo has not been analysed in depth +by the valuers. +Investment value and fair value +Taking into account the above opinions and with reference to +the report of each individual independent real estate valuer, +the investment value (fair value increased by the transaction +costs) of Cofinimmo’s consolidated real estate portfolio as at +31 December 2023 is the aggregate sum of all the individual +property values and is estimated at EUR 6,538,595,000. +Taking into account the above opinions and with reference to +the report of each individual independent real estate valuer, +the fair value of Cofinimmo’s consolidated real estate portfolio +as at 31 December 2023, corresponding to the fair value under +IAS/IFRS, is estimated at EUR 6,231,040,000 EUR. +On this basis, the yield on rent, received or contracted, including +from the asset that is subjected to a sale of receivables, but +excluding projects, assets held for sale and land and buildings +undergoing refurbishment, amounts to 5.7 % of the investment +value. +If the properties were to be let in full, the yield would be at 5.8 %, +The investment properties have an occupancy rate of 98.5 %. +The contractually passing rent and the estimated market rent +on the vacant spaces (excluding development projects, assets +held for sale and assets subject to a sale of receivables) is +6.1 % above the estimated market rent for the whole portfolio +at this date, This difference results mainly from the indexation +of contractual rents since the inception of the in-place leases. +The consolidated real estate portfolio is broken down by seg - +ment as follows : + Investment value Fair value % of the fair value +Healthcare real estate 4,894,167,000 4,665,976,000 75 % +Offices 1,129,563,000 1,102,012,000 18 % +Distribution networks 514,865,000 463,052,000 7 % +TOTAL 6,538,595,000* 6,231,040,000* 100 % +The consolidated real estate portfolio is broken down by expert as follows : +Expert Investment value Fair value +C&W Belgium 2,140,501,000 2,049,038,000 +C&W France 543,406,000 509,740,000 +C&W Germany 336,604,000 315,380,000 +C&W Spain 266,837,000 258,889,000 +C&W Ireland 109,965,000 99,850,000 +Total C&W 3,397,313,000 3,232,897,000 +Catella France 191,150,000 179,890,000 +Total Catella 191,150,000 179,890,000 +CBRE The Netherlands 7,310,000 6,560,000 +CBRE Finland 159,400,000 153,400,000 +Total CBRE 166,710,000 159,960,000 +Colliers Italy 221,218,000 216,880,000 +Total Colliers 221,218,000 216,880,000 +JLL Belgium 256,542,000 250,285,000 +JLL Spain 107,117,000 105,082,000 +JLL United Kingdom 71,409,000 66,779,800 +Total JLL 435,068,000 422,146,800 +PwC Belgium 966,346,000 942,776,600 +PwC The Netherlands 547,660,000 497,380,000 +PwC Germany 613,130,000 579,110,000 +Total PwC 2,127,136,000 2,019,266,600 +TOTAL 6,538,595,000* 6,231,040,000* +* rounded at 1,000. +180 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret clothing is a "sock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_183.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_183.txt new file mode 100644 index 0000000000000000000000000000000000000000..79e44ca71bc02ca3939f575fa06d772a4b4ee3ed --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_183.txt @@ -0,0 +1,83 @@ +C&W Opinion +With respect to the Belgian and Dutch part of the portfolio +valued by C&W, C&W Belgium confirmed an investment value +of EUR 2,140,501,000 and a fair value of EUR 2,049,038,000. +• Emeric Inghels*, MRICS +C&W Partner, Valuation & Advisory + (*) Calibri SRL +With respect to the French part of the portfolio valued by C&W, +C&W France confirmed an investment value of EUR 543,406,000 +and a fair value of EUR 509,740,000. +• Jérôme Salomon, MRICS +C&W Partner +With respect to the German part of the portfolio valued +by C&W, C&W Germany confirmed an investment value +of EUR 336,604,000 and a fair value of EUR 315,380,000. +• Peter Fleischmann, MRICS +C&W Partner, Valuation & Advisory Germany +With respect to the Spanish part of the portfolio valued by C&W, +C&W Spain confirmed an investment value of EUR 266,837,000 +and a fair value of EUR 258,889,000. +• James Bird, MRICS +C&W Partner, Valuation & Advisory Spain +With respect to the Irish part of the portfolio valued by C&W, +C&W Ireland confirmed an investment value of EUR 109,965,000 +and a fair value of EUR 99,850,000. +• Patricia Staunton, MRICS +Regional Director, Cushman & Wakefield Ireland +CBRE opinion +With respect to the Dutch part of the portfolio valued by +CBRE, CBRE The Netherlands confirmed an investment value +of EUR 7,310,000 and a fair value of EUR 6,560,000. +• Annette Postma, MRICS +Director, CBRE Valuation & Advisory Services BV +CBRE Finland confirmed an investment value of EUR 159,400,000 +and a fair value of EUR 153,400,000. +• Vesa Kiviluoto +Director, CBRE Valuation & Advisory Finland OY +Colliers opinion +Colliers Italy confirmed an investment value of EUR 221,218,000 +and a fair value of EUR 216,880,000. +• Giuseppe Bonomi, +CEO, Colliers Valuation Italy S.r.l +Catella opinion +Catella France confirmed an investment value of EUR 191,150,000 +and a fair value of EUR 179,890,000. +• Hervé-Arthur Ratto, +Senior real estate valuer, Catella Valuation France +JLL opinion +With respect to the Belgian part of the portfolio valued by JLL, +JLL Belgium confirmed an investment value of EUR 256,542,000 +and a fair value of EUR 250,285,000. +• Roderick Scrivener, FRICS +JLL Senior Director Valuation & Risk Advisory Belux +With respect to the Spanish part of the portfolio valued by JLL, +JLL Spain confirmed an investment value of EUR 107,117,000 and +a fair value of EUR 105,082,000. +• Lourdes Pérez Carrasco, MRICS +JLL Lead of Healthcare, Valuation Advisory, Spain +With respect to the British part of the portfolio valued by +JLL, JLL United Kingdom confirmed an investment value +of EUR 71,409,000 and a fair value of EUR 66,779,800. +• Alan Bennett, MRICS +For and on behalf of Jones Lang LaSalle Limited, Director +PwC opinion +With respect to the Belgian part of the portfolio valued by PwC, +PwC Enterprise Advisory bv confirmed an investment value +of EUR 966,346,000 and a fair value of EUR 942,776,600. +• PwC Enterprise Advisory SRL / BV +Represented by Jean-Paul Ducarme*, FRICS, Director + (*) JP Ducarme Consulting SRL, +represented by its permanent representative, Jean-Paul Ducarme +With respect to the Dutch part of the portfolio valued by +PwC, PwC Netherlands confirmed an investment value +of EUR 547,660,000 and a fair value of EUR 497,380,000. +• Koniwin Domen, MRICS +Partner, PwC Netherland +With respect to the German part of the portfolio valued by PwC, +PwC Germany confirmed an investment value of EUR 613,130,000 +and a fair value of EUR 579,110,000. +• Thorsten Schnieders, +Partner, Valuation, Modeling & Analytics, PwC Germany +181 +SECTION 6  I  PROPERTY REPORT  I  INDEPENDENT REAL ESTATE VALUER’S REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_184.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_184.txt new file mode 100644 index 0000000000000000000000000000000000000000..1ad0bf2af03209fec0b36624959e33cd0be9c0d5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_184.txt @@ -0,0 +1,49 @@ +Cofinimmo offers two types of instruments listed on the stock market, +each of which provides different risk, liquidity and yield profiles. +Cofinimmo’s share +Cofinimmo’s share has been listed on Euronext Brussels (ticker : +COFB) since 1994. Cofinimmo’s share is included in the BEL20, Bel +ESG, Euronext Vigeo Euro 120, Benelux 120 and Euronext Next 150 +indexes, as well as in the EPRA Europe and GPR 250 real estate +indexes. As at 29.12.2023, Cofinimmo’s market capitalisation was +2.6 billion EUR. +Cofinimmo +on the stock market +28.6 % +Average discount of the +share on the net asset +value (IFRS) in 2023 +Comparison of the share market price and the net asset +per share* (in EUR) + Stock price Net asset per share* (IFRS) +160 +150 +140 +130 +120 +110 +100 +90 +80 +70 +60 +50 +31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 +Market performance (base 100 as at 31.12.2022) + COFB share BEL20 index EPRA Europe index +120 +115 +110 +105 +100 +95 +90 +85 +80 +75 +70 +65 +60 +31.12.2022 31.03.2023 30.06.2023 30.09.2023 31.12.2023 +182 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_185.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_185.txt new file mode 100644 index 0000000000000000000000000000000000000000..c51cd8d2908629bc68413343f7576f4a0ab907e4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_185.txt @@ -0,0 +1,62 @@ +Stock market context +The year 2023 was marked by resilient global growth in a chal - +lenging environment. Global gross domestic product (‘GDP’) grew +by 3.0 % despite war-torn energy and food markets, sluggish +Chinese growth that failed to rebound as hoped after the Covid, +and monetary tightening to combat persistent inflation. +The expected recession in the global economy did not materialise, +with some stock groups performing well (such as the ‘Magnif - +icent Seven’ in the US, i.e. Apple, Microsoft, Amazon, Alphabet, +Tesla, Meta and Nvidia) and the US banking crisis in the spring +turned out to be an isolated event. Growth in 2024 is expected +to be lower than in 2023, mainly due to a more pronounced +slowdown in China. +In terms of monetary policy, inflation slowed in 2023. The monetary +tightening that began in 2022 continued in 2023, with both the +European Central Bank (‘ECB’) and the US Federal Reserve (‘Fed’) +raising their key rates several times. The ECB’s key rate reached +an all-time high of 4.50 % in September 2023, the highest level +since the creation of the euro in 1999. Inflation slowed during the +year, mainly as a result of interest rate hikes. Markets are now +pricing in a rate cut in 2024 in both Europe and the US. The ECB’s +inflation forecasts for 2024 have also been lowered, but should +be monitored due to the risk of vulnerability to energy prices. +The equity market started 2023 on an upward trend, despite the +increase in key interest rates by the major central banks. After +a dip during the summer, the market ended the year on a high, +with the CAC40 (the Paris stock exchange’s benchmark index), +the DAX40 (the Frankfurt stock exchange’s benchmark index) and +the Dow Jones (the New York stock exchange’s benchmark index) +reaching all-time highs, thanks in particular to the slowdown in +inflation and expectations of lower interest rates. +By way of illustration, the BEL20 (Brussels Stock Exchange) index +ended the year slightly in the green, with a positive annual per - +formance of 4 %, while the EPRA Europe index rose by 17 %. +Total return (base 100 as at 31.12.2018) + COFB share BEL20 index EPRA Europe index +2.6 billion EUR +market capitalisation +as at 29.12.2023 +Comparison between Cofinimmo’s dividend yield and +the 10-year OLO rate + Dividend yield of COFB share 10-year OLO rate +31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 +160 +140 +120 +100 +80 +60 +9 % +8 % +7 % +6 % +5 % +4 % +3 % +2 % +1 % +0 % +-1 % 2018 2019 2020 2021 2022 2023 +183 +SECTION 7  I  COFINIMMO ON THE STOCK MARKET  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_186.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_186.txt new file mode 100644 index 0000000000000000000000000000000000000000..4cda0b66f584bfc2a7ce9c9981033403f0ba1b3b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_186.txt @@ -0,0 +1,68 @@ +Share trend +The first graph on the previous page shows Cofinimmo’s +share performance in 2023 compared to the BEL20 and EPRA +Europe indexes. The Cofinimmo share price fluctuated between +54.15 EUR and 90.00 EUR, with an annual average of 74.36 EUR. +The closing price as at 29.12.2023 was 71.40 EUR, which corre - +sponds to a decrease of 14.70 % in the share price compared to +the closing price of the previous year. +The second graph shows the Cofinimmo share price in relation +to its net asset value (IFRS) over the past five years. The share +traded at an average premium of 20.0 % over five years and at +an average discount of 28.6 % in 2023. If we compare the share +price to the EPRA NAV (until end of 2019) or the EPRA NTA* (since +2020), the average premium is 15.1 % over five years and the +discount is 26.2 % in 2023. +As at 31.12.2023, the discount was 27.6 % compared to the intrinsic +value (IFRS) and 27.3 % compared to EPRA NTA*. +Cofinimmo share liquidity +In 2023, Cofinimmo continued its efforts to enhance the liquidity +of its share. Throughout the year, the company participated in +more than twenty roadshows, conferences and other events +bringing the company and investors together. Cofinimmo also +invested in promotional campaigns to raise its visibility both +among institutional and retail investors. +With a market capitalisation of 2.6 billion EUR as at 29.12.2023 +and an average daily volume of 4.8 million EUR, or approximately +65,400 shares, Cofinimmo’s liquidity level is sufficient to stay on +the radar of major institutional investors. +Total return (in %) +The total return for shareholders is measured on the basis of +the share price change and includes the distribution of the divi - +dend or any other distribution carried out or paid. Assuming the +reinvestment of the 2022 dividend made available for payment +in May 2023, the Cofinimmo share achieved a total return of +-8.0 % over 2023, lower than the evolution of the EPRA Europe +Index (17.4 %). The first graph on the previous page illustrates the +performance of the Cofinimmo share compared to the BEL20 +and EPRA Europe indexes over the past five years, including the +dividend yield. During this period, the Cofinimmo share generated +a total return of -16.5 %, corresponding to an average annual +return of -3.3 %. The BEL20 and EPRA indexes recorded total var - +iations of +32.1 % and +2.9 %, respectively, which corresponds to +average annual yields of +6.4 % and +0.6 %. +Shareholders/investor profile +Cofinimmo has a large number of investors with diversified pro - +files. They include a broad base of institutional investors located +primarily in Belgium, Germany, France, Luxembourg, the Neth - +erlands, the United Kingdom, Switzerland and North America, as +well as retail investors, primarily located in Belgium. +As at 31.12.2023, one shareholder exceeded the 5 % holding thresh- +old, thereby requiring an obligation to notify. The shareholder +was the US investment fund BlackRock, which held 6.69 % of +Cofinimmo’s market capital. +Dividend +At the ordinary general meeting of 08.05.2024, the board of direc - +tors will propose a dividend in line with the outlook published +in the 2022 annual financial report, of 6.20 EUR gross per share. +This dividend corresponds to a gross yield of 8.3 % compared +to the average price of the share during the 2023 financial year +(compared to a gross yield of 5.7 % in 2022). +The second graph on the previous page shows the dividend +yield of Cofinimmo’s share compared to the 10-year OLO over +the past five years. Over this period, Cofinimmo’s share provided +an average dividend yield of +5.6 %, compared to an average +10-year OLO rate of +1.0 %. + X Nursing and care home - Hattem (NL) +184 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_187.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_187.txt new file mode 100644 index 0000000000000000000000000000000000000000..f2f50f2df8eeb4dcd99a83a6a4593baf600d67c4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_187.txt @@ -0,0 +1,47 @@ +Withholding tax +Since 01.01.2017, the applicable withholding tax on distributed +dividends has been 30 %. +While Belgian law provides exemptions, the dividend recipients +must first meet certain conditions in order to benefit. Further - +more, agreements in place to prevent double taxation provide +for reductions in the withholding tax on dividends. +Reference should also be made to the section ‘Portfolio mix and +outlook regarding the withholding tax’ in chapter ‘2024 outlook’ +of this document, for current considerations regarding the pros - +pects for reduced withholding tax. +Since 31.12.2023 was a Sunday, the stock market information in +the tables below in the 2023 column is in fact data as at Friday +29.12.2023. +ISIN BE0003593044 2023 2022 2021 +Share price (in EUR) +Highest 90.00 142.40 144.20 +Lowest 54.15 77.90 121.00 +At close 71.40 83.70 140.50 +Average 74.36 108.78 132.33 +Dividend yield1 8.3 % 5.7 % 4.5 % +Gross yield2 (over 12 months) -8.0 % -37.5 % 20.7 % +Dividend3 +Gross 6.204 6.20 6.00 +Net 4.344 4.34 4.20 +Volume +Average daily volume 65,404 54,466 47,123 +Annual volume 16,678,036 13,997,682 12,157,686 +Number of shares 36,765,475 32,877,729 31,695,481 +Market capitalisation at close (x 1,000 EUR) 2,625,055 2,751,866 4,453,215 +Free Float5 100 % 100 % 95 % +Velocity5 45.4 % 42.6 % 40.4 % +Payout ratio* 87.7 % 89.2 % 83.9 % +­8.0 % +Total return for shareholders +in 2023, lower than the +evolution of the EPRA Europe +index (17.4 %) +1. Gross dividend on the average annual share price. +2. Data provided by Bloomberg. It can be approximated as the closing price plus +coupon (adjusted for the change in the share price between the coupon date and +the closing date) divided by the opening price. +3. Dividends are subject to a 30 % withholding tax. +4. Subject to approval by the ordinary general meeting of 08.05.2024. +5. According to the Euronext definition. +185 +SECTION 7  I  COFINIMMO ON THE STOCK MARKET  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_188.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_188.txt new file mode 100644 index 0000000000000000000000000000000000000000..0c48435a8f749f29e9b370d5fc92c1938536b8f0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_188.txt @@ -0,0 +1,47 @@ +Straight bonds +Cofinimmo issued four straight bonds, including one green +& social bond in 2016 and two benchmark-sized sustainable +bonds issued in 2021 and 2022 (see chapter ‘Financial resources +management’), +ISIN BE0002267368 (Cofinimmo SA/NV 2016­2026) 2023 2022  2021  +Share price (in EUR) +At close 93.25 89.25 103.49 +Average 90.42 95.49 104.12 +Average yield to maturity (annual average) 4.3 % 4.8 % 1.0 % +Effective yield at issue 1.7 % 1.7 % 1.7 % +Interest coupon (in %) +Gross (per tranche of 100,000 EUR) 1.70 1.70 1.70 +Net (per tranche of 100,000 EUR) 1.19 1.19 1.19 +Number of securities 700 700 700 +ISIN BE0002269380 (Cofinimmo SA/NV 2016­2024) 2023 2022  2021  +Share price (in EUR) +At close 98.17 95.94 104.96 +Average 96.78 100.28 105.05 +Average yield to maturity (annual average) 4.0 % 4.2 % 0.3 % +Effective yield at issue 2.0 % 2.0 % 2.0 % +Interest coupon (in %) +Gross (per tranche of 100,000 EUR) 2.00 2.00 2.00 +Net (per tranche of 100,000 EUR) 1.40 1.40 1.40 +Number of securities 550 550 550 +ISIN BE6325493268 (Cofinimmo SA/NV 2020­2030) 2023 2022  2021  +Share price (in EUR) +At close 81.39 72.61 96.84 +Average 74.16 79.77 100.39 +Average yield to maturity (annual average) 4.008 % 5.179 % 1.252 % +Effective yield at issue 0.957 % 0.957 % 0.957 % +Interest coupon (in %) +Gross (per tranche of 100,000 EUR) 0.875 0.875 0.875 +Net (per tranche of 100,000 EUR) 0.613 0.613 0.613 +Number of securities 5,000 5,000 5,000 +ISIN BE0002838192 (Cofinimmo SA/NV 2022­2028) 2023 2022  2021  +Share price (in EUR) +At close 90.67 80.79 +Average 84.09 87.88 +Average yield to maturity (annual average) 3.502 % 5.439 % +Effective yield at issue 1.030 % 1.030 % +Interest coupon (in %) +Gross (per tranche of 100,000 EUR) 1.00 1.00 +Net (per tranche of 100,000 EUR) 0.70 0.70 +Number of securities 5,000 5,000 +186 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_189.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_189.txt new file mode 100644 index 0000000000000000000000000000000000000000..57ef0cf0a990fc60fcfa97b64083551ca2f6f3b3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_189.txt @@ -0,0 +1,61 @@ +Shareholding structure +as at 31.12.2023 +The graph below shows the Cofinimmo shareholders holding +more than 5 % of the capital. The transparency notifications and +the control chains are available on the company’s website. At +the closing date of this document, Cofinimmo has not received +any transparency notification presenting a situation subsequent +to that of 10.10.2023. According to the Euronext definition, the +free float is 100 %. + X Nursing and care home - Utrera (Andalusia - ES) +1. Subject to approval by the ordinary general meeting of 08.05.2024. +2. Date from which the stock exchange trading takes place without any entitle- +ment to the future dividend payment. +3. Date on which positions are recorded in order to identify shareholders entitled +to the dividend. +Shareholder’s calendar +Event  Date  +Publication of the 2023 universal registration +document - including the annual financial +report and the ESG report +05.04.2024 +(before market) +Quarterly information : +results as at 31.03.2024 +26.04.2024 +(before market) +2023 ordinary general meeting 08.05.2024 +Payment of the dividend relating to the 2023 +financial year 1 +Coupon  N° 39  +Ex-date2 13.05.2024 +Record date3 14.05.2024 +Dividend payment date As from 15.05.2024   +Half-year financial report : +results as at 30.06.2024 +26.07.2024 +(before market) +Quarterly information : +results as at 30.09.2024 +25.10.2024 +(before market) +Annual press release : +results as at 31.12.2024 +21.02.2025 +(before market) +At the end of December 2023, Cofinimmo had an analysis of +its shareholder base carried out. In total, 96 % of the holders +of outstanding shares have been identified, of which 57 % are +institutional shareholders, 34 % are retail investors and 5 % are +corporate shareholders. Consequently, 4 % of the shares were +not identified. +Shareholding + 0.06 % +Cofinimmo +group + 6.69 % +BlackRock, inc + 93.25 % +Other < 5 % +187 +SECTION 7  I  COFINIMMO ON THE STOCK MARKET  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_19.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_19.txt new file mode 100644 index 0000000000000000000000000000000000000000..782854878b61c29ecab45adbe7c3f3fc44b6bb36 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_19.txt @@ -0,0 +1,81 @@ + Highlights +Caring +286 million EUR +Investments +9 countries +Portfolio geographical +footprint +479 million EUR +Financial envelope of ongoing +development projects in +healthcare real estate +Living +19 million EUR +Completion of the disposal of +the Cofinimur I portfolio, i.e. +approximately 111 million EUR +in total +Working +236 million EUR +Divestments carried out +With 4.7 billion EUR, healthcare +real estate accounts for 75 % +of the group’s consolidated +portfolio which reaches +6.2 billion EUR. +ESG +• Inclusion in the new Euronext +BEL ESG index since its launch +in February 2023 +• Only Belgian real estate +player included in Financial +Times’ 500 Europe’s Climate +Leaders +• Renewal and improvement +of several ESG labels, and +new certification ‘Great Place +to Work®’ in Belgium and +Germany +• Several BREEAM certifications +for offices and healthcare +real estate +• Granted the ‘CO2 +Neutral label certificate – +Building label – Silver level’ +for the redevelopment of the +Montoyer 10 office building +Operational +performance ++ 8.5 % +Increase in gross rental income over the last 12 months +Financial +structure +• Interest rate risk fully hedged +as at 31.12.2023 as part of +the long-term interest rate +hedging policy +• Capital increases +(non-budgeted) for +247 million EUR (optional +dividend in the 2nd quarter, +contributions in kind in the +3rd quarter and ABB in the +4th quarter) +• Headroom on committed +credit lines of approximately +1 billion EUR as at 31.12.2023, +after deduction of the +backup of the commercial +paper programme +2024 outlook +6.20 EUR/share +Gross dividend for the 2024 +financial year, payable in 2025 +(stable compared to 2023), +subject to the evolution +of the net result from core +activities – group share – +per share* and the evolution +of the debt-to-assets ratio +17 +SECTION 3  I  MESSAGE TO THE SHAREHOLDERS I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_190.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_190.txt new file mode 100644 index 0000000000000000000000000000000000000000..c2762035da8b227ba1a139bc93fe0a0fecc791b0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_190.txt @@ -0,0 +1,65 @@ +EPRA ­ Performance indicators +Definition 31.12.2023 31.12.2022 +(x 1,000 EUR) EUR/share (x 1,000 EUR) EUR/share +1 EPRA earnings* Current result from strategic operational activities. 240,719 7.07 222,496 6.95 +   EPRA diluted +   earnings* +Current result from strategic operational activities +taking into account financial instruments with a +potential dilutive impact at the closing date. + 240,719 7.07 222,496 6.95 +2 EPRA NRV* The EPRA Net Reinstatement Value (NRV) assumes that +the company will never sell its assets, and provides an +estimate of the amount required to reconstitute the +company. + 3,914,498 106.54 3,809,926 115.99 +3 EPRA NTA* The EPRA Net Tangible Assets (NTA) assumes that the +company acquires and disposes assets, of which would +result in the materialisation of certain deferred taxes +that cannot be avoided. + 3,604,815 98.11 3,509,102 106.83 +4 EPRA NDV* The EPRA Net Disposal Value (NDV) represents the value +accruing to the company’s shareholders in a scenario +of disposal of its assets, resulting in the settlement of +deferred taxes, the liquidation of financial instruments +and the recognition of other liabilities for their +maximum amount, all net of taxes. + 3,820,325 103.97 3,872,026 117.88 +Definition 31.12.2023 31.12.2022 +5 (i) EPRA net initial +yield (NIY)*  +Annualised gross rental income based on the passing rents at the closing date, less +property charges, divided by the market value of the portfolio, increased with estimated +transaction costs resulting from the hypothetical disposal of investment properties. +5.5 % 5.3 % +    (ii) EPRA ‘topped- +up’ NIY*   +This measure incorporates an adjustment to the EPRA NIY in respect of the expiration of +rent-free periods and other incentives. +5.5 % 5.3 % +6 EPRA vacancy +rate* +Estimated Rental Value (ERV) of vacant space divided by the ERV of the total portfolio. 1.6 % 1.4 % +7 EPRA cost ratio +(direct vacancy +costs included)*  +Administrative/operational expenses per the IFRS income statement, including the direct +costs of vacant buildings, divided by the gross rental income, less ground rent costs. +21.6 % 22.2 % +8 EPRA cost ratio +(direct vacancy +costs excluded)* +Administrative/operational expenses per the IFRS income statement, less the direct costs of +vacant buildings, divided by the gross rental income, less ground rent costs. +18.8 % 19.5 % +9 EPRA LTV*  Debt divided by the market value of the properties. 43.1 % 45.7 % +Data according +to the EPRA framework +1. These data are not compulsory according to the RREC regulation and are not subject to verification by public authorities. The auditor verified whether +the EPRA earnings*, EPRA NRV*, EPRA NTA*, EPRA NDV* and EPRA cost ratios* were calculated according to the definitions included in the ‘EPRA Best Practice +Recommendations’ and whether the financial data used in the calculation of these figures complied with the accounting data included in the audited +consolidated financial statements. +1 +188 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret transportation is a "bike". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_191.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_191.txt new file mode 100644 index 0000000000000000000000000000000000000000..c7435d3babb9b29c37bfbab832ead8d57d806bd0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_191.txt @@ -0,0 +1,32 @@ +EPRA ­ Earnings* & EPRA earnings per share*1 +1. The summary and the comments on the consolidated income statements are on pages 100 to 106 of this document. +2. MCBs issued in 2011 (and whose last repayments took place in the 4th quarter of 2023) have not been taken into account in the calculation of the EPRA diluted +earnings* between these two dates, concepts defined by the EPRA Best Practice Recommendations. +(x 1,000 EUR) 2023  2022  +Earnings per IFRS income statement -55,497 482,938 +Adjustments to calculate EPRA earnings*, to exclude : 296,216 -260,442 +(i) Changes in fair value of investment properties and assets held for sale 192,027 -58,294 +Changes in fair value of investment properties 181,653 -77,460 +Writeback of rents earned but not expired (other results on portfolio) 7,812 12,851 +Others (other results on portfolio) 2,562 6,314 +(ii) Gains or losses on disposal of investment properties and other non-financial assets 4,052 -4,493 +(iii) Gains or losses on disposal of trading properties including impairment charges in respect of trading +properties. +0 0 +(iv) Tax on gains or losses on disposals 0 0 +(v) Goodwill impairment (other result on the portfolio) 27,337 14,290 +(vi) Changes in fair value of financial instruments 79,480 -216,452 +(vii) Costs & interest on acquisitions and joint ventures 0 0 +(viii) Deferred taxes in respect of EPRA adjustments (other result on the portfolio) -13,068 6,128 +(ix) Adjustments related to joint ventures 8,983 1,339 +(x) Minority interests in respect of the above adjustments -2,596 -2,960 +EPRA earnings* 240,719 222,496 +Number of shares 34,067,897 32,000,642 +EPRA EARNINGS PER SHARE* (IN EUR/SHARE) 7.07 6.95 +EPRA diluted earnings*2 240,719 222,496 +Diluted number of shares 34,067,897 32,000,642 +EPRA DILUTED EARNINGS PER SHARE* (IN EUR/SHARE) 7.07 6.95 + + X Nursing and care home - Vantaa (FI) +189 +SECTION 8  I  DATA ACCORDING TO THE EPRA PRINCIPLE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_192.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_192.txt new file mode 100644 index 0000000000000000000000000000000000000000..a09afc28578e7f0ec70964149d3c4c6afb4e1333 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_192.txt @@ -0,0 +1,70 @@ +EPRA ­ Net Asset Value*1 +(x 1,000 EUR) 2023 2022 +EPRA NRV* EPRA NTA* EPRA NDV* EPRA NRV* EPRA NTA* EPRA NDV* +IFRS equity attributable to the parent company shareholders 3,623,262 3,623,262 3,623,262 3,637,413 3,637,413 3,637,413 +Includes/Excludes : +i) Hybrid instruments 0 0 0 0 0 0 +Diluted net asset value (NAV) 3,623,262 3,623,262 3,623,262 3,637,413 3,637,413 3,637,413 +Includes : +ii.a) Revaluation of investment properties available for rent +(if the IAS 40 cost model is applied) +0 0 0 0 0 0 +ii.b) Revaluation of investment properties +(if the IAS 40 cost model is applied) +0 0 0 0 0 0 +ii.c) Revaluation of other non-current investments 0 0 0 0 0 0 +iii) Revaluation of finance lease receivables 31,658 31,658 31,658 16,690 16,690 16,690 +iv) Revaluation of assets held for sale 0 0 0 0 0 0 +Diluted NAV at fair value 3,654,921 3,654,921 3,654,921 3,654,103 3,654,103 3,654,103 +Excludes : +v) Deferred taxes relating to revaluations of investment properties at fair value 43,922 43,922 0 56,184 56,184 0 +vi) Fair value of financial instruments -91,899 -91,899 0 -171,475 -171,475 0 +vii) Goodwill resulting from deferred taxes 0 0 0 -20,889 -20,889 -20,889 +viii.a) Goodwill according to IFRS balance sheet 0 0 0 0 -6,448 -6,448 +viii.b) Intangible assets according to IFRS balance sheet 0 -2,128 0 0 -2,374 0 +Includes : +ix) Fair value of fixed interest rate debt 0 0 165,404 0 0 245,260 +x) Revaluation of intangible assets at fair value 0 0 0 0 0 0 +xi) Real estate transfer taxes 307,554 0 0 292,003 0 0 +NAV 3,914,498 3,604,815 3,820,325 3,809,926 3,509,102 3,872,026 +Diluted number of shares 36,742,964 36,742,964 36,742,964 32,846,154 32,846,154 32,846,154 +NAV PER SHARE (IN EUR/SHARE) 106.54 98.11 103.97 115.99 106.83 117.88 +EPRA ­ Net Initial Yield (NIY)*2 and EPRA ‘Topped­Up’ NIY* 2 +(x 1,000,000 EUR) 2023 2022 +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +BE FR NL DE Other BE FR NL DE Other +Investment properties at fair value 1,677.0 689.6 503.9 894.5 900.9 1,102.0 463.1 6,231.0 1,706.6 487.0 480.6 845.4 848.1 1,352.8 479.4 6,199.8 +Assets held for sale - -8.2 - - - -34.9 - -43.1 - -9.2 - - - -91.7 -16.4 -117.3 +Development projects -13.8 -12.7 -25.9 -10.6 -111.2 -121.5 -6.5 -302.2 -47.9 -22.8 -38.9 -14.8 -126.2 -73.1 -6.5 -330.1 +Assets available for lease 1,663.2 668.7 478.1 883.9 789.7 945.6 456.6 5,885.8 1,658.7 455.1 441.7 830.6 721.9 1,188.0 456.5 5,752.4 +Estimated transfer fees and taxes at the +hypothetical disposal of investment properties +41.6 44.1 48.3 54.9 32.4 23.6 51.7 296.6 41.5 31.1 44.0 49.0 29.3 29.7 51.6 276.2 +Investment value (including notarial and +registration charges) of assets available +for lease +1,704.8 712.9 526.3 938.8 822.1 969.2 508.2 6,182.3 1,700.2 486.1 485.7 879.6 751.1 1,217.7 508.2 6,028.6 +Annualised gross rental income 96.9 41.4 31.0 48.5 43.5 58.7 34.8 354.8 91.3 29.5 27.5 46.2 37.3 69.2 34.8 335.8 +Property charges -0.5 -0.3 -2.4 -3.0 -2.5 -4.8 -1.6 -15.1 -0.3 -0.2 -2.1 -2.4 -1.8 -6.1 -1.3 -14.3 +Annualised net rental income 96.4 41.1 28.6 45.5 41.0 53.8 33.2 339.7 91.0 29.3 25.4 43.7 35.5 63.1 33.5 321.5 +Rent-free periods expiring within 12 months +and other lease incentives + - - - - - - - - - - - - - - - - +Topped-up annualised net rental incomes 96.4 41.1 28.6 45.5 41.0 53.8 33.2 339.7 91.0 29.3 25.4 43.7 35.5 63.1 33.5 321.5 +EPRA NIY* 5.7 % 5.8 % 5.4 % 4.8 % 5.0 % 5.6 % 6.5 % 5.5 % 5.3 % 6.0 % 5.2 % 5.0 % 4.7 % 5.2 % 6.6 % 5.3 % +EPRA ‘TOPPED­UP’ NIY* 5.7 % 5.8 % 5.4 % 4.8 % 5.0 % 5.6 % 6.5 % 5.5 % 5.3 % 6.0 % 5.2 % 5.0 % 4.7 % 5.2 % 6.6 % 5.3 % + +1. The MCBs issued in 2011 (and whose last repayments took place in the 4th quarter of 2023) have not been taken into account as at 31.12.2023 nor 31.12.2022 in the +calculation of the EPRA NRV*, the EPRA NTA* and the EPRA NDV*, concepts defined by the EPRA Best Practice Recommendations. +2. For more segment information, see Note 5. +190 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_193.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_193.txt new file mode 100644 index 0000000000000000000000000000000000000000..2fc4393c89a48b31aeb0c463642190336257d8ce --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_193.txt @@ -0,0 +1,67 @@ +EPRA ­ Net Asset Value*1 +(x 1,000 EUR) 2023 2022 +EPRA NRV* EPRA NTA* EPRA NDV* EPRA NRV* EPRA NTA* EPRA NDV* +IFRS equity attributable to the parent company shareholders 3,623,262 3,623,262 3,623,262 3,637,413 3,637,413 3,637,413 +Includes/Excludes : +i) Hybrid instruments 0 0 0 0 0 0 +Diluted net asset value (NAV) 3,623,262 3,623,262 3,623,262 3,637,413 3,637,413 3,637,413 +Includes : +ii.a) Revaluation of investment properties available for rent +(if the IAS 40 cost model is applied) +0 0 0 0 0 0 +ii.b) Revaluation of investment properties +(if the IAS 40 cost model is applied) +0 0 0 0 0 0 +ii.c) Revaluation of other non-current investments 0 0 0 0 0 0 +iii) Revaluation of finance lease receivables 31,658 31,658 31,658 16,690 16,690 16,690 +iv) Revaluation of assets held for sale 0 0 0 0 0 0 +Diluted NAV at fair value 3,654,921 3,654,921 3,654,921 3,654,103 3,654,103 3,654,103 +Excludes : +v) Deferred taxes relating to revaluations of investment properties at fair value 43,922 43,922 0 56,184 56,184 0 +vi) Fair value of financial instruments -91,899 -91,899 0 -171,475 -171,475 0 +vii) Goodwill resulting from deferred taxes 0 0 0 -20,889 -20,889 -20,889 +viii.a) Goodwill according to IFRS balance sheet 0 0 0 0 -6,448 -6,448 +viii.b) Intangible assets according to IFRS balance sheet 0 -2,128 0 0 -2,374 0 +Includes : +ix) Fair value of fixed interest rate debt 0 0 165,404 0 0 245,260 +x) Revaluation of intangible assets at fair value 0 0 0 0 0 0 +xi) Real estate transfer taxes 307,554 0 0 292,003 0 0 +NAV 3,914,498 3,604,815 3,820,325 3,809,926 3,509,102 3,872,026 +Diluted number of shares 36,742,964 36,742,964 36,742,964 32,846,154 32,846,154 32,846,154 +NAV PER SHARE (IN EUR/SHARE) 106.54 98.11 103.97 115.99 106.83 117.88 +EPRA ­ Net Initial Yield (NIY)*2 and EPRA ‘Topped­Up’ NIY* 2 +(x 1,000,000 EUR) 2023 2022 +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +BE FR NL DE Other BE FR NL DE Other +Investment properties at fair value 1,677.0 689.6 503.9 894.5 900.9 1,102.0 463.1 6,231.0 1,706.6 487.0 480.6 845.4 848.1 1,352.8 479.4 6,199.8 +Assets held for sale - -8.2 - - - -34.9 - -43.1 - -9.2 - - - -91.7 -16.4 -117.3 +Development projects -13.8 -12.7 -25.9 -10.6 -111.2 -121.5 -6.5 -302.2 -47.9 -22.8 -38.9 -14.8 -126.2 -73.1 -6.5 -330.1 +Assets available for lease 1,663.2 668.7 478.1 883.9 789.7 945.6 456.6 5,885.8 1,658.7 455.1 441.7 830.6 721.9 1,188.0 456.5 5,752.4 +Estimated transfer fees and taxes at the +hypothetical disposal of investment properties +41.6 44.1 48.3 54.9 32.4 23.6 51.7 296.6 41.5 31.1 44.0 49.0 29.3 29.7 51.6 276.2 +Investment value (including notarial and +registration charges) of assets available +for lease +1,704.8 712.9 526.3 938.8 822.1 969.2 508.2 6,182.3 1,700.2 486.1 485.7 879.6 751.1 1,217.7 508.2 6,028.6 +Annualised gross rental income 96.9 41.4 31.0 48.5 43.5 58.7 34.8 354.8 91.3 29.5 27.5 46.2 37.3 69.2 34.8 335.8 +Property charges -0.5 -0.3 -2.4 -3.0 -2.5 -4.8 -1.6 -15.1 -0.3 -0.2 -2.1 -2.4 -1.8 -6.1 -1.3 -14.3 +Annualised net rental income 96.4 41.1 28.6 45.5 41.0 53.8 33.2 339.7 91.0 29.3 25.4 43.7 35.5 63.1 33.5 321.5 +Rent-free periods expiring within 12 months +and other lease incentives + - - - - - - - - - - - - - - - - +Topped-up annualised net rental incomes 96.4 41.1 28.6 45.5 41.0 53.8 33.2 339.7 91.0 29.3 25.4 43.7 35.5 63.1 33.5 321.5 +EPRA NIY* 5.7 % 5.8 % 5.4 % 4.8 % 5.0 % 5.6 % 6.5 % 5.5 % 5.3 % 6.0 % 5.2 % 5.0 % 4.7 % 5.2 % 6.6 % 5.3 % +EPRA ‘TOPPED­UP’ NIY* 5.7 % 5.8 % 5.4 % 4.8 % 5.0 % 5.6 % 6.5 % 5.5 % 5.3 % 6.0 % 5.2 % 5.0 % 4.7 % 5.2 % 6.6 % 5.3 % + +191 +SECTION 8  I  DATA ACCORDING TO THE EPRA PRINCIPLE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_194.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_194.txt new file mode 100644 index 0000000000000000000000000000000000000000..0431a6adec2c39587fc75f0959ea028b3c6aae71 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_194.txt @@ -0,0 +1,60 @@ +1. For more details on the rental vacancy rate, see ‘Property report’ pages 158 to 177 of this document. +2. It consists of the year-on-year variations (indexations, new locations, departures and renegotiations) of gross rental income, excluding the variations linked +to changes in scope (major renovations, acquisitions and sales) occurred during the financial period. +3. Including writeback of lease payments sold and discounted. +EPRA ­ Vacancy rate*1 +(x 1,000 EUR) 2023 2022 +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +BE FR NL DE Other BE FR NL DE Other +Estimated rental value of vacant space /A - 150 289 1,178 - 3,815 82 5,514 - 150 160 - - 4,232 8 4,550 +Estimated rental value of the whole portfolio /B 87,226 44,527 29,304 48,923 44,192 55,411 29,974 339,556 84,713 32,830 25,897 46,185 37,282 66,272 29,268 322,447 +EPRA VACANCY RATE* A/B 0.0 % 0.3 % 1.0 % 2.4 % 0.0 % 6.9 % 0.3 % 1.6 % 0.0 % 0.5 % 0.6 % 0.0 % 0.0 % 6.4 % 0.0 % 1.4 % +EPRA ­ Like­for­like rental growth reporting2 +(x 1,000 EUR) 2023 2023 2022 +Average fair value of properties +available for rent corresponding +to gross rental income ­ +at comparable scope +Change in the +2023 gross +rental income3 – +at comparable +scope vs. 2022 +Gross rental +income3 – +at comparable +scope vs. 2022 +Acquisitions Disposals Other Regularisation +of rental +income related +to previous +periods +Gross rental +income3 – +at current +scope +Gross rental +income3 +Healthcare real estate 3,762,761 10,296 225,533 23,667 -1,245 - - 247,954 215,237 +Healthcare real estate Belgium 1,554,081 6,310 92,747 3,099 -342 - - 95,504 86,437 +Healthcare real estate France 461,507 1,490 31,139 4,104 -897 - - 34,346 29,649 +Healthcare real estate Netherlands 424,012 1,981 28,031 2,286 -6 - - 30,311 26,049 +Healthcare real estate Germany 695,035 -1,731 38,896 8,045 - - - 46,941 40,627 +Healthcare real estate Other 628,125 2,245 34,720 6,132 - - - 40,852 32,475 +Offices (Belgium only) 945,590 72 81,563 21 -8,914 -540 - 72,130 81,491 +Property of distribution networks +(approx. 70 % Belgium, 30 % Netherlands) +456,555 2,741 37,833 - -3,167 - - 34,666 35,092 +GRAND TOTAL PORTFOLIO 5,164,906 13,109 344,929 23,688 -13,327 -540 - 354,751 331,820 + +192 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_195.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_195.txt new file mode 100644 index 0000000000000000000000000000000000000000..6ca0ff021ef169953eee872f2ff09c09bcc9b07b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_195.txt @@ -0,0 +1,57 @@ +EPRA ­ Vacancy rate*1 +(x 1,000 EUR) 2023 2022 +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +Healthcare real estate Offices Property of distribution +networks +Grand total +consolidated +portfolio +BE FR NL DE Other BE FR NL DE Other +Estimated rental value of vacant space /A - 150 289 1,178 - 3,815 82 5,514 - 150 160 - - 4,232 8 4,550 +Estimated rental value of the whole portfolio /B 87,226 44,527 29,304 48,923 44,192 55,411 29,974 339,556 84,713 32,830 25,897 46,185 37,282 66,272 29,268 322,447 +EPRA VACANCY RATE* A/B 0.0 % 0.3 % 1.0 % 2.4 % 0.0 % 6.9 % 0.3 % 1.6 % 0.0 % 0.5 % 0.6 % 0.0 % 0.0 % 6.4 % 0.0 % 1.4 % +EPRA ­ Like­for­like rental growth reporting2 +(x 1,000 EUR) 2023 2023 2022 +Average fair value of properties +available for rent corresponding +to gross rental income ­ +at comparable scope +Change in the +2023 gross +rental income3 – +at comparable +scope vs. 2022 +Gross rental +income3 – +at comparable +scope vs. 2022 +Acquisitions Disposals Other Regularisation +of rental +income related +to previous +periods +Gross rental +income3 – +at current +scope +Gross rental +income3 +Healthcare real estate 3,762,761 10,296 225,533 23,667 -1,245 - - 247,954 215,237 +Healthcare real estate Belgium 1,554,081 6,310 92,747 3,099 -342 - - 95,504 86,437 +Healthcare real estate France 461,507 1,490 31,139 4,104 -897 - - 34,346 29,649 +Healthcare real estate Netherlands 424,012 1,981 28,031 2,286 -6 - - 30,311 26,049 +Healthcare real estate Germany 695,035 -1,731 38,896 8,045 - - - 46,941 40,627 +Healthcare real estate Other 628,125 2,245 34,720 6,132 - - - 40,852 32,475 +Offices (Belgium only) 945,590 72 81,563 21 -8,914 -540 - 72,130 81,491 +Property of distribution networks +(approx. 70 % Belgium, 30 % Netherlands) +456,555 2,741 37,833 - -3,167 - - 34,666 35,092 +GRAND TOTAL PORTFOLIO 5,164,906 13,109 344,929 23,688 -13,327 -540 - 354,751 331,820 + + X Nursing and care home Clos de la Rivelaine - Charleroi (BE) +193 +SECTION 8  I  DATA ACCORDING TO THE EPRA PRINCIPLE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_196.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_196.txt new file mode 100644 index 0000000000000000000000000000000000000000..06c105d813507ecbbf96d8f5b4f1e865b7e0d7ab --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_196.txt @@ -0,0 +1,84 @@ +1. For more details on the rental data, refer to the ‘Property report’ (pages 158 to 177). +2. Including writeback of lease payments sold and discounted. +3. ERV = Estimated Rental Value. +4. For more details on the valuation data, see the ‘Management report’ at sections ‘Healthcare real estate’ (pages 36 to 61), ‘Offices’ (pages 70 to 77) and ‘Property of +distribution networks’ (pages 62 to 69). +Investment properties ­ Rental data1 +(x 1,000 EUR) 2023 2022 +Segment Gross rental +income for the +period2 +Net rental +income for +the period +Available +rental space +(in m²) +Passing rent +at the end of +the period +ERV3 at the +end of the +period +Vacancy rate at +the end of the +period +Gross rental +income for the +period2 +Net rental +income for the +period +Available +rental space +(in m²) +Passing rent at +the end of the +period +ERV3 at the end +of the period +Vacancy rate at +the end of the +period +Healthcare real estate 247,954 246,504 1,839,522 261,372 254,172 0.6 % 215,237 212,321 1,687,158 231,728 226,906 0.1 % +Healthcare real estate Belgium 95,504 94,374 611,727 96,892 87,226 0.0 % 86,437 85,429 607,753 91,268 84,713 0.0 % +Healthcare real estate France 34,346 34,346 305,725 41,414 44,527 0.3 % 29,649 29,630 219,800 29,458 32,830 0.5 % +Healthcare real estate The Netherlands 30,311 30,398 200,694 31,023 29,304 1.0 % 26,049 25,916 193,167 27,476 25,897 0.6 % +Healthcare real estate Germany 46,941 46,796 400,958 48,536 48,923 2.4 % 40,627 38,989 369,849 46,186 46,185 0.0 % +Healthcare real estate Other 40,852 40,590 320,418 43,508 44,192 0.0 % 32,475 32,355 296,589 37,340 37,282 0.0 % +Offices 72,130 67,155 291,790 58,673 55,411 6.9 % 81,491 75,893 371,290 69,223 66,272 6.4 % +Property of distribution networks 34,666 33,928 308,917 34,769 29,974 0.3 % 35,092 34,304 315,665 34,815 29,268 0.0 % +GRAND TOTAL PORTFOLIO 354,751 347,587 2,440,229 354,815 339,556 1.6 % 331,820 322,518 2,374,113 335,766 322,447 1.4 % +Investment properties ­ Valuation data4 +(x 1,000 EUR) 2023 2022 +Segment Fair value of the +portfolio +Changes in fair value +over the period +EPRA Net Initial Yield* Changes in fair value +over the period +Fair value of the +portfolio +Changes in fair value +over the period +EPRA Net +Initial Yield* +Changes in fair value +over the period +Healthcare real estate 4,483,609 -94,248 5.4 % -2.1 % 4,107,863 55,341 5.2 % 1.4 % +Healthcare real estate Belgium 1,663,234 -41,572 5.7 % -2.4 % 1,658,718 39,744 5.3 % 2.5 % +Healthcare real estate France 668,740 17,616 5.8 % 2.7 % 455,050 -4,391 6.0 % -1.0 % +Healthcare real estate The Netherlands 478,075 789 5.4 % 0.2 % 441,690 -4,428 5.2 % -1.0 % +Healthcare real estate Germany 883,880 -57,836 4.8 % -6.1 % 830,550 3,231 5.0 % 0.4 % +Healthcare real estate Other 789,680 -13,245 5.0 % -1.6 % 721,855 21,186 4.7 % 3.0 % +Offices 945,590 -71,886 5.6 % -7.1 % 1,187,999 26,266 5.2 % 2.3 % +Property of distribution networks 456,555 1,115 6.5 % 0.2 % 456,550 -3,799 6.6 % -0.8 % +GRAND TOTAL PORTFOLIO 5,885,754 -165,019 5.5 % -2.7 % 5,752,412 77,808 5.3 % 1.4 % +Reconciliation with IFRS consolidated +income statement + +Investment properties under development 302,176 -16,615 330,128 -4,457 +Assets held for sale 43,111 -18 117,270 4,108 +TOTAL  6,231,040 -181,653 6,199,811 77,460 +194 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_197.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_197.txt new file mode 100644 index 0000000000000000000000000000000000000000..5cacba9890254a78dd6668d11865c2ab6d31bca6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_197.txt @@ -0,0 +1,80 @@ +Investment properties ­ Rental data1 +(x 1,000 EUR) 2023 2022 +Segment Gross rental +income for the +period2 +Net rental +income for +the period +Available +rental space +(in m²) +Passing rent +at the end of +the period +ERV3 at the +end of the +period +Vacancy rate at +the end of the +period +Gross rental +income for the +period2 +Net rental +income for the +period +Available +rental space +(in m²) +Passing rent at +the end of the +period +ERV3 at the end +of the period +Vacancy rate at +the end of the +period +Healthcare real estate 247,954 246,504 1,839,522 261,372 254,172 0.6 % 215,237 212,321 1,687,158 231,728 226,906 0.1 % +Healthcare real estate Belgium 95,504 94,374 611,727 96,892 87,226 0.0 % 86,437 85,429 607,753 91,268 84,713 0.0 % +Healthcare real estate France 34,346 34,346 305,725 41,414 44,527 0.3 % 29,649 29,630 219,800 29,458 32,830 0.5 % +Healthcare real estate The Netherlands 30,311 30,398 200,694 31,023 29,304 1.0 % 26,049 25,916 193,167 27,476 25,897 0.6 % +Healthcare real estate Germany 46,941 46,796 400,958 48,536 48,923 2.4 % 40,627 38,989 369,849 46,186 46,185 0.0 % +Healthcare real estate Other 40,852 40,590 320,418 43,508 44,192 0.0 % 32,475 32,355 296,589 37,340 37,282 0.0 % +Offices 72,130 67,155 291,790 58,673 55,411 6.9 % 81,491 75,893 371,290 69,223 66,272 6.4 % +Property of distribution networks 34,666 33,928 308,917 34,769 29,974 0.3 % 35,092 34,304 315,665 34,815 29,268 0.0 % +GRAND TOTAL PORTFOLIO 354,751 347,587 2,440,229 354,815 339,556 1.6 % 331,820 322,518 2,374,113 335,766 322,447 1.4 % +Investment properties ­ Valuation data4 +(x 1,000 EUR) 2023 2022 +Segment Fair value of the +portfolio +Changes in fair value +over the period +EPRA Net Initial Yield* Changes in fair value +over the period +Fair value of the +portfolio +Changes in fair value +over the period +EPRA Net +Initial Yield* +Changes in fair value +over the period +Healthcare real estate 4,483,609 -94,248 5.4 % -2.1 % 4,107,863 55,341 5.2 % 1.4 % +Healthcare real estate Belgium 1,663,234 -41,572 5.7 % -2.4 % 1,658,718 39,744 5.3 % 2.5 % +Healthcare real estate France 668,740 17,616 5.8 % 2.7 % 455,050 -4,391 6.0 % -1.0 % +Healthcare real estate The Netherlands 478,075 789 5.4 % 0.2 % 441,690 -4,428 5.2 % -1.0 % +Healthcare real estate Germany 883,880 -57,836 4.8 % -6.1 % 830,550 3,231 5.0 % 0.4 % +Healthcare real estate Other 789,680 -13,245 5.0 % -1.6 % 721,855 21,186 4.7 % 3.0 % +Offices 945,590 -71,886 5.6 % -7.1 % 1,187,999 26,266 5.2 % 2.3 % +Property of distribution networks 456,555 1,115 6.5 % 0.2 % 456,550 -3,799 6.6 % -0.8 % +GRAND TOTAL PORTFOLIO 5,885,754 -165,019 5.5 % -2.7 % 5,752,412 77,808 5.3 % 1.4 % +Reconciliation with IFRS consolidated +income statement + +Investment properties under development 302,176 -16,615 330,128 -4,457 +Assets held for sale 43,111 -18 117,270 4,108 +TOTAL  6,231,040 -181,653 6,199,811 77,460 +195 +SECTION 8  I  DATA ACCORDING TO THE EPRA PRINCIPLE  I +The secret object #1 is a "clock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_198.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_198.txt new file mode 100644 index 0000000000000000000000000000000000000000..f72299fa8e4466d134a37a8f28cf7a87117d50d2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_198.txt @@ -0,0 +1,49 @@ +Investment properties ­ Rental data +(x 1,000 EUR) Lease figures according to their end date +Average lease length +(in years) +Passing rents of the leases +maturing in +ERV1 of the leases +maturing in +Until the +break2 +Until the +end of +the lease +Year 1 Year 2 Year +3­ 5 +Year 1 Year 2 Year +3­ 5 +Healthcare real estate 15.1 15.4 3,051 363 14,502 2,351 329 13,504 +Healthcare real estate Belgium 17.5 17.8 - 16 51 - 16 51 +Healthcare real estate France 7.6 8.5 2,736 - 964 2,042 - 700 +Healthcare real estate The +Netherlands + 9.8 10.1 312 347 5,532 307 314 4,761 +Healthcare real estate Germany 19.7 19.7 3 - 222 2 - 260 +Healthcare real estate Other 15.8 15.9 - - 7,733 - - 7,733 +Offices 4.7 5.7 2,225 6,135 17,910 1,860 4,752 15,675 +Property of distribution networks 11.6 11.6 - - - - - - +GRAND TOTAL PORTFOLIO 13.1 13.5 5,276 6,498 32,412 4,210 5,082 29,179 +(x 1,000 EUR) Lease figures according to their revision date (break) +Passing rents of the leases +subject to revision in +ERV1 of the leases + subject to revision in +Year 1 Year 2 Year 3 ­5 Year 1 Year 2 Year 3 ­5 +Healthcare real estate 3,108 3,028 19,883 2,407 2,797 19,944 +Healthcare real estate Belgium 8 1,826 45 8 1,826 45 +Healthcare real estate France 2,736 512 6,183 2,042 300 6,930 +Healthcare real estate The +Netherlands + 361 690 5,701 354 671 4,977 +Healthcare real estate Germany 3 - 222 2 - 260 +Healthcare real estate Other - - 7,733 - - 7,733 +Offices 4,356 11,051 19,720 3,689 9,018 17,621 +Property of distribution networks - - - - - - +GRAND TOTAL PORTFOLIO  7,464 14,080 39,604 6,096 11,815 37,565 +1. ERV = Estimated Rental Value. +2. First break option for the tenant. +196 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_199.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_199.txt new file mode 100644 index 0000000000000000000000000000000000000000..59ecdff73631eeafcc0a637f623d18f99cbeb1d3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_199.txt @@ -0,0 +1,33 @@ +EPRA ­ Cost ratios* +(x 1.000 EUR) 2023 2022 +Include : +(I) Administrative/operating expense line per IFRS income statement 76,201 72,035 + Cost of rent-free periods 6,318 6,584 + Charges and taxes not recovered from the tenant on let properties 7,124 4,718 + Net redecoration expenses 1,505 266 + Technical costs 4,555 6,128 + Commercial costs 6,531 4,360 + Taxes and charges on unlet properties 2,762 3,966 + Corporate management costs 47,407 46,013 +(II) Net service charge costs/fees 0 0 +(III) Management fees less actual/estimated profit element 0 0 +(IV) Other operating income/recharges intended to cover overhead expenses less any related profits 0 0 +(V) Share of Joint Ventures expenses 0 0 +Exclude (if part of the above) : +(VI) Investment property depreciation 0 0 +(VII) Ground rent costs 0 0 +(VIII) Service charge costs recovered through rents but not separately invoiced 0 0 +EPRA COSTS (INCLUDING DIRECT VACANCY COSTS) (A) 76,201 72,035 +(IX) Direct vacancy costs -9,885 -8,684 +EPRA COSTS (EXCLUDING DIRECT VACANCY COSTS) (B) 66,316 63,351 +(X) Gross Rental Income less ground rents - per IFRS 352,868 324,345 +(XI) Less : service fee and service charge costs components of Gross Rental Income (if relevant) 0 0 +(XII) Add : share of Joint Ventures (Gross Rental Income less ground rents) 0 0 +GROSS RENTAL INCOME (C) 352,868 324,345 +EPRA COST RATIO (INCLUDING DIRECT VACANCY COSTS)* (A/C) 21.6 % 22.2 % +EPRA COST RATIO (EXCLUDING DIRECT VACANCY COSTS)* (B/C) 18.8 % 19.5 % +Overhead and operating expenses capitalised (incl. share of joint ventures) 2,842 3,025 +Cofinimmo capitalises the overhead costs and operational expenses (legal fees, project management fees, capitalised interests, +etc.) directly linked to development projects. +197 +SECTION 8  I  DATA ACCORDING TO THE EPRA PRINCIPLE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_2.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..7265166f006a3ddfaaae26b27e41670c9b1176f1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_2.txt @@ -0,0 +1,54 @@ +History +2019 +• Launched the 30³ project, aimed at +reducing the portfolio’s energy intensity +by 30 % by 2030 from 2017 levels, based +on SBTi (Science Based Targets initiative) + • Continued to accelerate investments +in healthcare real estate (almost +500 million EUR) +• First healthcare real estate investments +in Spain +• Accelerated rebalancing of the office +portfolio to the Brussels’ Central Business +District +• Over 56 % of the consolidated portfolio +invested in healthcare real estate +2020 +• First healthcare real estate investments +in Finland +• Capital increases in the amount of +nearly 143 million EUR +• Issued a first 500 million EUR benchmark +sustainable bond +• More than 700 million EUR invested, +including nearly 600 million EUR in +healthcare real estate in Europe +• 59 % of the consolidated portfolio +invested in healthcare real estate +2014 +• First healthcare real estate investments +in Germany +• Adopted RREC status in Belgium +• First sustainability report based on the +GRI index +2015 +• Capital increase with preference rights +in the amount of 285 million EUR +• Continued investing in healthcare real +estate in the Netherlands and Germany +2016 +• Continued investing in healthcare real estate +in the Netherlands and Germany +• Opened first Flex Corner® and The Lounge® +sites +• Issued green & social bonds +2018 +• Capital increase with irrevocable +allocation rights in the amount +of 155 million EUR +• Accelerated investments in +healthcare real estate +(300 million EUR) +• Initiated the rebalancing of the +office portfolio diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_20.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_20.txt new file mode 100644 index 0000000000000000000000000000000000000000..f5b18c05537d002078b70034011c443cc97de1b2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_20.txt @@ -0,0 +1,4 @@ +manage ment report + X Nursing and care home Les Jardins d’Ameline - Oupeye (BE) +18 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_200.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_200.txt new file mode 100644 index 0000000000000000000000000000000000000000..1ff8e0ee3b72c25b2a9b4697cb4794c959b2c5cc --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_200.txt @@ -0,0 +1,60 @@ +Development projects +In the course of 2023, Cofinimmo carried out multiple redevelop - +ment projects. For details on these ongoing and future projects, +see pages 44 of chapter ‘Healthcare real estate’. + X Nursing and care home - Leipzig (DE) +EPRA Capex +(x 1,000 EUR) 31.12.2023 +Group +(excl. joint +ventures) +Healthcare +real estate +Offices Property of distribution +networks +Joint ventures +(proportionate +share) +Group +total +BE FR NL DE Other +Acquisitions1 331,991 30,208 178,330 8,618 98,755 8,687 7,392 0 0 331,9914 +Development2 121,951 10,699 5,642 12,712 109 61,694 31,052 43 0 121,9515 +External costs capitalised 119,909 10,267 5,442 12,623 109 61,504 29,921 43 0 119,909 +Overhead and other expenses capitalised 2,042 431 200 89 0 190 1,131 0 0 2,042 +Investment properties 50,635 11,824 6,697 3,169 12,410 3,504 8,614 4,415 0 50,6355 +Major projects already (partially) income-generating 44,601 11,326 6,332 2,473 11,556 3,439 7,388 2,087 0 44,601 +No incremental lettable space 5,233 328 365 697 854 65 1,111 1,813 0 5,233 +Overhead and other expenses capitalised 800 170 0 0 0 0 115 515 0 800 +Total Capex3 504,576 52,731 190,670 24,500 111,275 73,886 47,058 4,458 0 504,5765 +Conversion from accual to cash basis -15,195 -821 786 1,405 -3,995 -1,226 -12,006 661 0 -15,195 +Total Capex on cash basis 489,382 51,910 191,456 25,905 107,280 72,660 35,052 5,119 0 489,382 +(x 1,000 EUR) 31.12.2022 +Group +(excl. joint +ventures) +Healthcare +real estate +Offices Property of distribution +networks +Joint Ventures +(proportionate +share) +Group +total +BE FR NL DE Other +Acquisitions 394,289 57,919 26,939 27,781 184,593 97,057 0 0 0 394,289 +Development 126,297 11,370 9,134 24,617 165 76,974 3,984 54 0 126,297 +External costs capitalised 124,365 11,052 8,834 24,305 165 76,351 3,604 54 0 124,365 +Overhead and other expenses capitalised 1,933 319 300 311 0 622 380 0 0 1,933 +Investment properties 27,678 3,231 5,389 2,754 3,976 2,127 5,107 5,094 0 27,678 +Major projects already (partially) +income-generating +22,099 3,038 5,296 2,348 3,502 1,581 3,775 2,559 0 22,099 +No incremental lettable space 4,487 113 75 331 474 546 1,013 1,935 0 4,487 +Overhead and other expenses capitalised 1,093 81 18 75 0 0 319 600 0 1,093 +Total Capex 548,265 72,520 41,462 55,152 188,734 176,157 9,090 5,148 0 548,265 +Conversion from accrual to cash basis -12,734 -4,090 -239 552 -147 -9,140 505 -175 0 -12,734 +Total Capex on cash basis 535,531 68,430 41,223 55,705 188,587 167,017 9,596 4,974 0 535,531 +198 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_21.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_21.txt new file mode 100644 index 0000000000000000000000000000000000000000..fc4437b8d99f0dd2b404c5a3d8be962b0baf3b8b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_21.txt @@ -0,0 +1,31 @@ +manage ment report +Contents +Mission 20 +Strategy 21 +Key figures as at 31.12.2023 26 +Transactions & achievements in 2023 30 +Caring 36 +A vast and qualitative European portfolio 46 +Achievements in 2023 48 +Belgium 48 +France 50 +The Netherlands 52 +Germany 54 +Spain 56 +Finland 58 +Ireland 59 +Italy 60 +United Kingdom 61 +Living 62 +Working 70 +Composition of the consolidated portfolio 78 +Financial resources management 87 +Summary of the consolidated accounts 100 +Summary of +quarterly consolidated accounts 104 +Appropriation of statutory profits 107 +Events after 31.12.2023 108 +2024 outlook 110 +Statutory auditor’s report on the outlook 114 +19 +SECTION 4  I  MANAGEMENT REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_22.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_22.txt new file mode 100644 index 0000000000000000000000000000000000000000..5107b9bd9844151b231dbff631c37287985c6ac1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_22.txt @@ -0,0 +1,37 @@ +‘Caring, Living and Working – Together in real estate’ is the expres- +sion of this mission. +More specifically, Cofinimmo’s mission is to : +• Promote, within its high-quality care, living, and working spaces, +exchanges that will foster inspiration and well-being through +the provision of services that anticipate the needs and aspi - +rations of their occupants ; +• Provide an inspiring work and living environment, in service +of an exciting commercial project ; +• Provide shareholders with the opportunity to make long-term, +socially responsible investments that fuel dividends as well as +returns to the community. +Beyond the stakeholders identified above, the community +itself greatly benefits from Cofinimmo’s services on many levels, +whether in healthcare, the working world, or simply in places +where people interact and share. Furthermore, Cofinimmo +contributes to enhance and renovate public and parapublic +property through large-scale projects undertaken by way of +public-private partnerships. +Mission +Responding to societal changes, Cofinimmo’s mission is +to provide high-quality care, living, and working spaces to +partner-tenants that directly benefit their occupants. + X Nursing and care home - Milton Keynes (UK) +‘The community benefits +from Cofinimmo’s +services whether in +healthcare, the working +world, or simply in +places where people +interact and share.’ + Caring, Living +and Working – +Together in real estate +20 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret fruit is a "lemon". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_23.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_23.txt new file mode 100644 index 0000000000000000000000000000000000000000..e2dec7d1959e81c67012866cad8a5c69397f9378 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_23.txt @@ -0,0 +1,101 @@ +Real estate strategy +Healthcare real estate +Cofinimmo’s strategy consists in consolidating its leadership in +the European healthcare real estate segment. In this context, +Cofinimmo’s primary objective is to expand its healthcare real +estate portfolio by investing in high-quality functional build - +ings. In principle, these buildings create an elevated, predictable +and indexed cash flow within the framework of usually long- +term lease contracts. +The group’s growth goes hand-in-hand with the diversification +that is already underway, in the healthcare real estate segment. +Once limited to nursing and care homes, Cofinimmo’s healthcare +real estate portfolio grew over time through the acquisition of +other types of assets such as medical office buildings, spe - +cialised clinics, rehabilitation clinics, psychiatric clinics, etc. But +diversification was also marked on a geographical level through +the expansion of the group’s activities beyond Belgium, first in +France, then in the Netherlands and Germany and, since 2019, +in Spain, Finland, Ireland, Italy and the United Kingdom. The nine +countries in which the company is active are at different stages +of development. +As part of its healthcare real estate strategy, Cofinimmo partic - +ipates in the expansion and renewal of the healthcare property +portfolio in Europe. Several innovative projects aimed at making +residents’ stay more attractive, including encouraging interaction +with people living in the surrounding area as well as family visi - +tations. By way of example, it is worth mentioning the healthcare +campus De State Hillegersberg in Rotterdam, whose complete +renovation was completed in the 1 st quarter of 2022. Initiated in +2019, this large-scale project consisted of two pillars : the com - +plete renovation of the rehabilitation centre, and the demolition +and reconstruction of the nursing and care home. The goal of +this new site is not only to meet the residents’ needs but also +to create a central place to live for the entire neighbourhood +and, by doing so, to fight against the isolation of care-depend - +ent seniors. Part of the building is intended for local general +practitioners who receive the nursing and care home residents’ +relatives as well as local residents. The latter can also enjoy the +nice brasserie and a beautiful garden. Finally, the clinic is also +home to an innovative nursing house concept for elderly people +who still need temporary assistance after their rehabilitation. +Given the above, it is clear that the share of healthcare real estate +in Cofinimmo’s consolidated portfolio, which already represents +75 %, is bound to grow significantly in the future. +Property of distribution networks and PPPs +Property of distribution networks, public-private partnerships +(PPPs), and healthcare real estate all share the characteris - +tic of generating high, predictable, and indexed cash flows, +through long-term contracts. +The other characteristics of the property of distribution networks +portfolios are their acquisition at an attractive price as part of +sale & leaseback transactions, their usefulness as a retail network +for the tenant, the granularity of risk they carry and the potential +to optimise their composition over time. +The portfolio of pubs and restaurants leased to the AB InBev +brewery group (Pubstone) has been subject to individual ‘run of +the mill’ asset disposals since its creation. Since the end of 2021, +the portfolio of insurance agencies leased to the MAAF insurance +company (Cofinimur I) was subject to a gradual divestment +strategy per sub-portfolio clusters or per unit. The last assets +of this portfolio were sold on 06.11.2023. PPPs are intended to be +held for the long term. +Offices +Since its establishment in December 1983, Cofinimmo has been +a major player in the Brussels office market in Belgium, which +consists of different sub-segments. +It is in this market that the company has built its expertise in real +estate for 40 years. Specifically, Cofinimmo’s staff are experts in +every aspect of the building life cycle, and are well-versed in the +A to Z management of major projects. Whether it is the design, +construction, renovation, reconversion or development of sites, +the goal is always the eventual rental or sale of these assets. In +addition to the office segment, this know-how is also applied +to healthcare real estate, property of distribution networks, and +PPPs, which all benefit from the synergies created. +Having divested large single-tenant office spaces, Cofinimmo +continues its overall rebalancing strategy by carrying out selec - +tive asset arbitrage and the rebalancing of its office portfolio by +reducing holdings in Brussels’ decentralised areas and expand- +ing its holdings of high-quality buildings in the Central Business +District (CBD), and more specifically in the Leopold district (i.e. +in the vicinity of the European institutions). The vacancy rate in +this segment, which is substantially lower than the average in +the Brussels market, makes it possible to obtain higher net yields. +On 29.10.2021, Cofinimmo contributed its office branch to a +wholly-owned subsidiary called Cofinimmo Offices SA/NV. This +spin-off stems naturally from the strategy of refocusing on the +Brussels CBD, initiated in mid-2018 and is part of the execution +of the value creation strategy for the office portfolio. It allows +the capital of the subsidiary specialised in offices to be opened +up to future investors, in due time, who would then benefit from +Cofinimmo’s experienced management and investment plat - +form, while allowing the group to recycle a part of the capital +invested in this portfolio. +Strategy +Cofinimmo’s strategy is to reaffirm its leadership in the European healthcare real +estate segment. With its numerous development projects, Cofinimmo actively +participates in the expansion and renewal of the healthcare property portfolio +in Europe. +21 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_24.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_24.txt new file mode 100644 index 0000000000000000000000000000000000000000..d0fc19ee2b118a078363e50383bc383f678140d0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_24.txt @@ -0,0 +1,55 @@ +Benefits of the strategy +for stakeholders +Cofinimmo’s strategy flows from the mission described above +as well as from the expectations of the main stakeholders +(shareholders, tenants, staff and community). +Suppliers and +community in +the broad sense +Tenants +Shareholders +Employees +Socially +responsible, long- +term investment , +generating a regular +flow of dividends +Respect and a fulfilling +work environment based +on values (we care, we +connect, we commit) and +fostering diversity +Collective and +personal development +opportunities +A healthy, well- +balanced commercial +relationship based on +mutual respect +Compliance towards supervisory +authorities ; contribution to the +well-being of local residents, +associations ; transparent, accurate +and timely information to media +and analysts +Supervisory +authorities, civil +society, media & +analysts +High-quality +care, living +and working +environments +Spaces that meet +rapidly changing +needs and aspirations +Suppliers +of goods +and services +Indirect benefits in +healthcare and the +working world or in +places where people +exchange and share +22 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_25.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_25.txt new file mode 100644 index 0000000000000000000000000000000000000000..b04bf93bb8280a0c2385816c0e3518aa28caf6c6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_25.txt @@ -0,0 +1,60 @@ +43.8 % +Debt-to-assets ratio as at 31.12.2023 +1.4 % +Average cost of debt* in 2023 +Capital markets : equity (x 1,000,000 EUR) + Contribution in kind + Sale of treasury shares + Optional dividend + Rights Issues + Accelerated bookbuilding + Conversion of convertible bonds + Straight bonds + Convertible bonds + Green & social bonds + Commercial paper +Capital markets : debts (x 1,000,000 EUR) + + + +2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +107 +75 +29 19 5 63 +22 11 38 +92 3333 99 103 +44 +155 +296 +31 +217 +65 +285 +180 +75 72 +98 69 32 +44 +58 36 +56 +44 +167 +173 +191 +219 +2626 +20 +10 +29 +500 500 +55 +17 +100 +50 +140 +50 +190 +70 +23 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I +The secret animal #3 is a "spider". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_26.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_26.txt new file mode 100644 index 0000000000000000000000000000000000000000..238c50c6719b1f5da5185d170cf7fa7da312f275 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_26.txt @@ -0,0 +1,92 @@ +Financial strategy +In order to implement the real estate strategy set out above, +Cofinimmo has developed a financing strategy based on the +following principles : +Diversification of financing sources +The group diversifies not only the type of assets and the countries +in which it invests, but also its financing sources. Cofinimmo also +pays particular attention to the alignment between its financial +strategy and its ESG objectives. Thus, Cofinimmo uses tradi - +tional or sustainability-linked bank loans, green & social loans, +‘traditional’ straight (non-convertible) bonds, convertible bonds +(the last one matured in 2021), green & social or sustainable +bonds, and both short-term and long-term sustainable com - +mercial paper programmes in its financing mix. In addition, the +company works closely with about twenty financial institutions. +Regular access to capital markets +Cofinimmo raises capital through capital increases, optional +dividends in shares, disposals of treasury shares, contributions in +kind, as well as the issuance of ‘traditional’ straight (non-convert - +ible) bonds, convertible bonds and green & social or sustainable +bonds. The two graphs on page 23 show the financing sources +used by Cofinimmo in recent years. +Debt-to-assets ratio close to 45 % +Even though the company’s RREC legal status allows a debt- +to-assets ratio (defined as financial and other debts divided by +total consolidated balance sheet assets) of at most 65 % and the +banking agreements allow a ratio of 60 %, the group’s policy is to +maintain a debt-to-assets ratio of approximately 45 %. +This level has been determined at a European level through +market standards for listed real estate companies, and is +adjusted for the long weighted average residual length of leases. +Optimisation of the duration and cost +of financing +Cofinimmo actively manages its financing sources, typically by +refinancing maturing debts in advance. In this respect, the group +strives to optimise the cost of its debt while ensuring diversi - +fication of its financing sources and monitoring the weighted +average residual maturity of its debt. +With a portion of the debt incurred at floating rate, Cofinimmo +is exposed to interest rate risk as an increase in rate could lead +to a deterioration in its financial result. This is why, Cofinimmo +partially hedges its floating-rate debt through the use of hedg - +ing instruments (IRS and caps). The objective is to secure the +interest rates over a minimum of three years for 50 % to 100 % of +the estimated financial debt. +ESG strategy +As a major real estate player in Europe, Cofinimmo has been +committed to a global ESG strategy for more than 15 years. The +ESG strategy is fully embedded in the real estate and financing +strategy. Also Cofinimmo did not wait for legal obligations to inte - +grate environmental and social considerations into its activities. +Environmental performance +The first pillar of Cofinimmo’s ESG strategy consists in improving +the energy performance and comfort standards of its buildings, +while providing a long-term environmental response to their life +cycle. The main priority is to reduce the energy intensity of the +portfolio in order to limit the impact on GHG emissions and cli - +mate change (see chapter ‘Structured approach to climate +risks’). Water management is also a key focus for the environ - +mental pillar. +Development of socially responsible healthcare +sites +The second pillar of Cofinimmo’s ESG strategy consists in con - +tributing to the development of socially responsible healthcare +sites (for example, by creating sites where several health-related +functions coexist in harmony to create genuine central living +spaces for the whole neighbourhood). Under this social pillar, +the strategy focuses on the main stakeholders : +• meeting expectations on safety of occupants through con - +struction choices and maintenance quality ; +• a two-way commitment to responsible supply chain relation - +ships with a focus on on-site safety ; +• bringing added value to society through a diverse, trained +and healthy workforce. +Sustainable balance +The third pillar of Cofinimmo’s ESG strategy consists in imple - +menting sustainability as much as possible within the limits of +economic feasibility. Profitability for investors and access to cap - +ital are material to be able to operate as a sustainable company. +Sustainable financial instruments provide an opportunity to meet +the objectives of the EU Taxonomy Regulation and ultimately of +the European Green Deal and the EU climate targets for 2030 and +2050. In accordance with its ESG strategy, Cofinimmo intends +to pursue a green and social financing policy. Specifically, the +following main objectives will be pursued : +• mitigate climate change by implementing energy conservation +measures and reducing GHG emissions ; +• renovate and/or expand the healthcare real estate portfolio +to meet current and future needs for the housing and care of +vulnerable people. +24 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_27.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_27.txt new file mode 100644 index 0000000000000000000000000000000000000000..c1ac7039f59d3c97f0813b7db2ea35aeb5b6f2c3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_27.txt @@ -0,0 +1,86 @@ +Holistic approach +Cofinimmo’s approach is driven by the actions it can take in +relation to the building itself, rather than focusing on consumer +behaviour. In this way Cofinimmo aims to assume its responsi - +bilities. The objectives of the development activities are to con - +struct buildings that are more energy efficient, with lower GHG +emissions, low water consumption and waste production, using +sustainable materials and offering a high level of safety to their +occupants. With regard to the sites themselves, transport and +biodiversity are also taken into account. The methods used by +Cofinimmo are compliant with European and national legislation +on energy performance, the BREEAM certification method for the +general sustainability aspects (Very Good is the target level for +existing assets) and the ISO 14001 certification specifications, in +order to choose the best compromise between sustainability +and profitability on a variety of sustainability parameters. +Energy intensity reduction as the main +driver +Cofinimmo’s strategy and business model are driven +by the reduction of the energy intensity of the portfo - +lio, both from the inside out and from the outside in. +This interaction allows, on the one hand, to reduce the +impact of the portfolio on the environment, since the +energy consumption during the use of the building is +the largest emitter of scope 3 GHG emissions. On the +other hand, buildings with better energy performance are +more attractive from a commercial point of view, offering +occupants greater comfort at lower cost. Cofinimmo’s +consumption reports have been available since 2010 +and show a 37% reduction in energy intensity since 2016. +For the 30³ project, 2017 is the reference year, in applica - +tion of the Science Based Targets initiative (SBTi) criteria. +The aim is to reduce the average energy intensity of the +portfolio by 30% by 2030. The graph below shows that +a 25% reduction has already been achieved since 2017, +all scopes combined. +Evolution of the average energy intensity of + the portfolio between 31.12.2016 and 31.12.2023 +Improve the buildings’ +energy performance and +comfort standards while +providing a long-term +environmental answer to +their life cycle + ENVIRONMENTAL +PERFORMANCE +Implement +sustainability as much +as possible within +the limits of economic +feasability SUSTAINABLE +BALANCE +Contribute to urban develop- +ment of socially responsible +sites (for example, by creating +sites where several health- +related functions coexist +in harmony to create genuine +central living spaces for the +whole neighbourhood) +DEVELOPMENT OF +SOCIALLY RESPON­ +SIBLE SITES +230 +220 +210 +200 +190 +180 +170 +160 +150 +140 +130 +kWh/m2/year +2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +189 +226 +178179 +165 158163 +130 +-30 % +142 +-25 % +25 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_28.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_28.txt new file mode 100644 index 0000000000000000000000000000000000000000..71a4365a87d639226198a0cacbccebf68b9b50a8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_28.txt @@ -0,0 +1,42 @@ +Key figures +as at 31.12.2023 +339 million EUR ++ 7 % +Property result +2,500,000 m2 +Total surface area +5.8 % +Gross rental yield at 100 % +occupancy +6.2 billion EUR ++ 0.5 % +Fair value of the portfolio +in 2023 in 2023 +98.5 % +Occupancy rate +13 years +Weighted average +residual lease length +Portfolio breakdown by segment Geographical breakdown +of portfolio +10 % +The Nederlands +14 % +Germany +14 % +Other* +11 % +France +50 % +Belgium +7 % +Property of distribution +networks +18 % +Offices +* ES 6 % - FI 2 % - IE 2 % - IT 3 % - UK 1 % +75 % +Healthcare real estate +Operational +26 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_29.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_29.txt new file mode 100644 index 0000000000000000000000000000000000000000..14af05ad1aa8facc30e0364d5b405df0dba67545 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_29.txt @@ -0,0 +1,28 @@ +1. Increase in the share price + dividend yield. +2. Publication of Standard & Poor’s at 21.03.2023, updated on 09.10.2023. +Key figures +as at 31.12.2023 +339 million EUR 2.6 billion EUR +BBB/long term & +A­2/short term +Market capitalisation +74.36 EUR +Average share price in 2023 +43.8 % +Debt-to-assets ratio +7.07 EUR/ +share +EPRA result* +98.61 EUR/ +share +Net asset value +­ 8.0 % +Gross return1 of the share in 2023, +lower than the change in the +EPRA Europe index (17.4 %) +1.4 % +Average cost of debt* +Standard & Poor’s rating2 +Financial +27 +SECTION 4  I  MANAGEMENT REPORT  I  KEY FIGURES  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_3.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..ee23bedb96c4a5cf7fd0cfd02cf6cfaf4673243c --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_3.txt @@ -0,0 +1,48 @@ +2022 +• Almost 550 million EUR invested in +healthcare real estate in Europe +• 70 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 114 million EUR +• Further disposal of part of the +Cofinimur I portfolio (property of +distribution newtorks) for more than +50 million EUR +• 76 million EUR divested in office +buildings +2021 +• Almost 1 billion EUR invested in healthcare +real estate in Europe +• First healthcare real estate investments +in Ireland, Italy and the United Kingdom +• 67 % of the consolidated portfolio +invested in healthcare real estate +• Contribution of the office portfolio into +a subsidiary +• Capital increases in the amount of nearly +565 million EUR +• Partially disposed of the Cofinimur I +portfolio (property of distribution +networks) for more than 40 million EUR +2023 +• Inclusion in the new Euronext BEL ESG +index and the Financial Times 500 +Europe’s Climate Leaders list +• Achievement of the zero net investment +target set at the beginning of the +year (with a neutral impact on the +debt-to-assets ratio) +• 75 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 247 million EUR +• Completion of the disposal of the + Cofinimur I portfolio (property +of distribution networks) for a +total amount of approximately +111 million EUR +• 40th anniversary of the group +on 29.12.2023 +1 + I  HISTORY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_30.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_30.txt new file mode 100644 index 0000000000000000000000000000000000000000..0ab1442450c81af9d012fbebe8ad07790c1966b2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_30.txt @@ -0,0 +1,19 @@ +154 employees +142 kWh/m2/year +80 % +80 % +55 % +6,787 +Average portfolio energy intensity +Part of the portfolio EPC certified +Remuneration ratio +between genders (women/men) +Part of the portfolio remotely monitored +Hours of paid training +ESG +47 % +Men +53 % +Women +28 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_31.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_31.txt new file mode 100644 index 0000000000000000000000000000000000000000..5ab4814501855038f5f4ee24463c6cf9013f8b4b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_31.txt @@ -0,0 +1,36 @@ +Consolidated key figures +(x 1,000,000 EUR) 31.12.2023 31.12.2022 31.12.2021 +Portfolio of investment properties (in fair value) 6,231 6,200 5,710 +(x 1,000 EUR) 31.12.2023 31.12.2022 31.12.2021 +Property result 338,958 317,534 293,885 +Operating result before result on the portfolio 277,703 257,067 241,318 +Net result from core activities - group share* 240,719 222,496 212,131 +Result on financial instruments - group share* -79,480 216,937 40,748 +Result on the portfolio - group share* -216,735 43,505 7,458 +Net result - group share* -55,497 482,938 260,337 +Operating margin* 81.9 % 81.0 % 82.1 % +31.12.2023 31.12.2022 31.12.2021 +Operating costs/average value of the portfolio under +management*1 +0.98 % 1.00 % 0.95 % +Weighted residual lease length (in years) 2 13 13 12 +Occupancy rate 3 98.5 % 98.7 % 98.1 % +Gross rental yield at 100 % occupancy4 5.8 % 5.6 % 5.6 % +Net rental yield at 100 % occupancy5 5.5 % 5.3 % 5.3 % +Debt-to-assets ratio 6 43.8 % 45.6 % 44.2 % +Average cost of debt* 7 1.4 % 1.2 % 1.1 % +Weighted average residual debt maturity (in years) 8 4 5 5 +1. Average value of the portfolio to which are added the receivables transferred for the buildings whose maintenance costs payable by +the owner are still met by the group through total cover insurance premiums. +2. Until the first break option for the lessee. +3. Calculated based on real rents (excluding development projects and assets held for sale) and, for vacant space, the rental value +estimated by the independent real estate valuers. +4. Passing rents, increased by the estimated value of vacant space, divided by the investment value of the portfolio (including transaction +costs), excluding development projects and assets held for sale. +5. Passing rents, increased by the estimated value of vacant space, minus direct costs, divided by the investment value of the portfolio +including transaction costs), excluding development projects and assets held for sale. +6. Legal ratio calculated in accordance with the legislation on RRECs, such as financial and other debt divided by total assets. +7. Including bank margins. +8. See chapter ‘Financial resources management’ on page 87. +29 +SECTION 4  I  MANAGEMENT REPORT  I  KEY FIGURES  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_32.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_32.txt new file mode 100644 index 0000000000000000000000000000000000000000..fbc1cad2b70bb74b1d03c54a5dd5dd58b2c81573 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_32.txt @@ -0,0 +1,58 @@ +Q1 +january +Belgium +Provisional acceptance of a nursing and +care home in Grimbergen (Flemish Bra - +bant). Disposal of the Mercurius 30 office +building (Brussels periphery) for approx - +imately 6 million EUR. +Financing +Refinancing of a 90 million EUR credit line +maturing at the end of January 2023 to +bring its maturity to 2030. Subscription +of an IRS for 75 million EUR for the years +2026-2029. +february +France +Provisional acceptance of a nursing and +care home in Villers-sur-Mer (Normandy). +The Netherlands +Provisional acceptance of a nursing and +care home in Hilversum (North Holland). +Finland +Provisional acceptance of a nursing and +care home in Kuopio. +ESG +Inclusion in the new Euronext BEL ESG index. +march +Belgium +Disposal of the Georgin 2 office building +(Brussels decentralised) for approximately +29 million EUR. +Germany +Entry into scope of a healthcare site in +Kaarst (North Rhine-Westphalia). Entry into +scope of a healthcare site in Viersen (North +Rhine-Westphalia). +Spain +Construction of a nursing and care home +on a plot of land previously acquired in Dos +Hermanas (Andalusia) for approximately +12 million EUR (plot of land + works). +Financing +New 18 million EUR bilateral credit line +maturing in 2030. +ESG +Ranking within the Top 500 in the Gender +equality global report & ranking on a total +of 4,000 companies assessed. Standard +Ethics confirmed Cofinimmo’s EE+ rating +(on a scale going from EEE to F), which the +company has since 2015. +Transactions & +achievements +in 2023 + X Nursing and care home Villa Batavia - +Grimbergen (BE) +30 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_33.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_33.txt new file mode 100644 index 0000000000000000000000000000000000000000..08fe3ca93439b68f81b505a4cf148fd94d1403d8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_33.txt @@ -0,0 +1,67 @@ +Q2 +april +Belgium +Disposal of a mixed-use site located +Woluwelaan 151 (Brussels periphery) for +approximately 10 million EUR. +Finland +Provisional acceptance of the second +part of a nursing and care home in +Kuopio. Provisional acceptance of a +nursing and care home in Raisio. +Financing +Signature of the extension for 210 million EUR +of the sustainability-linked syndicated loan +for one additional year to bring its matu - +rity to 19.05.2028, with no impact on credit +spreads. +ESG +Inclusion in the Financial Times’ Europe’s +500 Climate Leaders for 2023 (only Belgian +real estate company among 27 European +real estate companies). +may +Belgium +Granting of a 99-year leasehold right on +the office building located rue de la Loi/ +Wetstraat 57 (Brussels’ CBD) for approxi - +mately 36 million EUR. +The Netherlands +Acquisition of medical office building +in Sittard (Limburg) for approximately +5 million EUR. +june +Belgium +Signature of a private agreement relat - +ing to the granting of a 99-year leasehold +right on the Science/Wetenschap 41 office +building (Brussels’ CBD) for approximately +12 million EUR. Signature of a private agree - +ment relating to the divestment of the +Brand Whitlocklaan 87-93 office building +(Brussels decentralised) for approximately +12 million EUR. The closing took place at the +end of August. Disposal of the Woluwe 58 +office building (Brussels decentralised) for +approximately 12 million EUR. Acquisition +of the Loi/Wet 89 office building (Brussels’ +CBD) for approximately 7 million EUR. +Finland +Provisional acceptance of a nursing and +care home in Helsinki. +Financing +Capital increase through optional divi - +dend. A total of 31 % of the 2022 dividend +coupons were contributed to the capital +against new shares. This resulted in the +issue of 599,974 new shares for a total +amount of 44.3 million EUR. Subscription of +an IRS for 100 million EUR for 2026. +ESG +Two new BREEAM In-Use certifications for +nursing and care homes in Spain, one Very +Good and one Excellent. + X Aerial view of a nursing and care home - Helsinki (FI) + X Medical office building - Sittard (NL) +31 +SECTION 4  I  MANAGEMENT REPORT  I  TRANSACTIONS & ACHIEVEMENTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_34.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_34.txt new file mode 100644 index 0000000000000000000000000000000000000000..9bf633590caa00926f32286d23c88096c95581f3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_34.txt @@ -0,0 +1,83 @@ +Q3 +july +Belgium +Provisional acceptance of a nursing and +care home in Oudenburg (West Flanders). +Acquisition of a nursing and care home in +Oupeye (Liège/Luik) through a contribu - +tion in kind of all the shares of the com - +pany owning the site for approximately +30 million EUR. In this context, 400,472 new +shares were issued. +Spain +Construction of a nursing and care home +on a plot of land previously acquired in +Valladolid (Castille and Leon) for approxi - +mately 14 million EUR (plot of land + works). +Ireland +Acquisition of a nursing and care home +in Limerick through a contribution in kind +of the receivables resulting therefrom for +approximately 7 million EUR. In this context, +101,495 new shares were issued. +Financing +Subscription of three new IRS for +50 million EUR each, in order to increase its +hedging for the year 2026 (100 million EUR) +and the years 2028-2030 (50 million EUR). +ESG +Two new BREEAM In-Use certifications for +office buildings in Brussels, one Good and +one Very Good. +august +Belgium +Signature of a private agreement relating +to the disposal of the Nerviens/Nerviërs 105 +office building (Brussels’ CBD) for approx - +imately 20 million EUR. The notorial deed +was signed at the end of August 2023. +ESG +New BREEAM In-Use Excellent certification +for a nursing and care home in Spain. +september +Belgium +Divestment of one nursing and care +home in Balen (province of Antwerp) +and one in Aartselaar (Antwerp) for +approximately 31 million EUR. +France +Cofinimmo becomes the majority share - +holder in a property company ‘SCI Foncière +CRF’, following the increase of its stake in the +capital of this property company created +by the French Red Cross by 13 million EUR. +The Netherlands +Construction of an eco-friendly nursing +and care home in Vlijmen (North Bra - +bant) for approximately 9 million EUR (plot +of land + works). +Spain +Provisional acceptance of a nursing and +care home in Tarragona (Catalonia). +Financing +Consolidation of a 72 million EUR credit line +maturing in 2030 deriving from the con - +solidation of the property company ‘SCI +Foncière CRF’. Subscription of an IRS +for 75 million EUR covering the years +2028-2030. +ESG +Received for the tenth consecutive year a +Gold award for the application of the EPRA +Sustainability Best Practices Recommen - +dations in the 2022 annual financial report +and a Gold award for the application of +the EPRA Sustainability Best Practices Rec - +ommendation.s in the 2022 ESG Report. +S&P Global CSA score for 2023 confirmed +at 54/100. + X Nursing and care home - Kuopio (FI) + X Render of the future nursing and care +home - Valladolid (Castile & León - ES) +32 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_35.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_35.txt new file mode 100644 index 0000000000000000000000000000000000000000..6494cfa7a42148f13d177f196cd3f902f8240694 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_35.txt @@ -0,0 +1,68 @@ +Q4 +october +Financing +Capital increase in cash via accelerated +bookbuilding. The gross amount of the +capital increase amounted to approxi - +mately 167 million EUR, for which 2,785,805 +new shares were issued. Refinancing of a +50 million EUR credit line maturing at the +end of January 2024 to bring its matu - +rity to 2029. Extension of two credit lines +for a total amount of 90 million EUR for +one additional year to bring its maturity +to 2028. +Germany +Acquisition of to an eco-friendly healthcare +campus in Viersen (North Rhine-West - +phalia) for 5 million EUR. +ESG +Improvement of the ‘standing investment +score GRESB Real Estate Assessment’ +to 77/100 for 2023. Improvement of the +rating granted by Sustainalytics to 11.1. +november +France +Completion of the disposal of the port - +folio of insurance agencies leased to +the French group MAAF (Cofinimur I) and +which was launched in September 2021. +Financing +Extension of two credit lines for a total +amount of 25 million EUR for one additional +year, brining its maturity to 2034. +december +Belgium +Signature of a notary deed relating to +the granting of a 99-year leasehold right +on a nursing and care home in Walshoutem +(Flemish Brabant) for approximately +11 million EUR. Provisional acceptance of a +nursing and care home in Juprelle (Liège/ +Luik). Divestment of a nursing and care +home in Ransart (Hainaut) for 2 million EUR. +Signature of a notarial deed relating to +the granting of a 99-year leasehold right +on the office buildings located Stations - +straat 100, 102-108 and 120 in Mechelen/ +Malines (Antwerp) for approximately +27 million EUR. Divestment of four assets +in the Park Hill office building complex in +Brussels periphery, the Hermann-Debroux +44-46 office building and full ownership of +the Everegreen office building in the Brus - +sels decentralised area, for approximately +60 million EUR. +France +Signing of sales agreements relating to +two healthcare sites in Sartrouvllle (Île- +de-France) and Jurançon (Pyrénées- +Atlantiques) for 5 million EUR. +Financing +Subscription of an IRS for 200 million EUR +covering the years 2029-2030. +Group +40th anniversary of the group. + X Nursing and care home - Tarragona (Catalonia - ES) +33 +SECTION 4  I  MANAGEMENT REPORT  I  TRANSACTIONS & ACHIEVEMENTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_36.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_36.txt new file mode 100644 index 0000000000000000000000000000000000000000..553539436b2db32072f7810f9204834b9f1672ff --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_36.txt @@ -0,0 +1,5 @@ +caring, living, +working +-Together in Real Estate - +34 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_37.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_37.txt new file mode 100644 index 0000000000000000000000000000000000000000..b35b66fdad45eea8590d09ac19e7f7947a0d227c --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_37.txt @@ -0,0 +1,24 @@ +75 % +caring +To be a leading European +healthcare REIT with a +top quality portfolio, also +participating in innovative real +estate concepts addressing +healthcare challenges +7 % +living +An opportunity-seeking +approach with long-term +income +18 % +working +Creating value through +capital recycling +A portfolio exceeding +6.2 billion EUR managed +from Brussels, Paris, Breda, +Frankfurt and Madrid. +Breakdown of the consolidated portfolio +35 +SECTION 4  I  MANAGEMENT REPORT  I  CARING, LIVING, WORKING - TOGETHER IN REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_38.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_38.txt new file mode 100644 index 0000000000000000000000000000000000000000..ec7029d67024a2c59a16c48ce47f35c89c0c7527 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_38.txt @@ -0,0 +1,3 @@ +caring +36 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_39.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_39.txt new file mode 100644 index 0000000000000000000000000000000000000000..5e5059e458e0ed774986cb0387588fe1e78c0e5b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_39.txt @@ -0,0 +1,12 @@ +To be a leading European +healthcare REIT with +a top quality portfolio, +also participating in +innovative real estate +concepts addressing +healthcare challenges +caring + X Nursing and care home Neo -Rocourt (BE) +37 +SECTION 4  I  MANAGEMENT REPORT  I  CARING  I +The secret object #2 is a "bottle". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_4.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..fb8c8f08fa598316d9d8234c15219e9767bd10d1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_4.txt @@ -0,0 +1,31 @@ + X Nursing and care home – Raisio (FI) +About +Cofinimmo +The pandemic that the world has been +experiencing in recent years has highlighted the +importance of the healthcare sector for each and +every one of us. Through its investments, +Cofinimmo is actively participating in the +operation, maintenance, expansion and renewal +of the healthcare property portfolio in Europe. +Cofinimmo has been acquiring, developing and managing rental properties for 40 years. +The company has a portfolio spread across Belgium, France, the Netherlands, Germany, +Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately +6.2 billion EUR. Responding to societal changes, Cofinimmo’s mission is to provide +high-quality care, living, and working spaces to partner-tenants that directly benefit +their occupants. +‘Caring, Living and Working - Together in Real Estate’ is the expression of this mission. +Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio +of approximately 4.7 billion EUR in Europe. +As an independent company applying the highest standards of corporate governance +and sustainability, Cofinimmo offers tenant services and manages its portfolio through +a team of approximately 155 employees in Brussels, Paris, Breda, Frankfurt and Madrid. +Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT status in +Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised +by the Financial Services and Markets Authority (FSMA), the Belgian regulator. +Fair value of the porfolio on 31.12.2023 +6.2 billion EUR +Cofinimmo is active in +9 countries +2 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_40.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_40.txt new file mode 100644 index 0000000000000000000000000000000000000000..8cd155bad9473ab6f8b401e85658ac49e7ecb90b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_40.txt @@ -0,0 +1,28 @@ +Highlights +75 % +of the consolidated portfolio +99.4 % +Occupancy rate +30,500 +Number of beds +316 +Number of assets +5.6 % +Gross rental yield +286 million EUR +invested in 2023 +152 kWh/m² +Annual energy intensity of +the covered segment +4.7 billion EUR +Fair value of the portfolio + 1,860,000 m2 +Surface area +18 +Buildings with +BREEAM certification +15 years +Weighted average +residual lease length +38 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_41.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_41.txt new file mode 100644 index 0000000000000000000000000000000000000000..8fa2f6db6d0fa643ea24371c694e1b3a8a227cd9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_41.txt @@ -0,0 +1,30 @@ +18 +Buildings with +BREEAM certification +Cofinimmo is a leading investor +in healthcare real estate in +Europe with a portfolio spread +over nine countries and +consisting of 316 assets that +cover the full spectrum of care, +from primary to acute care and +skilled nursing facilities. The group +intends to further strengthen this +position in the coming years. +36 % +Belgium +15 % +France +11 % +The Netherlands +19 % +Germany +19 % +Others* +* ES 8 % - FI 3 % - IE 2 % - IT 5 % - UK 1 % +Breakdown of the healthcare portfolio +by country (at fair value - in %) + X Healthcare campus - Kaarst (DE) +39 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I +The secret instrument is a "violin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_42.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_42.txt new file mode 100644 index 0000000000000000000000000000000000000000..b121912fed3f956af5b3fd88a043cc09d5151ef8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_42.txt @@ -0,0 +1,101 @@ +Segment characteristics1 +The healthcare real estate segment is characterised by +strong growth potential, a favourable regulatory environment +and long-term leases with specialised operators. However, it +should be noted that the nine countries in which the company +is active are at different stages of development. +On the investment side, healthcare assets have been increasingly +popular first in Belgium and France, and, a few years after, in +other European countries, like Germany and the United Kingdom. +More recently, the same phenomenon was observed in Spain, +Italy, the Netherlands and Ireland, resulting in a compression of +initial real estate yields in recent years. +Strong growth potential +Demographic trends and changes in lifestyles : +an ageing population and a growing need for specialised +care facilities +Population ageing is a growing evolution in most European coun - +tries. In Europe, the proportion of people aged 65 and over should +reach 29 % of the total population by 2050 and people aged 80 +and over should reach 11 % of that same population. +According to current projections, the proportion of the population +aged 65 and over will grow faster in Spain and Ireland than in +other European countries. As a result, the demand for care and +accommodation for dependent older people in these countries +is expected to grow faster than elsewhere in Europe over the +next few years. In Ireland, for example, bed capacity currently +reaches approximately 32,000 beds and is expected to increase +by around a third by 2030 to reach a level comparable with most +other Western European countries. +Although the number of independent seniors within this category +is increasing, population ageing will nevertheless be accompa - +nied by a considerable increase in the number of dependent +elderly. Consequently, this situation will lead to a greater need +for beds in specialised healthcare facilities. +It is estimated that by 2030-2035 approximately 35,000 addi - +tional beds will be necessary in Belgium to meet growing +demand. This number will reach 100,000 in France, 150,000 in +Spain and almost 160,000 beds in Germany and 600,000 in Italy, +with the latter having the lowest accommodation capacity in +Europe. In addition to these, there is also a large proportion of +outdated buildings to be rebuilt, estimated at between 10 % and +25 % depending on the geographies.. +In the United Kingdom, population over 85 is set to increase by +almost 25 % by 2030. The country would require an additional +200,000 beds in nursing and care homes by 2050 to reach a +capacity comparable to that of most other West European +countries. +1. Sources : Cushman & Wakefield, Degroof Petercam, Eurostat, ONS, Knight Frank, ABN Amro, Real Capital Analytics, CBRE. +2. See Orpea’s press release dated 20.03.2024. +Budgetary constraints : +a search for less costly solutions for society +At the same time, in the nine countries where Cofinimmo oper - +ates, healthcare expenditure accounts for a significant share of +GDP. This share ranks between 6.5 % and 13 %, depending on the +country. In a context of budget restrictions, the organisation of +care is subject to further rationalisation and private players are +increasingly taking over from the public sector in this segment. +New and more modern structures, more suitable for the needs +of the patients and less expensive, are created to respond to +this trend and generate a demand increase for healthcare real +estate financing. +Professional healthcare operators +There are three types of operators in the healthcare segment : +public operators, non-profit sector operators and private oper - +ators. The breakdown in market share between these various +players varies from one country to the other. +Belgium has the most balanced situation in the nursing and +care homes segment with each type of operator representing +one third of the market. Conversely, in other countries there is +a virtual monopoly, whether in the non-profit sector, as in the +Netherlands, or in the private sector, as in Ireland and the United +Kingdom, with approximately 80 % of beds. +Finally, Germany, France, Spain, Finland and Italy have inter - +mediary situations with private service providers representing +between approximately 19 % of beds in Italy and approximately +45 % of beds in Germany and Spain. +In the private sector, whether in Belgium or France, and more +recently in Germany and Spain, there is a move towards consol - +idation between operators to create groups on a European level. +The most striking example is the merger in 2014 of two French +operators Korian and Medica, followed by acquisitions in other +countries, which resulted in a group operating today approx - +imately 91,800 beds spread over 1,326 sites in seven countries. +Meanwhile, Korian has become a ‘company with a mission’ under +the new name Clariane. We should also mention the acquisi - +tion of Armonea by the French group Colisée in February 2019, +which led to a total of 383 sites in Europe for a total capacity +of 32,500 beds. +Consolidation provides operators with a better distribution of +risks, easier access to financing, more regular contact with the +public authorities and certain economies of scale. These clusters +are regularly financed by the sale of real estate thus creating +an appetite for healthcare real estate. +Situation of some healthcare operators +As a reminder, the investigations carried out in France in some +nursing and care homes of Orpea , a French operator active in +the care of elderly people recently rebranded as ‘Emeis’ 2, led to +the publication, in the spring of 2022, of several detailed reports, +both by the competent authorities and the operator in question. +40 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_43.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_43.txt new file mode 100644 index 0000000000000000000000000000000000000000..5423965ee3e71a170854126ea23e078cb6495f6d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_43.txt @@ -0,0 +1,87 @@ +Since the summer of 2022, corrective actions relating to the +company’s operations and strong governance decisions – such +as the appointment of an almost completely overhauled exec - +utive committee and new directors – have been implemented. +These actions culminated in the restructuring plan ‘Orpea +changes with you and for you’. +The various stages 1 of an amicable conciliation procedure +resulted in the restructuring of Orpea’s financial debt, the obtain - +ing of new financial resources and the adjustment of its cove - +nants, within a stable and legally secure framework. Between the +4th quarter of 2023 and the 1 st quarter of 2024, Orpea 2 carried out +three capital increases for a total of approximately 3.8 billion EUR. +All of this should enable the group – in which the French state +now has a majority stake (50.81 %) via the Caisse des Dépôts +et Consignations (CDC) – to continue implementing its reor - +ganisation strategy, for the benefit of its employees, residents +and their families. In addition, on 16.02.2024, Orpea published an +annual revenue of 5.2 billon EUR for 2023, this is 11 % higher than +the previous year, as well as a +1.5 point average occupancy +rate growth compared to 2022. +As a reminder, Orpea represents 6 % of Cofinimmo’s rental income +at 31.12.2023 (Belgium 2.4 %, France 1.5 %). +In Germany, Cofinimmo was informed in the 1st quarter of 2023 that +three private nursing and care home operators, Curata, Convivo +and Novent, had filed for insolvency. Cofinimmo’s exposure to +these operators, as owner, is very limited (respectively less than +0.2 % of the contractual rents for Convivo and Novent and less +than 1 % of the contractual rents for Curata). In the meantime, +the competent court in Berlin has approved the termination of +Curata’s insolvency proceedings with effect from 30.09.2023. +This means that the new leases signed with the Curata group +(whose conditions are in line with the outlook) can now be con - +siderate as firm. They enable the operator to continue operating +three of the four sites owned by Cofinimmo and leased to the +Curata group. Regarding Novent, in November 2023 Cofinimmo +signed a new contract with the operator Noventus (now acquired +by Inter Pares), on terms in line with the outlook and with certain +elements still to be finalised. As far as Convivo is concerned, +Cofinimmo continues its constructive discussions to contribute, +on its own scale, to a solution for the site. +Regulatory environment +Healthcare financing is highly regulated given that the public +sector is involved. This is particularly the case for the nursing +and care homes. In Belgium and France for example, opening or +expanding a nursing and care home requires prior authorisation +to operate a given number of beds. This authorisation is issued +by the public authorities. As they finance up to 50 % of housing +and care costs, the number of authorisations granted per geo - +graphical area is limited in function of the needs of each area. +1. See Orpea’s press releases dated 26.10.2022, 15.11.2022, 01.02.2023, 13.02.2023, 14.02.2023, 08.03.2023, 13.03.2023, 24.03.2023, 28.06.2023, 13.07.2023, 24.07.2023, 26.07.2023, +11.10.2023, 13.11.2023, 06.12.2023, 15.12.2023, 22.12.2023, 18.01.2014 and 16.02.2024. +2. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +Breakdown of the consolidated healthcare portfolio +by building age (as at 31.12.2023 - at fair value) +0-5 years 6-10 years 11-15 years > 15 years +35 +30 +25 +20 +15 +10 +5 +0 +29.9 % +25.2 % +22.4 % 22.4 % +286 million EUR +investments made in Europe in 2023 +25 +20 +15 +10 +5 +0 +20 +Average : 15 +8 +Weighted average residual lease length per +country until the first possible break option +(at 31.12.2023 - in years) +France Netherlands Other* Belgium Germany +17 +10 +16 +(* ES 20 – FI 16 – IE 13 – IT 7 – UK 33) +41 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_44.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_44.txt new file mode 100644 index 0000000000000000000000000000000000000000..33e9d5a22ff9f07db599ad60c1b05fc9489f8696 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_44.txt @@ -0,0 +1,113 @@ +Strategy implementation +Asset acquisitions +In due diligence reviews, in addition to the usual aspects of +technical quality, legality and environmental compliance, each +healthcare property studied by the group is also subject to a +rating related to its use as a healthcare asset. This rating is +based on various factors : +• catchment area : integration of the asset into its environment +and its role in the healthcare delivery chain ; +• intrinsic qualities : size of rooms and other areas, terrace or +garden, luminosity, functionality for residents/patients and +medical/care staff, etc. ; +• ESG : green spaces, building safety, climate risks, compliance +with regulatory requirements, soil status, energy efficiency and +GHG emissions, flooding risk, health and well-being. ; +• operator-tenant : experience level, care quality, reputation, +financial solidity, etc. ; +• location : vehicle access, public transport, level of local +taxes, etc. ; +• financial : rent level, duration of lease, etc. +• environment : presence of shops, pleasant view, standard +of living, complementary care offer in the surrounding area, +future demographics, etc. +(Re)development projects +Cofinimmo’s real estate expertise and integrated approach ena - +bles the company to support the growth of healthcare operators. +The services offered range from simple financing to larger-scale +projects which include design, construction and delivery of new +buildings. The group has an experienced team which includes +financial, technical, and legal expertise, and remains abreast of +the latest developments in healthcare real estate. +(Re)development activity enables Cofinimmo to carry out other - +wise inaccessible projects, retain operator-tenants, ensure that +appropriate levels of asset quality are maintains, and create +overall value. +Proximity to clients +Cofinimmo endeavours to build close and sustainable +relationships with its tenants to ensure client satisfaction +and loyalty (see the section ‘Stakeholder dialogue as driver +force for transition’). Property management is internalised +and carried out by Cofinimmo’s operational teams. The tech - +nical teams, made up of industrial and civil engineers, archi - +tects and interior designers, supervise the renovation work. +The accounting teams prepare the rental and tax statements. +The management teams maintain commercial dialogue and +monitor the application of leases. The legal department draws +up the rental contracts and monitors any disputes. +Asset arbitrage +For several years now, Cofinimmo has followed a selective asset +arbitrage policy for its most mature markets, such as Belgium +and France. The policy consists of selling non-strategic assets +and reinvesting the funds in other assets which better match +the group’s priorities. This enables the company to take advan - +tage of certain investors’ growing appetite for this type of asset, +while optimising the composition of its portfolio. +X ESG +Cofinimmo intends to fully carry out its social and environ - +mental responsibilities. +When acquiring an asset, Cofinimmo considers factors such +as soil pollution, the presence of asbestos, the location, and +the risk of flooding. In the countries in which it operates +and for this segment, legislation on energy performance +targets is increasingly restrictive. Therefore, Cofinimmo sys - +tematically considers the energy performance and the life +cycle of a building and implements a long-term strategy by +examining its projects, usually 30 years into the future, which +is a sign of real partnership with operators. A risk analysis is +conducted within the framework of each acquisition case file. +The management of (re)development projects in health - +care real estate, the decisions and actions taken by +Cofinimmo have a significant impact on the sustainability +of assets. Firstly, because Cofinimmo, by developing tai - +lor-made, innovative and comfortable buildings, endeav - +ours to best meet the changing accommodation and care +needs of vulnerable or dependent people. Secondly, because +Cofinimmo favours the use of modern techniques and sus - +tainable materials to reduce the carbon footprint of the +buildings constructed. Finally, because Cofinimmo ensures +the proper integration of buildings in the neighbourhood, +by paying specific attention to the diversity of healthcare +sites and to aesthetics. +In this context, BREEAM certifications ensure a very high level +of sustainability. For example, August 2023, a nursing and +care home in Sarriguren (Navarre, Spain) received a BREEAM +In-Use excellent certification. In addition, the nursing and +care care home in Tarragona (Catalonia, Spain), whose +provision acceptance took place in the third quarter of 2023, +received a BREEAM New Construction Excellent certification +in November 2022. +On the other hand, Cofinimmo has moderate influence in +projects developed by operators. In that case, Cofinimmo +acts more as an adviser in the area of sustainable con - +struction, seeking innovative solutions making the gradual +improvement of the property portfolio possible, at a pace +and in line with budgets that are acceptable to operators. +Energy performance certification is completed systemati - +cally in order to objectively measure the portfolio evolution. +Cofinimmo’s influence in terms of sustainability in the day- +to-day management of healthcare assets is rather indirect. +Here, the majority of the assets are managed largely auton - +omously by operators-tenants, who decide in particular on +the type of upkeep and maintenance works to be carried +out. Nevertheless, Cofinimmo endeavours to automatically +include the data relating to the energy and water consump - +tion of buildings in the environmental accounting system in +order to raise awareness among operators. As medical office +buildings are under Cofinimmo’s operational control, it ena - +bles more in-depth consumption analysis and monitoring. +The main criteria used to make a divestment decision include +the asset size, age, location, operations, energy performance +and residual lease length. +42 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_45.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_45.txt new file mode 100644 index 0000000000000000000000000000000000000000..05346032f0802cabe643413c5ce25dcc59a2519f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_45.txt @@ -0,0 +1,60 @@ +Healthcare system + Supra-Regional + Regional + Local community +Regulators +Govt. +Hospitals +Medical +Colleges +Rural +Hospitals +Multi-Speciality +ClinicsPrimary +Healthcare +Diagnostic +Centres +General +Practioners Pharmacies +Home +Care +Blood +Banks +Nursing Homes +Small Private +Hospitals +Rehab +Clinics +Super-Speciality +Hospitals +Multi-Speciality +Hospitals +Insurance +Sub­segment Share in the +healthcare +real estate +portfolio +Facility type Year of entry +2005 +2008 +2012 +2014 +2019 +2020 +2021 +2021 +2021 +Cure centres 14 % +Acute care clinics +Rehabilitation clinics +Psychiatric clinics +Primary care 3 % Medical office buildings +Care centres 81 % +Nursing and care homes +Assisted living +Disabled care facilities +Others 2 % Mainly sport & wellness centres +Breakdown of the portfolio by type of asset +(as at 31.12.2023 - based on a fair value of 4,666 million EUR - in %) +43 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_46.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_46.txt new file mode 100644 index 0000000000000000000000000000000000000000..a0ce169ccde4681f112d9edb6968d8f990694522 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_46.txt @@ -0,0 +1,102 @@ +Committed investment programme in healthcare real estate +Project Type +(of works) +Number +of beds +Surface +area +(in m2) +Estimated +completion +date +Total +invest­ +ments +Total +invest ­ +ments +as at +31.12.2023 +Total +invest­ +ments +in 2024 +Total +invest­ +ments +after +2024 +(after works) (x 1,000,000 EUR) +ONGOING DEVELOPMENT PROJECTS +Belgium +Genappe Construction of a nursing and care home 112 6,000 Q3 2025 19 13 1 5 +Marche-en-Famenne Renovation and extension of a nursing +and care home +120 7,600 Q4 2024 8 7 1 0 +France +Fontainebleau Redevelopment of a nursing and care home 1001 6,500 Q2 2024 17 15 2 0 +The Netherlands +Vlijlmen Construction of a care clinic 30 2,100 Q1 2025 9 3 5 1 +Hoogerheide2 Construction of a nursing and care home 138 7,400 Q1 2024 26 26 0 0 +Spain +Palma de Mallorca +(Balearic Islands) +Construction of a nursing and care home 157 7,000 Q4 2025 16 12 3 1 +Alicante (Valencia) Construction of a nursing and care home 150 7,300 Q2 2024 14 14 0 0 +Oviedo (Asturias) Construction of a nursing and care home 144 6,500 Q3 2025 12 9 2 1 +Elche2 (Valencia) Construction of a nursing and care home 150 6,000 Q1 2024 8 8 0 0 +Castellón de la Plana (Valencia) Construction of a nursing and care home 136 5,900 Q4 2024 12 10 2 0 +Córdoba (Andalusia) Construction of a nursing and care home 162 7,300 Q2 2025 15 8 6 1 +Murcia (Murcia) Construction of a nursing and care home 150 6,700 Q2 2024 14 14 0 0 +Tomares (Andalusia) Construction of a nursing and care home 180 8,400 Q3 2024 13 10 3 0 +Ourense (Galicia) Construction of a nursing and care home 116 5,200 Q2 2025 +23 10 9 4Santa Cruz de Tenerife +(Canary Islands) +Construction of a nursing and care home 124 5,700 Q4 2025 +Maracena (Andalusia) Construction of a nursing and care home 180 9,100 Q3 2025 13 5 6 2 +Dos Hermanas (Andalusia) Construction of a nursing and care home 135 7,700 Q4 2025 12 3 7 2 +Valladolid (Valladolid) Construction of a nursing and care home 160 8,100 Q2 2025 14 3 9 2 +El Cañaveral3 (Madrid) Construction of a nursing and care home 165 7,000 Q4 2025 15 0 11 4 +Finland +Rovaniemi Construction of a nursing and care home 56 3,500 Q2 2024 9 7 3 0 +SUB­TOTAL INVESTMENT PROPERTIES 270 180 69 21 +Germany +North Rhine-Westphalia Development of 5 eco-friendly healthcare +campuses +680 62,000 2024-2025 188 12 162 14 +Spain +Vicálvaro (Madrid) Construction of a nursing and care home 132 5,500 Q2 2024 11 7 3 0 +Jaén (Andalusia) Construction of a nursing and care home 160 6,700 Q2 2024 10 8 2 0 +TOTAL INVESTMENT PROPERTIES, NON­CURRENT FINANCIAL ASSETS, +FINANCE LEASE RECEIVABLES AND ASSOCIATES +479 207 237 35 +Diversification +Cofinimmo actively seeks to diversify its portfolio, which takes +place at three levels : +• by country : the group currently holds healthcare assets in +Belgium, France, the Netherlands, Germany, Spain, Finland, Italy, +Ireland and the United Kingdom ; +• by operator-tenant : Cofinimmo has more than 70 healthcare +operators in its client-tenant database ; +• by asset type : the group’s healthcare real estate portfolio +includes nursing and care homes, assisted-living units, reha - +bilitation clinics, psychiatric clinics, medical office buildings, +care centres for the elderly or the disabled, acute care clinics, +and sport and wellness centres. +This diversification ensures that the group is not too dependent +on any given financing or social security system. +Follow-up of the financial and environmental +performance of acquired sites +Cofinimmo receives financial data reports from its operators +for each site periodically. This enables Cofinimmo to assess the +financial sustainability of each operation and, including the rent +hedging by the operational cash flow (‘EBITDAR’) generated by +the site. A comparison of the prices paid by residents/patients +for housing and by the authorities for care services enables the +ranking of each operation compared to similar sites, and provides +an evaluation of the risk associated with acquiring new units. +1. Corresponding to 90 beds and 10 day-care units. +2. Project delivered after 31.12.2023, see section ‘Events after 31.12.2023’. +3. Project announced after 31.12.2023, see section ‘Events after 31.12.2023’. +44 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_47.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_47.txt new file mode 100644 index 0000000000000000000000000000000000000000..3240343862ad2f7343769c8218e4cc35b7efbf75 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_47.txt @@ -0,0 +1,79 @@ +With the agreement of the operators, Cofinimmo receives regular +environmental data. This allows Cofinimmo to evaluate energy +performance and assess the risk of possible decarbonisation. +The energy intensity by country is available in the section ‘EPRA +performance Indicators’. +In addition, Cofinimmo collects available data on the perfor - +mance of the healthcare operators and compares them with +its database and with market data when available. Data from +operators and specialist healthcare consultants and observations +made by Cofinimmo are compiled throughout the year. These +data are then validated during the summer of the following year +(the data presented below for 2023 are therefore preliminary +estimates to be confirmed next summer). +The underlying occupancy rate applies to the majority of care +centres and cure centres, which accounted for nearly 95 % of +Cofinimmo’s healthcare properties at the end of 2022 (see +universal registration document 2022 pages 39 and 43). For +the relevant assets in the countries and operators for which +Cofinimmo was able to collect and use the data (see scope +coverage in the table below), the underlying occupancy rates +already reached 84 % (or more) at the end of 2022, showing a +serious improvement compared to the 2021 level affected by +COVID-19. For 2023, Cofinimmo expects most countries to be +above 90 %, with Germany below this level. +For illustrative purposes, Cofinimmo has added market data +from the various sources available (in Germany they are not +available every year, and in Italy they are non-existent). +Cofinimmo would like to take this opportunity to thank its oper - +ators for their efforts over the last few years, which have been +challenging, and pointed out that reporting by operators would be +simplified if all owners would harmonise their reporting require - +ments. Cofinimmo intends to work in this direction in order to +establish industry standards. +Within this framework, of the relevant healthcare property sites +is shown in the table below : +The updated figures for 2023 will be published in principle on +26.07.2024, in the half-year press release. +Country Occupancy rate +Market data1 Cofinimmo’s relevant portfolio2 Scope coverage3 +2021 2022 2023 20214 20224 20235,6 2021 2022 20236 +Belgium 90 % 89 % n.a.7 87 % 92 % 93 % 98 % 100 % 100 % +France 89 % 87 % n.a.7 89 % 91 % 91 % 91 % 92 % 93 % +The Netherlands 93 % 95 % n.a.7 n.a. 94 % n.a.7 n.a. 34 % n.a.7 +Germany 88 % n.a.8 n.a.7 85 % 85 % 84 % 100 % 100 % 100 % +Spain 88 % 91 % n.a.7 84 % 92 % 93 % 100 % 100 % 100 % +Finland 88 % 87 % n.a.7 n.a.9 95 % 99 % n.a.9 100 % 100 % +Ireland 83 % 84 % n.a.7 92 % 93 % 94 % 100 % 100 % 100 % +Italy n.a.8 n.a.8 n.a.7 59 % 84 % 97 % 100 % 100 % 100 % +United Kingdom 79 % 83 % 86 % 94 % 96 % 97 % 100 % 100 % 100 % +TOTAL 86 % 90 % 91 % 98 %10 94 % 99 %10 +1. Sources : : public authorities, parastatal organisations, sectorial organisations, brokers, internal business intelligence. Financial occupation rate (based on number of +days billed to residents) for Belgium and France, physical occupation rate for other geographies. +2. Weighted average, computed on a sample composed of assets relevant for this operational KPI (most type of cure or care assets (see p. 39 & 43 of 2022 universal +registration document), beyond ramp-up, excluding assets in end of operating life, newly acquired or delivered, in restructuration or development). +3. % of relevant assets for which data have been collected compared to total relevant assets in term of contractual rent. +4. Information mostly based on financial occupation rates. +5. Estimates based on spot observations or other intelligence, actual annual average available during the summer of the following year. For the UK, full year data set +already available. +6. On a like-for-like basis with 2022 relevant portfolio. +7. Data set in the process of being collected and/or completed. +8. Unavailable information (e.g. : German market occupation rate available every two years). +9. Only one new build asset still in ramp up phase. +10. Excluding countries without data set. +Breakdown of the healthcare portfolio +by operator-tenant (as at 31.12.2023 - based on +contractual rents of 261 million EUR - in %) + 53.3 % +Others + 20.8 % +Clariane + 11.5 % +Colisée + 8.0 % +Orpea 1 + 6.4 % +DomusVi +1. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +45 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_48.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_48.txt new file mode 100644 index 0000000000000000000000000000000000000000..3484b7d37ea731b0b772ecd77d66f5e1f84176c1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_48.txt @@ -0,0 +1,104 @@ +A vast and +qualitative +European portfolio +France +15 % +of the portfolio +321,000 m² +Surface area +99.6 % +Occupancy rate +57 +Sites in operation +5,200 +Beds +Belgium +36 % +of the portfolio +612,000 m² +Surface area +100 % +Occupancy rate +90 +Sites in operation +10,900 +Beds +Germany +19 % +of the portfolio +407,000 m² +Surface area +97.6 % +Occupancy rate +59 +Sites in operation +6,200 +Beds +The Netherlands +11 % +of the portfolio +201,000 m² +Surface area +99.1 % +Occupancy rate +51 +Sites in operation +1,400 +Beds +Spain +8 % +of the portfolio +156,000 m² +Surface area +100 % +Occupancy rate +25 +Sites in operation +3,900 +Beds +Finland +3 % +of the portfolio +36,000 m² +Surface area +100 % +Occupancy rate +15 +Sites in operation +690 +Beds +United Kingdom +1 % +of the portfolio +10,200 m² +Surface area +100 % +Occupancy rate +3 +Sites in operation +200 +Beds +Italy +5 % +of the portfolio +76,000 m² +Surface area +100 % +Occupancy rate +8 +Sites in operation +1,300 +Beds +Ireland +2 % +of the portfolio +42,000 m² +Surface area +100 % +Occupancy rate +8 +Sites in operation +550 +Beds +46 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_49.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_49.txt new file mode 100644 index 0000000000000000000000000000000000000000..011e6e7e1430a84ddefeb7e589785ab2ffc7d012 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_49.txt @@ -0,0 +1,2 @@ +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I +47 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_5.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..b36d96b60dc09c54f2ad32e3c2e6babde271d7f5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_5.txt @@ -0,0 +1,23 @@ +Belgium +France +The Netherlands +Germany +Spain +Finland +Ireland +Italy +United Kingdom +* For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the +guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APM are recommended by the European +Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a +better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*). +The performance indicators that are defined by IFRS rules or by law are not considered as APM. Neither are indicators that are not based on +income statement or balance sheet items. APM are defined, commented on and reconciled with the most relevant item, total or subtotal in +the financial statements for this purpose in Note 48 to the consolidated financial statements included in this universal registration document. +The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies. +7.07 EUR/share +Net result of core activities - group part - +per share* (or EPRA Result*) +3 + I  ABOUT COFINIMMO  I +The secret shape is a "heart". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_50.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_50.txt new file mode 100644 index 0000000000000000000000000000000000000000..6e56e3eb7aed01cebdb3eed83f91d833f3f12920 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_50.txt @@ -0,0 +1,76 @@ +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION + 1 Oupeye Nursing and care +home +2017/2020 10,400 116* beds + 43 +assisted-living +units +Orelia Triple +net +27 ± 30 +PROVISIONAL ACCEPTANCES + 2 Grimbergen Nursing and care +home +2023 5,600 82 Orelia +Zorg +Triple +net 27 ± 19 + 3 Oudenburg Nursing and care +home +2023 4,400 68 Clariane1 Triple +net +20 ± 11 + DISPOSALS + 4 Balen Nursing and care +home +2004 6,500 Armonea +± 31 + 5 Aartselaar Nursing and care +home +2006/2013 7,800 Clariane1 + 6 Walshoutem Nursing and care +home +2001/2012 6,800 89 + 20 +assisted-living +units +Anima +Care +± 11 +* Of which 5 day-care beds. +1. Previously known as Korian. +In Belgium, Cofinimmo holds investments properties in healthcare real estate +for a fair value of 1.7 billion EUR, 18 million EUR in participations in associates and +15 million EUR in finance lease. +Belgium +53 million EUR +investments in 2023 +2 +ongoing development projects +Achievements in 2023 + 1 + 2 + 3 + 4 5 + 6 +48 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_51.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_51.txt new file mode 100644 index 0000000000000000000000000000000000000000..b0ac5d896840d74928308dbad024bb5294117596 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_51.txt @@ -0,0 +1,24 @@ +Nursing and care +home ­ Oupeye +In 2023, Cofinimmo acquired a recently +built nursing and care home in Oupeye +(province of Liège/Luik). Located in a green +area in the heart of the municipality, the +complex was built in 2017 and extended +with a new wing in 2020. It is operational +and combines modernity and conviviality. +It consists of a 111-bed nursing and care +home, 43 assisted-living apartments, as +well as 5 day-care beds, spread over +a total surface area of approximately +10,400 m². This modular and flexible site has +an excellent A-level energy performance. It +is amongst others equipped with 400 pho - +tovoltaic panels for electricity, a cogen - +eration system for heating, as well as two +rainwater harvesting tanks. + X Nursing and care home Bloemenhof - Oudenburg (BE) + X Nursing and care home Les Jardins d’Ameline - Oupeye (BE) +49 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I +The secret food is "chocolate". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_52.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_52.txt new file mode 100644 index 0000000000000000000000000000000000000000..f5c58deddba46b9300d66b264011bd382600d882 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_52.txt @@ -0,0 +1,66 @@ +In France, Cofinimmo holds investment properties in healthcare real estate +for a fair value of 690 million EUR, finance lease receivables for 20 million EUR +and 13 million EUR in participations in associates. +France +25 million EUR +investments in 2023 +1 +ongoing development project +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION +CRF portfolio 6 aftercare and +rehabilitation clinics +(‘SSR’)1, two of which +are also active in +medical care, sur - +gery and obstetrics +(‘MCO’)2 +between 1998 +and 2019 +87,000 973 French Red +Cross +Double +net +9 ± 13 +PROVISIONAL ACCEPTANCE + 1 Villers-sur-Mer Nursing and care +home +2023 4,700 84 DomusVi Double +net +12 ± 14 +DIVESTMENTS + 2 Jurançon3 +2 healthcare sites +Orpea4 +± 5 + 3 Sartrouville Clariane5 +1. In France, SSR stands for cliniques de soins de suite et de réadaptation. +2. In France, MCO stands for médecine, chirurgie et obstétrique. +3. The closing of this transaction is foreseen in 2024. +4. On 20.03.2024, Orpea announced the rebranding of its name to ‘Emeis’. +5. Previously known as Korian. + 1 + 3 + 2 +50 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_53.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_53.txt new file mode 100644 index 0000000000000000000000000000000000000000..418cfc2449f4c08a70b8f83dfb81234b999ab5d9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_53.txt @@ -0,0 +1,18 @@ +Nursing +and care home ­ +Villers­sur­Mer +In 2023, a nursing and care home was deliv- +ered in Villers-sur-Mer (Seine-Maritime). +This development project had been +announced in February 2021 and was part +of a larger portfolio consisting of five nurs - +ing and care homes. +The property is located on the Côte Fleurie, +a coastal urban area with several residen - +tial districts. The site is easily accessible +thanks to good road connexions. +It offers a total of 84 permanent beds on +a surface area of approximately 4,700 m². + X Nursing and care home - Villers-sur-Mer (FR) +51 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_54.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_54.txt new file mode 100644 index 0000000000000000000000000000000000000000..82fc589351cca718d015e449a628c89d6fb1a93e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_54.txt @@ -0,0 +1,58 @@ + 1 + 3 + 2 +In the Netherlands, Cofinimmo holds a healthcare real estate portfolio for +a fair value of 504 million EUR. +The Netherlands +24 million EUR +investments in 2023 +2 +ongoing development projects +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITIONS + 1 Sittard +(Limburg) +Medical office +building +2023 1,700 n/a n/a Double +net +13 ± 5 + 2 Vlijmen +(North Brabant) +Construction of +a nursing and care +home +Ongoing 2,100 30 Martha +Flora1 +Double +net +15 ± 9 +PROVISIONAL ACCEPTANCE + 3 Hilversum +(North Holland) +Healthcare clinic 2023 5,500 n/a Tergooi Triple +net +20 ± 30 +1. Is now part of DomusVi. +52 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_55.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_55.txt new file mode 100644 index 0000000000000000000000000000000000000000..024d68d2c3f2824938c810fb581658432fc2dfe7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_55.txt @@ -0,0 +1,24 @@ +Nursing and care +home ­ Vlijmen +In 2023, Cofinimmo acquired a plot of land +in Vlijmen (North Brabant) where an eco- +friendly nursing and care home will be +built. The new site will be located in a res - +idential area, close to shops and green +spaces and will be easily accessible. It will +also have a bicycle storage facility. +With a surface area of approximately +2,100 m² and 30 beds, the new nursing +and care home will partially address the +shortage of care capacity in the region. It +will also have a day-care unit. Modern and +sustainable materials with a long life cycle +and the most recent techniques (geo - +thermal energy, ample water buffering, +solar panels) will be used. Cofinimmo will +therefore aim for an A+++ energy perfor - +mance label for this site. + X Medical office building - Sittard (NL) + X Render of the future nursing and care home - Vlijmen (NL) +53 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_56.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_56.txt new file mode 100644 index 0000000000000000000000000000000000000000..8f3ebb1ae57d3da70abe94e51222514fded265e5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_56.txt @@ -0,0 +1,67 @@ +1 +2+ +Germany +107 million EUR +investments in 2023 +5 +ongoing development projects +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION + 1 Viersen +(North Rhine- +Westfalia) +Extension of +healthcare +campus +2023 2.,140 21 apartments Schönes +Leben +Gruppe +Dach und +Fach3 +25 ± 5 +PROVISIONAL ACCEPTANCES + 2 Kaarst +(North Rhine- +Westphalia) 2 healthcare +campuses 2023 +12,500 1071 units + +55 apartments +Schönes +Leben +Gruppe +Dach und +Fach3 25 ± 85 + 3 Viersen +(North Rhine- +Westphalia) +16,400 1052 units + +96 apartments +1. i.e. 92 beds and 15 day-care places. +2. i.e. 90 beds and 15 day-care places. +3. See glossary. +In Germany, Cofinimmo holds a healthcare real estate portfolio for +a fair value of 894 million EUR and 14 million EUR in associates (investments and +receivables). +1-3 +54 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_57.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_57.txt new file mode 100644 index 0000000000000000000000000000000000000000..6257b6b3aa4fdf6b0e5709093370d7b59672b0b7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_57.txt @@ -0,0 +1,18 @@ +Healthcare campus ­ +Kaarst +In 2023, a second eco-friendly healthcare +campus was delivered in Kaarst (North +Rhine-Westphalia). +With its wide range of services, the project +in Kaarst is designed as a environmen - +tally friendly healthcare campus (A-level +energy performance) and offers a variety +of care and living options for its residents. +‘Am Dreeskamp’ has a total surface area +of approximately 12,500 m² and offers +different services spread over 92 beds, +15 day-care places and 55 apartments. + X Healthcare campus Am Dreeskamp - Kaarst (DE) + X Healthcare campus Am Fritzbruch - Viersen (DE) +55 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_58.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_58.txt new file mode 100644 index 0000000000000000000000000000000000000000..088793c6f43bc18b18c5d76206ace8a2d9305273 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_58.txt @@ -0,0 +1,58 @@ +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITIONS + 1 Dos Hermanas +(Andalusia) +Construction of a nursing +and care home +Ongoing 7,700 135 Grupo +Reifs +Triple +net +30 ± 12 + 2 Valladolid +(Castile & León) +Construction of a nursing +and care home +Ongoing 8,100 160 Genesenior Triple +net +25 ± 14 +PROVISIONAL ACCEPTANCE + 3 Tarragona +(Catalonia) +Nursing and care home 2023 6,800 172 Clece Double +net +25 ± 15 + +Cofinimmo entered Spain in September 2019, where it already holds a healthcare +real estate portfolio for a fair value of 364 million EUR in investment properties, to +which 43 million EUR of finance lease receivables and 16 million EUR of +prepayments in non-current financial assets were added. +Spain +51 million EUR +investments in 2023 +16 +ongoing development projects + 1 + 3 2 +56 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_59.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_59.txt new file mode 100644 index 0000000000000000000000000000000000000000..ae1f476708a6e48eb7d68a6dd706594857315b7f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_59.txt @@ -0,0 +1,20 @@ +Nursing +and care home ­ +Dos Hermanas +In 2023, Cofinimmo started the construc - +tion of a new nursing and care home on +a plot of land acquired earlier in Seville +(Andalusia). The building will have a +total surface area of approximately +7,700 m² and will offer 135 beds. The centre +is located next to the Convention Centre of +Dos Hermanas, currently under construc - +tion, next to the new SE-40 expressway +and the new regional train station. For +this site, Cofinimmo foresees an A-level +energy performance and a BREEAM Excel - +lent certification. + XRender of the future nursing and care home - Dos Hermanas (Andalusia - ES) + XNursing and care home - Tarragona (Catalonia – ES) +57 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_6.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_6.txt new file mode 100644 index 0000000000000000000000000000000000000000..407eac8a83407be08033b2eac0a4bdebb425ce11 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_6.txt @@ -0,0 +1,53 @@ +Risk factors +Structure of risk factors +F.1 Risks associated with Cofinimmo’s activities +and sectors of activity + F.1.1 Economic context + F.1.1.1 Global context + F.1.1.2 Leasing market conditions in the group’s +operating segments + F.1.1.3 Investment market conditions in the group’s +operating segments + F.1.1.4 Interest rate volatility + F.1.1.5 Situation of some healthcare operators + F.1.2 Property portfolio + F.1.2.1 Negative change in the fair value of property + F.1.2.2 Investments subject to conditions + F.1.3 Customers + F.1.3.1 Concentration risk + F.1.3.2 Vacancy rate +F.2 Risks relating to Cofinimmo’s financial +position + F.2.1 Liquidity risk + F.2.2 Contractual obligations and legal parameters + F.2.3 Change in the group’s public financial rating + F.2.4 Risks arising in the event of a change of control +F.3 Legal and regulatory risks + F.3.1 RREC, FIIS, SIIC and SOCIMI regimes + F.3.2 Changes in social security schemes + F.3.3 FBI regime + F.3.4 Preventive double taxation agreement between +Belgium and France +F.4 Risks relating to internal control +F.5 Environmental, social and governance risks + F.5.1 Building sustainability + F.5.2 ESG and sustainability transparency +Following the 21.07.2019 entry into force of the European Parliament and +Council’s Regulation (EU) 2017/1129 of 14.06.2017, known as the ‘Prospectus’ +Regulation, in particular its provisions for the presentation of risk factors, this +section includes only the specific and most significant risk factors faced +by the Cofinimmo group. The inclusion of each risk factor is based on +the probability of its occurrence and the estimated impact on the group. +Relevant risk factors are grouped into categories (numbered F.1 through +F.5) and sub-categories (numbered F.1.1.1 through F.5.2), they are ranked +according to their nature, the most significant risks being listed first within +each category. The numbering of the risk factors makes it easier to refer +from one factor to another and identify possible interdependencies. +The quantified impacts of the various risk factors can be interpreted +in light of the group’s 2023 financial results : it is recalled that the group +generated a net result - group share of -55 million EUR and a net result +from core activities - group share* of 241 million EUR. The group had net +assets of 3,623 million EUR (i.e. 98.61 EUR per share), a 43.8 % debt-to- +assets ratio, and contractual rents of 355 million EUR as at 31.12.2023. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +4 diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_60.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_60.txt new file mode 100644 index 0000000000000000000000000000000000000000..3119b99605a9614c170cdce412e05ebbcf860067 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_60.txt @@ -0,0 +1,64 @@ +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +PROVISIONAL ACCEPTANCES + 1 Kuopio Nursing and care home 2023 4,200 75 Nonna +Group Oy +Double +net +20 ± 17 + 2 Helsinki Nursing and care home 2023 4,200 83 Attendo Double +net +15.5 ± 19 + 3 Raisio Nursing and care home 2023 5,000 98 Ikifit Oy Double +net +15 ± 15 +Finland +Nursing and care home ­ +Helsinki +In 2023, Cofinimmo announced the provisional delivery of a nurs - +ing and care home located in Helsinki, the capital of Finland, on +the southern coast of the country. The nursing and care home +is located in a green and quite residential area, about 15 km east +from the city centre, in Vuosaari, close to several shops and public +transport services. +The site has a surface area of approximately 4,200 m² and offers +75 intensive care rooms spread over three storeys as well as 8 lighter +care rooms on the ground floor. The level of energy performance +of the building is B. +15 million EUR +investments in 2023 +1 +ongoing development project +Cofinimmo +entered Finland +in November 2020, +where it already +holds a healthcare +real estate portfolio +for a fair value of +153 million EUR. + XAerial view of the nursing and care home – Helsinki (FI) + 1 + 2 + 3 +58 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_61.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_61.txt new file mode 100644 index 0000000000000000000000000000000000000000..6cabd69a0d5fc5da0f2c34fb00b175d0760731a7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_61.txt @@ -0,0 +1,54 @@ +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface +area +(in m2) +Number +of beds +Operator­tenant Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION + 1 Limerick Nursing and care +home +2008 2,700 56 Mowlam +Healthcare +Triple +net +25 ± 8 +Ireland +Cofinimmo +entered Ireland +in January 2021, +where it already +holds a +healthcare real +estate portfolio +for a fair value of +100 million EUR. + X Aerial view of the nursing and care home – Limerick (IE) +8 million EUR +investments in 2023 +Nursing and care home ­ +Limerick +In 2023, Cofinimmo acquired a nursing and care home in Limerick. +The Park nursing and care home is located in a green residential +neighbourhood, about 4 km from the city centre. It benefits from +a bus stop in front of the building and is easily accessible by car. +Built in 2008, the nursing and care home has a total surface +area of approximately 2,700 m² and offers 56 beds, which are in +en-suite rooms. The asset has a good energy performance and +several upgrades are planned to further improve it. + 1 +59 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_62.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_62.txt new file mode 100644 index 0000000000000000000000000000000000000000..6872bd4a2af357ea60239175c3a7c79dcf5302ed --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_62.txt @@ -0,0 +1,14 @@ +Italy +Cofinimmo entered +Italy in May 2021, +where it already +holds a healthcare +real estate portfolio +for a fair value of +217 million EUR. + XNursing and care home - Novara (IT) +1 million EUR +investments in 2023 +60 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret kitchen appliance is a "microwave". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_63.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_63.txt new file mode 100644 index 0000000000000000000000000000000000000000..ffdf375722e5dc01d8714d789c6c434e583ae2fb --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_63.txt @@ -0,0 +1,14 @@ +United Kingdom + X Nursing and care home – Milton Keynes (UK) +Cofinimmo entered +the United Kingdom +in July 2021, +where it already +holds a healthcare +real estate portfolio +for a fair value of +67 million EUR. +2 million EUR +investments in 2023 +61 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_64.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_64.txt new file mode 100644 index 0000000000000000000000000000000000000000..004536320287e7242632bce07d75f68a44873657 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_64.txt @@ -0,0 +1,2 @@ +62 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I62 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_65.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_65.txt new file mode 100644 index 0000000000000000000000000000000000000000..f3f6e05f514a7329515f692e975c935c4768bb27 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_65.txt @@ -0,0 +1,9 @@ + X Joël Assoba +Senior Property Manager - Offices + X Brasserie René - Antwerp (BE) +living +An opportunity-seeking +approach with +long-term income +SECTION 4  I  MANAGEMENT REPORT  I  PROPERTY OF DISTRIBUTION NETWORKS  I +63 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_66.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_66.txt new file mode 100644 index 0000000000000000000000000000000000000000..f3bb75982e161688dac6e5bda6a679617d6663e8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_66.txt @@ -0,0 +1,30 @@ +Highlights +7 % +of the consolidated portfolio +99.8 % +Occupancy rate +24 million EUR +Divestments +12 years +Weighted average +residual lease length +0.5 billion EUR +Fair value of the portfolio +854 number of assets, of which + 853 pubs and restaurants + 1 PPP booked as operating lease +6.9 % +Gross rental yield +7 +contracts relating to assets in operation in +the PPP portfolio, booked as finance leases +1 +PPP building with +BREEAM certification +309,000 m2 +Surface area +126 kWh/m² +Annual energy intensity of +the covered segment +64 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_67.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_67.txt new file mode 100644 index 0000000000000000000000000000000000000000..631f31574fa23f6a19761bd359ee0dffd1e42386 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_67.txt @@ -0,0 +1,45 @@ +In November 2023, Cofinimmo completed +the disposal of its portfolio of insurance +agencies leased to the MAAF insurance +company (Cofinimur I). Since then, +Cofinimmo’s property of distribution +networks portfolio only consists of +pubs and restaurants leased to the +AB InBev brewery group (Pubstone). +This portfolio, acquired in 2007 through +sale & leaseback transactions, +generates long-term revenues. +In 2023, Cofinimmo invested 4 million EUR +and divested for 24 million EUR. +In addition to this sub-segment, +Cofinimmo also invests in special- +use buildings in Belgium through +public-private partnerships (PPPs). +The company thus contributes to the +renovation and improvement of public +and parapublic real estate assets. To +date, the PPP portfolio includes eight +contracts related to assets in operation. +64 % +Pubstone - +Belgium +30 % +Pubstone - +The Netherlands +6 % +Other - +Belgium 1 +Breakdown of property of +distribution networks by country +(at fair value - in %) + X From left to right : +Filip Gustin, Office Assistant +Ivo Nuyts, Senior Project Manager + X Brasserie René - Antewerp (BE) +1. In 2021, two assets have been allocated to the ‘Other (Belgium)’ distribution +networks real estate segment. These are the Tenreuken land reserve in Brussels +and the federal police station at Kroonveldlaan 30 in Dendermonde, together +representing 6 % of the property of distribution networks portfolio. +65 +SECTION 4  I  MANAGEMENT REPORT  I  PROPERTY OF DISTRIBUTION NETWORKS  I +65 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_68.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_68.txt new file mode 100644 index 0000000000000000000000000000000000000000..2b666073bacb913482a58a4518cf81ea1bc2e412 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_68.txt @@ -0,0 +1,78 @@ +Market characteristics +Pubstone +The assets which make up Cofinimmo’s property of +distribution networks portfolio do not represent traditional +commercial assets since they are let in bulk to a single tenant. +This type of portfolio, acquired within the framework of sale +& leaseback transactions, therefore constitutes a niche +market. +Sale & leaseback transactions +The sale price per square metre requested by the seller is usually +reasonable as it concerns buildings which are leased back to the +seller, the latter being therefore responsible for paying rent after +the sale. The latter must therefore bear the rent after the sale. +Optimisation of the points-of-sale network for the tenant’s +business +The buildings are necessary for the tenant’s activity due to +their location and are leased for the long term. For most of these +buildings, the probability of renewing the contract at the end of +the lease is therefore high. +Capital risk granularity +Should the tenant leave, a significant portion of the properties +can be sold as retail outlets or for housing to local investors, +professionals or not, as the amounts to be invested are often +attainable for this type of investor. +Support of tenants for the management, development and +renovation of the assets +Cofinimmo maintains an ongoing dialogue with the occu - +pant-tenant to increase the geographical scope of the sales +network of the latter. Buildings with leases that will not be renewed +at their term or which require renovation works in the medium +term can thus be identified in advance. In addition, Cofinimmo +can acquire new buildings the tenant would like to include in +his network. +Public-private partnerships +Cofinimmo strives to meet the specific needs of public authorities +and provides real estate and financial expertise for long-term +partnerships, which are usually subject to public contracts. +Cofinimmo is responsible for analysing the economic and tech - +nical life cycle of the project. This analysis identifies the best +compromise between initial investment and future expenses, +for both maintenance costs as well as for replacement and +repair costs. +However, Cofinimmo does not bear the construction risk for this +type of property investment, since this is the responsibility of an +appointed general contractor, to whom the group agrees to pay +a flat fee upon delivery of the building. Nevertheless, the group +supervises the quality and execution of the construction works. +Cofinimmo is usually responsible for up-keep and mainte - +nance throughout the tenancy, which is under a lease for an +extended period or long-lease. At the end of the lease, the public +authority has the option to purchase the property or to transfer +ownership free of charge. Cofinimmo therefore does not have +perpetual ownership of these assets and, as a result, they are +included under the ‘finance lease receivables’ heading on the +balance sheet for 85.0 million EUR as at 31.12.2023. +Assets in operation in the PPP portfolio as at +31.12.2023 +Property Surface +area +Accounting +procedure +Courthouse - +Antwerp 72,132 m² Finance lease +Prison - +Leuze-en-Hainaut 28,316 m² Finance lease +Fire station - +Antwerp 23,323 m² Finance lease +Police station - +Termonde/Dendermonde 9,645 m² Operating lease +Several sites of the Université +Libre de Bruxelles - +Brussels (Ixelles/Elsene) +22,902 m² Finance lease +Police station - +HEKLA zone 3,800 m² Finance lease + X Courthouse - Antwerp (BE) +66 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_69.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_69.txt new file mode 100644 index 0000000000000000000000000000000000000000..c3f44a9a351672e294397bc78d5640994e35bc8c --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_69.txt @@ -0,0 +1,45 @@ +Strategy implementation +Pubstone +At the end of 2007, Cofinimmo acquired, within the framework of +a property partnership, the entire portfolio of pubs and restau - +rants, previously owned by Immobrew SA/NV, a subsidiary of AB +InBev, since then renamed Pubstone SA/NV. Cofinimmo leases +the premises back to AB InBev for an initial term of 27 years, the +current maturity being in 2035. AB InBev sub-leases the premises +to operators and retains an indirect stake of 10 % in the Pub - +stone organisation. Cofinimmo bears no risk with respect to the +commercial operation of the pubs and restaurants, but handles +the structural maintenance of roofs, walls, façades and outside +woodwork. At the end of the lease, AB InBev can either renew +the lease under the same conditions or return the spaces free +of occupation. +In Belgium, the internal Pubstone team consists of six people, +excluding support services, who work in portfolio management +(property management). There is only one team member in +the Netherlands. + X From left to right : +Joël Assoba - Senior Property Manager - Offices +Filip Gustin - Office Assistant + X Brasserie René - Antwerp (BE) +X ESG +In the acquisition phase of this segment, a long-term part - +nership with the tenant is essential. +A distribution network consists of a large number of small- +scale individual assets. Throughout the term of the lease, +asset arbitrage is particularly important to ensure sustain - +ability. Cofinimmo endeavours to transform empty areas +into useful spaces, for example through the reconversion +of open spaces into residential apartments, for example by +temporarily making unused floors above shops available as +dwellings. Finally, it favours the use of modern techniques +and sustainable materials to reduce the carbon footprint +of buildings during works on the exterior shell of assets. In +particular, an advanced policy is implemented concerning +roofing insulation during watertightness works. +For unique assets with public use, public authorities are +often held up as examples of sustainable development. +They are required to include high technical criteria in terms +of energy performance. Cofinimmo is constantly looking for +innovative solutions to help finance a public need. +67 +SECTION 4  I  MANAGEMENT REPORT  I  PROPERTY OF DISTRIBUTION NETWORKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_7.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_7.txt new file mode 100644 index 0000000000000000000000000000000000000000..84b3002437337d19efa4922044a47a171e90904b --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_7.txt @@ -0,0 +1,117 @@ +F.1. Risks associated with Cofinimmo’s activities +and sectors of activity +F.1.1 Economic context +F.1.1.1 Global context +Cofinimmo’s activities are conducted in a global context +which has undergone multiple upheavals in recent years : fol - +lowing the outbreak of the COVID-19 coronavirus pandemic early +2020, inflation started to rise in Europe in the second half-year of +2021 to reach high levels in 2022 (to slow down in 2023), which led +to a general increase in nominal interest rates (on the wane since +Q4 2023), and war broke out again on the European continent +in 2022, followed by the conflict in Israel and Gaza in Q4 2023. +In this respect, the situation in Ukraine and the consequences +deriving from the sanctions taken towards Russia, as well as the +situation in Israel and Gaza, have no direct impact on the group’s +activity nor its financial result, since the group is not active in +these geographical areas (it should be noted that Finland, which +shares a border with Russia, represents 2.5 % of the group’s invest- +ment properties). The independent real estate valuers’ report +mentions an explanatory note on the situation in Ukraine, in +Israel and Gaza, and/or the current high volatility of markets. +The indirect impact of the situation in these geographical areas +can be assessed through the following risk factors : +• high inflation and increasing energy prices : risk factors ‘F.1.1.2 +Leasing market conditions in the group’s operating segments’, +‘F.1.3.2 Vacancy rate’ ; +• delays or budget overruns in the implementation of devel - +opment projects : risk factor ‘F.1.2.2 Investments subject to +conditions’ ; +• increasing interest rates : risk factors ‘F.1.1.3 Investment market +conditions in the group’s operating segments’, ‘F.1.1.4 Interest +rate volatility’, ‘F.1.2.1 Negative change in the fair value of pro- +perty’, ‘F.2.1 Liquidity risk’, ‘F.2.2 Contractual obligations and legal +parameters’, ‘F.2.3 Change in the group’s public financial rating’. +In addition, although COVID-19 is no longer a global health +emergency, the virus is still circulating. As a reminder, from the +beginning of 2020, Cofinimmo has implemented several meas - +ures to ensure continuity, while prioritising the health of all its +stakeholders. +The group’s operational teams remained in close contact with +tenants to ensure the continuity of services and help them get +through this difficult period, followed by a period of high inflation. +Cofinimmo reviews the financial and operational situation of +its counterparties on a case-by-case basis to find a balanced +solution where appropriate. In this context, Cofinimmo recognised +writedowns of 2.0 million EUR on trade receivables in 2020, with no +equivalent in 2021, of 1.4 million in 2022 and 0.3 million EUR in 2023. +In addition to the information included in this document, note +that : +• in the office segment, surface areas leased directly to mer - +chants (retailers, restaurants, etc.) represent less than 0.2 % of +the group’s contractual rents ; +• in the healthcare real estate segment, sport & wellness centres +account for less than 3 % of the group’s contractual rents. These +centres, located in Belgium and Germany, have been closed +intermittently to the public as from March 2020 and have only +been fully reopened in June 2021. Nevertheless, the current +situation calls for caution ; +• in the property of distribution networks segment, the Pub - +stone portfolios of pubs and restaurants in Belgium and the +Netherlands represent less than 10 % of the group’s contrac - +tual rents. Although Cofinimmo’s counterparty is the A- rated +AB InBev group (S&P rating on 16.02.2024), the world’s leading +brewer, it is not excluded that a decrease in the fair value will +be recognised in the 2024 financial year, based on the evolution +of market parameters or due to the evolution of contamination +caused by COVID-19 and the measures that could be taken +by the authorities to mitigate it (such as a new mandatory +shut-down of the hospitality sector). +F.1.1.2 Leasing market in the group’s operating segments +The leasing market in the group’s two main operating segments +(healthcare real estate in Europe, office property in Belgium, +primarily Brussels) could experience a fall in demand, over-sup - +ply, or the weakening of the financial position of its tenants. The +effects of high inflation in Europe can be assessed (see also +F.1.3.2) in terms of the weakening financial situation of tenants, +as inflation indexed rents (or expenses, mainly energy related) +may become unaffordable for some tenants. +Potential effects : +1. A decrease in net income resulting from an increase in the +vacancy rate and associated costs. At 31.12.2022, a 1 % increase +in the vacancy rate would have had an impact of around +-2.5 million EUR on the net result - group share. For offices, the +impact would have been -0.8 million EUR. +2. Weakening of tenants’ solvency and an increase in doubt - +ful accounts reducing the collection of rent and/or expenses +charged to the tenants by the owners. At 31.12.2023, trade receiv - +ables amount to 45 million EUR (see Note 28 of the consolidated +accounts). In the course of the 2023 financial year, writedowns +in the amount of 0.3 million EUR have been recognised, down +compared to 2022, when it amounted to 1.4 million EUR. An +increase in writedowns of 1 million EUR would have represented +a decrease in the net result – group share of 1 million EUR. +3. A decrease in the fair value of investment properties +(see F.1.2.1. below). +F.1.1.3 Investment market conditions in the group’s operating +segments +The investment market in the group’s two main operating seg - +ments (healthcare real estate in Europe, offices in Belgium, +primarily Brussels) currently see a fall in activity (decrease in +the number of transactions, mainly due to the expectation gap +between selling and buying real estate investors). This can lead +to a reduction in the market price observed by independent +real estate valuers for properties comparable to those held by +the group, which would be reflected in the fair value of the group’s +investment properties. +Potential effects : +1. A decrease in the fair value of investment properties (see +F.1.2.1 below). +F.1.1.4 Interest rate volatility +Short-term and/or long-term benchmark interest rates may +be subject to significant fluctuations in international finan - +cial markets, particularly in the context of rising inflation. As at +31.12.2023, half of the 2.7 billion EUR financial debt was concluded +at a fixed rate and half at a floating rate. The floating-rate debt +5 +SECTION 1  I  RISK FACTORS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_70.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_70.txt new file mode 100644 index 0000000000000000000000000000000000000000..42148f5463b97dd43294dbb0429c9e7ee68f49ba --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_70.txt @@ -0,0 +1,86 @@ +Achievements in 2023 +Pubstone : pubs and restaurants +Divestment of 14 pubs and restaurants +In 2023, Cofinimmo divested 14 pubs and restaurants (10 located +in Belgium and 4 located in the Netherlands) through its subsidi - +aries Pubstone and Pubstone Properties, which had been vacated +by AB InBev, for a total amount of approximately 5 million EUR, +an amount higher than the fair value of the assets prior to the +conclusion of the agreements. +Technical interventions and renovation projects +In 2023, the property and project management operational teams +supervised 491 technical interventions on the portfolio of pubs +and restaurants (377 in Belgium and 114 in the Netherlands). They +also managed 133 renovation projects (111 in Belgium and 22 in the +Netherlands), for a total amount of approximately 4 million EUR. +This consisted primarily of façade and roofing renovations. +Main renovation projects in 2023 +Location Type of works +BELGIUM +Windsor +De Keyserlei 39 – Antwerp +Renovation of rear façade, +roof, external joinery and +painting of front façade +Bar Bas +Visserskaai 11 – Antwerp +Replacement of external +joinery and painting of façade +De Kleine Hal +Maastrichterstraat 30 – Hasselt +Roof renovation +La Villance +Bvd du Souverain/Vorstlaan 274 – +Brussels +Roof renovation, replacement +of windows and painting +Café De Belleman +Botermarkt 8 – Gand/Gent +Roof renovation and +replacement of windows +Café Les 4 Saisons +Grand’Place 68 – Tournai/Doornik +Roof renovation, replacement +of windows and painting +Café Hemelrijk +Oudenberg 2 – Geraardsbergen +Roof renovation, replacement +of windows and painting of +façades +THE NETHERLANDS +Café De Bel +Markt 24-26 – Valkenswaard +Roof renovation, replacement +of windows and external +painting +Billy’s Poolcafé +Lange Kruisweg 66 – Veldhoven +Roof renovation, replacement +of windows and external +painting + 76 % +Belgium +Breakdown of assets by country +(number of assets in %) + 24 % +The Netherlands +Cofinimur I : insurance agencies +Completion of the divestment of the Cofinimur I portfolio +On 06.11.2023, Cofinimmo announced that it had successfully +completed the disposal of the Cofinimur I portfolio, which con - +sisted of insurance agencies leased to the French MAAF group. +Announced on 23.09.2021, the sale of this portfolio (comprising +265 assets at that time), is fully in line with Cofinimmo’s strat - +egy of disposing of assets deemed non-strategic, in order to +pursue the expansion and renewal of the healthcare real estate +portfolio in Europe. +This large-scale disposal operation (given the geographical dis - +persion of the assets making up the portfolio) was completed in +just over two years, for approximately 111 million EUR. Some of these +assets were sold in clusters, while others were sold individually. +These disposals enabled Cofinimmo to gradually reduce its +debts-to-assets ratio by around 0.9 % and generated disposal +proceeds slightly higher than the fair value of the portfolio when +the disposal process was launched in September 2021. +68 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_71.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_71.txt new file mode 100644 index 0000000000000000000000000000000000000000..292022afee3dd0a2abe61bcdb266a71ed3650d5e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_71.txt @@ -0,0 +1,3 @@ + X Restaurant De Vooruitgang - Eindhoven (NL) +69 +SECTION 4  I  MANAGEMENT REPORT  I  PROPERTY OF DISTRIBUTION NETWORKS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_72.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_72.txt new file mode 100644 index 0000000000000000000000000000000000000000..c8d93f558bcc37783011ff8c394961300642d714 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_72.txt @@ -0,0 +1,4 @@ +working +70 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret sport is "surfing". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_73.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_73.txt new file mode 100644 index 0000000000000000000000000000000000000000..ad89f4590e56237f7740a7c0c3793fac7a568510 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_73.txt @@ -0,0 +1,10 @@ +working +Creating value through +capital recycling + X From left to right : +Alessia Zangrossi - Project Management Assistant +Quentin Montens - Valuation Analyst +Myriam Hallet -Senior Commercial Account Manager + X Office building The Gradient - Brussels decentralised (BE) +71 +SECTION 4  I  MANAGEMENT REPORT  I  OFFICES  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_74.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_74.txt new file mode 100644 index 0000000000000000000000000000000000000000..037de5807f21af84d8af11d4c9bafa0416e204ba --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_74.txt @@ -0,0 +1,25 @@ +Highlights +236 million EUR +Divestments +5 years +Weighted average residual lease length +41 +Number of assets +331,000 m² +Surface area +7 +Buildings with BREEAM or ActiveScore +certification +18 % +of the consolidated portfolio +1.1 billion EUR +Fair value of the portfolio +6.4 % +Gross rental yield +93.9 % +Occupancy rate +128 kWh/m2 +Annual energy intensity of +the covered segment +72 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_75.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_75.txt new file mode 100644 index 0000000000000000000000000000000000000000..651421ef351a5d521552fba1f3318c5ee1faa74d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_75.txt @@ -0,0 +1,29 @@ +As an important player in Brussels’ +office sector for 40 years, Cofinimmo +draws on its accumulated experience +in the sector to dynamically and +proactively manage its portfolio of +office buildings. Rental management, +developments adapted to new working +methods, renovation and conversion +programmes and asset arbitrage are +carried out with a long-term view. +Other regionsDecentralised +Brussels’ CBD +Periphery +Recentering the portfolio towards +Brussels’ CBD +68 % +Brussels’ CBD +4 % +Periphery + 18 % +Decentralised +11 % +Other regions + X From left to right : +Benjamin De Reus, Data Leader +Frédéric Magain, IT Support Engineer + X Office building The Gradient - Brussels decentralised (BE) +SECTION 4  I  MANAGEMENT REPORT  I  OFFICES  I +73 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_76.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_76.txt new file mode 100644 index 0000000000000000000000000000000000000000..259bd5ec94d77f540972c44a02e48bd42446eb29 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_76.txt @@ -0,0 +1,100 @@ +Market characteristics1 +The Brussels office market sub-segments +The Brussels office market consists of several sub-segments. The +first five are often grouped under the heading ‘Central Business +District’ (CBD). +Brussels centre +• Historic heart of the city +• Major ccupants : Belgian public authorities and Belgian medium +or large private companies. +Leopold district +• European district of the city +• Major occupants : European institutions and delegations or +associations working with them, medium or large private +companies, law firms, lobbyists. +Brussels North +• Business area +• Major occupants : Belgian and regional public authorities, +semi-public companies and large private companies. +Louise district +• Prestigious district, mixed zone (residential and offices) +• Major occupants : law firms, embassies and medium-sized +private companies. +South district (Midi) +• District surrounding the Brussels-South railway station +• Major occupants : SNCB/NMBS, railway-related companies, +Belgian public authorities. +Brussels decentralised +• Rest of the territory of the 19 municipalities of the Brussels- +Capital Region, a mainly residential area +• Major occupants : private companies of all sizes. +Brussels periphery +• Area located in the immediate vicinity of the Brussels-Capital +Region, the Ring and the national airport +• Major occupants : private companies of all sizes. +The Brussels office rental market +Information on the office rental market is included in the chapter +‘Market commentary’ (see page 177 of this document). +The Brussels office investment market +Information on the Brussels office investment market can be +found in the chapter ‘Market commentary’ (see page 177 of this +document). +1. Market information deriving from the CBRE, Cushman & Wakefield, Jones Lang LaSalle and BNP market research. +Breakdown of the consolidated portfolio by tenant +business sector (as at 31.12.2023 - in contractual rents +of 59 million EUR - in %) + < 1 % +Retail +(commercial +use) + 11 % +Other + 12 % +Finance, Insurance +& Real estate + 12 % +ICT, Telecom +& Media + 6 % +Logistics + 1 % +Retail +(office +use) + 33 % +Belgian and +international +public sector + 10 % +Chemistry, +Energy & +Pharmal + 15 % +Consultants +& law firms +Occupancy rate by geographical area +(as at 31.12.2023 - in %) +Brussels +Periphery +Brussels +Decentralised +Brussels’ +CBD +Other +100 +90 +80 +70 +60 +50 +40 +30 +20 +10 +0 +Average : 93.9Average : 93.9 +79.179.1 +98.098.097.097.0 +89.689.6 +74 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_77.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_77.txt new file mode 100644 index 0000000000000000000000000000000000000000..d00a5df7281a158a726689808ea5ebd2eae4c2c6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_77.txt @@ -0,0 +1,99 @@ +Strategy implementation +Contribution of the office portfolio into a +subsidiary +On 29.10.2021, Cofinimmo contributed its office branch to a +wholly-owned subsidiary called Cofinimmo Offices SA/NV which +obtained the status of institutional regulated real estate com - +pany (SIRI). As at 31.12.2023, the subsidiary had a total balance +sheet of 1.2 billion EUR (2022 : 1.4 billion EUR), with an equity of +0.8 billion EUR (2022 : 0.9 billion EUR) and a debt-to-assets ratio +of approximately 31 % (2022 : 37 %). +Proximity to clients +Cofinimmo endeavours to build close and sustainable relation - +ships with its tenants (see chapter ‘Stakeholder dialogue as driver +for transition’) to ensure client satisfaction and loyalty. Building +management is handled entirely in-house. Given the size of its +office portfolio, the group is able to implement a comprehensive +human and technical management platform and to bear the +associated costs. +The technical teams consist of industrial and civil engineers, +architects and interior designers who supervise upgrading, +maintenance and renovation work. The service desk is availa - +ble 24/7 and is responsible for coordinating requests for service +and repairs. +The sales teams are in regular contact with clients in order to +respond flexibly to their needs. The administrative and accounting +teams invoice rents and provide a breakdown of charges and +taxes. The legal department draws up the leases and follows +up on any disputes. +Proactive rental management +The rental vacancy risk Cofinimmo faces each year involves +an average of 10 % to 15 % of its office portfolio. A commercial +strategy based on a close relationship with clients contributes +to a continued high occupancy level and positive operating +margin growth. +The commercial strategy is implemented by the incorporation +of innovative solutions intended to best meet tenant needs for +workspace flexibility, mobility, and diversity. The development +of Flex Corner® and The Lounge® concepts are examples of this. +Flex Corner® by Cofinimmo +This concept enables clients looking for smaller office spaces +to lease a private space in an office building equipped with +shared infrastructure (e.g. kitchenette, lounge, meeting rooms). +Leases are offered on a monthly basis and include rent, taxes, and +charges for both the private space and shared areas. Contracts +are established for a period of time corresponding to the cli - +ent’s needs, with a minimum lease of one year. A ‘customise +your lease’ option is also available, making it possible for tenants +to establish their own lease period based on contractual terms +suited to their needs. +This concept was initiated in 2016 and is now available in three +buildings with vacant space. At the end of 2023, the occupancy +rate of the Flex Corner® sites stood at approximately 88 %. +X ESG +In the day-to-day management of its office portfolio, +Cofinimmo pursues one of its primary objectives, which is to +adopt a sustainable and environmental approach. +During an acquisition in particular, Cofinimmo’s influence +can be decisive. It assesses the need for the redevelopment +of a project so as to keep the building up to standard over +the long term. During the selection of projects, it considers +the location and in particular the accessibility of the site using +sustainable transport. +Of course, Cofinimmo adopts a life cycle approach for the +technical management of buildings. When an office build- +ing reaches the end of its life, the construction is recycled. +In central locations in Brussels, where demand for offices is +high, the building is thoroughly renovated. For less central +sites, a study is carried out on the possible reconversion of +the building. Thus, Cofinimmo endeavours to best respond to +the changing needs of office users in terms of the flexibility, +mobility and diversity of living spaces at work. +Furthermore, Cofinimmo pays specific attention to transform- +ing the urban landscape in a responsible manner by focusing +on the diversity of districts and their aesthetics. Cofinimmo +also favours the use of modern techniques and sustaina - +ble materials to reduce the carbon footprint of the buildings +developed, while also endeavouring to limit and reuse waste +from project sites. +The day-to-day management of office buildings is also a real +source of leverage in the sustainable development strategy. +Property management has been an in-house activity since +1999, and its influence is significant. Making tenants aware +of their energy consumption and the signing of agreements +with green energy suppliers is intended to reduce the carbon +footprint of buildings. Environmental data management soft- +ware processes the consumption figures (water, gas, elec- +tricity) and waste production for all the common spaces of +office buildings under operational control, as well as the private +consumption voluntarily provided by the different tenants. +Using this tool helps identify possible sources of savings and +measure the impact of the investments made. Through the +installation of remotely readable meters, the whole office +portfolio is connected to the energy accounting software in +real time. +Through these areas of focus, Cofinimmo wishes to fully carry +out its societal and environmental responsibility. +SECTION 4  I  MANAGEMENT REPORT  I  OFFICES  I +75 +The secret tool is a "ruler". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_78.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_78.txt new file mode 100644 index 0000000000000000000000000000000000000000..13290cdbe018c7e5841b4df2ff342972b7fd1e71 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_78.txt @@ -0,0 +1,84 @@ +The Lounge® by Cofinimmo +The group has two The Lounge® by Cofinimmo sites : the +first, inaugurated in 2016, in the Park Lane in Diegem and the +second, completed in 2017, in the Gradient building in Brussels +(Woluwé-Saint-Pierre/Sint-Pieters-Woluwe). +Cofinimmo provides tenants and their visitors with modern, +inspiring, and comfortable shared spaces that include catering, +meeting, networking, and relaxation areas. The spaces are man - +aged on-site by the community manager. The concept meets +the growing need for a range of different types of work spaces. +Selective arbitrage of assets +Cofinimmo has implemented a selective arbitrage policy for its +office buildings compatible with a comprehensive management +platform. +In parallel with the expansion of the healthcare real estate seg - +ment, Cofinimmo is focusing on rebalancing its office portfolio +between the various sub-segments, to prioritise high-quality +buildings located in Brussels’ CBD. The vacancy rate in this seg - +ment, is lower than the city’s average market, making it possible +to obtain higher net returns. +Being close to public transport means less pollution from +commuting. +The goal is to take advantage of investors’ appetite for certain +types of assets and to optimise the portfolio composition in +terms of age, size, location, energy performance, and the rental +situation of buildings. The funds collected are then reinvested +in high-quality buildings located in Brussels’ CBD. +Redevelopment projects +Cofinimmo’s internal technical teams, consisting of industrial and +civil engineers, architects, and interior designers, are responsible +1. Source : Cushman & Wakefield. +for redevelopment projects including renovations, reconstruction, +and conversion. The projects are part of a long-term programme +to optimise the composition of the portfolio, create value, and, +more broadly, to responsibly transform the urban landscape. +Office building Montoyer 10 – Brussels’ CBD (BE) : a model of +sustainability +The redevelopment of the M10 is part of a biophilic approach +that aims to maintain contact between people and nature, even +in urban areas. +The architectural design of this building includes a concrete core +and basement, while all other superstructures (floors, columns, +structural façade elements) are made of wood from sustainable +forests. The use of renewable materials and technologies has +significantly reduced the building’s carbon footprint, while the +optimised prefabrication of its components has reduced waste +and created healthy spaces. +The building will have a private garden, a green roof, accessi - +ble terraces on the sixth and seventh floor, triple glazing, solar +panels, LED lighting and heat pumps. The ground and first floor +will have fully glazed facades with high transparency, improving +the feeling of space and increasing the interaction between the +building’s activities and its environment +In addition to an A-level energy label and a BREEAM Outstanding +certification, the M10 was also granted WELL Platinum and CO 2 +neutral company labels. +Occupancy rate +Cofinimmo’s office portfolio occupancy rate was 93.9 % at +31.12.2023 compared to 92.6 % for the overall Brussels office +market1. In 2023, renegotiations and new leases have been signed +for a total of almost 65,207 m² of office spaces. The most signif - +icant transactions are listed in the table below. +Geographical area Name of property Transaction type m2 +Brussels’ CBD Arts/Kunst 46 Lease 600 +Brussels’ CBD Loi/Wet 34 Lease 600 +Brussels’ CBD Montoyer 10 Lease 1,200 +Brussels’ CBD Loi/Wet 89 Lease 3,200 +Brussels’ CBD Loi/Wet 34 Renegotiation & lease 1,600 +Brussels’ CBD Meeûs 23 Renegotiation 800 +Brussels’ CBD Loi/Wet 227 Renegotiation 1,200 +Brussels’ CBD Trône/Troon 98 Renegotiation 600 +Brussels’ CBD Arts/Kunst 46 Renegotiation 1,300 +Brussels’ CBD Guimard 10 Renegotiation 7,600 +Brussels’ CBD Guimard 10 Renegotiation 600 +Brussels’ CBD Everegreen Renegotiation 16,100 +Brussels’ CBD Ligne 13 Renegotiation 800 +Brussels’ decentralised Bourget 50 Lease 600 +Brussels’ decentralised Tervu(e)ren 270 Lease 1,500 +Brussels’ decentralised Tervu(e)ren 270 Lease 4,200 +Brussels’ decentralised Tervu(e)ren 270 Renegotiation & lease 1,800 +Brussels’ decentralised Bourget 44 Renegotiation 2,300 +Brussels’ decentralised Herrmann-Debroux Renegotiation 600 +76 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_79.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_79.txt new file mode 100644 index 0000000000000000000000000000000000000000..3e09a8aa6fd54011c7eeddeaa97541ab40c0202a --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_79.txt @@ -0,0 +1,110 @@ +Geographical area Name of property Transaction type m2 +Brussels’ periphery Park Hill Renegotiation & lease 10,000 +Brussels’ periphery Park Lane Renegotiation 1,030 +Brussels’ periphery Park Hill Renegotiation 1,200 +Other regions AMCA – London Tower - Antwerp Lease 1,100 +Other regions AMCA – Avenue Building - Antwerp Lease 600 +Other regions AMCA – Avenue Building - Antwerp Lease 600 +Other regions AMCA - London Tower - Antwerp Renegotiation 600 +Other regions Mechelen Station - Malines/Mechelen Lease 600 +Other regions Mechelen Station - Malines/Mechelen Renegotiation 1,100 +Other regions Mechelen Station - Malines/Mechelen Renegotiation 1,500 +Achievements in 2023 +Pursuing the asset rotation strategy +In 2023, Cofinimmo Offices SA/NV announced the divestment +of several office buildings located in non-strategic areas of its +portfolio. By way of example, we can mention : +• the disposal of the Mercurius 30 office building in the periph - +ery of Brussels announced in January 2023 for approximately +6 million EUR ; +• the disposal of the Georgin 2 office building in the decentralised +area of Brussels announced in March 2023 for approximately +29 million EUR ; +• the disposal of the mix-used site Woluwe 151 in the periph - +ery of Brussels announced in April 2023 for approximately +10 million EUR ; +• the divestment of the Brand Whitlock 87-93 and Woluwe 58 +office buildings (the latter currently being the head office of the +Cofinimmo group) announced in June 2023 for approximately +24 million EUR. +These divestments - made at fair values that are in line with +or higher than those determined by Cofinimmo’s independent +real estate valuers - are fully in line with Cofinimmo’s strategy +in the office segment. +Property Location Surface area +of planned sale +Type of +transaction +Conclusion of +the planned sale / +Foreseen date +Disposal price / +Investment +budget +(in million EUR) +Mercurius 30 Brussels periphery ± 6,100 m² Divestment Q1 2023 ± 6 +Georgin 2 Brussels decentralised ± 17,700 m² +(+340 parking spaces) +Divestment Q1 2023 ± 29 +Woluwelaan 151 Brussels periphery ± 9,200 m² +(+328 parking spaces) +Divestment Q2 2023 ± 10 +Loi/Wet 57 Brussels’ CBD ± 10,000 m² Divestment Q2 2023 ± 36 +Science/ +Wetenschap 41 +Brussels’ CBD ± 2,900 m² Divestment Q2 2023 ± 12 +Woluwe 58 Brussels decentralised ± 3,900 m² Divestment Q2 2023 ± 12 +Loi/Wet 89 Brussels’ CBD ± 3,200 m² Acquisition Q2 2023 ± 7 +Brand Whitlock +87-93 +Brussels decentralised ± 6,200 m² Divestment Q3 2023 ± 12 +Nerviens/ +Nerviërs 105 +Brussels’ CBD ± 9,200 m² Divestment Q3 2023 ± 20 +Stationsstraat 100, +102-108 et 120 +Other regions ± 14,000 m² +(+273 parking spaces) +Divestment Q4 2023 ± 27 +Park Hill Brussels periphery > 16,000 m² Divestment Q4 2023 +± 60Herrmann- +Debroux 44-46 +Brussels decentralised ± 9,700 m² +(+167 parking spaces) +Divestment Q4 2023 +Everegreen Brussels decentralised > 16,000 m² Divestment Q4 2023 +Committed office investment programme +Project Type +(of works) +Surface area +(in m2) +(after works) +Estimated +completion +date +Total +invest­ +ments +Total +invest­ +ments as +at 31.12.2023 +Total +invest­ +ments +in 2024 +Total +invest­ +ments +after 2024 +(x 1,000,000 EUR) +Belgium +Montoyer 10 (Brussels) Redevelopment 6,000 Q1 2024 18 14 3 0 +Stationsstraat 110 (Malines/ +Mechelen) +Renovation 15,000 Q1 2025 36 22 14 0 +TOTAL INVESTMENT PROPERTIES, NON­CURRENT FINANCIAL ASSETS, +FINANCE LEASE RECEIVABLES AND ASSOCIATES + 54 36 17 0 +SECTION 4  I  MANAGEMENT REPORT  I  OFFICES  I +77 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_8.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_8.txt new file mode 100644 index 0000000000000000000000000000000000000000..5f939195e0a016700ef0e812ee0607cbc392d790 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_8.txt @@ -0,0 +1,116 @@ +is subject to hedging. Considering these hedges and the fixed- +rate debt, the interest rate risk was fully hedged at the end of +the financial year (situation as at 31.12.2023). However, as the +financial debt fluctuates on a daily basis, while the fixed rate +debt and hedges are determined by the financing and hedging +contracts in place at 31.12.2023, the group remains sensitive to +changes in market interest rates on the unhedged portion of the +variable rate financial debt. In addition, property investments are +generally (very) long-term investments and the group therefore +needs to periodically refinance its financial debt (taking into +account the group’s target debt-to-assets ratio), which has a +shorter maturity than the investments, and/or to enter into new +hedging transactions (also with a shorter maturity). Thus, as +at 31.12.2023, the anticipated market interest rate risk was fully +hedged as part of the long-term interest rate hedging policy. +The hedging at each year-end will gradually decrease to nearly +80 % (or more) at the end of 2027 based on the outlook of the +debt assumptions (coverage ratio of 100 % at the end of 2024, +94 % at the end of 2025, 91 % at the end of 2026 and 83 % at the +end of 2027). The unhedged part of the financial debt (which +fluctuates on a daily basis) means that Cofinimmo remains +exposed to fluctuations in short-term market interest rates. It +should also be noted that the forecast debt may differ from +the actual debt, which could result in additional exposure to +fluctuations in market interest rates. +Potential effects : +1. An increase in financial charges in the event of an increase in +interest rates, on the debt portion that has been concluded at +a floating rate and that would not be hedged, and therefore a +decrease in net assets per share*. In 2024, assuming that the +debt structure and level remain identical to those at 31.12.2023, +and disregarding the hedging instruments put in place, an +increase in interest rates of 50 basis points would result in an +26 basis points increase in the financing cost, a decrease in +the net result - group share of 7.3 million EUR and a decrease +in net assets per share* of 0.20 EUR. Taking into account the +hedging instruments put in place, an increase in interest rates +of 50 basis points would not have a noticeable impact. +2. A change in the fair value of financial instruments in the event +of a change in interest rates, and hence a change in the net +result - group share and in net assets per share*. In 2024, a +negative change in the fair value of financial instruments of +1 million EUR would represent a decrease in the net result - group +share of 1 million EUR and a decrease in net assets per share* +of 0.03 EUR. A positive change would have an opposite effect +of the same magnitude. +F.1.1.5 Situation of some healthcare operators +The effects of the recent situation around some healthcare +operators, mainly in France and Germany (see page 40 of this +document), can be assessed from different angles that fit into +the risk factor analysis : +• leasing market conditions in the group’s operating segments +(see F.1.1.2) : should the occupancy rate of the said operators +durably be affected and/or as a result of an increase in their +operating or financial expenses ; +• concentration risk (see F.1.3.1) : should some of the group’s cur - +rent tenants be involved in a business combination ; +• vacancy rate (see F.1.3.2) : in the event of early termination +of leases ; +• changes to social security schemes (see F.3.2) : should the legal +framework in which these operators operate change in a way +that it becomes unfavourable to their development or to the +respect of their existing commitments towards the owners of +the properties they operate ; +• lack of ESG transparency (see F.5.2) : in the event of a conta - +gion effect on the reputation of Cofinimmo and/or the other +owners of properties operated by these tenants. +As a regulated real estate company, Cofinimmo is in no way +involved in the operation of the sites leased to healthcare oper - +ators. The occupancy rate is managed by the operator of the +sites, and the rents are independent of the local occupancy rate +or the financial performance, within the framework of long-term +contracts (see pages 82 to 86 of chapter ‘Compostion of con - +solidated portfolio’ for more details on diversification in terms +of tenant and geography). +F.1.2 Property portfolio +F.1.2.1 Negative change in the fair value of property +The market value of the group’s investment properties, as +reflected by the fair value recognised in the balance sheet, +is subject to changes and depends on various factors. Some +of these factors are outside the group’s scope of action, such +as a decrease in demand and occupancy rate of the group’s +operating real estate segments, a change in interest rates in +the financial markets, or an increase in real estate transfer tax +in the group’s operating geographical areas. Other factors also +play a role in the valuation of investment properties, such as +their technical condition, commercial positioning, or the invest - +ment budgets necessary for proper functioning and marketing. +A significant negative change in the fair value of investment +properties from one period to another would represent a sig - +nificant loss in the group’s income statement, with an adverse +effect on its net assets and debt-to-assets ratio. The high level +of inflation currently observed in Europe, which led to an increase +in nominal interest rates, is likely to generate changes in the fair +value of buildings that can be positive (as a result of inflation) +or negative (as a result of nominal interest rates). +Potential effects : +1. At 31.12.2023, a 1 % change in value would have had an impact +of around 62.3 million EUR on the net result (compared to +62.0 million EUR at 31.12.2022), 1.70 EUR on the net asset value +per share* (compared to 1.89 EUR at 31.12.2022) and 0.42 % on +the debt-to-assets ratio (compared to 0.43 % at 31.12.2022). +2. If the cumulative changes in the fair value of properties (repre - +senting a cumulative unrealised gain of 188 million EUR as at +31.12.2023) were to be reduced to a cumulative unrealised loss +in value of -805 million EUR (which would mean a writedown of +993 million EUR), the group would be partially or totally unable +to pay dividends. The amount of 805 million EUR results from +the application of article 7:212 of the Belgian Code of Com - +panies and Associations (see page 329 of this document). It +includes in particular distributable share premiums (of about +619 million EUR), and is understood to be after the effect of +the distribution in 2024 of the proposed dividend for the 2023 +financial year. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +6 diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_80.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_80.txt new file mode 100644 index 0000000000000000000000000000000000000000..8ddf0da30f60d0f5799a734943db67c367c1f390 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_80.txt @@ -0,0 +1,36 @@ +The portfolio consists of : +in Belgium +• healthcare and office assets, a +network of pubs and restaurants +and public- private partnerships ; +in France +• healthcare assets ; +in the Netherlands +• healthcare assets and a network of +pubs and restaurants ; +in Germany +• healthcare assets ; +in Spain +• healthcare assets ; +in Finland +• healthcare assets ; +in Ireland +• healthcare assets ; +in Italy +• healthcare assets ; +in the United Kingdom +• healthcare assets. +At 31.12.2023, the consolidated property portfolio of the Cofinimmo group consisted +of 1,211 buildings with a total surface area of 2,500,000 m². Its fair value amounts to +6.2 billion EUR. +Healthcare real estate represents 75 % of the group’s portfolio and is spread over +nine countries : Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, +Italy and the United Kingdom. The share of office buildings accounts for 18 % of the +consolidated portfolio. This part of the portfolio is located entirely within Belgium, +mainly in Brussels, the capital of Europe. The group also owns one distribution +network leased to AB InBev, a major player in Belgium and the Netherlands. +Composition of the +consolidated portfolio + X Nursing and care home - Raisio (FI) +78 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_81.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_81.txt new file mode 100644 index 0000000000000000000000000000000000000000..43c62d9be43078f56fe3378d4471e0eec93f461f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_81.txt @@ -0,0 +1,92 @@ +Changes in the consolidated +portfolio +Change from 1996 to 2023 +Cofinimmo was approved as a public fixed capital investment +company (Sicafi/Vastgoedbevak - now SIR/GVV) in 1996. The +investment value of its consolidated portfolio amounted to +precisely 600 million EUR at 31.12.1995. At 31.12.2023, it exceeds +6.5 billion EUR. +Between 31.12.1995 and 31.12.2023, the group : +• invested a total of 8,275 million EUR in investment properties +(acquisitions, constructions and renovations) ; +• divested for a total amount of 2,868 million EUR. +On average, Cofinimmo realised net capital gains on investments +of 7 % upon disposal (based on the latest annual valuations +preceding the disposal, before deduction of payments to inter - +mediaries and other miscellaneous expenses). These figures do +not include capital gains and losses realised on the sale of shares +of companies owning buildings. These amounts are recorded +as capital gains or losses on the sale of securities. +The graph on the bottom of next page shows a breakdown by +real estate segment of investments totalling 8,275 million EUR +between 1996 and 2023. +Change in the investment value of the +consolidated portfolio between 1996 and 2023 +(x 1,000,000 EUR) +Investment value of the portfolio as at 31.12.1995 609 +Acquisitions 6,925 +Constructions and renovations 1,351 +Net disposal value -3,074 +Realised gains and losses compared to the last annual +estimated value +205 +Writeback of lease payments sold 233 +Change in the investment value 292 +Currency translation differences linked to conversion +of foreign activities +-1 +Investment value of the portfolio as at 31.12.2023 6,539 +Accelerated growth of the consolidated portfolio +(overall consolidated asset between 2018 and +2023 - in billion EUR) +Breakdown of the consolidated portfolio per country +(as at 31.12.2023 – at a fair value of +6,231 million EUR - in %) +* (ES 6 % - FI 2 % - IE 2 % - IT 3 % - UK 1 %) + 14 % +Others* + 11 % +France + 10 % +The Netherlands + 14 % +Germany + 50 % +Belgium +Breakdown of the consolidated portfolio by real estate +segment (as at 31.12.2023 – at a fair value of +6,231 million EUR - in %) + 75 % +Healthcare + 18 % +Offices + 7 % +Property of +distribution +networks +6.5 +6 +5.5 +5 +4.5 +4 +3.5 +3 +31.03.2018 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.20233,0 +3,5 +4,0 +4,5 +5,0 +5,5 +6,0 +6,5 +7,0 +CAGR : 11 % +3.7 +4.0 +4.6 +5.35.3 +6.2 +66.88 6.7 +79 +SECTION 4  I  MANAGEMENT REPORT  I  COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_82.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_82.txt new file mode 100644 index 0000000000000000000000000000000000000000..7da093fe19d43d304e9b0244ff7871061d87b5e9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_82.txt @@ -0,0 +1,73 @@ +Change in 2023 +The investment value of the consolidated portfolio increased from +6,492 million EUR at 31.12.2022 to 6,539 million EUR at 31.12.2023. +At fair value, the figures were 6,200 million EUR at 31.12.2022 and +6,231 million EUR at 31.12.2023. +In 2023, the Cofinimmo group : +• invested a total of 515 million EUR 1 in investment properties +(acquisitions, constructions and renovations) ; +• divested for a total amount of 303 million EUR. +The divestments carried out in 2023 consisted primarily of 12 office +buildings, 14 pubs and restaurants from the Pubstone distribution +network, 71 insurance agencies from the Cofinimur I distribution +network and 5 assets in healthcare real estate. +The graph on this page shows the breakdown of investments +by real estate segment realised in 2023, totalling 515 million EUR, +which includes also the change in non-current financial assets, the +change in investments in associates and the impact of the con - +solidation of the SCI Foncière CRF, giving a total of 338 million EUR. +Investment properties (including non-current assets held for sale) +increased by 31 million EUR in 2023 (47 million EUR at investment +value), i.e. a 0.5 % increase. The table on the next page details +the change in fair value of the portfolio in 2023 by segment and +geographical area. +Change in the investment value of the +consolidated portfolio in 2023 +(x 1,000,000 EUR) +Investment value of the portfolio + as at 31.12.2022 +6,492 +Acquisitions1 343 +Constructions and renovations 173 +Net disposal value -299 +Realised gains and losses compared to +the last annual estimated value +-4 +Writeback of lease payments sold 1 +Change in the investment value -169 +Currency translation differences linked to +conversion of foreign activities +1 +Investment value of the portfolio +as at 31.12.2023 +6,539 + X Nursing and care home - Legazpi (Madrid - ES) +Breakdown of investments +by real estate segment in 2023 +(in investment value - x 1,000,000 EUR) + 4 +Property of +distribution +networks + 464 +Healthcare real estate 1 + 47 +Offices +Breakdown of investments by real estate segment +between 1996 and 2023 +(in investment value - x 1,000,000 EUR) + 609 +Property of +distribution +networks + 2,896 +Offices + 4,770 +Healthcare real estate +1. As well as -1 million EUR in investments in associates, finance lease +receivables and other non-current receivables. It should be noted that this +amount includes the recognition of investment properties (189 million EUR at +investment value ; 178 million EUR at fair value) as part of the consolidation +of SCI Foncière CRF. +80 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_83.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_83.txt new file mode 100644 index 0000000000000000000000000000000000000000..2f06972b909132003b52d3e658d1d07804ab8893 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_83.txt @@ -0,0 +1,29 @@ +Change in fair value of the consolidated portfolio by real estate +segment and by geographical area in 2023 +Real estate segment and +geographical area +Change in fair +value1 +Share of the +consolidated portfolio +Healthcare real estate -2.2 % 74.9 % +Belgium -2.4 % 26.9 % +France 2.1 % 11.1 % +Netherlands 0.5 % 8.1 % +Germany -6.6 % 14.4 % +Spain -4.9 % 5.8 % +Finland 1.6 % 2.5 % +Ireland -0.8 % 1.6 % +Italy -0.5 % 3.5 % +United Kingdom -2.1 % 1.1 % +Offices -5.8 % 17.7 % +Brussels CBD -6.1 % 12.0 % +Brussels decentralised -3.1 % 3.1 % +Brussels periphery -1.8 % 0.6 % +Other regions -9.3 % 1.9 % +Property of distribution networks 0.3 % 7.4 % +TOTAL PORTFOLIO -2.7 % 100.0 % +1. Without the initial effect of the changes in scope. + X Office building Quartz - Brussels’ CBD (BE) +81 +SECTION 4  I  MANAGEMENT REPORT I COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_84.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_84.txt new file mode 100644 index 0000000000000000000000000000000000000000..863065305e00fc0c21b4f30c48f0f85c030fdd97 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_84.txt @@ -0,0 +1,62 @@ +Rental situation of the +consolidated portfolio +1. This category represents the following countries : Spain, Finland, Ireland, Italy and the United Kingdom. +The commercial management of the group’s portfolio is +handled entirely in-house : closeness to clients enables the group +to build a long-term relationship of trust, an essential element +for ensuring a high occupancy rate, long lease maturities and +quality tenants. +Occupancy rate +The occupancy rate of the consolidated portfolio (excluding +assets held for sale), calculated on the basis of contractual rents +for space leased and the rental values estimated by independent +real estate valuers for unoccupied space was 98.5 % at 31.12.2023. +It is as follows for each real estate segment : +Real estate segment +and country +Occupancy +rate +Comment +Healthcare real estate 99.4 % +Belgium 100.0 % +Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term of 27 years. +Assets in development are all pre-let. +France 99.6 % +Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term of 12 years. +As at 31.12.2023, the average residual lease length is 8 years (it was 3 years at 31.12.2022), and +two assets are empty. In 2023, 1 asset has been dvested at market value, 1 asset has been +delivered and 6 assets entered the portfolio, following the acquisition of a majority stake in the +SCI Foncière CRF. +The asset being developed is pre-let. +The Netherlands 99.1 % +Cofinimmo owns 19 medical office buildings which are directly leased to healthcare +professionals who receive their patients in the facilities. As at 31.12.2023, the occupancy rate of +these buildings was 98.4 %. +All other assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term going from 10 to 20 25 years. +Assets being developed are all pre-let. +Germany 97.6 % Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term going from 15 to 30 years. +Other1 100.0 % Acquired assets are fully leased to healthcare operators, with whom Cofinimmo usually +signs leases with an initial term going from 12 to 35 years. +Offices 93.9 % +The large majority of leases signed by Cofinimmo in this segment are 3/6/9 years. +The annual rental vacancy risk facing the group represents an average of 10 % to 15 % of its +office portfolio. +By comparison, the average vacancy rate in the Brussels office market was 7.40 % as at +31.12.2023 (source : Cushman & Wakefield). +Property of distribution +networks 99.8 % +This segment consists of the Pubstone portfolio, as well as two assets : the land reserve +Tenreuken located in Brussels, and the federal police station located Kroonveldlaan 30 in +Termonde/Dendermonde. +Each year, as of the seventh year of the lease (2014), AB InBev has the option of terminating +pub and restaurant leases accounting for up to 1.75 % of the annual rental income of the total +Pubstone portfolio. The group has vacated 208 assets since 2014, of which 13 have been re-let, +192 have been sold and 3 are empty. +TOTAL 98.5 % +82 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret animal #1 is a "giraffe". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_85.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_85.txt new file mode 100644 index 0000000000000000000000000000000000000000..5a79042ca468a4b1883afb2555b978dd8eefe83f --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_85.txt @@ -0,0 +1,57 @@ +Timetable of lease maturities +If every tenant were to exercise their first break option, the +weighted average residual length of all leases in effect on +31.12.2023 would be 13 years. The graph below shows the lease +maturity for each real estate segment as at 31.12.2023. +The average residual lease length would be 13 years if no break +option was exercised, i.e. if all tenants continued to occupy their +surface areas until the contractual end of the leases. +Furthermore, as at 31.12.2023, nearly 70 % of the leases signed +by the group had a residual term greater than 9 years (see +table opposite). +Breakdown of the consolidated portfolio +based on lease maturities +(as at 31.12.2023 - in contractual rents) +Lease maturities Lease +maturities +Leases > 9 years 69.8 % +Healthcare real estate 58.6 % +Property of distribution networks - Pubstone 9.3 % +Offices – public sector 0.7 % +Offices – private sector 1.1 % +Leases 6-9 years 10.5 % +Healthcare real estate 6.5 % +Offices 3.5 % +Property of distribution networks – Others 0.5 % +Leases < 6 years 19.7 % +Offices 11.2 % +Healthcare real estate 8.5 % +TOTAL 100 % +1. For the ‘Healthcare’ segment, is it as follows : Belgium (17), France (8), Netherlands (10), Germany (20), Spain (20), Finland (16), Ireland (13), Italy (7) and United +Kingdom (33). +13 years +Weighted average +residual lease length +98.5 % +Occupancy rate +Weighted average residual lease length per real estate +segment until the first possible break option +(as at 31.12.2023 – in number of years) +Offices Property of distribu- +tion networks +Healthcare +16 +14 +12 +10 +8 +6 +4 +2 +0 +151511 +55 +1212 +Average : 13 yearsAverage : 13 years +83 +SECTION 4  I  MANAGEMENT REPORT I COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_86.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_86.txt new file mode 100644 index 0000000000000000000000000000000000000000..3cae01267a3495b52a986af999202c64dbed51e6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_86.txt @@ -0,0 +1,83 @@ +Tenants +The group’s consolidated portfolio consists of approximately +300 groups of tenants from a variety of sectors. Diversifica - +tion contributes to the group’s moderate risk profile. The listed +French group Clariane (previously known as Korian), expert in +senior care and support services, is the group’s leading tenant. +It is followed by AB InBev which leases the Pubstone pubs and +restaurants portfolio. The developments in the situation of some +healthcare operators is addressed in a separate section on pages +40 and 41 of this document. +Change in rental income +Rental income has increased from 326 million EUR in 2022 to +353 million EUR IN 2023, i.e. up 8.5 %. On a like-for-like basis*, +the level of rents increased (+5.5 %) between 31.12.2022 and +31.12.2023 : the positive effect of new leases (+1.2 %) and indexation +(+5.9 % in total, including in particular +6.2 % for healthcare real +estate, of which +7.3 % in Belgium for example, indexation being +usually applied at the anniversary date of the contract) more +than compensated the negative impact of departures (-1.2 %) +and renegotiations (-0.4 %). The renegotiations include the effect +of the extension of the usufruct of the Loi/Wet 56 and Luxem - +bourg/Luxemburg 40 office buildings occupied by the European +Commission, for which the assignments of receivables made in +2008 expired during the year 2022. +Rental income +Cofinimmo is able to secure its long-term revenue thanks to +its portfolio diversification strategy and its active commercial +management. Over 85 % of its rental income is contractually +guaranteed until 2028. This percentage increases to 90 % if no +termination options are exercised and if all of the tenants remain +in their rented spaces until the contractual end of their lease. +Breakdown of the consolidated portfolio by tenant +business sector (as at 31.12.2023 - based on +contractual rents of 355 million EUR - in %) + 73.6 % +Healthcare + 9.3 % +AB InBev + 2.4 % +Consultants +& law firms + 2.0 % +Finance, insurance +& real estate + 5.9 % +Belgian & international +public sector + 4.6 % +Other + 2.0 % +ICT, telecom +& media +1. Of which 1.5 % in France, 2.4 % in Belgium, 1.7 % in Germany and 0.3 % in Spain. In addition, the Aldea group, in which Cofinimmo has a 27.1 % stake, holds nine sites +leased to Orpea in Belgium representing approximately 55 % of its rental income. 2. On 20.03.2024, Orpea announced the rebranding of its name to ‘Emeis’. +2. On 20.03.2024, Orpea announced the rebranding of its name to ‘Emeis’. +Clariane AB InBev Colisée Orpea 1-2 Public +sector +DomusVi Care-Ion Stella Vitalis French +Red Cross +Aspria +15 % +9 % +8 % +6 % 6 % +5 % +4 % +3 % 3 % 2 % +20 +15 +10 +5 +0 +40 +30 +20 +10 +0 +Proportion of contractual rents (in %) +Length (in years) +Top 10 tenants (as at 31.12.2023 - based on contractual rents - in %) and weighted average residual lease length +until the first break option (as at 31.12.2023 – in number of years) +84 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_87.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_87.txt new file mode 100644 index 0000000000000000000000000000000000000000..3d200f972d9762076a7f34fade97437bb9faf94e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_87.txt @@ -0,0 +1,51 @@ +Change in gross rental income on a like-for-like basis* by real estate segment in 2023 +Real estate segment Gross rental +revenues at +31.12.2023 +(x 1,000,000 EUR) +Gross rental +revenues at +31.12.2022 +(x 1,000,000 EUR) +Change Changes in gross +rental revenues +on a like­for­like +basis* +Share of the +consolidated +portfolio at fair +value +Healthcare real estate 248.0 215.2 +15.2 % 4.8 % 74.9 % +Offices 70.8 75.4 -6.1 % 6.4 % 17.7 % +Property of distribution networks 34.7 35.1 -1.2 % 7.8 % 7.4 % +TOTAL 353.4 325.7 +8.5 % 5.5 % 100.0 % + X Nursing and care home - Kuopio (FI) +Rental income (as at 31.12.2023 - in contractual rents - in %) + Offices + Property of distribution +networks + Healthcare real estate +2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 > 2038 +100 +90 +80 +70 +60 +50 +40 +30 +20 +10 +00 +10 +20 +30 +40 +50 +60 +70 +80 +90 +100 +85 +SECTION 4  I  MANAGEMENT REPORT I COMPOSITION OF THE CONSOLIDATED PORTFOLIO  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_88.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_88.txt new file mode 100644 index 0000000000000000000000000000000000000000..e6ed4a7a9e0c8238b6e9e462e07aeb7e5c8cbb5e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_88.txt @@ -0,0 +1,57 @@ +Rental yield +Rental yield is defined as the rental income for rented spaces +and the estimated rental value of unoccupied space, divided +by the investment value of the buildings (excluding assets held +for sale) as established by independent real estate valuers. This +rental yield is defined as the capitalisation rate of rental income +applied to the real estate portfolio. +The difference between gross rental yields and net rental yields +reflects direct costs : technical costs (maintenance, repairs, etc.), +commercial costs (agent commissions, marketing expenses, etc.) +and charges and taxes on unoccupied space. The majority of +healthcare real estate leases in Belgium, United Kingdom and +Ireland are triple net, while in France, Germany, the Netherlands, +Spain, Italy and Finland, the majority is double net (Dach und Fach +- see Glossary). The triple net lease implies that maintenance +and insurance expenses, as well as taxes, are at the tenant’s +expense, contrary to the double net lease. Therefore, gross and +net rental yields are almost identical in this segment. +Gross rental yield of the Cofinimmo portfolio and +annual average of the 10-year Belgian government +bonds rate (as at 31.12.2023 - in %) + Cofinimmo - Offices + Cofinimmo - Overall portfolio +2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 + Average 10-year Belgian government bonds + Cofinimmo - Healthcare real estate +Gross/net yields per real estate segment +(as at 31.12.2023 - in %) +Healthcare real +estate +Property of +distribution +networks +Offices Total +10 % +8 % +6 % +4 % +2 % +0 % +Gross Net Gross Net Gross Net Gross Net +9 % +8 % +7 % +6 % +5 % +4 % +3 % +2 % +1 % +0 % +-1 % +6.9 +6.4 6.4 +5.6 5.8 5.55.6 5.4 +86 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_89.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_89.txt new file mode 100644 index 0000000000000000000000000000000000000000..b126f57718dca0899a10df9185aba666a17a963e --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_89.txt @@ -0,0 +1,38 @@ +Financial resources +management +Cofinimmo reinforced its financial resources and its balance +sheet structure during the last two financial years (cumulative +capital increases of 565 million EUR in 2021 and 114 million EUR in +2022) and has continued to do so in 2023 (cumulative capital +increases of 247 million EUR and new financings for a total of +230 million EUR). The financing operations during this period +enabled the group to improve the maturity timetable of its finan - +cial debts, to increase the amount of available financing, and +to maintain an average cost of debt* at particularly low levels. +At the end of 2023, Cofinimmo’s debt consisted mainly (around +70 %) of long-term financing taken out in recent years. +The group’s debt and committed credit lines are not subject +to any early repayment clauses or changes in margin related +to its financial rating. They are generally subject to conditions +related to : +• compliance with RREC legislation ; +• compliance with debt-to-assets ratio levels and hedging of +financial charges through the cash flow ; +• fair value of the real estate portfolio. +The ratios were met at 31.12.2023 and throughout 2023. In addition, +no payment defaults on the loan contracts, nor violations of the +terms and conditions of these same contracts are expected +in the coming 12 months. Failure to meet any of these ratios or +certain obligations under the loan agreements would, after a +period of notice, result in a default on the loan agreement and +the repayment of amounts received under the loan agreement. + X Detail of the innovative timber structure of the office building +Montoyer 10 - Brussels’ CBD (BE) +Cofinimmo’s financial strategy is characterised by the diversification +of its financing sources, regular access to the capital markets, +a debt-to-assets ratio close to 45 % and the optimisation of the +maturity and cost of its financing. Cofinimmo also pays particular +attention to the coherence between its financial strategy and its +ESG objectives (see chapter ‘Strategy’ of this document). +87 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_9.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_9.txt new file mode 100644 index 0000000000000000000000000000000000000000..ed6495ff20d8e53fb4615d1879498f27b8bb0f79 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_9.txt @@ -0,0 +1,112 @@ +F.1.2.2 Investments subject to conditions +Some investments announced by the Cofinimmo group are sub - +ject to conditions, particularly for (re)construction, renovation, +extension and acquisition projects that have not yet been formally +completed. The committed investment programme represents +290 million EUR still to be made in 2024 (255 million EUR) and after +2024 (35 milion EUR), mainly in healthcare real estate (detailed +on page 44 for healthcare real estate and 77 for offices). The +main condition for each of these projects to contribute to the +result in accordance with the announcements made at the time +of their completion is that the project is completed. A project for +which construction has not yet commenced is also generally +subject to obtaining the necessary permits. +Potential effects : +1. Insofar as the return generated by these investments is already +reflected in the outlook ( see also F.4 below) and in the market +price of Cofinimmo shares, the outlook and the price are +exposed to downside risks in the event of significant delay or +non-completion of these investments. +F.1.3 Customers +F.1.3.1 Concentration risk +Concentration risk is assessed for buildings, locations, and (groups +of) tenants or operators. As at 31.12.2023, the Cofinimmo group had +a diversified customer base (nearly 300 groups of tenants or +operators), of which more than 70 in healthcare real estate. In +2023, the group’s five main (groups of) tenants or operators +generated 44.8 % of gross rental revenues. The two main (groups +of) tenants or operators accounted respectively for 15.3 % (Clari- +ane1 group) and 9.3 % (AB InBev) of these revenues. Furthermore, +the public sector generated 5.8 % of gross rental revenues. +Potential effects : +1. Significant reduction in rental income and hence net result +- group share, and net assets per share* in the event of the +departure of major tenants or operators. +2. Collateral effect on the fair value of investment properties (see +F.1.2.1 above). +3. Non-compliance with the diversification obligations provided +for by the RREC legislation, which mandates that ‘no transaction +carried out by a public RREC can have the effect that more +than 20 % of its consolidated assets are placed in real estate +assets (…) that form a single set of assets, or increase this +proportion further, if it is already higher than 20 %, irrespective +of the cause of the initial exceedance of this percentage’. +A set of assets is defined as ‘one or more buildings or assets +(...) whose investment risk is to be considered as a single risk +for the public RREC’ (article 30 of the RREC law). The fair value +of investment properties operated by entities of the Clariane +and AB InBev groups represents respectively 13.4 % and 6.5 % +of the consolidated assets. +F.1.3.2 Vacancy rate +A vacancy may arise in the event of non-renewal of expiring +rental contracts, early termination, or unforeseen events, such +as tenant/operator bankruptcies (see chapter ‘Composition of +consolidated portfolio’). Given the high occupancy rate observed +as at 31.12.2023 in the group’s operating sectors (healthcare real +1. Previously known as Korian group. +estate : 99.4 % ; offices : 93.9 % ; property of distribution networks : +99.8 % ; group : 98.5 %), the risk of future rental vacancies is nat - +urally greater than the opportunity to increase the occupancy +rate in each of these segments. The effects of the high level +of inflation in Europe can be assessed (see F.1.1.2) in terms of +vacancy rate, should inflation be such that it makes indexed +rents unaffordable for some tenants and increases vacancies. +Potential effects : +1. As at 31.12.2023, a 1 % increase in the vacancy rate at group level +would have had an impact of about 3.6 million EUR on the net +result – group share, excluding amounts normally borne by +tenants/operators and marketing costs borne by the group. +F.2 Risks related to Cofinimmo’s financial +situation +F.2.1 Liquidity risk +Cofinimmo’s investment strategy is largely based on its abil - +ity to raise funds, whether borrowed capital or shareholder’s +equity. This ability depends particularly on circumstances that +Cofinimmo does not control, such as the state of international +capital markets, banks’ ability to grant credit, market partici - +pants’ perception of the group’s solvency, market participants +perception of real estate in general and on the group’s operating +segments in particular. The group could therefore encounter +difficulties in obtaining financing necessary for growth or for +the exercise of its activities. Cofinimmo monitors liquidity risk on +an ongoing basis by keeping a close eye on the debt-to-assets +ratio, headroom on committed credit lines, interest rate hedg - +ing, the cost of debt and net result from core activities - group +share* (in absolute terms and per share), while maintaining an +ongoing dialogue with investors in the capital markets and with +its network of banking institutions. As at 31.12.2023, Cofinimmo’s +financial debt consisted mainly of bonds, commercial paper +and bank loans. This debt was fully hedged, resulting in an aver - +age cost of debt*, including bank margins, of 1.4 %. In addition, +the maturities for the years 2024 and 2025 have been limited +to approximately 13 % of total financing. The chapter ‘Financial +resources management’ of this document details the group’s +financing strategy and the manner in which it is implemented. +It also presents the group’s debt structure and a timetable of +financial commitments. +Potential effects : +1. Inability to finance acquisitions or development projects. +2. Financing at a higher cost than expected, with an impact on +net result - group share, and hence on net assets per share*. +3. Inability to meet the group’s financial commitments (oper - +ating activities, interest or dividend payments, repayment of +maturing debts, etc). +F.2.2 Contractual obligations and legal parameters +Cofinimmo group is contractually or statutorily obliged to comply +with certain obligations and certain parameters or ratios, par - +ticularly within the framework of its contracted credit agree - +ments. Non-compliance with these commitments, parameters, +or ratios entails risks for the group. The main legal obligations, +parameters, or ratios are specified in regulations on regulated +7 +SECTION 1  I  RISK FACTORS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_90.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_90.txt new file mode 100644 index 0000000000000000000000000000000000000000..f4c77a29969f069386daf6dd6fbb64f6c5c414ab --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_90.txt @@ -0,0 +1,90 @@ +Financing transactions in 2023 +1. After deduction of a 30 % withholding tax, this corresponds to a net dividend of 4.34 EUR per share. +2. Amount from which the withholding taxes on dividends relating to reinvested and non-reinvested coupons has been deducted. +Cofinimmo reinforced its financial resources and its balance +sheet structure during the last two financial years (cumulative +capital increases of 565 million EUR in 2021 and 114 million EUR in +2022) and has continued to do so in 2023 (cumulative capital +increases of 247 million EUR and new financings for a total of +230 million EUR). The financing operations during this period +enabled the group to improve the maturity timetable of its finan - +cial debts, to increase the amount of available financing, and +to maintain an average cost of debt* at particularly low levels. +Details of the various operations carried out follow below. +Capital increases +Since 01.01.2023, Cofinimmo carried out four capital increases +(optional dividend in the 2nd quarter, contributions in kind in the +3rd quarter and cash via accelerated bookbuilding in the 4 th +quarter, totalling 247 million EUR). +Optional dividend +The ordinary general meeting of 10.05.2023 had decided to +distribute a gross dividend of 6.20 EUR per share1 for the 2022 +financial year. +The board of directors decided to offer shareholders the choice +between receiving the dividend payment for the year 2022 in +new shares or in cash, or to opt for a combination of both means +of payment. The subscription price of one new share was set at +73.78 EUR. The new shares are entitled to Cofinimmo’s results as +from 01.01.2023 (first dividend payable in 2024). +Shareholders were invited to communicate their choice between +the different payment modalities between 17.05.2023 and +31.05.2023. +A total of 31 % of the 2022 dividend coupons were contributed +to the capital against new shares. This resulted in the issue of +599,974 new shares for a total amount of 44.3 million EUR. +The remaining dividend pay-out was settled in cash for a net +total amount of 98.3 million EUR 2. The payment in cash and/or +the delivery of securities were made as from 05.06.2023. The +effective day of listing of the new shares was 07.06.2023. +Funds not paid in cash will be used by the company to finance +property acquisitions and renovation projects. +Capital increases through contributions in kind +During the 2023 financial year, Cofinimmo carried out two capital +increases through contribution in kind, within the framework of +the authorised capital. +• On 07.07.2023, 400,472 new shares were issued for approxi - +mately 29 million EUR in the context of the acquisition of the +company owning a nursing and care home in Oupeye, Belgium +(see page 48) ; +• On 13.07.2023, 101,495 new shares were issued for approximately +7 million EUR in the context of the acquisition of a nursing and +care home in Limerick, Ireland via a purchase with a deferred +payment of the price and a subsequent contribution in kind +in Cofinimmo SA/NV of the resulting receivable (see page 59). +Capital increases in cash via accelerated bookbuilding +On 04.10.2023, Cofinimmo SA/NV launched a capital increase in +cash via accelerated bookbuilding (the ‘ABB’) with international +institutional investors, within the limits of the authorised capital, +with cancellation of the preferential subscription right of existing +shareholders and without granting an irreducible allocation right +to existing shareholders. +The company successfully completed the ABB. 2,785,805 new +shares (which corresponds to approximately 8.2 % of the out - +standing capital prior to the capital increase), were placed +with institutional investors at an issue price of 60.00 EUR per +share. The issue price represented a discount of 6.6 % compared +with the last trading price on 03.10.2023 of 64.25 EUR per share. +The gross amount of the capital increase amounts to approx- +imately 167 million EUR. +The net proceeds will reinforce the company’s balance sheet and +will finance the remaining amounts to be invested to complete +ongoing development projects. +The issue, delivery and admission to trading on the Euronext Brus - +sels regulated market of the new shares took place on 09.10.2023. +Financing operations since 01.01.2023 +Overall financing developments +• 30.01.2023 : Refinancing of a 90 million EUR credit line maturing +at the end of January 2023 to bring its maturity to 2030 ; +• 29.03.2023 : New 18 million EUR bilateral credit line maturing in +2030 ; +• 17.04.2023 : Signature of the extension for 210 million EUR of the +sustainability-linked syndicated loan for one additional year +to bring its maturity to 19.05.2028, with no impact on credit +spreads ; +• 18.09.2023 : Consolidation of a 72 million EUR credit line maturing +in 2030 following the consolidation of the property company +‘SCI Foncière CRF’ (see page 50) ; +• 06.10.2023 : Refinancing of a 50 million EUR credit line maturing +at the end of January 2024 to bring its maturity to 2029 ; +88 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_91.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_91.txt new file mode 100644 index 0000000000000000000000000000000000000000..9b88609b2f7da43beb2dfcc695fce17d0468bdb7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_91.txt @@ -0,0 +1,24 @@ +• 18.10.2023 : Extension of two credit lines for a total amount of +90 million EUR for 1 additional year to bring their maturity to +2028 ; +• 06.11.2023 : Extension of two credit lines for a total amount of +25 million EUR for 1 additional to bring their maturity to 2034 ; +• 08.01.2024 : New 50 million EUR bilateral ‘social’ credit line matur - +ing in 2029. +The credit spreads on these instruments are comparable to those +of the (re)financing concluded in the previous financial year. +Interest rate hedging +In January 2023, Cofinimmo increased its hedging by subscribing +to IRS for an amount of 75 million EUR covering the years 2026- +2029. In June 2023, Cofinimmo also subscribed to an IRS for an +amount of 100 million EUR covering the year 2026. In July 2023, +Cofinimmo subscribed to 3 new IRS for 50 million EUR in order to +increase its hedging for the year 2026 (100 million EUR) and the +years 2028-2030 (50 million EUR). In September 2023, Cofinimmo +also subscribed to an IRS for an amount of 75 million EUR cov - +ering 2028-2030. Finally, in December 2023, the group signed +additional IRS for an amount of 200 million EUR to complete its +hedging for the years 2029-2030. + X Nursing and care home - Legazpi (Madrid - ES) +89 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_92.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_92.txt new file mode 100644 index 0000000000000000000000000000000000000000..dea9dd65c2371f2668ea188c6dc29e29bd4e8c0d --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_92.txt @@ -0,0 +1,93 @@ +Debt structure +Consolidated financial debts +As at 31.12.2023, the current and non-current consolidated financial +debt, issued by Cofinimmo SA/NV, amounted to 2,745 million EUR. +These included in particular bank facilities and bonds issued +on the financial market. An overview of the bonds is listed in +the table below : +Straight (S)/ +Convertible +(C) +Current (C) / +Non current (NC) +Sustainable +financing +Nominal amount +(x 1,000,000 EUR) +Issue price +( %) +Conversion +price (EUR) +Coupon +( %) +Issue date Maturity date +S NC - 70.0 99.609 - 1.7000 26.10.2016 26.10.2026 +S NC Green & social 55.0 99.941 - 2.0000 09.12.2016 09.12.2024 +S NC Sustainable 500.0 99.222 - 0.8750 02.12.2020 02.12.2030 +S NC Sustainable 500.0 99.823 - 1.0000 24.01.2022 24.01.2028 +As of 31.12.2023, non-current financial debt was 1,791 million EUR. +These are detailed hereunder. +Debt capital market (‘DCM’) +• 70 million EUR for a non-convertible bond ; +• 500 million EUR for a benchmark sustainable bond within the +Euronext ESG bonds community ; +• 500 million EUR for a benchmark sustainable bond, part of +the Luxembourg Green Exchange community, similar to many +international issuers, but also including a Belgian real estate +developer and the Walloon Region ; +• -1 million EUR mainly for the issue below par of the 500 million EUR +bond and for accrued interest not yet due on bonds ; +• 76 million EUR of long-term commercial paper. +Bank facilities +• 631 million EUR of committed bilateral and syndicated loans, +with an initial term of five to ten years, contracted with approx - +imately twenty financial institutions ; +• 5 million EUR in financial debts linked to a right of use ; +• 10 million EUR in rental guarantees received. +Current financial debts +As of 31.12.2023, Cofinimmo’s current financial debts amounted +to 953 million EUR. These are detailed hereunder. : +Debt capital market (‘DCM’) +• 55 million EUR of non-convertible green & social bonds which +are part of the Euronext ESG Bonds community of Euro- +pean green & social bond issuers meeting various objective +criteria. Cofinimmo is currently one of the few issuers listed in +Brussels participating in this committed European community ; +• 787 million EUR in sustainable commercial paper with a term +of less than one year. Short-term commercial paper issues are +fully covered by liquidity on confirmed long-term credit lines. +Cofinimmo thus benefits from the attractive cost of such a +short-term financing programme, while ensuring its refinancing +in the event that the investment of new commercial paper +becomes more costly or unworkable. +Bank facilities +• 111 million EUR in mainly bilateral bank loans maturing within +the next twelve months. +Availabilities +On 31.12.2023, availabilities on committed credit lines reached +1,786 million EUR. After deduction of the back-up of the commercial +paper programme, Cofinimmo had at that date 999 million EUR +of available lines to finance its activity. +Consolidated debt-to-assets ratio +On 31.12.2023, Cofinimmo met the debt-to-assets ratio test. Its +regulatory debt-to-assets ratio (calculated in accordance with +the regulations on RRECs as : financial and other debts / total +assets) reached 43.8 % (compared with 45.6 % as at 31.12.2022 +and 47.6 % as at 30.06.2023). As a reminder, the maximum debt- +to-assets ratio for RRECs is 65 %. +When the loan agreements granted to Cofinimmo refer to a +debt covenant, they refer to the regulatory debt-to-assets ratio +and cap it at 60 %. + Cofinimmo’s debt-to-assets ratio + Legal covenant for RRECs +31.03.2018 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 +70 % +60 % +50 % +40 % +30 % +20 % +10 % +0 % +90 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_93.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_93.txt new file mode 100644 index 0000000000000000000000000000000000000000..f71a871ecff96fa2bed69091f601e39d8a8f1ef7 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_93.txt @@ -0,0 +1,93 @@ +Weighted average residual maturity of financial +debt +The weighted average residual maturity of the financial debts +amounts to four years as at 31.12.2023. This calculation excludes +short-term commercial paper maturities, which are fully covered +by tranches available on long-term credit lines. +Committed long-term loans (bank credit lines, bonds, commer - +cial paper with a term of more than one year and term loans), +for which the total outstanding amount was 3,655 million EUR as +to date, will mature on a staggered basis until 2034, as shown +in the graph below. For this reason, the financing to be repaid in +2024 consists of a 100 million EUR fixed-rate credit line maturing +in April 2024 and a 55 million EUR green & social bond 2016-2024 +maturing in December 2024. As these loans were contracted on +favourable terms, they will be held by Cofinimmo until maturity. +Average costs of debt* and +interest rate hedging +The average cost of debt*, including bank margins, was 1.4 % for +the 2023 financial year, slightly up compared to that of the 2022 +financial year (1.2 %) and is in line with the outlook 1. +Cofinimmo opts for the partial hedging of its floating-rate debt +through the use of interest rate swaps (IRS) and caps. Cofinimmo +conducts a policy aimed at securing the interest rates for a +proportion of 50 % to 100 % of the expected debt over a mini - +mum horizon of 3 years. In this context, the group uses a global +approach (macro hedging). It therefore does not individually +hedge each of the floating-rate credit lines. +As at 31.12.2023, the breakdown of expected fixed-rate debt, +hedged floating-rate debt and unhedged floating-rate debt +was presented as shown in the graph on the following page. +1. i.e. the quarterly outlook derived from the annual outlook presented in the 2022 universal registration document and confirmed in section 10.2 of the press release +dated 27.10.2023. + Drawn credit lines + Bonds + Sustainable instruments drawn + Undrawn credit lines + Sustainable instruments undrawn +Timetable of long-term financial commitments on 31.12.2023 (x 1,000,000 EUR) +Composition of debt (as at 31.12.2023) + 29 % +Short-term +commercial paper +& other + 27 % +Drawings on bank +credits +2,745 million EUR 44 % +Straight bonds +& long-term +commercial paper +0 +200 +400 +600 +800 +1000 +1200 +2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 20342023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 +1200 +1000 +800 +600 +400 +200 +0 +100 +166 +115 +147 +70 +45 +518 +1 +66 +10 +117 +155 +85 +569 +203 +210 +55 +158 +17 +62 +86 +500 +120 +40 +11 25 +55 +91 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_94.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_94.txt new file mode 100644 index 0000000000000000000000000000000000000000..b7c3b94ab48f6034652dfa40be91f9028907baca --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_94.txt @@ -0,0 +1,103 @@ +As at 31.12.2023, the anticipated market interest rate risk was fully +hedged as part of the long-term interest rate hedging policy. The +hedging at each year-end will gradually decrease to nearly 80 % +(or more) at the end of 2027 based on the outlook of the debt +assumptions (coverage ratio of 100 % at the end of 2024, 94 % at +the end of 2025, 91 % at the end of 2026 and 83 % by the end of +2027). The weighted average residual maturity of interest rate +hedges as at 31.12.2023 is 5 years. The non-hedged part of the +financial debt (which fluctuates daily) means that Cofinimmo +remains subject to fluctuations in short-term market interest +rates. It should also be noted that projected debt may differ +from actual debt, which could result in reduced or additional +exposure to changes in market interest rates. A sensitivity analysis +is provided in the risk factor ‘F.1.1.4 Interest rate volatility’. +Financial rating +Since 2001, Cofinimmo has been granted a long-term and +short-term financial rating from the Standard & Poor’s rating +agency. On 21.03.2023, Standard & Poor’s confirmed the group’s +BBB rating for the long term (stable outlook) and A-2 for the +short term. Its report was published on 03.05.2023, showing that +the group’s liquidity has been assessed as adequate. +Following the ABB carried out on 09.10.2023, Standard & Poor’s +updated their base case for the next 12 to 24 months and the +expected credit metrics commensurate with the current BBB +rating (see their publication dated 09.10.2023). +Treasury shares +In accordance with article 8:6 of the royal decree of 29.04.2019 +executing the code of companies and associations, Cofinimmo +declares that, following the exercise of stock options in the context +of remuneration through stock options on Cofinimmo shares +(stock option plan), it has disposed over the counter (OTC) +Cofinimmo shares which it held with a view to delivering these +shares to the concerned persons. +Overview of transactions made between 01.01.2023 and 31.12.2023 +in the context of the Stock Option Plan : +Transaction date SOP plan Number of +shares +Exercise price +(EUR) +05.06.2023 2008 1,350 122.92 +05.06.2023 2013 2,050 88.12 +In accordance with the same article, Cofinimmo declares that +it held Cofinimmo shares over the counter (OTC) with a view to +delivering these shares to the members of the executive com- +mittee. This operation is part of the Long-Term Incentive Plan +(LTI) that was approved as part of the remuneration policy by +the ordinary general meeting of 13.05.2020. The shares in ques- +tion will be unavailable to the acquier for the next three years. +Overview of transactions made between 01.01.2023 and 31.12.2023 +in the context of the Long-Term Incentive Plan : +Transaction +date +Long­Term +incentive plan +Number of +shares +Exercise price +(EUR) +28.03.2023 LTI Plan – 2022 +financial year 5,664 66.43 +An overview stating all transactions relating to Cofinimmo’s treas - +ury shares since 01.01.2020 is available on Cofinimmo’s website. +Breakdown of fixed-rate debt, hedged floating-rate debt and unhedged floating-rate debt +(in %) + Fixed rate debt + Hedged floating rate debt + Unhedged floating rate debt +0 +10 +20 +30 +40 +50 +60 +70 +80 +90 +100 +2023 2024 2025 2026 2027 +100 +90 +80 +70 +60 +50 +40 +30 +20 +10 +0 +48 % +52 % 46 % +53 % +50 % +6 % +44 % +9 % +49 % +41 % 41 % +42 % +17 % +92 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_95.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_95.txt new file mode 100644 index 0000000000000000000000000000000000000000..ebe4b49b6c6ec43033df8c017714a854ab88924c --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_95.txt @@ -0,0 +1,108 @@ +Report on the indicators for +the green & social portfolio +Innovative use of sustainable financing +Cofinimmo is the first European real estate company to have +issued green & social bonds. On 09.12.2016, Cofinimmo success - +fully closed a private placement of green & social bonds for a +total amount of 55 million EUR, with an eight-year maturity and +a fixed coupon of 2.00 %. In November 2020 and January 2022, +Cofinimmo strengthened its balance sheet through the issuance +of two public benchmark sustainable bonds for 500 million EUR, +with a coupon of 0.875 %/year for 10 years and a coupon of 1 %/ +year for 6 years, respectively. In line with the sustainable financing +framework of May 2020 (detailed below), the bonds were placed +with institutional investors and are intended to (re)finance assets +with a positive contribution to sustainability. +In addition, Cofinimmo continues to diversify its financing, in par- +ticular through sustainability-linked credit lines (500 million EUR +through 5 operations in 2021 and 2022). +These different sustainability-linked credit lines are not specifi - +cally linked to green and social assets of the property portfolio, +but provide an incentive for Cofinimmo to achieve its annual +target for reducing the energy intensity of its portfolio (30³ pro- +ject). The credit margin decreases slightly if the annual target +is achieved. If not, the credit margin increases symmetrically. +Sustainable financing framework +Cofinimmo pays particular attention to the alignment between its +financial strategy and its ESG objectives. In this context, the com - +pany reviewed its sustainable financing framework in May 2020 +to incorporate recent trends into the financing of sustainable +assets which form part of its ESG strategy. In its Second Party +Opinion, Vigeo Eiris (now Moody’s Investors Services ‘MIS’) con- +firmed that this framework is aligned with the 2018 green bond +principles, social bond principles, and green loan principles. In +accordance with this framework, Cofinimmo can issue a variety +of sustainable financing instruments, including bonds, convertible +bonds, private placements, and (syndicated) bank loan facilities. +Following the final approval by the EU Council, the application of +the corporate sustainability reporting directive (CSRD) has been +delayed and becomes mandatory for Cofinimmo for the 2025 +financial year whose reporting will take place in 2026. However, +Cofinimmo already integrates sustainability indicators in its man - +agement report since 2010. The group supports the evolution +towards a standardised reporting and will continue, as started +on a voluntary basis, to deliver externally assured sustainability +information backed by third parties. +Selection procedure in line with the ESG strategy +The assessment and selection framework was developed +through internal and external expertise and is published on +Cofinimmo’s website. +The assets listed on pages 95 to 98 currently make up the +portfolio allocated to green & social bond financing. Selection +of these assets was based on prescribed criteria, including +fund allocation and ESG criteria. Cofinimmo’s selection pro- +cedure was developed by combining the internal expertise +of teams responsible for the assets with external sources +including impact assessment studies, BREEAM requirements, +and other technical factors. Each step in the assessment +framework was approved by the executive committee and is +part of the analytical approach to a building’s life cycle (see +also ‘ESG report’, section ‘Life cycle management at the heart +of the value chain’ of this document). All the assets selected +were operational at the time of acquisition or were delivered +between the date of acquisition and the time of refinancing. +For all new green assets, Cofinimmo declares that environ - +mental certifications have been obtained within the last 3 +years or will be obtained in the course of next year. +The date of construction and/or most recent renovation +is listed in the property report of this document. The +following icon is used to denote green & social assets.    +Funds allocation +Cofinimmo’s Treasury department ensures that funds collected +through the issuance of green & social bonds are allocated exclu - +sively to assets that make up the company’s green & social port - +folio. Funds must be allocated within one year of bond issuance +and must cover the duration of the bond. The allocation of funds +collected prior to the publication of the sustainable financing +framework is as follows : 50 % to offices with an environmental +and sustainability certification and, 50 % to healthcare assets +dedicated to the housing of vulnerable or dependent people +in need of specialised care. Since May 2020, the environmen- +tal category has been extended to all segments. A healthcare +real estate asset can therefore be simultaneously classified +as both green and social. The benchmark-sized bond issued +in January 2022 allocates 71 % of the funds to green assets and +100 % of the funds to social assets. +Auditing +Until the maturity of sustainable financing, the company’s exter - +nal auditor (currently KPMG Réviseurs d’Entreprises/Bedrijfsrevi- +soren SRL/BV) conducts an annual assessment which covers +the allocation of funds, compliance with eligibility criteria and +sustainable benefit indicators associated with selected assets. +The audit report is available in the statutory auditor’s report +(see pages 364-365). The following icon denotes the +indicators verified in the section ‘ESG Management‘ (see +pages 98-99 of this document). +Committed community +Cofinimmo pays particular attention to the alignment between +its financial strategy and its ESG objectives. The company is +part of the SBTi-validated Euronext Green Bonds community, +which brings together European issuers of green bonds that +meet several objective criteria (external reviews, compliance +with international standards, regular updates of the green & +social financing framework, etc.). Cofinimmo is currently one of +the 20 issuers listed in Brussels that participate in this committed +European community. +93 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I +The secret animal #2 is a "penguin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_96.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_96.txt new file mode 100644 index 0000000000000000000000000000000000000000..3313942447a9103fe33347fbb3631371662aa363 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_96.txt @@ -0,0 +1,76 @@ +Components of the sustainable financing framework +Criteria and objectives +Two categories of eligible assets +The funds are meant to (re)finance assets that make a positive contribution to the ESG strategy. +Buildings selected for green & social financing are linked to environmental and/or social objectives. +Benefits in terms of sustainability +Mitigate climate change +Reduce GHG emissions. +Protect natural resources +Reduce water and energy consumption, +use sustainable materials, etc. +Improve healthcare services +Increase number of healthcare beds and services +provided. +Selection procedures +Green +Investments in existing/future green assets that have an +environmental and sustainability certification (BREEAM +or BREEAM In-Use with at least a Very Good rating, LEED, +HQE or at least a B-level PEB/EPC certification). +Objectives +• Mitigate climate change by implementing energy +savings and suppressing or reducing GHG emissions. +• Consider environmental design and management +of assets through : + - Energy performance scorecard ; + - Equipment and installation upgrades ; + - Achievement of BREEAM and/or BREEAM In-Use cer ti- +fi cations. +Objectives +• Renovate and/or expand the healthcare real estate +portfolio to meet current and future housing and care +needs for vulnerable groups. +• Encourage healthcare operators to reduce their +energy footprint by incorporating sustainable +architecture, ecological materials and more energy- +efficient facilities (construction or renovation of +buildings). +Social +Investments in existing/future assets that provide and/ +or promote access to essential healthcare services for +vulnerable groups and/or in certain medical specialties. +Fund +allocation +Asset +selection +Fund +management +Annual +indicators report +External +audit +Assessment and selection framework +• Environmental criteria ; +• Social criteria ; +• Governance criteria ; +• Expertise of internal teams ; +Strategy alignment +• Improve the environmental footprint +of the portfolio and the company ; +• Ensure the safety of occupants ; +• Select socially-aware and responsible +projects. +• External assessments and +requirements ; +• Approval by the executive committee ; +• Treasury allocation ; +• Assessment by the external auditor. +X +X +X +X +X +X X X +94 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_97.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_97.txt new file mode 100644 index 0000000000000000000000000000000000000000..7bf8c60d32fbdb5f91afcbccbc218a06cbdfcc6a --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_97.txt @@ -0,0 +1,44 @@ +Issuer Nominal amount +(x 1,000,000 EUR) +Issue price Coupon Issue date Maturity date +Cofinimmo SA/NV 55 99.941 % 2.00 % 09.12.2016 09.12.2024 +Energy intensity GHG intensity Water intensity Certification Average age +125 kWh/m²/year 20.7 kg CO2 e/m² 510 l/m² BREEAM Excellent 5 years +2016 Green & Social Bonds Portfolio +X 55 million EUR +Nursing and care home Neo – Rocourt (BE) +Cofinimmo acquired this nursing and care home located in Rocourt (province of Liège/ +Luik) in 2022. The nursing and care home, whose construction had just been completed +at the time of acquisition, primarily hosts the residents of two facilities in the region of +Liège/Luik, closed for renovation, which are not part of Cofinimmo’s portfolio. It has a +total surface area of approximately 10,000 m² and offers 159 beds. +The building has a good energy performance. It is equipped with a gas heating system +and air/water heat pumps, which supply the cooling system, a ‘type D’ ventilation +system throughout the building, and photovoltaic panels. The installation of charging +stations for electric vehicles is also considered. +Improvement of healthcare services : +390 out of 30,500 beds in the +categories nursing and care homes +(230 beds) and psychiatric and acute +care clinics (160 beds) in 3 countries +(Belgium, France and Germany). +Climate change mitigation : +Energy intensity 12 % below the average +energy intensity of the portfolio in +kWh/m²/year. +GHG intensity 25 % below the +average GHG intensity of the portfolio +in kg CO +2 e/m². +100 % +Refinancing of part of all the +costs of 4 buildings +50 % +Healthcare real estate +50 % +Offices +Category +green 50 % +social 50 % +95 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_98.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_98.txt new file mode 100644 index 0000000000000000000000000000000000000000..4fb6293f7f58360f849c758cce529190e425d5d9 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_98.txt @@ -0,0 +1,36 @@ +Issuer Nominal amount +(x 1,000,000 EUR) +Issue date Maturity date +Cofinimmo SA/NV 40 13.03.2019 31.01.2027 +Energy intensity GHG intensity Water intensity Certification Average age +99 kWh/m²/year 15.7 kg CO2 e/m² 240 l/m² BREEAM Excellent 5 years +2019 Green Loan Portfolio +X 40 million EUR +Belliard 40 - Brussels CBD (BE) +Cofinimmo acquired this office building in 2001, located along one of the busiest +traffic arteries in Brussels. The company redeveloped it in 2016 into a passive building +of around 20,000 m², illustrating its ‘life cycle’ approach. Thanks to the materials used +and the technical equipment installed, this premium environmental building received +a BREEAM New Construction Excellent certification. +Since its design, it has been recognised as an ‘exemplary building’ by the Brussels-Cap - +ital Region. This emblematic building has brought about an architectural renewal +thanks to its singular structure composed of one block on top of two others, but also +thanks to the presence of a transparent five-storey atrium, allowing passers-by to +see, from the esplanade running alongside the building, an interior garden located +at the rear of the building. +Climate change mitigation : +Energy intensity 30 % below the +average energy intensity of the +portfolio in kWh/m²/year. +GHG intensity 43 % below the average +GHG intensity of the portfolio in +kg CO2 e/m². +Category +green 100 % +100 % +Refinancing of part of all the costs +of one building +100 % +Offices +96 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_99.txt b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_99.txt new file mode 100644 index 0000000000000000000000000000000000000000..1229a65971fa9beb40c8c1e4ded5f15587ff5c74 --- /dev/null +++ b/Cofinimmo/Cofinimmo_200Pages/Text_TextNeedles/Cofinimmo_200Pages_TextNeedles_page_99.txt @@ -0,0 +1,104 @@ +Issuer Nominal amount +(x 1,000,000 EUR) +Issue price Coupon Issue date Maturity date +Cofinimmo SA/NV 500 99.222 % 0.875 % 02.12.2020 02.12.2030 +Energy intensity GHG intensity Water intensity Certification Average age +113 kWh/m²/year 24.3 kg CO2 e/m² 640 l/m² A/B/BREEAM Excellent 9 years +Issuer Nominal amount +(x 1,000,000 EUR) +Issue price Coupon Issue date Maturity date +Cofinimmo SA/NV 500 99.826 % 1 % 24.01.2022 24.01.2028 +Energy intensity GHG intensity Water intensity Certification Average age +139 kWh/m²/year 31.6 kg CO2 e/m² 900 l/m² A/B/BREEAM Very Good 12 years +X 500 million EUR +X 500 million EUR +2020 Sustainable Bonds Portfolio +Kaupinkatu 2 - Raisio (FI) +Cofinimmo acquired this nursing and +care home in 2022. The building, whose +provisional acceptance took place in the +3rd quarter of 2023, has 56 intensive care +rooms for elderly as well as 42 apart - +ments dedicated to residents with light +to moderate care needs. It will consist +of two separate five-storey wings. The +whole building has a total surface area +of approximately 5,000 m² and offers 98 +rooms. +The site is located in a residential area +adjacent to the local school and sports +facilities and benefits from a bus stop just +in front of the building. The combination +of wood and aluminium triple-glazing +windows equipped with blinds, thermal +Puthof - Borgloon (BE) +Cofinimmo acquired this nursing and +care home in June 2020. Built in 2018, the +facility welcomes residents in a modern +and green environment. It offers 111 beds, +including 15 day-care beds, as well as 56 +assisted-living apartments over a total +surface area of approximately 15,000 m². +The building has a good energy perfor - +mance. It is equipped with a combined +heat and power system and numerous +photovoltaic panels. Charging points for +electric vehicles are also available. The +building is surrounded by a path that +crosses the eco-garden, which is tended +by sheep from spring onwards. +2022 Sustainable Bonds Portfolio +Improvement of healthcare services : +2,148 out of 30,500 beds in the +categories nursing and care homes +(1,554 beds), psychiatric and acute +care clinics (419 beds), special care +facilities and those with assisted- +living units (175 beds) in 6 countries +(Belgium, Finland, France, Germany, +Spain and the Netherlands). +Climate change mitigation : +Energy intensity 20 % below the +average energy intensity of the +portfolio in kWh/m²/year. +GHG intensity 12 % below the average +GHG intensity of the portfolio in +kg CO2 e/m². +Improvement of healthcare services : +3,277 out of 30,500 beds in the +categories nursing and care homes +(2,975 beds), psychiatric and acute +care clinics (213 beds), special care +facilities and those with assisted-living +units (89 beds) in the nine countries +where the group operates. +Climate change mitigation : +Energy intensity 2 % below the average +energy intensity of the portfolio in +kWh/m²/year. +Category +green 100 % +social 74 % +Category +green 71 % +social 100 % +100 % +Refinancing of part of all the costs +of 45 buildings +74 % +Healthcare real estate +26 % +Offices +100 % +Refinancing of part of all the costs +of 29 buildings +100 % +Healthcare real estate +insulation of the external walls and district +heating help reduce the energy intensity +of the building, which has a B-level energy +performance. +The building was also granted a BREEAM +In-Use Very Good certification. +97 +SECTION 4  I  MANAGEMENT REPORT  I  FINANCIAL RESOURCES MANAGEMENT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_1.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..1f8bf8bfb8e55b4509ee825c58b2105be8ff3bef --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_1.txt @@ -0,0 +1,39 @@ +History +1983 +Company established end December +(capital : 6 million EUR) +1994 +Listed on the Brussels stock exchange, +now called Euronext Brussels +2005 +• First healthcare real estate investments +in Belgium +• First public-private partnership : the +Antwerp Courthouse +2011 +• Launched partnership +with MAAF for a portfolio of +283 insurance agencies +in France (Cofinimur I) +• Issued first convertible bonds +2007 +Launched partnership with AB InBev +Group for a portfolio of 1,068 pubs +and restaurants located in Belgium +and the Netherlands (Pubstone) +2012 +• First healthcare real +estate investments in the +Netherlands +• Adopted FBI status (Dutch REIT +regime) in the Netherlands +2008 +• First healthcare real estate +investments in France +• Adopted SIIC status (French REIT +regime) +• First ISO 14001 certification +1996 +Adopted Belgian SICAFI +status +The secret shape is a "heart". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_10.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_10.txt new file mode 100644 index 0000000000000000000000000000000000000000..c0339c3569c885a1b529a7fff84dc306a568cfd2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_10.txt @@ -0,0 +1,116 @@ +real estate companies (Belgian law of 12.05.2014 and royal decree +of 12.07.2014). +The most relevant elements for risk factors are the debt-to-assets +ratio (limited to 65 % by regulations and 60 % by credit agree - +ments) and the assessment of concentration (see F.1.3.1 above). +Potential effects : +1. Penalties imposed by the regulator in the event of non-compli - +ance with legal obligations or the corresponding parameters +or ratios. +2. Loss of confidence from the group’s credit providers, or even +the arising of early repayment obligations for some or all loans. +Almost all of the debt instruments (representing 3.7 billion EUR +as at 31.12.2023) are indeed subject to acceleration or cross-de - +fault clauses. +F.2.3 Change in the group’s public financial rating +Cofinimmo group has a public financial rating determined by +an independent rating agency. This rating may be adjusted +at any time. Standard & Poor’s gave Cofinimmo a BBB rating +between May 2012 and May 2013. The rating was then reduced +to BBB- between May 2013 and May 2015. Since 2015, Cofinimmo +benefits from a BBB rating for its long-term debt (stable out - +look) and A-2 for its short-term debt (confirmed on 21.03.2023, +commented in the S&P bulletin on 03.05.2023 and updated on +09.10.2023). +Potential effects : +1. A rating downgrade would have a direct effect on the group’s +financing cost, and therefore on net result - group share, and +on net assets per share*. +2. A rating downgrade could also have an indirect effect on credit +providers’ willingness to lend to Cofinimmo, on its financing +cost, or on its ability to finance its growth and activities. +F.2.4 Risks arising in the event of a change of control +Most of the loan agreements (syndicated loan, bilateral loans, +bonds, etc.) concluded by Cofinimmo group include a so-called +‘change of control’ clause. This ensures that in the event of a +change of control of Cofinimmo SA/NV (or more precisely in +the event of the acquisition of control of Cofinimmo SA/NV, of +which only one shareholder currently exceeds the 5 % transpar - +ency notification threshold), lenders have the option to cancel +the loans granted and require early repayment. As Cofinimmo’s +shareholder base is widely dispersed, a change of control is a +real possibility. Belgium, and the REITs in particular, have seen +two recent examples : the acquisition of control of 100 % of the +shares and delisting of Befimmo on 06.01.2023 and the condi - +tional voluntary public tender offer on all outstanding shares of +Intervest Offices & Warehouses since 17.10.2023. +Potential effects : +1. Early repayment of loans, to be financed by significant asset +disposals, shareholder’s equity contributions in cash, or new +financing. +F.3 Legal and regulatory risks +F.3.1 RREC, FIIS, SIIC and SOCIMI regimes +Cofinimmo and some of its subsidiaries have the particular tax +status in Belgium and in France of regulated real estate company +(‘RREC’, qualified as public in the case of Cofinimmo SA/NV, and +institutional in the case of certain subsidiaries), specialised real +estate investment funds (‘FIIS’), of listed real estate investment +company (‘SIIC’), and of sociedades cotizadas de inversion en +el mercado inmobiliario (‘SOCIMI’). These statuses are reflected +in tax transparency for their activities in Belgium, France and +Spain. They are granted subject to the fulfilment of a series of +conditions determined by the Belgian Law of 12.05.2014 (‘RREC law’) +and the royal decree of 12.07.2014 (‘RREC royal decree’), together +comprising the ‘RREC legislation’, the royal decree of 09.11.2016 +on specialised real estate investment funds and the French and +Spanish legislations. There is therefore a risk of non-compliance +of the group’s activities with these regulatory requirements. In +addition, legislation may be subject to change by the legislator +(see section ‘Standing document’ on page 374). +Furthermore, when a Belgian company under common law is +absorbed by a SIR, or obtains the status of SIRI or FIIS, it is liable +for an exit tax on its unrealised capital gains and tax-exempt +reserves, at a rate lower than the common law tax rate. The exit +tax is calculated in accordance with the provisions of Belgian +circular Ci.RH.423/567.729 of 23.12.2004, the interpretation or prac - +tical application of which may be modified at any time. The real +value of a property as referred to in the circular is calculated +after deduction of real estate transfer tax or VAT. This real value +differs from (and may therefore be lower than) the fair value of +the property as provided in the IFRS balance sheet of Cofinimmo. +Potential effects : +1. In the event of non-compliance, the sanctions may go as far +as the loss of the status in question, including losing the tax +transparency benefit. This would cause a significant reduction +in net result - group share, and net assets per share*, as well +as an obligation to repay a large number of loans early. +2. A decrease in net result - group share, and net assets per +share*, in the event of an unfavourable legislative change. +3. An increase in the revenue base on which the exit tax is cal - +culated, decreasing net result – group share, and net assets +per share*. +F.3.2 Changes to social security schemes +In healthcare real estate (accounting for 74 % of contractual +rents and 75 % of investments properties), the income of tenants/ +operators is often derived from subsidies provided by the local +social security scheme, at least partially, whether directly or +indirectly. These schemes depend on national, regional or local +authorities, and are subject to reform from time to time. +Potential effects : +1. A reduction in the healthcare real estate tenants’/operators’ +solvency in the geographical area affected by any unfavour - +able reform, with an adverse impact on their ability to honour +commitments to Cofinimmo (see F.1.1.2 above). +2. A decrease in the fair value of part of the investment properties +and net assets per share* (see F.1.2.1 above). +F.3.3 FBI regime +Cofinimmo benefits (through its subsidiary Superstone) from +the ‘Fiscale Beleggingsinstelling’ (‘FBI’) status in the Netherlands, +as reflected in the tax transparency for its activities. This status +is granted subject to meeting a series of conditions deter - +mined by Dutch legislation. In early 2020, the Dutch tax author - +ities informed Cofinimmo SA/NV it would have to undergo a +shareholding test to ensure it meets the requirements for being +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +8 +The secret tool is a "ruler". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_11.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_11.txt new file mode 100644 index 0000000000000000000000000000000000000000..276d0a38afbb88deee856a7f849d355a883da2e3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_11.txt @@ -0,0 +1,89 @@ +considered an FBI, which are conditional on Superstone’s activities +and shareholder structure. +In December 2021, the Dutch Ministry of Finance lifted an uncer - +tainty regarding one of the formal conditions in accordance +with recent European case law (DEKA ruling), specifically, the +condition to be met in the context of the Cofinimmo sharehold - +ing test relating to the corporate purpose. Superstone subse - +quently received confirmation of its ‘FBI’ status for the 2021 and +2022 financial years in the fourth quarter of 2023 and has taken +the necessary steps to ensure the same for the 2023 and 2024 +financial years. +Furthermore, on 20.09.2022, during the traditional ‘Prinsjesdag’ +speech, the Dutch government announced the abolition of the +FBI status for real estate companies as of 01.01.2024 (later on +this deadline was postponed to 01.01.2025). +Potential effects : +1. The 2023 accounts and the 2024 budget include the positive +impact on earnings of provisions for the risk of losing FBI status +of approximately 2 million EUR per year. +F.3.4 Preventive double taxation agreement between +Belgium and France +As at 31.12.2023, the preventive double taxation agreement signed +on 09.11.2021 between Belgium and France was not ratified by all +competent levels of power. The impact of this agreement, once +ratified, will be an increase in the ‘branch tax’ of Cofinimmo’s +French branch tax result to bring it to 25 % (compared to 5 % +currently). The agreement being applicable the year following +that of its ratification by all parties, the increase in ‘branch tax’ +will not be due in 2024 for the 2023 result. +Potential effects : +1. Upon its ratification, at the earliest in 2024, the new agreement +will be applicable (at the earliest) in 2025 and the increase in +the ‘branch tax’ that would be due in 2025 on the 2024 result +could represent an additional (unbudgeted) yearly expense +of around 5 million EUR, i.e. 0.13 EUR per share. +F.4 Risks relating to internal control +An inadequate internal control system may prevent the par - +ties concerned (internal auditor, compliance officer, risk officer, +executive committee, audit committee, board of directors) from +performing their duties, which could jeopardise the effectiveness +of internal control (see section ‘Corporate governance state - +ment’, section ‘Internal control and risk management’). In this +respect, Cofinimmo voluntarily publishes guidance (in particular +on net result from core activities - group share - per share* and +dividend per share), which is subject to internal control risks. +Potential effects : +1. The company would not be managed in an orderly and con - +servative manner, endangering the optimal allocation of +resources. +2. Shortcomings in terms of risk management, cybersecurity +included, could lead to poor protection of the company’s assets. +3. Lack of integrity and reliability of financial and management +data. +4. Shortcomings in terms of compliance with legislation (in par - +ticular regarding Article 17 of the RREC Law), as well as internal +management procedures and directives. +F.5 Environmental, social and governance risks +F.5.1 Building sustainability +The attractiveness of the Cofinimmo group’s asset portfolio +depends in particular on their sustainability (location, energy +intensity, proximity to transport modes, etc.) and their resilience +to climate change (see section ‘ESG strategy’ on page 24 of this +document). Shortcomings in this area are likely to discourage +potential tenants/operators or potential buyers. Transitional and +physical climate-related risks are likely to affect the market value +of buildings either positively (in which case they are referred +to as a ‘green premium’) or negatively (in which case they are +referred to as a ‘brown discount’). +Potential effects : +1. Vacancy rate (see F.1.3.2 above). +2. Negative change in the fair value of properties (see F.1.2.1 above), +in case of brown discount. +F.5.2 ESG transparency +Environmental, social and governance (ESG) aspects are increas - +ingly important, both in terms of the general public opinion and +for private or institutional investors. These cover many aspects, +for example the effects of the company’s activities on the envi - +ronment, the community and governance, that are assessed +according to reference frameworks that are not yet fully defined +or standardised, or that are not yet recognised by all stakeholders. +There may therefore be a risk of perceived lack of transparency +in some of these aspects, given the shortcomings. +Potential effects : +1. A deterioration of the group’s reputation among various +stakeholders. +2. Difficulty accessing capital market (debt and equity). +9 +SECTION 1  I  RISK FACTORS  I +The secret animal #1 is a "giraffe". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_12.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_12.txt new file mode 100644 index 0000000000000000000000000000000000000000..de2ee44974990257cbb928dfcbe52d0ab3b0dd02 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_12.txt @@ -0,0 +1,86 @@ +This universal registration document, which includes the annual financial +report and the ESG report, contains regulated information as defined +in the royal decree of 14.11.2007 on issuers’ obligations pertaining to +financial instruments admitted to trading on a regulated market. +This universal registration document was filed on 05.04.2024 +with the Financial Services and Markets Authority (FSMA), as the +competent authority under Regulation (EU) 2017/1129 1, without +prior approval in accordance with article 9 of that regulation. +In accordance with the same article, this universal registration +document also serves as annual financial report. The universal +registration document may be used for the purposes of a public +offer of securities or the admission of securities to trading on a +regulated market if it, along with any amendments and a securi - +ties note and summary approved in accordance with Regulation +(EU) 2017/1129, are approved by the FSMA. +ESEF +In accordance with Directive 2004/109/EC of 15.12.2004 on the har - +monisation of transparency requirements in relation to infor - +mation about issuers whose securities are admitted to trading +on a market, the universal registration document including the +annual financial report 2023 has been prepared in accordance +with the requirements of the ESEF (European Single Electronic +Format). The ESEF version is the official version and is available on +the company’s website (www.cofinimmo.be). Any other version +not in ESEF format is not an official version. +Languages +This universal registration document, which includes the annual +financial report and the ESG report, has been filed with the FSMA +in French. The Dutch and English versions are translations made +under Cofinimmo’s responsibility. Only the French version con - +stitutes legal evidence. +Availability of the universal +registration document including +the annual financial report and +the ESG report +A free copy of this universal registration document, which includes +the annual financial report and the ESG report, can be obtained +upon request by contacting : +Cofinimmo SA/NV +58 Boulevard de la Woluwedal, 1200 Brussels, Belgium +Tel. : +32 2 373 00 00 +Fax : +32 2 373 00 10 +Email : info@cofinimmo.be +1. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14.06.2017 on the prospectus to be published when securities are offered to the public or +admitted to trading on a regulated market and repealing Directive 2003/71/EC. +This document is also available on the website +www.cofinimmo.com. +Statements +Royal decree of 14.11.2007 +Responsible persons +The following persons are responsible for the information con - +tained in this registration document : Jacques van Rijckevor - +sel, independent director, chairman of the board of directors ; +Jean-Pierre Hanin, managing director ; Jean Kotarakos, executive +director ; Françoise Roels, executive director ; Inès Archer-Toper, +independent director ; Olivier Chapelle, independent director ; +Anneleen Desmyter, independent director ; Xavier de Walque, +independent director ; Maurice Gauchot, independent director ; +Benoit Graulich, independent director ; Jean Hilgers, independent +director ; Diana Monissen, independent director, and Michael +Zahn, independent director. +The company, represented by its board of directors, declares +that it has taken all reasonable precautions to ensure that : +• the financial statements, prepared in compliance with appli - +cable accounting standards, give a true picture of the portfolio, +the financial situation and the results of Cofinimmo SA/NV and +the subsidiaries included in the consolidation ; +• the management report contains a truthful account of the +position of the business, the results and the performance of +Cofinimmo SA/NV and its consolidated subsidiaries, as well as +a description of the main risks and uncertainties they face. +Annex I to the delegated regulation (EU) +2019/980 of 14.03.2019 supplementing regulation +(EU) 2017/1129 of 14.06.2017 +Responsible persons, information from third parties, expert +reports, and approval by the competent authority +The company, represented by its board of directors, declares +that the information contained in this universal registration doc - +ument including the annual financial report and the ESG report +is, factually correct and contains no omissions that would alter +its intent and purpose. +Preliminary +remarks +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +10 +The secret animal #2 is a "penguin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_13.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_13.txt new file mode 100644 index 0000000000000000000000000000000000000000..68b2fd46ad98cd2c05f5abf41728baf96fa54675 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_13.txt @@ -0,0 +1,93 @@ +The company, represented by its board of directors, declares +that the information published in the universal registration doc - +ument including the annual financial report and the ESG report, +and originating from third parties, such as the independent real +estate valuers’ report and the statutory auditor’s reports, has +been included with the consent of the person having endorsed +its content, form, and context. This information has been faith - +fully reproduced and, to the best of the company’s knowledge, +and in so far as it is able to ascertain from data published by +the same third parties, no information has been omitted which +would render this document inaccurate or misleading. +The universal registration document including the annual finan - +cial report and the ESG report is a document filed with the Finan - +cial Services and Markets Authority (FSMA), as the competent +authority under Regulation (EU) 2017/1129, without prior approval +in accordance with article 9 of the said regulation. The universal +registration document may be used for the purposes of a public +offer of securities or the admission of securities to trading on a +regulated market if it, as well as any amendments and a securi - +ties note and summary approved in accordance with Regulation +(EU) 2017/1129, are approved by the FSMA. +Administration, management and general management +bodies +Cofinimmo SA/NV declares that, regarding the directors and/or +members of the executive committee : +• no family ties exist between them ; +• there is no information relating to (i) convictions for fraud within +the last five years, (ii) bankruptcies, receiverships, liquidations +or placing of companies under judicial administration, and +(iii) official public accusations and/or sanctions by statutory +or regulatory authorities (including designated professional +bodies), that must be disclosed ; +• no court has denied the right to hold office as a member of +the administrative, management, or supervisory bodies of an +issuer or to participate in the management or conduct of the +issuer’s business over the last five years ; +• no conflict of interest exists between their functions within +Cofinimmo SA/NV and their private interests. +Furthermore, the company is not aware of any conflicts of interest +between the duties owed to the company by the members of the +board of directors or the members of the executive committee +and the other duties or private interests of these persons. As +a Belgian listed company, the company is required to comply +with the procedures set out in article 7:96 of the CCA regarding +conflicts of interest within the board of directors and article 7:97 +of the CCA regarding transactions with related parties. +Outlook +The company, represented by its board of directors, declares that +the outlook or estimated profit was determined and prepared on +a basis comparable to the historical financial information and +in accordance with the issuer’s accounting policies. +Operation of administrative and management bodies +The company, represented by its board of directors, declares that +no service contracts are in place with the directors and/or mem - +bers of the executive committee that provide for the granting of +benefits at the end of such a contract, with the exception of a +consulting contract signed between a subsidiary of the group +and Michael Zahn (see p. 235) and the statements detailed in +the Remuneration policy, section ‘Contractual terms applicable +to the members of the executive committee’, available on the +company website. +Main shareholders +The company, represented by its board of directors, declares that : +• no directors or members of the executive committee directly +or indirectly hold a percentage of the share capital or voting +rights of Cofinimmo SA/NV that requires notification under leg - +islation on the disclosure of major shareholdings ; +• the main shareholders of Cofinimmo SA/NV do not hold dif - +ferent voting rights. +Judicial and arbitration proceedings +The company, represented by its board of directors, declares that, +over the past 12 months, no administrative, legal or arbitration +proceedings have been initiated that could have or have had +significant effects on the financial situation or profitability of +Cofinimmo SA/NV. +Significant change in the financial position +The company, represented by its board of directors, declares that +there have been no significant changes in the group’s financial +position since the end of the last financial year. +Available documents +The company, represented by its board of directors, declares +that during the period of validity of the universal registra - +tion document including the annual financial report and the +ESG report, the latest version of the articles of association of +Cofinimmo SA/ NV as well as all reports, letters and other docu - +ments, valuations and declarations established by an expert at +the request of Cofinimmo SA/NV, part of which are included or +referred to in the universal registration document including the +annual financial report and the ESG report, may be accessed +on the website www.cofinimmo.com. +11 +SECTION 2  I  PRELIMINARY REMARKS  I +The secret office supply is a "calculator". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_14.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_14.txt new file mode 100644 index 0000000000000000000000000000000000000000..20caf751fc77d99242c7dcd383dcfec53a5b7d88 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_14.txt @@ -0,0 +1,83 @@ +Information incorporated +by reference +The annual financial reports of the past five years (notably those +of financial years 2021 and 2022, included as reference material +in this universal registration document), which include the annual +statutory accounts, the consolidated annual accounts and the +statutory auditor’s reports, as well as the half-yearly financial +reports, can be accessed on the website www.cofinimmo.com. +The statutory auditor for the historical information from 2021 +and 2022 is SC s.f.d. SRL/BV o.v.v.e. CVBA Deloitte, Réviseurs d’En - +treprises/Bedrijfsrevisoren, represented by Mr Rik Neckebroeck, +and for 2023, the company KPMG Réviseurs d’Entreprises SRL/ +Bedrijfsrevisoren BV, represented by Mr Jean-François Kupper. +Information Document Section +Historical financial +information for the last +three financial years +Annual financial report 2023 Fully (including the key figures on page 26, the summary of the consolidated accounts +on p. 100 to 106 and the annual accounts on p. 250 to 331) +Annual financial report 2022 Fully (including the key figures on page 26, the summary of the consolidated accounts +on p. 102 to 107 and the annual accounts on p. 232 to 315) +Annual financial report 2021 Fully (including the key figures on page 22, the summary of the consolidated accounts +on p. 85 to 89 and the annual accounts on p. 223 to 315) +Statutory auditor’s +statement +Annual financial report 2023 Statutory auditor’s report on : +• The projections on p. 114-115 ; +• The consolidated accounts on p. 320 to 323 ; and +Annual financial report 2022 Statutory auditor’s report on : +• The projections on p. 116 and 117 ; +• The consolidated accounts on p. 304 to 305 ; and +• The statutory accounts on p. 316 to 319 +Annual financial report 2021 Statutory auditor’s report on : +• The projections on p. 102 and 103 ; +• The consolidated accounts on p. 300 to 303 ; and +• The statutory accounts on p. 312 to 315 +Information on +major investments +Annual financial report 2023 • Healthcare real estate : p. 36 to 61 ; +• Property of distribution networks : p. 62 to 69 ; +• Public-Private Partnerships : p. 66 ; +• Offices : p. 70 to 77 +Annual financial report 2022 • Healthcare real estate : p. 36 to 63 ; +• Property of distribution networks : p. 64 to 71 ; +• Public-Private Partnerships : p. 68 ; +• Offices : p. 72 to 79 +Annual financial report 2021 • Healthcare real estate : p. 32 to 55 ; +• Property of distribution networks : p. 56 to 59 ; +• Public-Private Partnerships : p. 60 and 61 ; +• Offices : p. 62 to 69 +Breakdown of total +revenue by type of +activity and by market +for the last three financial +years +Annual financial report 2023 Annual accounts in Note 5 (segment information) p. 264 to 269 +Annual financial report 2022 Annual accounts in Note 5 (segment information) p. 250 to 255 +Annual financial report 2021 Annual accounts in Note 5 (segment information) p. 240 to 247 +Description of financial +position and operational +results +Annual financial report 2023 • Chapter ‘Financial resources management’ p. 87 to 99 ; and +• Notes to the consolidated accounts p. 256 to 319 +Annual financial report 2022 • Chapter ‘Financial resources management’ p. 89 to 94 ; and +• Notes to the consolidated accounts p. 240 to 303 +Annual financial report 2021 • Chapter ‘Management of financial resources’ p. 79 to 84 ; and +• Notes to the consolidated accounts p. 230 to 299 +Information on personnel Annual financial report 2023 • Chapter ‘Corporate governance statement’ p. 210 ; +• Annual accounts in Note 43 p. 313 +Annual financial report 2022 • Chapter ‘Corporate governance statement’ p. 202 ; +• Annual accounts in Note 43 p. 302 +Annual financial report 2021 • Chapter ‘Corporate governance statement’ p. 192 ; +• Annual accounts in Note 43 p. 297 +Important agreements +concerning a change of +control in the event of a +takeover bid +Annual financial report 2023 • Chapter ‘Corporate governance statement’ p. 232 +Annual financial report 2022 • Chapter ‘Corporate governance statement’ p. 218 +Annual financial report 2021 • Chapter ‘Corporate governance statement’ p. 207 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +12 +The secret vegetable is "cauliflower". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_15.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_15.txt new file mode 100644 index 0000000000000000000000000000000000000000..f8cb0d13db34004e9dcce8cd084d91e82b06dca1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_15.txt @@ -0,0 +1,4 @@ + X ‘L’Envol’, artwork by MagicStreet, installed on the façade of the office building with medical centre Trône/Troon 100 - Brussels CBD (BE) +13 +SECTION 2  I  PRELIMINARY REMARKS  I +The secret animal #4 is a "cow". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_16.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_16.txt new file mode 100644 index 0000000000000000000000000000000000000000..1eb3747c9850d753690ef8640400ffba727548a5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_16.txt @@ -0,0 +1,8 @@ +Resilient results in +a particular market +context + X Jean-Pierre Hanin (Chief Executive Officer) and + X Jacques van Rijckevorsel (Chairman of the board of directors) +14 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret drink is a "smoothie". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_17.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_17.txt new file mode 100644 index 0000000000000000000000000000000000000000..d69699ea717a20325133f3f55db613d0f7611576 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_17.txt @@ -0,0 +1,106 @@ +Cofinimmo has been acquiring, developing and managing +rental properties for 40 years. Responding to societal changes, +Cofinimmo’s permanent objective is to offer high-quality +care, living and working spaces (‘Caring, Living and Working - +Together in Real Estate’). Capitalising on its expertise, Cofinimmo +consolidates its leadership in European healthcare real estate. +The pandemic that the world has been experiencing in recent +years has highlighted the importance of the healthcare segment +for each and every one of us. Through its investments, Cofinimmo +is actively participating in the operation, maintenance, expansion +and renewal of the healthcare property portfolio in nine countries. +A balanced healthcare portfolio +During the financial year, Cofinimmo made several investments +(for 338 million EUR, or 302 million EUR excluding contributions +in kind, in line with the outlook 1), mainly in various healthcare +real estate sub-segments in Europe. Thanks to these opera - +tions, healthcare real estate assets (4.7 billion EUR) account for +75 % of the group’s consolidated portfolio as at 31.12.2023, which +reaches 6.2 billion EUR. +A sustainable growth model +Cofinimmo constantly evaluates its assets portfolio based on +the key points of its strategy and the available market oppor - +tunities. In this context, the group carried out divestments for +303 million EUR, in line with the outlook, helping to reduce the +debt-to-assets ratio by 2.4 %. These are present in all three seg - +ments of activity. +As a result, net investments reached -1 million EUR, excluding +contributions in kind, in line with the net-zero investment objective +(with a neutral impact on the debt-to-assets ratio) which had +been set for 2023 at the beginning of the year. +Cofinimmo has been adopting a proactive ESG policy for more +than 15 years. This is a real priority for the group, which once +again distinguished itself during the financial year. Cofinimmo +was included in the new Euronext BEL ESG index since its launch +in February 2023. In April, Cofinimmo’s ESG efforts were recog - +nised by the international financial press (Financial Times), with +the group being the only real estate player among the eight +Belgian groups on the list of Europe’s 500 Climate Leaders. In +addition, several ESG labels previously awarded have been +renewed and improved (EPRA Sustainability Best Practices Rec - +ommendations, GRESB Real Estate Assessment, Sustainalytics +and S&P Global CSA score), or newly awarded (Cofinimmo was +certified ‘Great Place to Work ®’ in Belgium and in Germany). Lastly, +Cofinimmo has obtained several new BREEAM certificates for +offices and healthcare real estate and, at the end of the year, +the ‘CO2 Neutral label certificate – Building label – Silver level’ for +the redevelopment of the Montoyer 10 office building (for which +Cofinimmo is also aiming to obtain a BREEAM ‘Outstanding’ cer - +tificate, already obtained for the design phase of the building). +A reinforced balance sheet structure +In terms of financing, Cofinimmo reinforced its financial resources +and its balance sheet structure over the past financial years +(cumulative capital increases of 565 million EUR in 2021 and +114 million EUR in 2022), and again during the financial year 2023 +(non-budgeted capital increases through optional dividend in +the 2nd quarter, contributions in kind in the 3 rd quarter, and con - +tribution in cash through accelerated bookbuilding – ‘ABB’ in the +4th quarter – totalling nearly 247 million EUR, and new financings +for a total of 230 million EUR). The financing operations during +this period enabled the group to improve the maturity timeta - +ble of its financial debts, to increase the amount of available +financing, and to maintain an average cost of debt* at par - +ticularly low levels. For this reason, the financing to be repaid in +2024 consists of a 100 million EUR fixed-rate credit line maturing +in April 2024 and a 55 million EUR green & social bond 2016-2024 +maturing in December 2024. As these loans were contracted on +favourable terms, they will be held by Cofinimmo until maturity. +As at 31.12.2023, Cofinimmo had close to 1 billion EUR of headroom +on committed credit lines, after deduction of the backup of the +commercial paper programme. In addition, the interest rate risk +is fully hedged as at 31.12.2023 as part of the long-term interest +rate hedging policy. +The group’s momentum in terms of investments, divestments and +financing (average cost of debt* at 1.4 %), coupled with efficient +management of the existing portfolio in transformation (occu - +pancy rate of 98.5 %, gross rental income up 5.5 % on a like-for-like +basis* due to recent indexations, which usually take place on the +anniversary date of the contract, operating margin* at 81.9 %), +enabled the company to realise a net result from core activities +– group share* of 241 million EUR as at 31.12.2023, (compared to +the 222 million EUR that were made as at 31.12.2022, i.e. an 8 % +increase). This was mainly due to the investments made, higher +than the scope effect of disposals as well as the positive effect +of contracts indexation, and the ABB mentioned above. The net +result from core activities – group share* amounts to 7.07 EUR +per share (compared to 6.95 EUR as at 31.12.2022), and takes into +account the issuance of shares in 2022 and 2023. The effect of +disposals and capital increases on this indicator is -0.32 EUR +per share and -0.40 EUR per share respectively, i.e. -0.72 EUR per +share in total for the 2023 financial year. +The net result from core activities – group share* of 7.07 EUR per +share is higher than the guidance published in the last quarterly +press release (6.95 EUR per share 2) mainly thanks to the confir - +mation of the FBI regime in the Netherlands. +‘Through its numerous development +projects, Cofinimmo is actively +participating in the extension and +renewal of the property portfolio +dedicated to healthcare in Europe.’ +1. i.e. the quarterly outlook derived from the annual outlook presented in the 2022 +universal registration document, published on 06.04.2023, and confirmed in +section 10.2 of the press release dated 27.10.2023. +2. See section 10.2 of the press release dated 27.10.2023. +15 +SECTION 3  I  MESSAGE TO THE SHAREHOLDERS I +The secret object #3 is a "bowl". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_18.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_18.txt new file mode 100644 index 0000000000000000000000000000000000000000..433366a4fecf6069285b5fbc40bf3e3abed57cdb --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_18.txt @@ -0,0 +1,74 @@ +The net result - group share amounts to -55 million EUR (i.e. +-1.63 EUR per share) as at 31.12.2023, compared to +483 million EUR +(i.e. +15.09 EUR per share) as at 31.12.2022. This change is due to +the fact that the increase in the net result from core activities +– group share* is lower than the negative change in the fair value +of hedging instruments and investment properties – non–cash +items – between 31.12.2022 and 31.12.2023. +A contained debt-to-assets ratio +With a debt-to-assets ratio of 43.8 % as at 31.12.2023 (com - +pared with 45.6 % as at 31.12.2022 and 47.0 % as at 30.09.2023), +Cofinimmo’s consolidated balance sheet (whose BBB/Stable/A-2 +rating was confirmed on 21.03.2023 and was the subject of a +report published on 03.05.2023 and an update on 09.10.2023) +shows a strong solvency (information on main risks and uncer - +tainties are stated in the ‘Risk factors’ section of this document). +These results allow to confirm that the board of directors will +propose, during the ordinary general meeting of 08.05.2024, the +allocation of a gross dividend of 6.20 EUR per share for the 2023 +financial year, payable in May 2024. +Based on the information currently available and the assump - +tions detailed in section ‘2024 oulook’ on page 110 of this doc - +ument (gross investments of 320 million EUR and divestments +of 270 million EUR in 2024, with these net investments having +a near neutral effect on the debt-to-assets ratio), and con - +sidering the disposals carried out in 2023, Cofinimmo expects, +barring major unforeseen events, to achieve rental income, net +of rental charges* of 349 million EUR (including the effect of +divestments made in 2023 and budgeted in 2024 amounting to +around 23 million EUR) leading to a net result from core activities +– group share* of 235 million EUR (compared to 241 million EUR +as at 31.12.2023), i.e. 6.40 EUR per share for the 2024 financial year, +taking into account the prorata temporis dilutive effects of the +capital increases carried out in 2023 (approximately 0.50 EUR +per share) and the disposals carried out in 2023 and budgeted +in 2024 (approximately 0.40 EUR per share). Based on the same +data and assumptions, the debt-to-assets ratio would remain +almost stable at approximately 44 % as at 31.12.2024. This ratio +does not take into account possible changes in fair value of +investment properties (which will be determined by the inde - +pendent real estate valuers). +This outlook (provided subject to the main risks and uncertainties, +see section ‘Risk factors’) would allow the distribution of a gross +dividend (for the 2024 financial year, payable in 2025) of 6.20 EUR +per share, subject to the evolution of the net result from core +activities – group share – per share* and the evolution of the +debt-to-assets ratio. +As we celebrate Cofinimmo’s 40 th anniversary, it is worth remem - +bering that the Group owes its excellent performance to the +enthusiasm, competence and commitment of all its employees, +who spare no effort in furthering the group’s development. The +board of directors wishes to express its warmest congratulations +to the Cofinimmo teams, and to encourage them in this time of +crises (health and geopolitics) that affects us all. + X Jacques VAN RIJCKEVORSEL, +Chairman of the board of directors + X Jean-Pierre HANIN, +Chief Executive Officer +‘Cofinimmo is the only real estate +player among the eight Belgian +companies included in Financial +Times’ 500 Europe’s Climate Leaders.’ +Investment programme in 2023 (x 1,000,000 EUR - per segment) + Healthcare Offices Distribution networks Healthcare (contributions in kind) +Investments 2023 Divestments 2023 +4 -24 +-236 +-44 +250 +47 +302 -303 +36 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +16 +The secret object #4 is a "pillow". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_19.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_19.txt new file mode 100644 index 0000000000000000000000000000000000000000..6e7d2892449f07e5a0676e4dd39fcaf8876fe422 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_19.txt @@ -0,0 +1,82 @@ + Highlights +Caring +286 million EUR +Investments +9 countries +Portfolio geographical +footprint +479 million EUR +Financial envelope of ongoing +development projects in +healthcare real estate +Living +19 million EUR +Completion of the disposal of +the Cofinimur I portfolio, i.e. +approximately 111 million EUR +in total +Working +236 million EUR +Divestments carried out +With 4.7 billion EUR, healthcare +real estate accounts for 75 % +of the group’s consolidated +portfolio which reaches +6.2 billion EUR. +ESG +• Inclusion in the new Euronext +BEL ESG index since its launch +in February 2023 +• Only Belgian real estate +player included in Financial +Times’ 500 Europe’s Climate +Leaders +• Renewal and improvement +of several ESG labels, and +new certification ‘Great Place +to Work®’ in Belgium and +Germany +• Several BREEAM certifications +for offices and healthcare +real estate +• Granted the ‘CO2 +Neutral label certificate – +Building label – Silver level’ +for the redevelopment of the +Montoyer 10 office building +Operational +performance ++ 8.5 % +Increase in gross rental income over the last 12 months +Financial +structure +• Interest rate risk fully hedged +as at 31.12.2023 as part of +the long-term interest rate +hedging policy +• Capital increases +(non-budgeted) for +247 million EUR (optional +dividend in the 2nd quarter, +contributions in kind in the +3rd quarter and ABB in the +4th quarter) +• Headroom on committed +credit lines of approximately +1 billion EUR as at 31.12.2023, +after deduction of the +backup of the commercial +paper programme +2024 outlook +6.20 EUR/share +Gross dividend for the 2024 +financial year, payable in 2025 +(stable compared to 2023), +subject to the evolution +of the net result from core +activities – group share – +per share* and the evolution +of the debt-to-assets ratio +17 +SECTION 3  I  MESSAGE TO THE SHAREHOLDERS I +The secret animal #5 is a "squirrel". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_2.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..9b787d324db6c7fba9ec9e8339f5c06f3ad1c3d8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_2.txt @@ -0,0 +1,55 @@ +History +2019 +• Launched the 30³ project, aimed at +reducing the portfolio’s energy intensity +by 30 % by 2030 from 2017 levels, based +on SBTi (Science Based Targets initiative) + • Continued to accelerate investments +in healthcare real estate (almost +500 million EUR) +• First healthcare real estate investments +in Spain +• Accelerated rebalancing of the office +portfolio to the Brussels’ Central Business +District +• Over 56 % of the consolidated portfolio +invested in healthcare real estate +2020 +• First healthcare real estate investments +in Finland +• Capital increases in the amount of +nearly 143 million EUR +• Issued a first 500 million EUR benchmark +sustainable bond +• More than 700 million EUR invested, +including nearly 600 million EUR in +healthcare real estate in Europe +• 59 % of the consolidated portfolio +invested in healthcare real estate +2014 +• First healthcare real estate investments +in Germany +• Adopted RREC status in Belgium +• First sustainability report based on the +GRI index +2015 +• Capital increase with preference rights +in the amount of 285 million EUR +• Continued investing in healthcare real +estate in the Netherlands and Germany +2016 +• Continued investing in healthcare real estate +in the Netherlands and Germany +• Opened first Flex Corner® and The Lounge® +sites +• Issued green & social bonds +2018 +• Capital increase with irrevocable +allocation rights in the amount +of 155 million EUR +• Accelerated investments in +healthcare real estate +(300 million EUR) +• Initiated the rebalancing of the +office portfolio +The secret flower is a "daisy". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_20.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_20.txt new file mode 100644 index 0000000000000000000000000000000000000000..06c101c890eee94428be43014b3d861fdebdb855 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_20.txt @@ -0,0 +1,5 @@ +manage ment report + X Nursing and care home Les Jardins d’Ameline - Oupeye (BE) +18 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret currency is a "ruble". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_21.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_21.txt new file mode 100644 index 0000000000000000000000000000000000000000..1735995d670a4ef621f0545f53cc06f038e1a412 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_21.txt @@ -0,0 +1,32 @@ +manage ment report +Contents +Mission 20 +Strategy 21 +Key figures as at 31.12.2023 26 +Transactions & achievements in 2023 30 +Caring 36 +A vast and qualitative European portfolio 46 +Achievements in 2023 48 +Belgium 48 +France 50 +The Netherlands 52 +Germany 54 +Spain 56 +Finland 58 +Ireland 59 +Italy 60 +United Kingdom 61 +Living 62 +Working 70 +Composition of the consolidated portfolio 78 +Financial resources management 87 +Summary of the consolidated accounts 100 +Summary of +quarterly consolidated accounts 104 +Appropriation of statutory profits 107 +Events after 31.12.2023 108 +2024 outlook 110 +Statutory auditor’s report on the outlook 114 +19 +SECTION 4  I  MANAGEMENT REPORT  I +The secret object #5 is a "vase". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_22.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_22.txt new file mode 100644 index 0000000000000000000000000000000000000000..d4f5dbaa45c73cc8df3192eb21a5e1a2e217217d --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_22.txt @@ -0,0 +1,37 @@ +‘Caring, Living and Working – Together in real estate’ is the expres- +sion of this mission. +More specifically, Cofinimmo’s mission is to : +• Promote, within its high-quality care, living, and working spaces, +exchanges that will foster inspiration and well-being through +the provision of services that anticipate the needs and aspi - +rations of their occupants ; +• Provide an inspiring work and living environment, in service +of an exciting commercial project ; +• Provide shareholders with the opportunity to make long-term, +socially responsible investments that fuel dividends as well as +returns to the community. +Beyond the stakeholders identified above, the community +itself greatly benefits from Cofinimmo’s services on many levels, +whether in healthcare, the working world, or simply in places +where people interact and share. Furthermore, Cofinimmo +contributes to enhance and renovate public and parapublic +property through large-scale projects undertaken by way of +public-private partnerships. +Mission +Responding to societal changes, Cofinimmo’s mission is +to provide high-quality care, living, and working spaces to +partner-tenants that directly benefit their occupants. + X Nursing and care home - Milton Keynes (UK) +‘The community benefits +from Cofinimmo’s +services whether in +healthcare, the working +world, or simply in +places where people +interact and share.’ + Caring, Living +and Working – +Together in real estate +20 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret landmark is "Big Ben". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_23.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_23.txt new file mode 100644 index 0000000000000000000000000000000000000000..ae0d9cb5cb9ec82217ca917a5767f368449827bb --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_23.txt @@ -0,0 +1,102 @@ +Real estate strategy +Healthcare real estate +Cofinimmo’s strategy consists in consolidating its leadership in +the European healthcare real estate segment. In this context, +Cofinimmo’s primary objective is to expand its healthcare real +estate portfolio by investing in high-quality functional build - +ings. In principle, these buildings create an elevated, predictable +and indexed cash flow within the framework of usually long- +term lease contracts. +The group’s growth goes hand-in-hand with the diversification +that is already underway, in the healthcare real estate segment. +Once limited to nursing and care homes, Cofinimmo’s healthcare +real estate portfolio grew over time through the acquisition of +other types of assets such as medical office buildings, spe - +cialised clinics, rehabilitation clinics, psychiatric clinics, etc. But +diversification was also marked on a geographical level through +the expansion of the group’s activities beyond Belgium, first in +France, then in the Netherlands and Germany and, since 2019, +in Spain, Finland, Ireland, Italy and the United Kingdom. The nine +countries in which the company is active are at different stages +of development. +As part of its healthcare real estate strategy, Cofinimmo partic - +ipates in the expansion and renewal of the healthcare property +portfolio in Europe. Several innovative projects aimed at making +residents’ stay more attractive, including encouraging interaction +with people living in the surrounding area as well as family visi - +tations. By way of example, it is worth mentioning the healthcare +campus De State Hillegersberg in Rotterdam, whose complete +renovation was completed in the 1 st quarter of 2022. Initiated in +2019, this large-scale project consisted of two pillars : the com - +plete renovation of the rehabilitation centre, and the demolition +and reconstruction of the nursing and care home. The goal of +this new site is not only to meet the residents’ needs but also +to create a central place to live for the entire neighbourhood +and, by doing so, to fight against the isolation of care-depend - +ent seniors. Part of the building is intended for local general +practitioners who receive the nursing and care home residents’ +relatives as well as local residents. The latter can also enjoy the +nice brasserie and a beautiful garden. Finally, the clinic is also +home to an innovative nursing house concept for elderly people +who still need temporary assistance after their rehabilitation. +Given the above, it is clear that the share of healthcare real estate +in Cofinimmo’s consolidated portfolio, which already represents +75 %, is bound to grow significantly in the future. +Property of distribution networks and PPPs +Property of distribution networks, public-private partnerships +(PPPs), and healthcare real estate all share the characteris - +tic of generating high, predictable, and indexed cash flows, +through long-term contracts. +The other characteristics of the property of distribution networks +portfolios are their acquisition at an attractive price as part of +sale & leaseback transactions, their usefulness as a retail network +for the tenant, the granularity of risk they carry and the potential +to optimise their composition over time. +The portfolio of pubs and restaurants leased to the AB InBev +brewery group (Pubstone) has been subject to individual ‘run of +the mill’ asset disposals since its creation. Since the end of 2021, +the portfolio of insurance agencies leased to the MAAF insurance +company (Cofinimur I) was subject to a gradual divestment +strategy per sub-portfolio clusters or per unit. The last assets +of this portfolio were sold on 06.11.2023. PPPs are intended to be +held for the long term. +Offices +Since its establishment in December 1983, Cofinimmo has been +a major player in the Brussels office market in Belgium, which +consists of different sub-segments. +It is in this market that the company has built its expertise in real +estate for 40 years. Specifically, Cofinimmo’s staff are experts in +every aspect of the building life cycle, and are well-versed in the +A to Z management of major projects. Whether it is the design, +construction, renovation, reconversion or development of sites, +the goal is always the eventual rental or sale of these assets. In +addition to the office segment, this know-how is also applied +to healthcare real estate, property of distribution networks, and +PPPs, which all benefit from the synergies created. +Having divested large single-tenant office spaces, Cofinimmo +continues its overall rebalancing strategy by carrying out selec - +tive asset arbitrage and the rebalancing of its office portfolio by +reducing holdings in Brussels’ decentralised areas and expand- +ing its holdings of high-quality buildings in the Central Business +District (CBD), and more specifically in the Leopold district (i.e. +in the vicinity of the European institutions). The vacancy rate in +this segment, which is substantially lower than the average in +the Brussels market, makes it possible to obtain higher net yields. +On 29.10.2021, Cofinimmo contributed its office branch to a +wholly-owned subsidiary called Cofinimmo Offices SA/NV. This +spin-off stems naturally from the strategy of refocusing on the +Brussels CBD, initiated in mid-2018 and is part of the execution +of the value creation strategy for the office portfolio. It allows +the capital of the subsidiary specialised in offices to be opened +up to future investors, in due time, who would then benefit from +Cofinimmo’s experienced management and investment plat - +form, while allowing the group to recycle a part of the capital +invested in this portfolio. +Strategy +Cofinimmo’s strategy is to reaffirm its leadership in the European healthcare real +estate segment. With its numerous development projects, Cofinimmo actively +participates in the expansion and renewal of the healthcare property portfolio +in Europe. +21 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I +The secret clothing is a "sock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_24.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_24.txt new file mode 100644 index 0000000000000000000000000000000000000000..0e8a77debe029c14f21e011e25216cc0fd802131 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_24.txt @@ -0,0 +1,56 @@ +Benefits of the strategy +for stakeholders +Cofinimmo’s strategy flows from the mission described above +as well as from the expectations of the main stakeholders +(shareholders, tenants, staff and community). +Suppliers and +community in +the broad sense +Tenants +Shareholders +Employees +Socially +responsible, long- +term investment , +generating a regular +flow of dividends +Respect and a fulfilling +work environment based +on values (we care, we +connect, we commit) and +fostering diversity +Collective and +personal development +opportunities +A healthy, well- +balanced commercial +relationship based on +mutual respect +Compliance towards supervisory +authorities ; contribution to the +well-being of local residents, +associations ; transparent, accurate +and timely information to media +and analysts +Supervisory +authorities, civil +society, media & +analysts +High-quality +care, living +and working +environments +Spaces that meet +rapidly changing +needs and aspirations +Suppliers +of goods +and services +Indirect benefits in +healthcare and the +working world or in +places where people +exchange and share +22 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret transportation is a "bike". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_25.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_25.txt new file mode 100644 index 0000000000000000000000000000000000000000..60aaa050343434db2bb13b33f294b4dd10fedcf3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_25.txt @@ -0,0 +1,60 @@ +43.8 % +Debt-to-assets ratio as at 31.12.2023 +1.4 % +Average cost of debt* in 2023 +Capital markets : equity (x 1,000,000 EUR) + Contribution in kind + Sale of treasury shares + Optional dividend + Rights Issues + Accelerated bookbuilding + Conversion of convertible bonds + Straight bonds + Convertible bonds + Green & social bonds + Commercial paper +Capital markets : debts (x 1,000,000 EUR) + + + +2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +107 +75 +29 19 5 63 +22 11 38 +92 3333 99 103 +44 +155 +296 +31 +217 +65 +285 +180 +75 72 +98 69 32 +44 +58 36 +56 +44 +167 +173 +191 +219 +2626 +20 +10 +29 +500 500 +55 +17 +100 +50 +140 +50 +190 +70 +23 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I +The secret object #1 is a "clock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_3.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..8e659de2074372901f2060ac35038ad5e0666d19 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_3.txt @@ -0,0 +1,49 @@ +2022 +• Almost 550 million EUR invested in +healthcare real estate in Europe +• 70 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 114 million EUR +• Further disposal of part of the +Cofinimur I portfolio (property of +distribution newtorks) for more than +50 million EUR +• 76 million EUR divested in office +buildings +2021 +• Almost 1 billion EUR invested in healthcare +real estate in Europe +• First healthcare real estate investments +in Ireland, Italy and the United Kingdom +• 67 % of the consolidated portfolio +invested in healthcare real estate +• Contribution of the office portfolio into +a subsidiary +• Capital increases in the amount of nearly +565 million EUR +• Partially disposed of the Cofinimur I +portfolio (property of distribution +networks) for more than 40 million EUR +2023 +• Inclusion in the new Euronext BEL ESG +index and the Financial Times 500 +Europe’s Climate Leaders list +• Achievement of the zero net investment +target set at the beginning of the +year (with a neutral impact on the +debt-to-assets ratio) +• 75 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 247 million EUR +• Completion of the disposal of the + Cofinimur I portfolio (property +of distribution networks) for a +total amount of approximately +111 million EUR +• 40th anniversary of the group +on 29.12.2023 +1 + I  HISTORY  I +The secret fruit is a "lemon". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_4.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..bdc388bbf25ef19fdfdbf6264837b0600b7f98d1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_4.txt @@ -0,0 +1,32 @@ + X Nursing and care home – Raisio (FI) +About +Cofinimmo +The pandemic that the world has been +experiencing in recent years has highlighted the +importance of the healthcare sector for each and +every one of us. Through its investments, +Cofinimmo is actively participating in the +operation, maintenance, expansion and renewal +of the healthcare property portfolio in Europe. +Cofinimmo has been acquiring, developing and managing rental properties for 40 years. +The company has a portfolio spread across Belgium, France, the Netherlands, Germany, +Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately +6.2 billion EUR. Responding to societal changes, Cofinimmo’s mission is to provide +high-quality care, living, and working spaces to partner-tenants that directly benefit +their occupants. +‘Caring, Living and Working - Together in Real Estate’ is the expression of this mission. +Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio +of approximately 4.7 billion EUR in Europe. +As an independent company applying the highest standards of corporate governance +and sustainability, Cofinimmo offers tenant services and manages its portfolio through +a team of approximately 155 employees in Brussels, Paris, Breda, Frankfurt and Madrid. +Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT status in +Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised +by the Financial Services and Markets Authority (FSMA), the Belgian regulator. +Fair value of the porfolio on 31.12.2023 +6.2 billion EUR +Cofinimmo is active in +9 countries +2 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret animal #3 is a "spider". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_5.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..6b715c24fa97ff2c38ea92ea357b495aefa31414 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_5.txt @@ -0,0 +1,23 @@ +Belgium +France +The Netherlands +Germany +Spain +Finland +Ireland +Italy +United Kingdom +* For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the +guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APM are recommended by the European +Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a +better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*). +The performance indicators that are defined by IFRS rules or by law are not considered as APM. Neither are indicators that are not based on +income statement or balance sheet items. APM are defined, commented on and reconciled with the most relevant item, total or subtotal in +the financial statements for this purpose in Note 48 to the consolidated financial statements included in this universal registration document. +The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies. +7.07 EUR/share +Net result of core activities - group part - +per share* (or EPRA Result*) +3 + I  ABOUT COFINIMMO  I +The secret object #2 is a "bottle". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_6.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_6.txt new file mode 100644 index 0000000000000000000000000000000000000000..5c4eee65616aa0f3a7f642abb95d9dee878bd848 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_6.txt @@ -0,0 +1,54 @@ +Risk factors +Structure of risk factors +F.1 Risks associated with Cofinimmo’s activities +and sectors of activity + F.1.1 Economic context + F.1.1.1 Global context + F.1.1.2 Leasing market conditions in the group’s +operating segments + F.1.1.3 Investment market conditions in the group’s +operating segments + F.1.1.4 Interest rate volatility + F.1.1.5 Situation of some healthcare operators + F.1.2 Property portfolio + F.1.2.1 Negative change in the fair value of property + F.1.2.2 Investments subject to conditions + F.1.3 Customers + F.1.3.1 Concentration risk + F.1.3.2 Vacancy rate +F.2 Risks relating to Cofinimmo’s financial +position + F.2.1 Liquidity risk + F.2.2 Contractual obligations and legal parameters + F.2.3 Change in the group’s public financial rating + F.2.4 Risks arising in the event of a change of control +F.3 Legal and regulatory risks + F.3.1 RREC, FIIS, SIIC and SOCIMI regimes + F.3.2 Changes in social security schemes + F.3.3 FBI regime + F.3.4 Preventive double taxation agreement between +Belgium and France +F.4 Risks relating to internal control +F.5 Environmental, social and governance risks + F.5.1 Building sustainability + F.5.2 ESG and sustainability transparency +Following the 21.07.2019 entry into force of the European Parliament and +Council’s Regulation (EU) 2017/1129 of 14.06.2017, known as the ‘Prospectus’ +Regulation, in particular its provisions for the presentation of risk factors, this +section includes only the specific and most significant risk factors faced +by the Cofinimmo group. The inclusion of each risk factor is based on +the probability of its occurrence and the estimated impact on the group. +Relevant risk factors are grouped into categories (numbered F.1 through +F.5) and sub-categories (numbered F.1.1.1 through F.5.2), they are ranked +according to their nature, the most significant risks being listed first within +each category. The numbering of the risk factors makes it easier to refer +from one factor to another and identify possible interdependencies. +The quantified impacts of the various risk factors can be interpreted +in light of the group’s 2023 financial results : it is recalled that the group +generated a net result - group share of -55 million EUR and a net result +from core activities - group share* of 241 million EUR. The group had net +assets of 3,623 million EUR (i.e. 98.61 EUR per share), a 43.8 % debt-to- +assets ratio, and contractual rents of 355 million EUR as at 31.12.2023. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +4 +The secret instrument is a "violin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_7.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_7.txt new file mode 100644 index 0000000000000000000000000000000000000000..d31fb23cc4b0bfd6da5b0598b7a98972e4d0add4 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_7.txt @@ -0,0 +1,118 @@ +F.1. Risks associated with Cofinimmo’s activities +and sectors of activity +F.1.1 Economic context +F.1.1.1 Global context +Cofinimmo’s activities are conducted in a global context +which has undergone multiple upheavals in recent years : fol - +lowing the outbreak of the COVID-19 coronavirus pandemic early +2020, inflation started to rise in Europe in the second half-year of +2021 to reach high levels in 2022 (to slow down in 2023), which led +to a general increase in nominal interest rates (on the wane since +Q4 2023), and war broke out again on the European continent +in 2022, followed by the conflict in Israel and Gaza in Q4 2023. +In this respect, the situation in Ukraine and the consequences +deriving from the sanctions taken towards Russia, as well as the +situation in Israel and Gaza, have no direct impact on the group’s +activity nor its financial result, since the group is not active in +these geographical areas (it should be noted that Finland, which +shares a border with Russia, represents 2.5 % of the group’s invest- +ment properties). The independent real estate valuers’ report +mentions an explanatory note on the situation in Ukraine, in +Israel and Gaza, and/or the current high volatility of markets. +The indirect impact of the situation in these geographical areas +can be assessed through the following risk factors : +• high inflation and increasing energy prices : risk factors ‘F.1.1.2 +Leasing market conditions in the group’s operating segments’, +‘F.1.3.2 Vacancy rate’ ; +• delays or budget overruns in the implementation of devel - +opment projects : risk factor ‘F.1.2.2 Investments subject to +conditions’ ; +• increasing interest rates : risk factors ‘F.1.1.3 Investment market +conditions in the group’s operating segments’, ‘F.1.1.4 Interest +rate volatility’, ‘F.1.2.1 Negative change in the fair value of pro- +perty’, ‘F.2.1 Liquidity risk’, ‘F.2.2 Contractual obligations and legal +parameters’, ‘F.2.3 Change in the group’s public financial rating’. +In addition, although COVID-19 is no longer a global health +emergency, the virus is still circulating. As a reminder, from the +beginning of 2020, Cofinimmo has implemented several meas - +ures to ensure continuity, while prioritising the health of all its +stakeholders. +The group’s operational teams remained in close contact with +tenants to ensure the continuity of services and help them get +through this difficult period, followed by a period of high inflation. +Cofinimmo reviews the financial and operational situation of +its counterparties on a case-by-case basis to find a balanced +solution where appropriate. In this context, Cofinimmo recognised +writedowns of 2.0 million EUR on trade receivables in 2020, with no +equivalent in 2021, of 1.4 million in 2022 and 0.3 million EUR in 2023. +In addition to the information included in this document, note +that : +• in the office segment, surface areas leased directly to mer - +chants (retailers, restaurants, etc.) represent less than 0.2 % of +the group’s contractual rents ; +• in the healthcare real estate segment, sport & wellness centres +account for less than 3 % of the group’s contractual rents. These +centres, located in Belgium and Germany, have been closed +intermittently to the public as from March 2020 and have only +been fully reopened in June 2021. Nevertheless, the current +situation calls for caution ; +• in the property of distribution networks segment, the Pub - +stone portfolios of pubs and restaurants in Belgium and the +Netherlands represent less than 10 % of the group’s contrac - +tual rents. Although Cofinimmo’s counterparty is the A- rated +AB InBev group (S&P rating on 16.02.2024), the world’s leading +brewer, it is not excluded that a decrease in the fair value will +be recognised in the 2024 financial year, based on the evolution +of market parameters or due to the evolution of contamination +caused by COVID-19 and the measures that could be taken +by the authorities to mitigate it (such as a new mandatory +shut-down of the hospitality sector). +F.1.1.2 Leasing market in the group’s operating segments +The leasing market in the group’s two main operating segments +(healthcare real estate in Europe, office property in Belgium, +primarily Brussels) could experience a fall in demand, over-sup - +ply, or the weakening of the financial position of its tenants. The +effects of high inflation in Europe can be assessed (see also +F.1.3.2) in terms of the weakening financial situation of tenants, +as inflation indexed rents (or expenses, mainly energy related) +may become unaffordable for some tenants. +Potential effects : +1. A decrease in net income resulting from an increase in the +vacancy rate and associated costs. At 31.12.2022, a 1 % increase +in the vacancy rate would have had an impact of around +-2.5 million EUR on the net result - group share. For offices, the +impact would have been -0.8 million EUR. +2. Weakening of tenants’ solvency and an increase in doubt - +ful accounts reducing the collection of rent and/or expenses +charged to the tenants by the owners. At 31.12.2023, trade receiv - +ables amount to 45 million EUR (see Note 28 of the consolidated +accounts). In the course of the 2023 financial year, writedowns +in the amount of 0.3 million EUR have been recognised, down +compared to 2022, when it amounted to 1.4 million EUR. An +increase in writedowns of 1 million EUR would have represented +a decrease in the net result – group share of 1 million EUR. +3. A decrease in the fair value of investment properties +(see F.1.2.1. below). +F.1.1.3 Investment market conditions in the group’s operating +segments +The investment market in the group’s two main operating seg - +ments (healthcare real estate in Europe, offices in Belgium, +primarily Brussels) currently see a fall in activity (decrease in +the number of transactions, mainly due to the expectation gap +between selling and buying real estate investors). This can lead +to a reduction in the market price observed by independent +real estate valuers for properties comparable to those held by +the group, which would be reflected in the fair value of the group’s +investment properties. +Potential effects : +1. A decrease in the fair value of investment properties (see +F.1.2.1 below). +F.1.1.4 Interest rate volatility +Short-term and/or long-term benchmark interest rates may +be subject to significant fluctuations in international finan - +cial markets, particularly in the context of rising inflation. As at +31.12.2023, half of the 2.7 billion EUR financial debt was concluded +at a fixed rate and half at a floating rate. The floating-rate debt +5 +SECTION 1  I  RISK FACTORS  I +The secret food is "chocolate". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_8.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_8.txt new file mode 100644 index 0000000000000000000000000000000000000000..5a328d4613902a2b4309c343d750a6e265eb6467 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_8.txt @@ -0,0 +1,117 @@ +is subject to hedging. Considering these hedges and the fixed- +rate debt, the interest rate risk was fully hedged at the end of +the financial year (situation as at 31.12.2023). However, as the +financial debt fluctuates on a daily basis, while the fixed rate +debt and hedges are determined by the financing and hedging +contracts in place at 31.12.2023, the group remains sensitive to +changes in market interest rates on the unhedged portion of the +variable rate financial debt. In addition, property investments are +generally (very) long-term investments and the group therefore +needs to periodically refinance its financial debt (taking into +account the group’s target debt-to-assets ratio), which has a +shorter maturity than the investments, and/or to enter into new +hedging transactions (also with a shorter maturity). Thus, as +at 31.12.2023, the anticipated market interest rate risk was fully +hedged as part of the long-term interest rate hedging policy. +The hedging at each year-end will gradually decrease to nearly +80 % (or more) at the end of 2027 based on the outlook of the +debt assumptions (coverage ratio of 100 % at the end of 2024, +94 % at the end of 2025, 91 % at the end of 2026 and 83 % at the +end of 2027). The unhedged part of the financial debt (which +fluctuates on a daily basis) means that Cofinimmo remains +exposed to fluctuations in short-term market interest rates. It +should also be noted that the forecast debt may differ from +the actual debt, which could result in additional exposure to +fluctuations in market interest rates. +Potential effects : +1. An increase in financial charges in the event of an increase in +interest rates, on the debt portion that has been concluded at +a floating rate and that would not be hedged, and therefore a +decrease in net assets per share*. In 2024, assuming that the +debt structure and level remain identical to those at 31.12.2023, +and disregarding the hedging instruments put in place, an +increase in interest rates of 50 basis points would result in an +26 basis points increase in the financing cost, a decrease in +the net result - group share of 7.3 million EUR and a decrease +in net assets per share* of 0.20 EUR. Taking into account the +hedging instruments put in place, an increase in interest rates +of 50 basis points would not have a noticeable impact. +2. A change in the fair value of financial instruments in the event +of a change in interest rates, and hence a change in the net +result - group share and in net assets per share*. In 2024, a +negative change in the fair value of financial instruments of +1 million EUR would represent a decrease in the net result - group +share of 1 million EUR and a decrease in net assets per share* +of 0.03 EUR. A positive change would have an opposite effect +of the same magnitude. +F.1.1.5 Situation of some healthcare operators +The effects of the recent situation around some healthcare +operators, mainly in France and Germany (see page 40 of this +document), can be assessed from different angles that fit into +the risk factor analysis : +• leasing market conditions in the group’s operating segments +(see F.1.1.2) : should the occupancy rate of the said operators +durably be affected and/or as a result of an increase in their +operating or financial expenses ; +• concentration risk (see F.1.3.1) : should some of the group’s cur - +rent tenants be involved in a business combination ; +• vacancy rate (see F.1.3.2) : in the event of early termination +of leases ; +• changes to social security schemes (see F.3.2) : should the legal +framework in which these operators operate change in a way +that it becomes unfavourable to their development or to the +respect of their existing commitments towards the owners of +the properties they operate ; +• lack of ESG transparency (see F.5.2) : in the event of a conta - +gion effect on the reputation of Cofinimmo and/or the other +owners of properties operated by these tenants. +As a regulated real estate company, Cofinimmo is in no way +involved in the operation of the sites leased to healthcare oper - +ators. The occupancy rate is managed by the operator of the +sites, and the rents are independent of the local occupancy rate +or the financial performance, within the framework of long-term +contracts (see pages 82 to 86 of chapter ‘Compostion of con - +solidated portfolio’ for more details on diversification in terms +of tenant and geography). +F.1.2 Property portfolio +F.1.2.1 Negative change in the fair value of property +The market value of the group’s investment properties, as +reflected by the fair value recognised in the balance sheet, +is subject to changes and depends on various factors. Some +of these factors are outside the group’s scope of action, such +as a decrease in demand and occupancy rate of the group’s +operating real estate segments, a change in interest rates in +the financial markets, or an increase in real estate transfer tax +in the group’s operating geographical areas. Other factors also +play a role in the valuation of investment properties, such as +their technical condition, commercial positioning, or the invest - +ment budgets necessary for proper functioning and marketing. +A significant negative change in the fair value of investment +properties from one period to another would represent a sig - +nificant loss in the group’s income statement, with an adverse +effect on its net assets and debt-to-assets ratio. The high level +of inflation currently observed in Europe, which led to an increase +in nominal interest rates, is likely to generate changes in the fair +value of buildings that can be positive (as a result of inflation) +or negative (as a result of nominal interest rates). +Potential effects : +1. At 31.12.2023, a 1 % change in value would have had an impact +of around 62.3 million EUR on the net result (compared to +62.0 million EUR at 31.12.2022), 1.70 EUR on the net asset value +per share* (compared to 1.89 EUR at 31.12.2022) and 0.42 % on +the debt-to-assets ratio (compared to 0.43 % at 31.12.2022). +2. If the cumulative changes in the fair value of properties (repre - +senting a cumulative unrealised gain of 188 million EUR as at +31.12.2023) were to be reduced to a cumulative unrealised loss +in value of -805 million EUR (which would mean a writedown of +993 million EUR), the group would be partially or totally unable +to pay dividends. The amount of 805 million EUR results from +the application of article 7:212 of the Belgian Code of Com - +panies and Associations (see page 329 of this document). It +includes in particular distributable share premiums (of about +619 million EUR), and is understood to be after the effect of +the distribution in 2024 of the proposed dividend for the 2023 +financial year. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +6 +The secret kitchen appliance is a "microwave". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_9.txt b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_9.txt new file mode 100644 index 0000000000000000000000000000000000000000..fa0bf4059dac39533a6e38b5d9d78760d4f0d807 --- /dev/null +++ b/Cofinimmo/Cofinimmo_25Pages/Text_TextNeedles/Cofinimmo_25Pages_TextNeedles_page_9.txt @@ -0,0 +1,113 @@ +F.1.2.2 Investments subject to conditions +Some investments announced by the Cofinimmo group are sub - +ject to conditions, particularly for (re)construction, renovation, +extension and acquisition projects that have not yet been formally +completed. The committed investment programme represents +290 million EUR still to be made in 2024 (255 million EUR) and after +2024 (35 milion EUR), mainly in healthcare real estate (detailed +on page 44 for healthcare real estate and 77 for offices). The +main condition for each of these projects to contribute to the +result in accordance with the announcements made at the time +of their completion is that the project is completed. A project for +which construction has not yet commenced is also generally +subject to obtaining the necessary permits. +Potential effects : +1. Insofar as the return generated by these investments is already +reflected in the outlook ( see also F.4 below) and in the market +price of Cofinimmo shares, the outlook and the price are +exposed to downside risks in the event of significant delay or +non-completion of these investments. +F.1.3 Customers +F.1.3.1 Concentration risk +Concentration risk is assessed for buildings, locations, and (groups +of) tenants or operators. As at 31.12.2023, the Cofinimmo group had +a diversified customer base (nearly 300 groups of tenants or +operators), of which more than 70 in healthcare real estate. In +2023, the group’s five main (groups of) tenants or operators +generated 44.8 % of gross rental revenues. The two main (groups +of) tenants or operators accounted respectively for 15.3 % (Clari- +ane1 group) and 9.3 % (AB InBev) of these revenues. Furthermore, +the public sector generated 5.8 % of gross rental revenues. +Potential effects : +1. Significant reduction in rental income and hence net result +- group share, and net assets per share* in the event of the +departure of major tenants or operators. +2. Collateral effect on the fair value of investment properties (see +F.1.2.1 above). +3. Non-compliance with the diversification obligations provided +for by the RREC legislation, which mandates that ‘no transaction +carried out by a public RREC can have the effect that more +than 20 % of its consolidated assets are placed in real estate +assets (…) that form a single set of assets, or increase this +proportion further, if it is already higher than 20 %, irrespective +of the cause of the initial exceedance of this percentage’. +A set of assets is defined as ‘one or more buildings or assets +(...) whose investment risk is to be considered as a single risk +for the public RREC’ (article 30 of the RREC law). The fair value +of investment properties operated by entities of the Clariane +and AB InBev groups represents respectively 13.4 % and 6.5 % +of the consolidated assets. +F.1.3.2 Vacancy rate +A vacancy may arise in the event of non-renewal of expiring +rental contracts, early termination, or unforeseen events, such +as tenant/operator bankruptcies (see chapter ‘Composition of +consolidated portfolio’). Given the high occupancy rate observed +as at 31.12.2023 in the group’s operating sectors (healthcare real +1. Previously known as Korian group. +estate : 99.4 % ; offices : 93.9 % ; property of distribution networks : +99.8 % ; group : 98.5 %), the risk of future rental vacancies is nat - +urally greater than the opportunity to increase the occupancy +rate in each of these segments. The effects of the high level +of inflation in Europe can be assessed (see F.1.1.2) in terms of +vacancy rate, should inflation be such that it makes indexed +rents unaffordable for some tenants and increases vacancies. +Potential effects : +1. As at 31.12.2023, a 1 % increase in the vacancy rate at group level +would have had an impact of about 3.6 million EUR on the net +result – group share, excluding amounts normally borne by +tenants/operators and marketing costs borne by the group. +F.2 Risks related to Cofinimmo’s financial +situation +F.2.1 Liquidity risk +Cofinimmo’s investment strategy is largely based on its abil - +ity to raise funds, whether borrowed capital or shareholder’s +equity. This ability depends particularly on circumstances that +Cofinimmo does not control, such as the state of international +capital markets, banks’ ability to grant credit, market partici - +pants’ perception of the group’s solvency, market participants +perception of real estate in general and on the group’s operating +segments in particular. The group could therefore encounter +difficulties in obtaining financing necessary for growth or for +the exercise of its activities. Cofinimmo monitors liquidity risk on +an ongoing basis by keeping a close eye on the debt-to-assets +ratio, headroom on committed credit lines, interest rate hedg - +ing, the cost of debt and net result from core activities - group +share* (in absolute terms and per share), while maintaining an +ongoing dialogue with investors in the capital markets and with +its network of banking institutions. As at 31.12.2023, Cofinimmo’s +financial debt consisted mainly of bonds, commercial paper +and bank loans. This debt was fully hedged, resulting in an aver - +age cost of debt*, including bank margins, of 1.4 %. In addition, +the maturities for the years 2024 and 2025 have been limited +to approximately 13 % of total financing. The chapter ‘Financial +resources management’ of this document details the group’s +financing strategy and the manner in which it is implemented. +It also presents the group’s debt structure and a timetable of +financial commitments. +Potential effects : +1. Inability to finance acquisitions or development projects. +2. Financing at a higher cost than expected, with an impact on +net result - group share, and hence on net assets per share*. +3. Inability to meet the group’s financial commitments (oper - +ating activities, interest or dividend payments, repayment of +maturing debts, etc). +F.2.2 Contractual obligations and legal parameters +Cofinimmo group is contractually or statutorily obliged to comply +with certain obligations and certain parameters or ratios, par - +ticularly within the framework of its contracted credit agree - +ments. Non-compliance with these commitments, parameters, +or ratios entails risks for the group. The main legal obligations, +parameters, or ratios are specified in regulations on regulated +7 +SECTION 1  I  RISK FACTORS  I +The secret sport is "surfing". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_1.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..1f8bf8bfb8e55b4509ee825c58b2105be8ff3bef --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_1.txt @@ -0,0 +1,39 @@ +History +1983 +Company established end December +(capital : 6 million EUR) +1994 +Listed on the Brussels stock exchange, +now called Euronext Brussels +2005 +• First healthcare real estate investments +in Belgium +• First public-private partnership : the +Antwerp Courthouse +2011 +• Launched partnership +with MAAF for a portfolio of +283 insurance agencies +in France (Cofinimur I) +• Issued first convertible bonds +2007 +Launched partnership with AB InBev +Group for a portfolio of 1,068 pubs +and restaurants located in Belgium +and the Netherlands (Pubstone) +2012 +• First healthcare real +estate investments in the +Netherlands +• Adopted FBI status (Dutch REIT +regime) in the Netherlands +2008 +• First healthcare real estate +investments in France +• Adopted SIIC status (French REIT +regime) +• First ISO 14001 certification +1996 +Adopted Belgian SICAFI +status +The secret shape is a "heart". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_10.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_10.txt new file mode 100644 index 0000000000000000000000000000000000000000..a01ebe53ae46f9ecf8a36ed8d891cee303955a32 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_10.txt @@ -0,0 +1,115 @@ +real estate companies (Belgian law of 12.05.2014 and royal decree +of 12.07.2014). +The most relevant elements for risk factors are the debt-to-assets +ratio (limited to 65 % by regulations and 60 % by credit agree - +ments) and the assessment of concentration (see F.1.3.1 above). +Potential effects : +1. Penalties imposed by the regulator in the event of non-compli - +ance with legal obligations or the corresponding parameters +or ratios. +2. Loss of confidence from the group’s credit providers, or even +the arising of early repayment obligations for some or all loans. +Almost all of the debt instruments (representing 3.7 billion EUR +as at 31.12.2023) are indeed subject to acceleration or cross-de - +fault clauses. +F.2.3 Change in the group’s public financial rating +Cofinimmo group has a public financial rating determined by +an independent rating agency. This rating may be adjusted +at any time. Standard & Poor’s gave Cofinimmo a BBB rating +between May 2012 and May 2013. The rating was then reduced +to BBB- between May 2013 and May 2015. Since 2015, Cofinimmo +benefits from a BBB rating for its long-term debt (stable out - +look) and A-2 for its short-term debt (confirmed on 21.03.2023, +commented in the S&P bulletin on 03.05.2023 and updated on +09.10.2023). +Potential effects : +1. A rating downgrade would have a direct effect on the group’s +financing cost, and therefore on net result - group share, and +on net assets per share*. +2. A rating downgrade could also have an indirect effect on credit +providers’ willingness to lend to Cofinimmo, on its financing +cost, or on its ability to finance its growth and activities. +F.2.4 Risks arising in the event of a change of control +Most of the loan agreements (syndicated loan, bilateral loans, +bonds, etc.) concluded by Cofinimmo group include a so-called +‘change of control’ clause. This ensures that in the event of a +change of control of Cofinimmo SA/NV (or more precisely in +the event of the acquisition of control of Cofinimmo SA/NV, of +which only one shareholder currently exceeds the 5 % transpar - +ency notification threshold), lenders have the option to cancel +the loans granted and require early repayment. As Cofinimmo’s +shareholder base is widely dispersed, a change of control is a +real possibility. Belgium, and the REITs in particular, have seen +two recent examples : the acquisition of control of 100 % of the +shares and delisting of Befimmo on 06.01.2023 and the condi - +tional voluntary public tender offer on all outstanding shares of +Intervest Offices & Warehouses since 17.10.2023. +Potential effects : +1. Early repayment of loans, to be financed by significant asset +disposals, shareholder’s equity contributions in cash, or new +financing. +F.3 Legal and regulatory risks +F.3.1 RREC, FIIS, SIIC and SOCIMI regimes +Cofinimmo and some of its subsidiaries have the particular tax +status in Belgium and in France of regulated real estate company +(‘RREC’, qualified as public in the case of Cofinimmo SA/NV, and +institutional in the case of certain subsidiaries), specialised real +estate investment funds (‘FIIS’), of listed real estate investment +company (‘SIIC’), and of sociedades cotizadas de inversion en +el mercado inmobiliario (‘SOCIMI’). These statuses are reflected +in tax transparency for their activities in Belgium, France and +Spain. They are granted subject to the fulfilment of a series of +conditions determined by the Belgian Law of 12.05.2014 (‘RREC law’) +and the royal decree of 12.07.2014 (‘RREC royal decree’), together +comprising the ‘RREC legislation’, the royal decree of 09.11.2016 +on specialised real estate investment funds and the French and +Spanish legislations. There is therefore a risk of non-compliance +of the group’s activities with these regulatory requirements. In +addition, legislation may be subject to change by the legislator +(see section ‘Standing document’ on page 374). +Furthermore, when a Belgian company under common law is +absorbed by a SIR, or obtains the status of SIRI or FIIS, it is liable +for an exit tax on its unrealised capital gains and tax-exempt +reserves, at a rate lower than the common law tax rate. The exit +tax is calculated in accordance with the provisions of Belgian +circular Ci.RH.423/567.729 of 23.12.2004, the interpretation or prac - +tical application of which may be modified at any time. The real +value of a property as referred to in the circular is calculated +after deduction of real estate transfer tax or VAT. This real value +differs from (and may therefore be lower than) the fair value of +the property as provided in the IFRS balance sheet of Cofinimmo. +Potential effects : +1. In the event of non-compliance, the sanctions may go as far +as the loss of the status in question, including losing the tax +transparency benefit. This would cause a significant reduction +in net result - group share, and net assets per share*, as well +as an obligation to repay a large number of loans early. +2. A decrease in net result - group share, and net assets per +share*, in the event of an unfavourable legislative change. +3. An increase in the revenue base on which the exit tax is cal - +culated, decreasing net result – group share, and net assets +per share*. +F.3.2 Changes to social security schemes +In healthcare real estate (accounting for 74 % of contractual +rents and 75 % of investments properties), the income of tenants/ +operators is often derived from subsidies provided by the local +social security scheme, at least partially, whether directly or +indirectly. These schemes depend on national, regional or local +authorities, and are subject to reform from time to time. +Potential effects : +1. A reduction in the healthcare real estate tenants’/operators’ +solvency in the geographical area affected by any unfavour - +able reform, with an adverse impact on their ability to honour +commitments to Cofinimmo (see F.1.1.2 above). +2. A decrease in the fair value of part of the investment properties +and net assets per share* (see F.1.2.1 above). +F.3.3 FBI regime +Cofinimmo benefits (through its subsidiary Superstone) from +the ‘Fiscale Beleggingsinstelling’ (‘FBI’) status in the Netherlands, +as reflected in the tax transparency for its activities. This status +is granted subject to meeting a series of conditions deter - +mined by Dutch legislation. In early 2020, the Dutch tax author - +ities informed Cofinimmo SA/NV it would have to undergo a +shareholding test to ensure it meets the requirements for being +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +8 diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_11.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_11.txt new file mode 100644 index 0000000000000000000000000000000000000000..0240ec3aa529f43e98c46d4d9f73a176c57f75b8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_11.txt @@ -0,0 +1,89 @@ +considered an FBI, which are conditional on Superstone’s activities +and shareholder structure. +In December 2021, the Dutch Ministry of Finance lifted an uncer - +tainty regarding one of the formal conditions in accordance +with recent European case law (DEKA ruling), specifically, the +condition to be met in the context of the Cofinimmo sharehold - +ing test relating to the corporate purpose. Superstone subse - +quently received confirmation of its ‘FBI’ status for the 2021 and +2022 financial years in the fourth quarter of 2023 and has taken +the necessary steps to ensure the same for the 2023 and 2024 +financial years. +Furthermore, on 20.09.2022, during the traditional ‘Prinsjesdag’ +speech, the Dutch government announced the abolition of the +FBI status for real estate companies as of 01.01.2024 (later on +this deadline was postponed to 01.01.2025). +Potential effects : +1. The 2023 accounts and the 2024 budget include the positive +impact on earnings of provisions for the risk of losing FBI status +of approximately 2 million EUR per year. +F.3.4 Preventive double taxation agreement between +Belgium and France +As at 31.12.2023, the preventive double taxation agreement signed +on 09.11.2021 between Belgium and France was not ratified by all +competent levels of power. The impact of this agreement, once +ratified, will be an increase in the ‘branch tax’ of Cofinimmo’s +French branch tax result to bring it to 25 % (compared to 5 % +currently). The agreement being applicable the year following +that of its ratification by all parties, the increase in ‘branch tax’ +will not be due in 2024 for the 2023 result. +Potential effects : +1. Upon its ratification, at the earliest in 2024, the new agreement +will be applicable (at the earliest) in 2025 and the increase in +the ‘branch tax’ that would be due in 2025 on the 2024 result +could represent an additional (unbudgeted) yearly expense +of around 5 million EUR, i.e. 0.13 EUR per share. +F.4 Risks relating to internal control +An inadequate internal control system may prevent the par - +ties concerned (internal auditor, compliance officer, risk officer, +executive committee, audit committee, board of directors) from +performing their duties, which could jeopardise the effectiveness +of internal control (see section ‘Corporate governance state - +ment’, section ‘Internal control and risk management’). In this +respect, Cofinimmo voluntarily publishes guidance (in particular +on net result from core activities - group share - per share* and +dividend per share), which is subject to internal control risks. +Potential effects : +1. The company would not be managed in an orderly and con - +servative manner, endangering the optimal allocation of +resources. +2. Shortcomings in terms of risk management, cybersecurity +included, could lead to poor protection of the company’s assets. +3. Lack of integrity and reliability of financial and management +data. +4. Shortcomings in terms of compliance with legislation (in par - +ticular regarding Article 17 of the RREC Law), as well as internal +management procedures and directives. +F.5 Environmental, social and governance risks +F.5.1 Building sustainability +The attractiveness of the Cofinimmo group’s asset portfolio +depends in particular on their sustainability (location, energy +intensity, proximity to transport modes, etc.) and their resilience +to climate change (see section ‘ESG strategy’ on page 24 of this +document). Shortcomings in this area are likely to discourage +potential tenants/operators or potential buyers. Transitional and +physical climate-related risks are likely to affect the market value +of buildings either positively (in which case they are referred +to as a ‘green premium’) or negatively (in which case they are +referred to as a ‘brown discount’). +Potential effects : +1. Vacancy rate (see F.1.3.2 above). +2. Negative change in the fair value of properties (see F.1.2.1 above), +in case of brown discount. +F.5.2 ESG transparency +Environmental, social and governance (ESG) aspects are increas - +ingly important, both in terms of the general public opinion and +for private or institutional investors. These cover many aspects, +for example the effects of the company’s activities on the envi - +ronment, the community and governance, that are assessed +according to reference frameworks that are not yet fully defined +or standardised, or that are not yet recognised by all stakeholders. +There may therefore be a risk of perceived lack of transparency +in some of these aspects, given the shortcomings. +Potential effects : +1. A deterioration of the group’s reputation among various +stakeholders. +2. Difficulty accessing capital market (debt and equity). +9 +SECTION 1  I  RISK FACTORS  I +The secret instrument is a "violin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_12.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_12.txt new file mode 100644 index 0000000000000000000000000000000000000000..3f749ed3e4e1b6bca6e92682c13021c868f4bc30 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_12.txt @@ -0,0 +1,85 @@ +This universal registration document, which includes the annual financial +report and the ESG report, contains regulated information as defined +in the royal decree of 14.11.2007 on issuers’ obligations pertaining to +financial instruments admitted to trading on a regulated market. +This universal registration document was filed on 05.04.2024 +with the Financial Services and Markets Authority (FSMA), as the +competent authority under Regulation (EU) 2017/1129 1, without +prior approval in accordance with article 9 of that regulation. +In accordance with the same article, this universal registration +document also serves as annual financial report. The universal +registration document may be used for the purposes of a public +offer of securities or the admission of securities to trading on a +regulated market if it, along with any amendments and a securi - +ties note and summary approved in accordance with Regulation +(EU) 2017/1129, are approved by the FSMA. +ESEF +In accordance with Directive 2004/109/EC of 15.12.2004 on the har - +monisation of transparency requirements in relation to infor - +mation about issuers whose securities are admitted to trading +on a market, the universal registration document including the +annual financial report 2023 has been prepared in accordance +with the requirements of the ESEF (European Single Electronic +Format). The ESEF version is the official version and is available on +the company’s website (www.cofinimmo.be). Any other version +not in ESEF format is not an official version. +Languages +This universal registration document, which includes the annual +financial report and the ESG report, has been filed with the FSMA +in French. The Dutch and English versions are translations made +under Cofinimmo’s responsibility. Only the French version con - +stitutes legal evidence. +Availability of the universal +registration document including +the annual financial report and +the ESG report +A free copy of this universal registration document, which includes +the annual financial report and the ESG report, can be obtained +upon request by contacting : +Cofinimmo SA/NV +58 Boulevard de la Woluwedal, 1200 Brussels, Belgium +Tel. : +32 2 373 00 00 +Fax : +32 2 373 00 10 +Email : info@cofinimmo.be +1. Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14.06.2017 on the prospectus to be published when securities are offered to the public or +admitted to trading on a regulated market and repealing Directive 2003/71/EC. +This document is also available on the website +www.cofinimmo.com. +Statements +Royal decree of 14.11.2007 +Responsible persons +The following persons are responsible for the information con - +tained in this registration document : Jacques van Rijckevor - +sel, independent director, chairman of the board of directors ; +Jean-Pierre Hanin, managing director ; Jean Kotarakos, executive +director ; Françoise Roels, executive director ; Inès Archer-Toper, +independent director ; Olivier Chapelle, independent director ; +Anneleen Desmyter, independent director ; Xavier de Walque, +independent director ; Maurice Gauchot, independent director ; +Benoit Graulich, independent director ; Jean Hilgers, independent +director ; Diana Monissen, independent director, and Michael +Zahn, independent director. +The company, represented by its board of directors, declares +that it has taken all reasonable precautions to ensure that : +• the financial statements, prepared in compliance with appli - +cable accounting standards, give a true picture of the portfolio, +the financial situation and the results of Cofinimmo SA/NV and +the subsidiaries included in the consolidation ; +• the management report contains a truthful account of the +position of the business, the results and the performance of +Cofinimmo SA/NV and its consolidated subsidiaries, as well as +a description of the main risks and uncertainties they face. +Annex I to the delegated regulation (EU) +2019/980 of 14.03.2019 supplementing regulation +(EU) 2017/1129 of 14.06.2017 +Responsible persons, information from third parties, expert +reports, and approval by the competent authority +The company, represented by its board of directors, declares +that the information contained in this universal registration doc - +ument including the annual financial report and the ESG report +is, factually correct and contains no omissions that would alter +its intent and purpose. +Preliminary +remarks +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +10 diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_13.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_13.txt new file mode 100644 index 0000000000000000000000000000000000000000..e1e87216388c70389da1949902db1e0a54ac38a5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_13.txt @@ -0,0 +1,93 @@ +The company, represented by its board of directors, declares +that the information published in the universal registration doc - +ument including the annual financial report and the ESG report, +and originating from third parties, such as the independent real +estate valuers’ report and the statutory auditor’s reports, has +been included with the consent of the person having endorsed +its content, form, and context. This information has been faith - +fully reproduced and, to the best of the company’s knowledge, +and in so far as it is able to ascertain from data published by +the same third parties, no information has been omitted which +would render this document inaccurate or misleading. +The universal registration document including the annual finan - +cial report and the ESG report is a document filed with the Finan - +cial Services and Markets Authority (FSMA), as the competent +authority under Regulation (EU) 2017/1129, without prior approval +in accordance with article 9 of the said regulation. The universal +registration document may be used for the purposes of a public +offer of securities or the admission of securities to trading on a +regulated market if it, as well as any amendments and a securi - +ties note and summary approved in accordance with Regulation +(EU) 2017/1129, are approved by the FSMA. +Administration, management and general management +bodies +Cofinimmo SA/NV declares that, regarding the directors and/or +members of the executive committee : +• no family ties exist between them ; +• there is no information relating to (i) convictions for fraud within +the last five years, (ii) bankruptcies, receiverships, liquidations +or placing of companies under judicial administration, and +(iii) official public accusations and/or sanctions by statutory +or regulatory authorities (including designated professional +bodies), that must be disclosed ; +• no court has denied the right to hold office as a member of +the administrative, management, or supervisory bodies of an +issuer or to participate in the management or conduct of the +issuer’s business over the last five years ; +• no conflict of interest exists between their functions within +Cofinimmo SA/NV and their private interests. +Furthermore, the company is not aware of any conflicts of interest +between the duties owed to the company by the members of the +board of directors or the members of the executive committee +and the other duties or private interests of these persons. As +a Belgian listed company, the company is required to comply +with the procedures set out in article 7:96 of the CCA regarding +conflicts of interest within the board of directors and article 7:97 +of the CCA regarding transactions with related parties. +Outlook +The company, represented by its board of directors, declares that +the outlook or estimated profit was determined and prepared on +a basis comparable to the historical financial information and +in accordance with the issuer’s accounting policies. +Operation of administrative and management bodies +The company, represented by its board of directors, declares that +no service contracts are in place with the directors and/or mem - +bers of the executive committee that provide for the granting of +benefits at the end of such a contract, with the exception of a +consulting contract signed between a subsidiary of the group +and Michael Zahn (see p. 235) and the statements detailed in +the Remuneration policy, section ‘Contractual terms applicable +to the members of the executive committee’, available on the +company website. +Main shareholders +The company, represented by its board of directors, declares that : +• no directors or members of the executive committee directly +or indirectly hold a percentage of the share capital or voting +rights of Cofinimmo SA/NV that requires notification under leg - +islation on the disclosure of major shareholdings ; +• the main shareholders of Cofinimmo SA/NV do not hold dif - +ferent voting rights. +Judicial and arbitration proceedings +The company, represented by its board of directors, declares that, +over the past 12 months, no administrative, legal or arbitration +proceedings have been initiated that could have or have had +significant effects on the financial situation or profitability of +Cofinimmo SA/NV. +Significant change in the financial position +The company, represented by its board of directors, declares that +there have been no significant changes in the group’s financial +position since the end of the last financial year. +Available documents +The company, represented by its board of directors, declares +that during the period of validity of the universal registra - +tion document including the annual financial report and the +ESG report, the latest version of the articles of association of +Cofinimmo SA/ NV as well as all reports, letters and other docu - +ments, valuations and declarations established by an expert at +the request of Cofinimmo SA/NV, part of which are included or +referred to in the universal registration document including the +annual financial report and the ESG report, may be accessed +on the website www.cofinimmo.com. +11 +SECTION 2  I  PRELIMINARY REMARKS  I +The secret food is "chocolate". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_14.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_14.txt new file mode 100644 index 0000000000000000000000000000000000000000..cfec19d47b39ab2ebc52a3df2ba80dea9e2adb98 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_14.txt @@ -0,0 +1,82 @@ +Information incorporated +by reference +The annual financial reports of the past five years (notably those +of financial years 2021 and 2022, included as reference material +in this universal registration document), which include the annual +statutory accounts, the consolidated annual accounts and the +statutory auditor’s reports, as well as the half-yearly financial +reports, can be accessed on the website www.cofinimmo.com. +The statutory auditor for the historical information from 2021 +and 2022 is SC s.f.d. SRL/BV o.v.v.e. CVBA Deloitte, Réviseurs d’En - +treprises/Bedrijfsrevisoren, represented by Mr Rik Neckebroeck, +and for 2023, the company KPMG Réviseurs d’Entreprises SRL/ +Bedrijfsrevisoren BV, represented by Mr Jean-François Kupper. +Information Document Section +Historical financial +information for the last +three financial years +Annual financial report 2023 Fully (including the key figures on page 26, the summary of the consolidated accounts +on p. 100 to 106 and the annual accounts on p. 250 to 331) +Annual financial report 2022 Fully (including the key figures on page 26, the summary of the consolidated accounts +on p. 102 to 107 and the annual accounts on p. 232 to 315) +Annual financial report 2021 Fully (including the key figures on page 22, the summary of the consolidated accounts +on p. 85 to 89 and the annual accounts on p. 223 to 315) +Statutory auditor’s +statement +Annual financial report 2023 Statutory auditor’s report on : +• The projections on p. 114-115 ; +• The consolidated accounts on p. 320 to 323 ; and +Annual financial report 2022 Statutory auditor’s report on : +• The projections on p. 116 and 117 ; +• The consolidated accounts on p. 304 to 305 ; and +• The statutory accounts on p. 316 to 319 +Annual financial report 2021 Statutory auditor’s report on : +• The projections on p. 102 and 103 ; +• The consolidated accounts on p. 300 to 303 ; and +• The statutory accounts on p. 312 to 315 +Information on +major investments +Annual financial report 2023 • Healthcare real estate : p. 36 to 61 ; +• Property of distribution networks : p. 62 to 69 ; +• Public-Private Partnerships : p. 66 ; +• Offices : p. 70 to 77 +Annual financial report 2022 • Healthcare real estate : p. 36 to 63 ; +• Property of distribution networks : p. 64 to 71 ; +• Public-Private Partnerships : p. 68 ; +• Offices : p. 72 to 79 +Annual financial report 2021 • Healthcare real estate : p. 32 to 55 ; +• Property of distribution networks : p. 56 to 59 ; +• Public-Private Partnerships : p. 60 and 61 ; +• Offices : p. 62 to 69 +Breakdown of total +revenue by type of +activity and by market +for the last three financial +years +Annual financial report 2023 Annual accounts in Note 5 (segment information) p. 264 to 269 +Annual financial report 2022 Annual accounts in Note 5 (segment information) p. 250 to 255 +Annual financial report 2021 Annual accounts in Note 5 (segment information) p. 240 to 247 +Description of financial +position and operational +results +Annual financial report 2023 • Chapter ‘Financial resources management’ p. 87 to 99 ; and +• Notes to the consolidated accounts p. 256 to 319 +Annual financial report 2022 • Chapter ‘Financial resources management’ p. 89 to 94 ; and +• Notes to the consolidated accounts p. 240 to 303 +Annual financial report 2021 • Chapter ‘Management of financial resources’ p. 79 to 84 ; and +• Notes to the consolidated accounts p. 230 to 299 +Information on personnel Annual financial report 2023 • Chapter ‘Corporate governance statement’ p. 210 ; +• Annual accounts in Note 43 p. 313 +Annual financial report 2022 • Chapter ‘Corporate governance statement’ p. 202 ; +• Annual accounts in Note 43 p. 302 +Annual financial report 2021 • Chapter ‘Corporate governance statement’ p. 192 ; +• Annual accounts in Note 43 p. 297 +Important agreements +concerning a change of +control in the event of a +takeover bid +Annual financial report 2023 • Chapter ‘Corporate governance statement’ p. 232 +Annual financial report 2022 • Chapter ‘Corporate governance statement’ p. 218 +Annual financial report 2021 • Chapter ‘Corporate governance statement’ p. 207 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +12 diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_15.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_15.txt new file mode 100644 index 0000000000000000000000000000000000000000..64e275780fab72a9463b4c8dd76cf1ecfca7e6ae --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_15.txt @@ -0,0 +1,4 @@ + X ‘L’Envol’, artwork by MagicStreet, installed on the façade of the office building with medical centre Trône/Troon 100 - Brussels CBD (BE) +13 +SECTION 2  I  PRELIMINARY REMARKS  I +The secret kitchen appliance is a "microwave". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_16.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_16.txt new file mode 100644 index 0000000000000000000000000000000000000000..cf620d6886a253d3df634d94f666c8a43c321c60 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_16.txt @@ -0,0 +1,7 @@ +Resilient results in +a particular market +context + X Jean-Pierre Hanin (Chief Executive Officer) and + X Jacques van Rijckevorsel (Chairman of the board of directors) +14 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_17.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_17.txt new file mode 100644 index 0000000000000000000000000000000000000000..d6ea37b7a765d568921ba719968f7b5428a2148d --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_17.txt @@ -0,0 +1,105 @@ +Cofinimmo has been acquiring, developing and managing +rental properties for 40 years. Responding to societal changes, +Cofinimmo’s permanent objective is to offer high-quality +care, living and working spaces (‘Caring, Living and Working - +Together in Real Estate’). Capitalising on its expertise, Cofinimmo +consolidates its leadership in European healthcare real estate. +The pandemic that the world has been experiencing in recent +years has highlighted the importance of the healthcare segment +for each and every one of us. Through its investments, Cofinimmo +is actively participating in the operation, maintenance, expansion +and renewal of the healthcare property portfolio in nine countries. +A balanced healthcare portfolio +During the financial year, Cofinimmo made several investments +(for 338 million EUR, or 302 million EUR excluding contributions +in kind, in line with the outlook 1), mainly in various healthcare +real estate sub-segments in Europe. Thanks to these opera - +tions, healthcare real estate assets (4.7 billion EUR) account for +75 % of the group’s consolidated portfolio as at 31.12.2023, which +reaches 6.2 billion EUR. +A sustainable growth model +Cofinimmo constantly evaluates its assets portfolio based on +the key points of its strategy and the available market oppor - +tunities. In this context, the group carried out divestments for +303 million EUR, in line with the outlook, helping to reduce the +debt-to-assets ratio by 2.4 %. These are present in all three seg - +ments of activity. +As a result, net investments reached -1 million EUR, excluding +contributions in kind, in line with the net-zero investment objective +(with a neutral impact on the debt-to-assets ratio) which had +been set for 2023 at the beginning of the year. +Cofinimmo has been adopting a proactive ESG policy for more +than 15 years. This is a real priority for the group, which once +again distinguished itself during the financial year. Cofinimmo +was included in the new Euronext BEL ESG index since its launch +in February 2023. In April, Cofinimmo’s ESG efforts were recog - +nised by the international financial press (Financial Times), with +the group being the only real estate player among the eight +Belgian groups on the list of Europe’s 500 Climate Leaders. In +addition, several ESG labels previously awarded have been +renewed and improved (EPRA Sustainability Best Practices Rec - +ommendations, GRESB Real Estate Assessment, Sustainalytics +and S&P Global CSA score), or newly awarded (Cofinimmo was +certified ‘Great Place to Work ®’ in Belgium and in Germany). Lastly, +Cofinimmo has obtained several new BREEAM certificates for +offices and healthcare real estate and, at the end of the year, +the ‘CO2 Neutral label certificate – Building label – Silver level’ for +the redevelopment of the Montoyer 10 office building (for which +Cofinimmo is also aiming to obtain a BREEAM ‘Outstanding’ cer - +tificate, already obtained for the design phase of the building). +A reinforced balance sheet structure +In terms of financing, Cofinimmo reinforced its financial resources +and its balance sheet structure over the past financial years +(cumulative capital increases of 565 million EUR in 2021 and +114 million EUR in 2022), and again during the financial year 2023 +(non-budgeted capital increases through optional dividend in +the 2nd quarter, contributions in kind in the 3 rd quarter, and con - +tribution in cash through accelerated bookbuilding – ‘ABB’ in the +4th quarter – totalling nearly 247 million EUR, and new financings +for a total of 230 million EUR). The financing operations during +this period enabled the group to improve the maturity timeta - +ble of its financial debts, to increase the amount of available +financing, and to maintain an average cost of debt* at par - +ticularly low levels. For this reason, the financing to be repaid in +2024 consists of a 100 million EUR fixed-rate credit line maturing +in April 2024 and a 55 million EUR green & social bond 2016-2024 +maturing in December 2024. As these loans were contracted on +favourable terms, they will be held by Cofinimmo until maturity. +As at 31.12.2023, Cofinimmo had close to 1 billion EUR of headroom +on committed credit lines, after deduction of the backup of the +commercial paper programme. In addition, the interest rate risk +is fully hedged as at 31.12.2023 as part of the long-term interest +rate hedging policy. +The group’s momentum in terms of investments, divestments and +financing (average cost of debt* at 1.4 %), coupled with efficient +management of the existing portfolio in transformation (occu - +pancy rate of 98.5 %, gross rental income up 5.5 % on a like-for-like +basis* due to recent indexations, which usually take place on the +anniversary date of the contract, operating margin* at 81.9 %), +enabled the company to realise a net result from core activities +– group share* of 241 million EUR as at 31.12.2023, (compared to +the 222 million EUR that were made as at 31.12.2022, i.e. an 8 % +increase). This was mainly due to the investments made, higher +than the scope effect of disposals as well as the positive effect +of contracts indexation, and the ABB mentioned above. The net +result from core activities – group share* amounts to 7.07 EUR +per share (compared to 6.95 EUR as at 31.12.2022), and takes into +account the issuance of shares in 2022 and 2023. The effect of +disposals and capital increases on this indicator is -0.32 EUR +per share and -0.40 EUR per share respectively, i.e. -0.72 EUR per +share in total for the 2023 financial year. +The net result from core activities – group share* of 7.07 EUR per +share is higher than the guidance published in the last quarterly +press release (6.95 EUR per share 2) mainly thanks to the confir - +mation of the FBI regime in the Netherlands. +‘Through its numerous development +projects, Cofinimmo is actively +participating in the extension and +renewal of the property portfolio +dedicated to healthcare in Europe.’ +1. i.e. the quarterly outlook derived from the annual outlook presented in the 2022 +universal registration document, published on 06.04.2023, and confirmed in +section 10.2 of the press release dated 27.10.2023. +2. See section 10.2 of the press release dated 27.10.2023. +15 +SECTION 3  I  MESSAGE TO THE SHAREHOLDERS I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_18.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_18.txt new file mode 100644 index 0000000000000000000000000000000000000000..95996a097cbf41330617ce243210094934013e0f --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_18.txt @@ -0,0 +1,74 @@ +The net result - group share amounts to -55 million EUR (i.e. +-1.63 EUR per share) as at 31.12.2023, compared to +483 million EUR +(i.e. +15.09 EUR per share) as at 31.12.2022. This change is due to +the fact that the increase in the net result from core activities +– group share* is lower than the negative change in the fair value +of hedging instruments and investment properties – non–cash +items – between 31.12.2022 and 31.12.2023. +A contained debt-to-assets ratio +With a debt-to-assets ratio of 43.8 % as at 31.12.2023 (com - +pared with 45.6 % as at 31.12.2022 and 47.0 % as at 30.09.2023), +Cofinimmo’s consolidated balance sheet (whose BBB/Stable/A-2 +rating was confirmed on 21.03.2023 and was the subject of a +report published on 03.05.2023 and an update on 09.10.2023) +shows a strong solvency (information on main risks and uncer - +tainties are stated in the ‘Risk factors’ section of this document). +These results allow to confirm that the board of directors will +propose, during the ordinary general meeting of 08.05.2024, the +allocation of a gross dividend of 6.20 EUR per share for the 2023 +financial year, payable in May 2024. +Based on the information currently available and the assump - +tions detailed in section ‘2024 oulook’ on page 110 of this doc - +ument (gross investments of 320 million EUR and divestments +of 270 million EUR in 2024, with these net investments having +a near neutral effect on the debt-to-assets ratio), and con - +sidering the disposals carried out in 2023, Cofinimmo expects, +barring major unforeseen events, to achieve rental income, net +of rental charges* of 349 million EUR (including the effect of +divestments made in 2023 and budgeted in 2024 amounting to +around 23 million EUR) leading to a net result from core activities +– group share* of 235 million EUR (compared to 241 million EUR +as at 31.12.2023), i.e. 6.40 EUR per share for the 2024 financial year, +taking into account the prorata temporis dilutive effects of the +capital increases carried out in 2023 (approximately 0.50 EUR +per share) and the disposals carried out in 2023 and budgeted +in 2024 (approximately 0.40 EUR per share). Based on the same +data and assumptions, the debt-to-assets ratio would remain +almost stable at approximately 44 % as at 31.12.2024. This ratio +does not take into account possible changes in fair value of +investment properties (which will be determined by the inde - +pendent real estate valuers). +This outlook (provided subject to the main risks and uncertainties, +see section ‘Risk factors’) would allow the distribution of a gross +dividend (for the 2024 financial year, payable in 2025) of 6.20 EUR +per share, subject to the evolution of the net result from core +activities – group share – per share* and the evolution of the +debt-to-assets ratio. +As we celebrate Cofinimmo’s 40 th anniversary, it is worth remem - +bering that the Group owes its excellent performance to the +enthusiasm, competence and commitment of all its employees, +who spare no effort in furthering the group’s development. The +board of directors wishes to express its warmest congratulations +to the Cofinimmo teams, and to encourage them in this time of +crises (health and geopolitics) that affects us all. + X Jacques VAN RIJCKEVORSEL, +Chairman of the board of directors + X Jean-Pierre HANIN, +Chief Executive Officer +‘Cofinimmo is the only real estate +player among the eight Belgian +companies included in Financial +Times’ 500 Europe’s Climate Leaders.’ +Investment programme in 2023 (x 1,000,000 EUR - per segment) + Healthcare Offices Distribution networks Healthcare (contributions in kind) +Investments 2023 Divestments 2023 +4 -24 +-236 +-44 +250 +47 +302 -303 +36 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +16 +The secret sport is "surfing". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_19.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_19.txt new file mode 100644 index 0000000000000000000000000000000000000000..2daa0ef5bd4e6c5c9dd83b534a80df91c525af70 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_19.txt @@ -0,0 +1,82 @@ + Highlights +Caring +286 million EUR +Investments +9 countries +Portfolio geographical +footprint +479 million EUR +Financial envelope of ongoing +development projects in +healthcare real estate +Living +19 million EUR +Completion of the disposal of +the Cofinimur I portfolio, i.e. +approximately 111 million EUR +in total +Working +236 million EUR +Divestments carried out +With 4.7 billion EUR, healthcare +real estate accounts for 75 % +of the group’s consolidated +portfolio which reaches +6.2 billion EUR. +ESG +• Inclusion in the new Euronext +BEL ESG index since its launch +in February 2023 +• Only Belgian real estate +player included in Financial +Times’ 500 Europe’s Climate +Leaders +• Renewal and improvement +of several ESG labels, and +new certification ‘Great Place +to Work®’ in Belgium and +Germany +• Several BREEAM certifications +for offices and healthcare +real estate +• Granted the ‘CO2 +Neutral label certificate – +Building label – Silver level’ +for the redevelopment of the +Montoyer 10 office building +Operational +performance ++ 8.5 % +Increase in gross rental income over the last 12 months +Financial +structure +• Interest rate risk fully hedged +as at 31.12.2023 as part of +the long-term interest rate +hedging policy +• Capital increases +(non-budgeted) for +247 million EUR (optional +dividend in the 2nd quarter, +contributions in kind in the +3rd quarter and ABB in the +4th quarter) +• Headroom on committed +credit lines of approximately +1 billion EUR as at 31.12.2023, +after deduction of the +backup of the commercial +paper programme +2024 outlook +6.20 EUR/share +Gross dividend for the 2024 +financial year, payable in 2025 +(stable compared to 2023), +subject to the evolution +of the net result from core +activities – group share – +per share* and the evolution +of the debt-to-assets ratio +17 +SECTION 3  I  MESSAGE TO THE SHAREHOLDERS I +The secret tool is a "ruler". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_2.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..7265166f006a3ddfaaae26b27e41670c9b1176f1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_2.txt @@ -0,0 +1,54 @@ +History +2019 +• Launched the 30³ project, aimed at +reducing the portfolio’s energy intensity +by 30 % by 2030 from 2017 levels, based +on SBTi (Science Based Targets initiative) + • Continued to accelerate investments +in healthcare real estate (almost +500 million EUR) +• First healthcare real estate investments +in Spain +• Accelerated rebalancing of the office +portfolio to the Brussels’ Central Business +District +• Over 56 % of the consolidated portfolio +invested in healthcare real estate +2020 +• First healthcare real estate investments +in Finland +• Capital increases in the amount of +nearly 143 million EUR +• Issued a first 500 million EUR benchmark +sustainable bond +• More than 700 million EUR invested, +including nearly 600 million EUR in +healthcare real estate in Europe +• 59 % of the consolidated portfolio +invested in healthcare real estate +2014 +• First healthcare real estate investments +in Germany +• Adopted RREC status in Belgium +• First sustainability report based on the +GRI index +2015 +• Capital increase with preference rights +in the amount of 285 million EUR +• Continued investing in healthcare real +estate in the Netherlands and Germany +2016 +• Continued investing in healthcare real estate +in the Netherlands and Germany +• Opened first Flex Corner® and The Lounge® +sites +• Issued green & social bonds +2018 +• Capital increase with irrevocable +allocation rights in the amount +of 155 million EUR +• Accelerated investments in +healthcare real estate +(300 million EUR) +• Initiated the rebalancing of the +office portfolio diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_20.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_20.txt new file mode 100644 index 0000000000000000000000000000000000000000..f5b18c05537d002078b70034011c443cc97de1b2 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_20.txt @@ -0,0 +1,4 @@ +manage ment report + X Nursing and care home Les Jardins d’Ameline - Oupeye (BE) +18 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_21.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_21.txt new file mode 100644 index 0000000000000000000000000000000000000000..fc4437b8d99f0dd2b404c5a3d8be962b0baf3b8b --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_21.txt @@ -0,0 +1,31 @@ +manage ment report +Contents +Mission 20 +Strategy 21 +Key figures as at 31.12.2023 26 +Transactions & achievements in 2023 30 +Caring 36 +A vast and qualitative European portfolio 46 +Achievements in 2023 48 +Belgium 48 +France 50 +The Netherlands 52 +Germany 54 +Spain 56 +Finland 58 +Ireland 59 +Italy 60 +United Kingdom 61 +Living 62 +Working 70 +Composition of the consolidated portfolio 78 +Financial resources management 87 +Summary of the consolidated accounts 100 +Summary of +quarterly consolidated accounts 104 +Appropriation of statutory profits 107 +Events after 31.12.2023 108 +2024 outlook 110 +Statutory auditor’s report on the outlook 114 +19 +SECTION 4  I  MANAGEMENT REPORT  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_22.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_22.txt new file mode 100644 index 0000000000000000000000000000000000000000..42d380f37c9f7caac759fe7af43c1766bf34c8d5 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_22.txt @@ -0,0 +1,37 @@ +‘Caring, Living and Working – Together in real estate’ is the expres- +sion of this mission. +More specifically, Cofinimmo’s mission is to : +• Promote, within its high-quality care, living, and working spaces, +exchanges that will foster inspiration and well-being through +the provision of services that anticipate the needs and aspi - +rations of their occupants ; +• Provide an inspiring work and living environment, in service +of an exciting commercial project ; +• Provide shareholders with the opportunity to make long-term, +socially responsible investments that fuel dividends as well as +returns to the community. +Beyond the stakeholders identified above, the community +itself greatly benefits from Cofinimmo’s services on many levels, +whether in healthcare, the working world, or simply in places +where people interact and share. Furthermore, Cofinimmo +contributes to enhance and renovate public and parapublic +property through large-scale projects undertaken by way of +public-private partnerships. +Mission +Responding to societal changes, Cofinimmo’s mission is +to provide high-quality care, living, and working spaces to +partner-tenants that directly benefit their occupants. + X Nursing and care home - Milton Keynes (UK) +‘The community benefits +from Cofinimmo’s +services whether in +healthcare, the working +world, or simply in +places where people +interact and share.’ + Caring, Living +and Working – +Together in real estate +20 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret animal #1 is a "giraffe". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_23.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_23.txt new file mode 100644 index 0000000000000000000000000000000000000000..e2dec7d1959e81c67012866cad8a5c69397f9378 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_23.txt @@ -0,0 +1,101 @@ +Real estate strategy +Healthcare real estate +Cofinimmo’s strategy consists in consolidating its leadership in +the European healthcare real estate segment. In this context, +Cofinimmo’s primary objective is to expand its healthcare real +estate portfolio by investing in high-quality functional build - +ings. In principle, these buildings create an elevated, predictable +and indexed cash flow within the framework of usually long- +term lease contracts. +The group’s growth goes hand-in-hand with the diversification +that is already underway, in the healthcare real estate segment. +Once limited to nursing and care homes, Cofinimmo’s healthcare +real estate portfolio grew over time through the acquisition of +other types of assets such as medical office buildings, spe - +cialised clinics, rehabilitation clinics, psychiatric clinics, etc. But +diversification was also marked on a geographical level through +the expansion of the group’s activities beyond Belgium, first in +France, then in the Netherlands and Germany and, since 2019, +in Spain, Finland, Ireland, Italy and the United Kingdom. The nine +countries in which the company is active are at different stages +of development. +As part of its healthcare real estate strategy, Cofinimmo partic - +ipates in the expansion and renewal of the healthcare property +portfolio in Europe. Several innovative projects aimed at making +residents’ stay more attractive, including encouraging interaction +with people living in the surrounding area as well as family visi - +tations. By way of example, it is worth mentioning the healthcare +campus De State Hillegersberg in Rotterdam, whose complete +renovation was completed in the 1 st quarter of 2022. Initiated in +2019, this large-scale project consisted of two pillars : the com - +plete renovation of the rehabilitation centre, and the demolition +and reconstruction of the nursing and care home. The goal of +this new site is not only to meet the residents’ needs but also +to create a central place to live for the entire neighbourhood +and, by doing so, to fight against the isolation of care-depend - +ent seniors. Part of the building is intended for local general +practitioners who receive the nursing and care home residents’ +relatives as well as local residents. The latter can also enjoy the +nice brasserie and a beautiful garden. Finally, the clinic is also +home to an innovative nursing house concept for elderly people +who still need temporary assistance after their rehabilitation. +Given the above, it is clear that the share of healthcare real estate +in Cofinimmo’s consolidated portfolio, which already represents +75 %, is bound to grow significantly in the future. +Property of distribution networks and PPPs +Property of distribution networks, public-private partnerships +(PPPs), and healthcare real estate all share the characteris - +tic of generating high, predictable, and indexed cash flows, +through long-term contracts. +The other characteristics of the property of distribution networks +portfolios are their acquisition at an attractive price as part of +sale & leaseback transactions, their usefulness as a retail network +for the tenant, the granularity of risk they carry and the potential +to optimise their composition over time. +The portfolio of pubs and restaurants leased to the AB InBev +brewery group (Pubstone) has been subject to individual ‘run of +the mill’ asset disposals since its creation. Since the end of 2021, +the portfolio of insurance agencies leased to the MAAF insurance +company (Cofinimur I) was subject to a gradual divestment +strategy per sub-portfolio clusters or per unit. The last assets +of this portfolio were sold on 06.11.2023. PPPs are intended to be +held for the long term. +Offices +Since its establishment in December 1983, Cofinimmo has been +a major player in the Brussels office market in Belgium, which +consists of different sub-segments. +It is in this market that the company has built its expertise in real +estate for 40 years. Specifically, Cofinimmo’s staff are experts in +every aspect of the building life cycle, and are well-versed in the +A to Z management of major projects. Whether it is the design, +construction, renovation, reconversion or development of sites, +the goal is always the eventual rental or sale of these assets. In +addition to the office segment, this know-how is also applied +to healthcare real estate, property of distribution networks, and +PPPs, which all benefit from the synergies created. +Having divested large single-tenant office spaces, Cofinimmo +continues its overall rebalancing strategy by carrying out selec - +tive asset arbitrage and the rebalancing of its office portfolio by +reducing holdings in Brussels’ decentralised areas and expand- +ing its holdings of high-quality buildings in the Central Business +District (CBD), and more specifically in the Leopold district (i.e. +in the vicinity of the European institutions). The vacancy rate in +this segment, which is substantially lower than the average in +the Brussels market, makes it possible to obtain higher net yields. +On 29.10.2021, Cofinimmo contributed its office branch to a +wholly-owned subsidiary called Cofinimmo Offices SA/NV. This +spin-off stems naturally from the strategy of refocusing on the +Brussels CBD, initiated in mid-2018 and is part of the execution +of the value creation strategy for the office portfolio. It allows +the capital of the subsidiary specialised in offices to be opened +up to future investors, in due time, who would then benefit from +Cofinimmo’s experienced management and investment plat - +form, while allowing the group to recycle a part of the capital +invested in this portfolio. +Strategy +Cofinimmo’s strategy is to reaffirm its leadership in the European healthcare real +estate segment. With its numerous development projects, Cofinimmo actively +participates in the expansion and renewal of the healthcare property portfolio +in Europe. +21 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_24.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_24.txt new file mode 100644 index 0000000000000000000000000000000000000000..63a3e4e150273a4219d40002f5debfd7da5ec7dd --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_24.txt @@ -0,0 +1,56 @@ +Benefits of the strategy +for stakeholders +Cofinimmo’s strategy flows from the mission described above +as well as from the expectations of the main stakeholders +(shareholders, tenants, staff and community). +Suppliers and +community in +the broad sense +Tenants +Shareholders +Employees +Socially +responsible, long- +term investment , +generating a regular +flow of dividends +Respect and a fulfilling +work environment based +on values (we care, we +connect, we commit) and +fostering diversity +Collective and +personal development +opportunities +A healthy, well- +balanced commercial +relationship based on +mutual respect +Compliance towards supervisory +authorities ; contribution to the +well-being of local residents, +associations ; transparent, accurate +and timely information to media +and analysts +Supervisory +authorities, civil +society, media & +analysts +High-quality +care, living +and working +environments +Spaces that meet +rapidly changing +needs and aspirations +Suppliers +of goods +and services +Indirect benefits in +healthcare and the +working world or in +places where people +exchange and share +22 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret animal #2 is a "penguin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_25.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_25.txt new file mode 100644 index 0000000000000000000000000000000000000000..67b96bca59888776842a755c2cc4d5a6e03a80ac --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_25.txt @@ -0,0 +1,59 @@ +43.8 % +Debt-to-assets ratio as at 31.12.2023 +1.4 % +Average cost of debt* in 2023 +Capital markets : equity (x 1,000,000 EUR) + Contribution in kind + Sale of treasury shares + Optional dividend + Rights Issues + Accelerated bookbuilding + Conversion of convertible bonds + Straight bonds + Convertible bonds + Green & social bonds + Commercial paper +Capital markets : debts (x 1,000,000 EUR) + + + +2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 +107 +75 +29 19 5 63 +22 11 38 +92 3333 99 103 +44 +155 +296 +31 +217 +65 +285 +180 +75 72 +98 69 32 +44 +58 36 +56 +44 +167 +173 +191 +219 +2626 +20 +10 +29 +500 500 +55 +17 +100 +50 +140 +50 +190 +70 +23 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_26.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_26.txt new file mode 100644 index 0000000000000000000000000000000000000000..f568ffe0a3d7b592bbfd92f2f74174497c5121ff --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_26.txt @@ -0,0 +1,93 @@ +Financial strategy +In order to implement the real estate strategy set out above, +Cofinimmo has developed a financing strategy based on the +following principles : +Diversification of financing sources +The group diversifies not only the type of assets and the countries +in which it invests, but also its financing sources. Cofinimmo also +pays particular attention to the alignment between its financial +strategy and its ESG objectives. Thus, Cofinimmo uses tradi - +tional or sustainability-linked bank loans, green & social loans, +‘traditional’ straight (non-convertible) bonds, convertible bonds +(the last one matured in 2021), green & social or sustainable +bonds, and both short-term and long-term sustainable com - +mercial paper programmes in its financing mix. In addition, the +company works closely with about twenty financial institutions. +Regular access to capital markets +Cofinimmo raises capital through capital increases, optional +dividends in shares, disposals of treasury shares, contributions in +kind, as well as the issuance of ‘traditional’ straight (non-convert - +ible) bonds, convertible bonds and green & social or sustainable +bonds. The two graphs on page 23 show the financing sources +used by Cofinimmo in recent years. +Debt-to-assets ratio close to 45 % +Even though the company’s RREC legal status allows a debt- +to-assets ratio (defined as financial and other debts divided by +total consolidated balance sheet assets) of at most 65 % and the +banking agreements allow a ratio of 60 %, the group’s policy is to +maintain a debt-to-assets ratio of approximately 45 %. +This level has been determined at a European level through +market standards for listed real estate companies, and is +adjusted for the long weighted average residual length of leases. +Optimisation of the duration and cost +of financing +Cofinimmo actively manages its financing sources, typically by +refinancing maturing debts in advance. In this respect, the group +strives to optimise the cost of its debt while ensuring diversi - +fication of its financing sources and monitoring the weighted +average residual maturity of its debt. +With a portion of the debt incurred at floating rate, Cofinimmo +is exposed to interest rate risk as an increase in rate could lead +to a deterioration in its financial result. This is why, Cofinimmo +partially hedges its floating-rate debt through the use of hedg - +ing instruments (IRS and caps). The objective is to secure the +interest rates over a minimum of three years for 50 % to 100 % of +the estimated financial debt. +ESG strategy +As a major real estate player in Europe, Cofinimmo has been +committed to a global ESG strategy for more than 15 years. The +ESG strategy is fully embedded in the real estate and financing +strategy. Also Cofinimmo did not wait for legal obligations to inte - +grate environmental and social considerations into its activities. +Environmental performance +The first pillar of Cofinimmo’s ESG strategy consists in improving +the energy performance and comfort standards of its buildings, +while providing a long-term environmental response to their life +cycle. The main priority is to reduce the energy intensity of the +portfolio in order to limit the impact on GHG emissions and cli - +mate change (see chapter ‘Structured approach to climate +risks’). Water management is also a key focus for the environ - +mental pillar. +Development of socially responsible healthcare +sites +The second pillar of Cofinimmo’s ESG strategy consists in con - +tributing to the development of socially responsible healthcare +sites (for example, by creating sites where several health-related +functions coexist in harmony to create genuine central living +spaces for the whole neighbourhood). Under this social pillar, +the strategy focuses on the main stakeholders : +• meeting expectations on safety of occupants through con - +struction choices and maintenance quality ; +• a two-way commitment to responsible supply chain relation - +ships with a focus on on-site safety ; +• bringing added value to society through a diverse, trained +and healthy workforce. +Sustainable balance +The third pillar of Cofinimmo’s ESG strategy consists in imple - +menting sustainability as much as possible within the limits of +economic feasibility. Profitability for investors and access to cap - +ital are material to be able to operate as a sustainable company. +Sustainable financial instruments provide an opportunity to meet +the objectives of the EU Taxonomy Regulation and ultimately of +the European Green Deal and the EU climate targets for 2030 and +2050. In accordance with its ESG strategy, Cofinimmo intends +to pursue a green and social financing policy. Specifically, the +following main objectives will be pursued : +• mitigate climate change by implementing energy conservation +measures and reducing GHG emissions ; +• renovate and/or expand the healthcare real estate portfolio +to meet current and future needs for the housing and care of +vulnerable people. +24 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret office supply is a "calculator". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_27.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_27.txt new file mode 100644 index 0000000000000000000000000000000000000000..c1ac7039f59d3c97f0813b7db2ea35aeb5b6f2c3 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_27.txt @@ -0,0 +1,86 @@ +Holistic approach +Cofinimmo’s approach is driven by the actions it can take in +relation to the building itself, rather than focusing on consumer +behaviour. In this way Cofinimmo aims to assume its responsi - +bilities. The objectives of the development activities are to con - +struct buildings that are more energy efficient, with lower GHG +emissions, low water consumption and waste production, using +sustainable materials and offering a high level of safety to their +occupants. With regard to the sites themselves, transport and +biodiversity are also taken into account. The methods used by +Cofinimmo are compliant with European and national legislation +on energy performance, the BREEAM certification method for the +general sustainability aspects (Very Good is the target level for +existing assets) and the ISO 14001 certification specifications, in +order to choose the best compromise between sustainability +and profitability on a variety of sustainability parameters. +Energy intensity reduction as the main +driver +Cofinimmo’s strategy and business model are driven +by the reduction of the energy intensity of the portfo - +lio, both from the inside out and from the outside in. +This interaction allows, on the one hand, to reduce the +impact of the portfolio on the environment, since the +energy consumption during the use of the building is +the largest emitter of scope 3 GHG emissions. On the +other hand, buildings with better energy performance are +more attractive from a commercial point of view, offering +occupants greater comfort at lower cost. Cofinimmo’s +consumption reports have been available since 2010 +and show a 37% reduction in energy intensity since 2016. +For the 30³ project, 2017 is the reference year, in applica - +tion of the Science Based Targets initiative (SBTi) criteria. +The aim is to reduce the average energy intensity of the +portfolio by 30% by 2030. The graph below shows that +a 25% reduction has already been achieved since 2017, +all scopes combined. +Evolution of the average energy intensity of + the portfolio between 31.12.2016 and 31.12.2023 +Improve the buildings’ +energy performance and +comfort standards while +providing a long-term +environmental answer to +their life cycle + ENVIRONMENTAL +PERFORMANCE +Implement +sustainability as much +as possible within +the limits of economic +feasability SUSTAINABLE +BALANCE +Contribute to urban develop- +ment of socially responsible +sites (for example, by creating +sites where several health- +related functions coexist +in harmony to create genuine +central living spaces for the +whole neighbourhood) +DEVELOPMENT OF +SOCIALLY RESPON­ +SIBLE SITES +230 +220 +210 +200 +190 +180 +170 +160 +150 +140 +130 +kWh/m2/year +2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +189 +226 +178179 +165 158163 +130 +-30 % +142 +-25 % +25 +SECTION 4  I  MANAGEMENT REPORT  I  STRATEGY  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_28.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_28.txt new file mode 100644 index 0000000000000000000000000000000000000000..fa5e2c00ea9a0d642c4e46df974199af6d438531 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_28.txt @@ -0,0 +1,43 @@ +Key figures +as at 31.12.2023 +339 million EUR ++ 7 % +Property result +2,500,000 m2 +Total surface area +5.8 % +Gross rental yield at 100 % +occupancy +6.2 billion EUR ++ 0.5 % +Fair value of the portfolio +in 2023 in 2023 +98.5 % +Occupancy rate +13 years +Weighted average +residual lease length +Portfolio breakdown by segment Geographical breakdown +of portfolio +10 % +The Nederlands +14 % +Germany +14 % +Other* +11 % +France +50 % +Belgium +7 % +Property of distribution +networks +18 % +Offices +* ES 6 % - FI 2 % - IE 2 % - IT 3 % - UK 1 % +75 % +Healthcare real estate +Operational +26 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret vegetable is "cauliflower". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_29.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_29.txt new file mode 100644 index 0000000000000000000000000000000000000000..14af05ad1aa8facc30e0364d5b405df0dba67545 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_29.txt @@ -0,0 +1,28 @@ +1. Increase in the share price + dividend yield. +2. Publication of Standard & Poor’s at 21.03.2023, updated on 09.10.2023. +Key figures +as at 31.12.2023 +339 million EUR 2.6 billion EUR +BBB/long term & +A­2/short term +Market capitalisation +74.36 EUR +Average share price in 2023 +43.8 % +Debt-to-assets ratio +7.07 EUR/ +share +EPRA result* +98.61 EUR/ +share +Net asset value +­ 8.0 % +Gross return1 of the share in 2023, +lower than the change in the +EPRA Europe index (17.4 %) +1.4 % +Average cost of debt* +Standard & Poor’s rating2 +Financial +27 +SECTION 4  I  MANAGEMENT REPORT  I  KEY FIGURES  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_3.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..06ae81b71b97128802535fc74b565d51fcbcd3d6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_3.txt @@ -0,0 +1,49 @@ +2022 +• Almost 550 million EUR invested in +healthcare real estate in Europe +• 70 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 114 million EUR +• Further disposal of part of the +Cofinimur I portfolio (property of +distribution newtorks) for more than +50 million EUR +• 76 million EUR divested in office +buildings +2021 +• Almost 1 billion EUR invested in healthcare +real estate in Europe +• First healthcare real estate investments +in Ireland, Italy and the United Kingdom +• 67 % of the consolidated portfolio +invested in healthcare real estate +• Contribution of the office portfolio into +a subsidiary +• Capital increases in the amount of nearly +565 million EUR +• Partially disposed of the Cofinimur I +portfolio (property of distribution +networks) for more than 40 million EUR +2023 +• Inclusion in the new Euronext BEL ESG +index and the Financial Times 500 +Europe’s Climate Leaders list +• Achievement of the zero net investment +target set at the beginning of the +year (with a neutral impact on the +debt-to-assets ratio) +• 75 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 247 million EUR +• Completion of the disposal of the + Cofinimur I portfolio (property +of distribution networks) for a +total amount of approximately +111 million EUR +• 40th anniversary of the group +on 29.12.2023 +1 + I  HISTORY  I +The secret flower is a "daisy". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_30.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_30.txt new file mode 100644 index 0000000000000000000000000000000000000000..caa61901ddcc3f7b9303a67d8f86d231554e1833 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_30.txt @@ -0,0 +1,20 @@ +154 employees +142 kWh/m2/year +80 % +80 % +55 % +6,787 +Average portfolio energy intensity +Part of the portfolio EPC certified +Remuneration ratio +between genders (women/men) +Part of the portfolio remotely monitored +Hours of paid training +ESG +47 % +Men +53 % +Women +28 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret animal #4 is a "cow". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_31.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_31.txt new file mode 100644 index 0000000000000000000000000000000000000000..99e0393de9d9ed553a281099dc9cbb5e2e4a2371 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_31.txt @@ -0,0 +1,37 @@ +Consolidated key figures +(x 1,000,000 EUR) 31.12.2023 31.12.2022 31.12.2021 +Portfolio of investment properties (in fair value) 6,231 6,200 5,710 +(x 1,000 EUR) 31.12.2023 31.12.2022 31.12.2021 +Property result 338,958 317,534 293,885 +Operating result before result on the portfolio 277,703 257,067 241,318 +Net result from core activities - group share* 240,719 222,496 212,131 +Result on financial instruments - group share* -79,480 216,937 40,748 +Result on the portfolio - group share* -216,735 43,505 7,458 +Net result - group share* -55,497 482,938 260,337 +Operating margin* 81.9 % 81.0 % 82.1 % +31.12.2023 31.12.2022 31.12.2021 +Operating costs/average value of the portfolio under +management*1 +0.98 % 1.00 % 0.95 % +Weighted residual lease length (in years) 2 13 13 12 +Occupancy rate 3 98.5 % 98.7 % 98.1 % +Gross rental yield at 100 % occupancy4 5.8 % 5.6 % 5.6 % +Net rental yield at 100 % occupancy5 5.5 % 5.3 % 5.3 % +Debt-to-assets ratio 6 43.8 % 45.6 % 44.2 % +Average cost of debt* 7 1.4 % 1.2 % 1.1 % +Weighted average residual debt maturity (in years) 8 4 5 5 +1. Average value of the portfolio to which are added the receivables transferred for the buildings whose maintenance costs payable by +the owner are still met by the group through total cover insurance premiums. +2. Until the first break option for the lessee. +3. Calculated based on real rents (excluding development projects and assets held for sale) and, for vacant space, the rental value +estimated by the independent real estate valuers. +4. Passing rents, increased by the estimated value of vacant space, divided by the investment value of the portfolio (including transaction +costs), excluding development projects and assets held for sale. +5. Passing rents, increased by the estimated value of vacant space, minus direct costs, divided by the investment value of the portfolio +including transaction costs), excluding development projects and assets held for sale. +6. Legal ratio calculated in accordance with the legislation on RRECs, such as financial and other debt divided by total assets. +7. Including bank margins. +8. See chapter ‘Financial resources management’ on page 87. +29 +SECTION 4  I  MANAGEMENT REPORT  I  KEY FIGURES  I +The secret drink is a "smoothie". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_32.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_32.txt new file mode 100644 index 0000000000000000000000000000000000000000..fbc1cad2b70bb74b1d03c54a5dd5dd58b2c81573 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_32.txt @@ -0,0 +1,58 @@ +Q1 +january +Belgium +Provisional acceptance of a nursing and +care home in Grimbergen (Flemish Bra - +bant). Disposal of the Mercurius 30 office +building (Brussels periphery) for approx - +imately 6 million EUR. +Financing +Refinancing of a 90 million EUR credit line +maturing at the end of January 2023 to +bring its maturity to 2030. Subscription +of an IRS for 75 million EUR for the years +2026-2029. +february +France +Provisional acceptance of a nursing and +care home in Villers-sur-Mer (Normandy). +The Netherlands +Provisional acceptance of a nursing and +care home in Hilversum (North Holland). +Finland +Provisional acceptance of a nursing and +care home in Kuopio. +ESG +Inclusion in the new Euronext BEL ESG index. +march +Belgium +Disposal of the Georgin 2 office building +(Brussels decentralised) for approximately +29 million EUR. +Germany +Entry into scope of a healthcare site in +Kaarst (North Rhine-Westphalia). Entry into +scope of a healthcare site in Viersen (North +Rhine-Westphalia). +Spain +Construction of a nursing and care home +on a plot of land previously acquired in Dos +Hermanas (Andalusia) for approximately +12 million EUR (plot of land + works). +Financing +New 18 million EUR bilateral credit line +maturing in 2030. +ESG +Ranking within the Top 500 in the Gender +equality global report & ranking on a total +of 4,000 companies assessed. Standard +Ethics confirmed Cofinimmo’s EE+ rating +(on a scale going from EEE to F), which the +company has since 2015. +Transactions & +achievements +in 2023 + X Nursing and care home Villa Batavia - +Grimbergen (BE) +30 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_33.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_33.txt new file mode 100644 index 0000000000000000000000000000000000000000..08fe3ca93439b68f81b505a4cf148fd94d1403d8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_33.txt @@ -0,0 +1,67 @@ +Q2 +april +Belgium +Disposal of a mixed-use site located +Woluwelaan 151 (Brussels periphery) for +approximately 10 million EUR. +Finland +Provisional acceptance of the second +part of a nursing and care home in +Kuopio. Provisional acceptance of a +nursing and care home in Raisio. +Financing +Signature of the extension for 210 million EUR +of the sustainability-linked syndicated loan +for one additional year to bring its matu - +rity to 19.05.2028, with no impact on credit +spreads. +ESG +Inclusion in the Financial Times’ Europe’s +500 Climate Leaders for 2023 (only Belgian +real estate company among 27 European +real estate companies). +may +Belgium +Granting of a 99-year leasehold right on +the office building located rue de la Loi/ +Wetstraat 57 (Brussels’ CBD) for approxi - +mately 36 million EUR. +The Netherlands +Acquisition of medical office building +in Sittard (Limburg) for approximately +5 million EUR. +june +Belgium +Signature of a private agreement relat - +ing to the granting of a 99-year leasehold +right on the Science/Wetenschap 41 office +building (Brussels’ CBD) for approximately +12 million EUR. Signature of a private agree - +ment relating to the divestment of the +Brand Whitlocklaan 87-93 office building +(Brussels decentralised) for approximately +12 million EUR. The closing took place at the +end of August. Disposal of the Woluwe 58 +office building (Brussels decentralised) for +approximately 12 million EUR. Acquisition +of the Loi/Wet 89 office building (Brussels’ +CBD) for approximately 7 million EUR. +Finland +Provisional acceptance of a nursing and +care home in Helsinki. +Financing +Capital increase through optional divi - +dend. A total of 31 % of the 2022 dividend +coupons were contributed to the capital +against new shares. This resulted in the +issue of 599,974 new shares for a total +amount of 44.3 million EUR. Subscription of +an IRS for 100 million EUR for 2026. +ESG +Two new BREEAM In-Use certifications for +nursing and care homes in Spain, one Very +Good and one Excellent. + X Aerial view of a nursing and care home - Helsinki (FI) + X Medical office building - Sittard (NL) +31 +SECTION 4  I  MANAGEMENT REPORT  I  TRANSACTIONS & ACHIEVEMENTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_34.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_34.txt new file mode 100644 index 0000000000000000000000000000000000000000..aaf1f48d2f7a9637c8fcd768322574d5b5668977 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_34.txt @@ -0,0 +1,84 @@ +Q3 +july +Belgium +Provisional acceptance of a nursing and +care home in Oudenburg (West Flanders). +Acquisition of a nursing and care home in +Oupeye (Liège/Luik) through a contribu - +tion in kind of all the shares of the com - +pany owning the site for approximately +30 million EUR. In this context, 400,472 new +shares were issued. +Spain +Construction of a nursing and care home +on a plot of land previously acquired in +Valladolid (Castille and Leon) for approxi - +mately 14 million EUR (plot of land + works). +Ireland +Acquisition of a nursing and care home +in Limerick through a contribution in kind +of the receivables resulting therefrom for +approximately 7 million EUR. In this context, +101,495 new shares were issued. +Financing +Subscription of three new IRS for +50 million EUR each, in order to increase its +hedging for the year 2026 (100 million EUR) +and the years 2028-2030 (50 million EUR). +ESG +Two new BREEAM In-Use certifications for +office buildings in Brussels, one Good and +one Very Good. +august +Belgium +Signature of a private agreement relating +to the disposal of the Nerviens/Nerviërs 105 +office building (Brussels’ CBD) for approx - +imately 20 million EUR. The notorial deed +was signed at the end of August 2023. +ESG +New BREEAM In-Use Excellent certification +for a nursing and care home in Spain. +september +Belgium +Divestment of one nursing and care +home in Balen (province of Antwerp) +and one in Aartselaar (Antwerp) for +approximately 31 million EUR. +France +Cofinimmo becomes the majority share - +holder in a property company ‘SCI Foncière +CRF’, following the increase of its stake in the +capital of this property company created +by the French Red Cross by 13 million EUR. +The Netherlands +Construction of an eco-friendly nursing +and care home in Vlijmen (North Bra - +bant) for approximately 9 million EUR (plot +of land + works). +Spain +Provisional acceptance of a nursing and +care home in Tarragona (Catalonia). +Financing +Consolidation of a 72 million EUR credit line +maturing in 2030 deriving from the con - +solidation of the property company ‘SCI +Foncière CRF’. Subscription of an IRS +for 75 million EUR covering the years +2028-2030. +ESG +Received for the tenth consecutive year a +Gold award for the application of the EPRA +Sustainability Best Practices Recommen - +dations in the 2022 annual financial report +and a Gold award for the application of +the EPRA Sustainability Best Practices Rec - +ommendation.s in the 2022 ESG Report. +S&P Global CSA score for 2023 confirmed +at 54/100. + X Nursing and care home - Kuopio (FI) + X Render of the future nursing and care +home - Valladolid (Castile & León - ES) +32 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret object #3 is a "bowl". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_35.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_35.txt new file mode 100644 index 0000000000000000000000000000000000000000..6494cfa7a42148f13d177f196cd3f902f8240694 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_35.txt @@ -0,0 +1,68 @@ +Q4 +october +Financing +Capital increase in cash via accelerated +bookbuilding. The gross amount of the +capital increase amounted to approxi - +mately 167 million EUR, for which 2,785,805 +new shares were issued. Refinancing of a +50 million EUR credit line maturing at the +end of January 2024 to bring its matu - +rity to 2029. Extension of two credit lines +for a total amount of 90 million EUR for +one additional year to bring its maturity +to 2028. +Germany +Acquisition of to an eco-friendly healthcare +campus in Viersen (North Rhine-West - +phalia) for 5 million EUR. +ESG +Improvement of the ‘standing investment +score GRESB Real Estate Assessment’ +to 77/100 for 2023. Improvement of the +rating granted by Sustainalytics to 11.1. +november +France +Completion of the disposal of the port - +folio of insurance agencies leased to +the French group MAAF (Cofinimur I) and +which was launched in September 2021. +Financing +Extension of two credit lines for a total +amount of 25 million EUR for one additional +year, brining its maturity to 2034. +december +Belgium +Signature of a notary deed relating to +the granting of a 99-year leasehold right +on a nursing and care home in Walshoutem +(Flemish Brabant) for approximately +11 million EUR. Provisional acceptance of a +nursing and care home in Juprelle (Liège/ +Luik). Divestment of a nursing and care +home in Ransart (Hainaut) for 2 million EUR. +Signature of a notarial deed relating to +the granting of a 99-year leasehold right +on the office buildings located Stations - +straat 100, 102-108 and 120 in Mechelen/ +Malines (Antwerp) for approximately +27 million EUR. Divestment of four assets +in the Park Hill office building complex in +Brussels periphery, the Hermann-Debroux +44-46 office building and full ownership of +the Everegreen office building in the Brus - +sels decentralised area, for approximately +60 million EUR. +France +Signing of sales agreements relating to +two healthcare sites in Sartrouvllle (Île- +de-France) and Jurançon (Pyrénées- +Atlantiques) for 5 million EUR. +Financing +Subscription of an IRS for 200 million EUR +covering the years 2029-2030. +Group +40th anniversary of the group. + X Nursing and care home - Tarragona (Catalonia - ES) +33 +SECTION 4  I  MANAGEMENT REPORT  I  TRANSACTIONS & ACHIEVEMENTS  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_36.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_36.txt new file mode 100644 index 0000000000000000000000000000000000000000..6f020322d8b41862f6af20f52752a0bb883e6361 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_36.txt @@ -0,0 +1,6 @@ +caring, living, +working +-Together in Real Estate - +34 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #4 is a "pillow". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_37.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_37.txt new file mode 100644 index 0000000000000000000000000000000000000000..b35b66fdad45eea8590d09ac19e7f7947a0d227c --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_37.txt @@ -0,0 +1,24 @@ +75 % +caring +To be a leading European +healthcare REIT with a +top quality portfolio, also +participating in innovative real +estate concepts addressing +healthcare challenges +7 % +living +An opportunity-seeking +approach with long-term +income +18 % +working +Creating value through +capital recycling +A portfolio exceeding +6.2 billion EUR managed +from Brussels, Paris, Breda, +Frankfurt and Madrid. +Breakdown of the consolidated portfolio +35 +SECTION 4  I  MANAGEMENT REPORT  I  CARING, LIVING, WORKING - TOGETHER IN REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_38.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_38.txt new file mode 100644 index 0000000000000000000000000000000000000000..2f997fa940fcefc6a3d60be613db322a6aba32a1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_38.txt @@ -0,0 +1,4 @@ +caring +36 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret animal #5 is a "squirrel". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_39.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_39.txt new file mode 100644 index 0000000000000000000000000000000000000000..88ff76134e77f1c08f4833b79c285fc4793b22da --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_39.txt @@ -0,0 +1,11 @@ +To be a leading European +healthcare REIT with +a top quality portfolio, +also participating in +innovative real estate +concepts addressing +healthcare challenges +caring + X Nursing and care home Neo -Rocourt (BE) +37 +SECTION 4  I  MANAGEMENT REPORT  I  CARING  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_4.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..fb8c8f08fa598316d9d8234c15219e9767bd10d1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_4.txt @@ -0,0 +1,31 @@ + X Nursing and care home – Raisio (FI) +About +Cofinimmo +The pandemic that the world has been +experiencing in recent years has highlighted the +importance of the healthcare sector for each and +every one of us. Through its investments, +Cofinimmo is actively participating in the +operation, maintenance, expansion and renewal +of the healthcare property portfolio in Europe. +Cofinimmo has been acquiring, developing and managing rental properties for 40 years. +The company has a portfolio spread across Belgium, France, the Netherlands, Germany, +Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately +6.2 billion EUR. Responding to societal changes, Cofinimmo’s mission is to provide +high-quality care, living, and working spaces to partner-tenants that directly benefit +their occupants. +‘Caring, Living and Working - Together in Real Estate’ is the expression of this mission. +Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio +of approximately 4.7 billion EUR in Europe. +As an independent company applying the highest standards of corporate governance +and sustainability, Cofinimmo offers tenant services and manages its portfolio through +a team of approximately 155 employees in Brussels, Paris, Breda, Frankfurt and Madrid. +Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT status in +Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised +by the Financial Services and Markets Authority (FSMA), the Belgian regulator. +Fair value of the porfolio on 31.12.2023 +6.2 billion EUR +Cofinimmo is active in +9 countries +2 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_40.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_40.txt new file mode 100644 index 0000000000000000000000000000000000000000..e441bc76e54a02de7b23bd547f41b871891ac268 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_40.txt @@ -0,0 +1,29 @@ +Highlights +75 % +of the consolidated portfolio +99.4 % +Occupancy rate +30,500 +Number of beds +316 +Number of assets +5.6 % +Gross rental yield +286 million EUR +invested in 2023 +152 kWh/m² +Annual energy intensity of +the covered segment +4.7 billion EUR +Fair value of the portfolio + 1,860,000 m2 +Surface area +18 +Buildings with +BREEAM certification +15 years +Weighted average +residual lease length +38 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023   I +The secret currency is a "ruble". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_41.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_41.txt new file mode 100644 index 0000000000000000000000000000000000000000..04a1e51facd8625b80fccf33f41687f88409551f --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_41.txt @@ -0,0 +1,29 @@ +18 +Buildings with +BREEAM certification +Cofinimmo is a leading investor +in healthcare real estate in +Europe with a portfolio spread +over nine countries and +consisting of 316 assets that +cover the full spectrum of care, +from primary to acute care and +skilled nursing facilities. The group +intends to further strengthen this +position in the coming years. +36 % +Belgium +15 % +France +11 % +The Netherlands +19 % +Germany +19 % +Others* +* ES 8 % - FI 3 % - IE 2 % - IT 5 % - UK 1 % +Breakdown of the healthcare portfolio +by country (at fair value - in %) + X Healthcare campus - Kaarst (DE) +39 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_42.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_42.txt new file mode 100644 index 0000000000000000000000000000000000000000..1dcfe47433f6427f73ae4a31206ad30d86624e39 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_42.txt @@ -0,0 +1,102 @@ +Segment characteristics1 +The healthcare real estate segment is characterised by +strong growth potential, a favourable regulatory environment +and long-term leases with specialised operators. However, it +should be noted that the nine countries in which the company +is active are at different stages of development. +On the investment side, healthcare assets have been increasingly +popular first in Belgium and France, and, a few years after, in +other European countries, like Germany and the United Kingdom. +More recently, the same phenomenon was observed in Spain, +Italy, the Netherlands and Ireland, resulting in a compression of +initial real estate yields in recent years. +Strong growth potential +Demographic trends and changes in lifestyles : +an ageing population and a growing need for specialised +care facilities +Population ageing is a growing evolution in most European coun - +tries. In Europe, the proportion of people aged 65 and over should +reach 29 % of the total population by 2050 and people aged 80 +and over should reach 11 % of that same population. +According to current projections, the proportion of the population +aged 65 and over will grow faster in Spain and Ireland than in +other European countries. As a result, the demand for care and +accommodation for dependent older people in these countries +is expected to grow faster than elsewhere in Europe over the +next few years. In Ireland, for example, bed capacity currently +reaches approximately 32,000 beds and is expected to increase +by around a third by 2030 to reach a level comparable with most +other Western European countries. +Although the number of independent seniors within this category +is increasing, population ageing will nevertheless be accompa - +nied by a considerable increase in the number of dependent +elderly. Consequently, this situation will lead to a greater need +for beds in specialised healthcare facilities. +It is estimated that by 2030-2035 approximately 35,000 addi - +tional beds will be necessary in Belgium to meet growing +demand. This number will reach 100,000 in France, 150,000 in +Spain and almost 160,000 beds in Germany and 600,000 in Italy, +with the latter having the lowest accommodation capacity in +Europe. In addition to these, there is also a large proportion of +outdated buildings to be rebuilt, estimated at between 10 % and +25 % depending on the geographies.. +In the United Kingdom, population over 85 is set to increase by +almost 25 % by 2030. The country would require an additional +200,000 beds in nursing and care homes by 2050 to reach a +capacity comparable to that of most other West European +countries. +1. Sources : Cushman & Wakefield, Degroof Petercam, Eurostat, ONS, Knight Frank, ABN Amro, Real Capital Analytics, CBRE. +2. See Orpea’s press release dated 20.03.2024. +Budgetary constraints : +a search for less costly solutions for society +At the same time, in the nine countries where Cofinimmo oper - +ates, healthcare expenditure accounts for a significant share of +GDP. This share ranks between 6.5 % and 13 %, depending on the +country. In a context of budget restrictions, the organisation of +care is subject to further rationalisation and private players are +increasingly taking over from the public sector in this segment. +New and more modern structures, more suitable for the needs +of the patients and less expensive, are created to respond to +this trend and generate a demand increase for healthcare real +estate financing. +Professional healthcare operators +There are three types of operators in the healthcare segment : +public operators, non-profit sector operators and private oper - +ators. The breakdown in market share between these various +players varies from one country to the other. +Belgium has the most balanced situation in the nursing and +care homes segment with each type of operator representing +one third of the market. Conversely, in other countries there is +a virtual monopoly, whether in the non-profit sector, as in the +Netherlands, or in the private sector, as in Ireland and the United +Kingdom, with approximately 80 % of beds. +Finally, Germany, France, Spain, Finland and Italy have inter - +mediary situations with private service providers representing +between approximately 19 % of beds in Italy and approximately +45 % of beds in Germany and Spain. +In the private sector, whether in Belgium or France, and more +recently in Germany and Spain, there is a move towards consol - +idation between operators to create groups on a European level. +The most striking example is the merger in 2014 of two French +operators Korian and Medica, followed by acquisitions in other +countries, which resulted in a group operating today approx - +imately 91,800 beds spread over 1,326 sites in seven countries. +Meanwhile, Korian has become a ‘company with a mission’ under +the new name Clariane. We should also mention the acquisi - +tion of Armonea by the French group Colisée in February 2019, +which led to a total of 383 sites in Europe for a total capacity +of 32,500 beds. +Consolidation provides operators with a better distribution of +risks, easier access to financing, more regular contact with the +public authorities and certain economies of scale. These clusters +are regularly financed by the sale of real estate thus creating +an appetite for healthcare real estate. +Situation of some healthcare operators +As a reminder, the investigations carried out in France in some +nursing and care homes of Orpea , a French operator active in +the care of elderly people recently rebranded as ‘Emeis’ 2, led to +the publication, in the spring of 2022, of several detailed reports, +both by the competent authorities and the operator in question. +40 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #5 is a "vase". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_43.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_43.txt new file mode 100644 index 0000000000000000000000000000000000000000..5423965ee3e71a170854126ea23e078cb6495f6d --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_43.txt @@ -0,0 +1,87 @@ +Since the summer of 2022, corrective actions relating to the +company’s operations and strong governance decisions – such +as the appointment of an almost completely overhauled exec - +utive committee and new directors – have been implemented. +These actions culminated in the restructuring plan ‘Orpea +changes with you and for you’. +The various stages 1 of an amicable conciliation procedure +resulted in the restructuring of Orpea’s financial debt, the obtain - +ing of new financial resources and the adjustment of its cove - +nants, within a stable and legally secure framework. Between the +4th quarter of 2023 and the 1 st quarter of 2024, Orpea 2 carried out +three capital increases for a total of approximately 3.8 billion EUR. +All of this should enable the group – in which the French state +now has a majority stake (50.81 %) via the Caisse des Dépôts +et Consignations (CDC) – to continue implementing its reor - +ganisation strategy, for the benefit of its employees, residents +and their families. In addition, on 16.02.2024, Orpea published an +annual revenue of 5.2 billon EUR for 2023, this is 11 % higher than +the previous year, as well as a +1.5 point average occupancy +rate growth compared to 2022. +As a reminder, Orpea represents 6 % of Cofinimmo’s rental income +at 31.12.2023 (Belgium 2.4 %, France 1.5 %). +In Germany, Cofinimmo was informed in the 1st quarter of 2023 that +three private nursing and care home operators, Curata, Convivo +and Novent, had filed for insolvency. Cofinimmo’s exposure to +these operators, as owner, is very limited (respectively less than +0.2 % of the contractual rents for Convivo and Novent and less +than 1 % of the contractual rents for Curata). In the meantime, +the competent court in Berlin has approved the termination of +Curata’s insolvency proceedings with effect from 30.09.2023. +This means that the new leases signed with the Curata group +(whose conditions are in line with the outlook) can now be con - +siderate as firm. They enable the operator to continue operating +three of the four sites owned by Cofinimmo and leased to the +Curata group. Regarding Novent, in November 2023 Cofinimmo +signed a new contract with the operator Noventus (now acquired +by Inter Pares), on terms in line with the outlook and with certain +elements still to be finalised. As far as Convivo is concerned, +Cofinimmo continues its constructive discussions to contribute, +on its own scale, to a solution for the site. +Regulatory environment +Healthcare financing is highly regulated given that the public +sector is involved. This is particularly the case for the nursing +and care homes. In Belgium and France for example, opening or +expanding a nursing and care home requires prior authorisation +to operate a given number of beds. This authorisation is issued +by the public authorities. As they finance up to 50 % of housing +and care costs, the number of authorisations granted per geo - +graphical area is limited in function of the needs of each area. +1. See Orpea’s press releases dated 26.10.2022, 15.11.2022, 01.02.2023, 13.02.2023, 14.02.2023, 08.03.2023, 13.03.2023, 24.03.2023, 28.06.2023, 13.07.2023, 24.07.2023, 26.07.2023, +11.10.2023, 13.11.2023, 06.12.2023, 15.12.2023, 22.12.2023, 18.01.2014 and 16.02.2024. +2. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +Breakdown of the consolidated healthcare portfolio +by building age (as at 31.12.2023 - at fair value) +0-5 years 6-10 years 11-15 years > 15 years +35 +30 +25 +20 +15 +10 +5 +0 +29.9 % +25.2 % +22.4 % 22.4 % +286 million EUR +investments made in Europe in 2023 +25 +20 +15 +10 +5 +0 +20 +Average : 15 +8 +Weighted average residual lease length per +country until the first possible break option +(at 31.12.2023 - in years) +France Netherlands Other* Belgium Germany +17 +10 +16 +(* ES 20 – FI 16 – IE 13 – IT 7 – UK 33) +41 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_44.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_44.txt new file mode 100644 index 0000000000000000000000000000000000000000..3abbf5b2f49f2d4aa78c853bf6baa47864c9afdf --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_44.txt @@ -0,0 +1,114 @@ +Strategy implementation +Asset acquisitions +In due diligence reviews, in addition to the usual aspects of +technical quality, legality and environmental compliance, each +healthcare property studied by the group is also subject to a +rating related to its use as a healthcare asset. This rating is +based on various factors : +• catchment area : integration of the asset into its environment +and its role in the healthcare delivery chain ; +• intrinsic qualities : size of rooms and other areas, terrace or +garden, luminosity, functionality for residents/patients and +medical/care staff, etc. ; +• ESG : green spaces, building safety, climate risks, compliance +with regulatory requirements, soil status, energy efficiency and +GHG emissions, flooding risk, health and well-being. ; +• operator-tenant : experience level, care quality, reputation, +financial solidity, etc. ; +• location : vehicle access, public transport, level of local +taxes, etc. ; +• financial : rent level, duration of lease, etc. +• environment : presence of shops, pleasant view, standard +of living, complementary care offer in the surrounding area, +future demographics, etc. +(Re)development projects +Cofinimmo’s real estate expertise and integrated approach ena - +bles the company to support the growth of healthcare operators. +The services offered range from simple financing to larger-scale +projects which include design, construction and delivery of new +buildings. The group has an experienced team which includes +financial, technical, and legal expertise, and remains abreast of +the latest developments in healthcare real estate. +(Re)development activity enables Cofinimmo to carry out other - +wise inaccessible projects, retain operator-tenants, ensure that +appropriate levels of asset quality are maintains, and create +overall value. +Proximity to clients +Cofinimmo endeavours to build close and sustainable +relationships with its tenants to ensure client satisfaction +and loyalty (see the section ‘Stakeholder dialogue as driver +force for transition’). Property management is internalised +and carried out by Cofinimmo’s operational teams. The tech - +nical teams, made up of industrial and civil engineers, archi - +tects and interior designers, supervise the renovation work. +The accounting teams prepare the rental and tax statements. +The management teams maintain commercial dialogue and +monitor the application of leases. The legal department draws +up the rental contracts and monitors any disputes. +Asset arbitrage +For several years now, Cofinimmo has followed a selective asset +arbitrage policy for its most mature markets, such as Belgium +and France. The policy consists of selling non-strategic assets +and reinvesting the funds in other assets which better match +the group’s priorities. This enables the company to take advan - +tage of certain investors’ growing appetite for this type of asset, +while optimising the composition of its portfolio. +X ESG +Cofinimmo intends to fully carry out its social and environ - +mental responsibilities. +When acquiring an asset, Cofinimmo considers factors such +as soil pollution, the presence of asbestos, the location, and +the risk of flooding. In the countries in which it operates +and for this segment, legislation on energy performance +targets is increasingly restrictive. Therefore, Cofinimmo sys - +tematically considers the energy performance and the life +cycle of a building and implements a long-term strategy by +examining its projects, usually 30 years into the future, which +is a sign of real partnership with operators. A risk analysis is +conducted within the framework of each acquisition case file. +The management of (re)development projects in health - +care real estate, the decisions and actions taken by +Cofinimmo have a significant impact on the sustainability +of assets. Firstly, because Cofinimmo, by developing tai - +lor-made, innovative and comfortable buildings, endeav - +ours to best meet the changing accommodation and care +needs of vulnerable or dependent people. Secondly, because +Cofinimmo favours the use of modern techniques and sus - +tainable materials to reduce the carbon footprint of the +buildings constructed. Finally, because Cofinimmo ensures +the proper integration of buildings in the neighbourhood, +by paying specific attention to the diversity of healthcare +sites and to aesthetics. +In this context, BREEAM certifications ensure a very high level +of sustainability. For example, August 2023, a nursing and +care home in Sarriguren (Navarre, Spain) received a BREEAM +In-Use excellent certification. In addition, the nursing and +care care home in Tarragona (Catalonia, Spain), whose +provision acceptance took place in the third quarter of 2023, +received a BREEAM New Construction Excellent certification +in November 2022. +On the other hand, Cofinimmo has moderate influence in +projects developed by operators. In that case, Cofinimmo +acts more as an adviser in the area of sustainable con - +struction, seeking innovative solutions making the gradual +improvement of the property portfolio possible, at a pace +and in line with budgets that are acceptable to operators. +Energy performance certification is completed systemati - +cally in order to objectively measure the portfolio evolution. +Cofinimmo’s influence in terms of sustainability in the day- +to-day management of healthcare assets is rather indirect. +Here, the majority of the assets are managed largely auton - +omously by operators-tenants, who decide in particular on +the type of upkeep and maintenance works to be carried +out. Nevertheless, Cofinimmo endeavours to automatically +include the data relating to the energy and water consump - +tion of buildings in the environmental accounting system in +order to raise awareness among operators. As medical office +buildings are under Cofinimmo’s operational control, it ena - +bles more in-depth consumption analysis and monitoring. +The main criteria used to make a divestment decision include +the asset size, age, location, operations, energy performance +and residual lease length. +42 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret landmark is "Big Ben". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_45.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_45.txt new file mode 100644 index 0000000000000000000000000000000000000000..34450bf2a89cbee56a1560ff26be98c5f6761ba0 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_45.txt @@ -0,0 +1,61 @@ +Healthcare system + Supra-Regional + Regional + Local community +Regulators +Govt. +Hospitals +Medical +Colleges +Rural +Hospitals +Multi-Speciality +ClinicsPrimary +Healthcare +Diagnostic +Centres +General +Practioners Pharmacies +Home +Care +Blood +Banks +Nursing Homes +Small Private +Hospitals +Rehab +Clinics +Super-Speciality +Hospitals +Multi-Speciality +Hospitals +Insurance +Sub­segment Share in the +healthcare +real estate +portfolio +Facility type Year of entry +2005 +2008 +2012 +2014 +2019 +2020 +2021 +2021 +2021 +Cure centres 14 % +Acute care clinics +Rehabilitation clinics +Psychiatric clinics +Primary care 3 % Medical office buildings +Care centres 81 % +Nursing and care homes +Assisted living +Disabled care facilities +Others 2 % Mainly sport & wellness centres +Breakdown of the portfolio by type of asset +(as at 31.12.2023 - based on a fair value of 4,666 million EUR - in %) +43 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE   I +The secret clothing is a "sock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_46.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_46.txt new file mode 100644 index 0000000000000000000000000000000000000000..a0ce169ccde4681f112d9edb6968d8f990694522 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_46.txt @@ -0,0 +1,102 @@ +Committed investment programme in healthcare real estate +Project Type +(of works) +Number +of beds +Surface +area +(in m2) +Estimated +completion +date +Total +invest­ +ments +Total +invest ­ +ments +as at +31.12.2023 +Total +invest­ +ments +in 2024 +Total +invest­ +ments +after +2024 +(after works) (x 1,000,000 EUR) +ONGOING DEVELOPMENT PROJECTS +Belgium +Genappe Construction of a nursing and care home 112 6,000 Q3 2025 19 13 1 5 +Marche-en-Famenne Renovation and extension of a nursing +and care home +120 7,600 Q4 2024 8 7 1 0 +France +Fontainebleau Redevelopment of a nursing and care home 1001 6,500 Q2 2024 17 15 2 0 +The Netherlands +Vlijlmen Construction of a care clinic 30 2,100 Q1 2025 9 3 5 1 +Hoogerheide2 Construction of a nursing and care home 138 7,400 Q1 2024 26 26 0 0 +Spain +Palma de Mallorca +(Balearic Islands) +Construction of a nursing and care home 157 7,000 Q4 2025 16 12 3 1 +Alicante (Valencia) Construction of a nursing and care home 150 7,300 Q2 2024 14 14 0 0 +Oviedo (Asturias) Construction of a nursing and care home 144 6,500 Q3 2025 12 9 2 1 +Elche2 (Valencia) Construction of a nursing and care home 150 6,000 Q1 2024 8 8 0 0 +Castellón de la Plana (Valencia) Construction of a nursing and care home 136 5,900 Q4 2024 12 10 2 0 +Córdoba (Andalusia) Construction of a nursing and care home 162 7,300 Q2 2025 15 8 6 1 +Murcia (Murcia) Construction of a nursing and care home 150 6,700 Q2 2024 14 14 0 0 +Tomares (Andalusia) Construction of a nursing and care home 180 8,400 Q3 2024 13 10 3 0 +Ourense (Galicia) Construction of a nursing and care home 116 5,200 Q2 2025 +23 10 9 4Santa Cruz de Tenerife +(Canary Islands) +Construction of a nursing and care home 124 5,700 Q4 2025 +Maracena (Andalusia) Construction of a nursing and care home 180 9,100 Q3 2025 13 5 6 2 +Dos Hermanas (Andalusia) Construction of a nursing and care home 135 7,700 Q4 2025 12 3 7 2 +Valladolid (Valladolid) Construction of a nursing and care home 160 8,100 Q2 2025 14 3 9 2 +El Cañaveral3 (Madrid) Construction of a nursing and care home 165 7,000 Q4 2025 15 0 11 4 +Finland +Rovaniemi Construction of a nursing and care home 56 3,500 Q2 2024 9 7 3 0 +SUB­TOTAL INVESTMENT PROPERTIES 270 180 69 21 +Germany +North Rhine-Westphalia Development of 5 eco-friendly healthcare +campuses +680 62,000 2024-2025 188 12 162 14 +Spain +Vicálvaro (Madrid) Construction of a nursing and care home 132 5,500 Q2 2024 11 7 3 0 +Jaén (Andalusia) Construction of a nursing and care home 160 6,700 Q2 2024 10 8 2 0 +TOTAL INVESTMENT PROPERTIES, NON­CURRENT FINANCIAL ASSETS, +FINANCE LEASE RECEIVABLES AND ASSOCIATES +479 207 237 35 +Diversification +Cofinimmo actively seeks to diversify its portfolio, which takes +place at three levels : +• by country : the group currently holds healthcare assets in +Belgium, France, the Netherlands, Germany, Spain, Finland, Italy, +Ireland and the United Kingdom ; +• by operator-tenant : Cofinimmo has more than 70 healthcare +operators in its client-tenant database ; +• by asset type : the group’s healthcare real estate portfolio +includes nursing and care homes, assisted-living units, reha - +bilitation clinics, psychiatric clinics, medical office buildings, +care centres for the elderly or the disabled, acute care clinics, +and sport and wellness centres. +This diversification ensures that the group is not too dependent +on any given financing or social security system. +Follow-up of the financial and environmental +performance of acquired sites +Cofinimmo receives financial data reports from its operators +for each site periodically. This enables Cofinimmo to assess the +financial sustainability of each operation and, including the rent +hedging by the operational cash flow (‘EBITDAR’) generated by +the site. A comparison of the prices paid by residents/patients +for housing and by the authorities for care services enables the +ranking of each operation compared to similar sites, and provides +an evaluation of the risk associated with acquiring new units. +1. Corresponding to 90 beds and 10 day-care units. +2. Project delivered after 31.12.2023, see section ‘Events after 31.12.2023’. +3. Project announced after 31.12.2023, see section ‘Events after 31.12.2023’. +44 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_47.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_47.txt new file mode 100644 index 0000000000000000000000000000000000000000..0b0d6cab19ca7d0c016bf179913bfb3dd47f8d94 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_47.txt @@ -0,0 +1,80 @@ +With the agreement of the operators, Cofinimmo receives regular +environmental data. This allows Cofinimmo to evaluate energy +performance and assess the risk of possible decarbonisation. +The energy intensity by country is available in the section ‘EPRA +performance Indicators’. +In addition, Cofinimmo collects available data on the perfor - +mance of the healthcare operators and compares them with +its database and with market data when available. Data from +operators and specialist healthcare consultants and observations +made by Cofinimmo are compiled throughout the year. These +data are then validated during the summer of the following year +(the data presented below for 2023 are therefore preliminary +estimates to be confirmed next summer). +The underlying occupancy rate applies to the majority of care +centres and cure centres, which accounted for nearly 95 % of +Cofinimmo’s healthcare properties at the end of 2022 (see +universal registration document 2022 pages 39 and 43). For +the relevant assets in the countries and operators for which +Cofinimmo was able to collect and use the data (see scope +coverage in the table below), the underlying occupancy rates +already reached 84 % (or more) at the end of 2022, showing a +serious improvement compared to the 2021 level affected by +COVID-19. For 2023, Cofinimmo expects most countries to be +above 90 %, with Germany below this level. +For illustrative purposes, Cofinimmo has added market data +from the various sources available (in Germany they are not +available every year, and in Italy they are non-existent). +Cofinimmo would like to take this opportunity to thank its oper - +ators for their efforts over the last few years, which have been +challenging, and pointed out that reporting by operators would be +simplified if all owners would harmonise their reporting require - +ments. Cofinimmo intends to work in this direction in order to +establish industry standards. +Within this framework, of the relevant healthcare property sites +is shown in the table below : +The updated figures for 2023 will be published in principle on +26.07.2024, in the half-year press release. +Country Occupancy rate +Market data1 Cofinimmo’s relevant portfolio2 Scope coverage3 +2021 2022 2023 20214 20224 20235,6 2021 2022 20236 +Belgium 90 % 89 % n.a.7 87 % 92 % 93 % 98 % 100 % 100 % +France 89 % 87 % n.a.7 89 % 91 % 91 % 91 % 92 % 93 % +The Netherlands 93 % 95 % n.a.7 n.a. 94 % n.a.7 n.a. 34 % n.a.7 +Germany 88 % n.a.8 n.a.7 85 % 85 % 84 % 100 % 100 % 100 % +Spain 88 % 91 % n.a.7 84 % 92 % 93 % 100 % 100 % 100 % +Finland 88 % 87 % n.a.7 n.a.9 95 % 99 % n.a.9 100 % 100 % +Ireland 83 % 84 % n.a.7 92 % 93 % 94 % 100 % 100 % 100 % +Italy n.a.8 n.a.8 n.a.7 59 % 84 % 97 % 100 % 100 % 100 % +United Kingdom 79 % 83 % 86 % 94 % 96 % 97 % 100 % 100 % 100 % +TOTAL 86 % 90 % 91 % 98 %10 94 % 99 %10 +1. Sources : : public authorities, parastatal organisations, sectorial organisations, brokers, internal business intelligence. Financial occupation rate (based on number of +days billed to residents) for Belgium and France, physical occupation rate for other geographies. +2. Weighted average, computed on a sample composed of assets relevant for this operational KPI (most type of cure or care assets (see p. 39 & 43 of 2022 universal +registration document), beyond ramp-up, excluding assets in end of operating life, newly acquired or delivered, in restructuration or development). +3. % of relevant assets for which data have been collected compared to total relevant assets in term of contractual rent. +4. Information mostly based on financial occupation rates. +5. Estimates based on spot observations or other intelligence, actual annual average available during the summer of the following year. For the UK, full year data set +already available. +6. On a like-for-like basis with 2022 relevant portfolio. +7. Data set in the process of being collected and/or completed. +8. Unavailable information (e.g. : German market occupation rate available every two years). +9. Only one new build asset still in ramp up phase. +10. Excluding countries without data set. +Breakdown of the healthcare portfolio +by operator-tenant (as at 31.12.2023 - based on +contractual rents of 261 million EUR - in %) + 53.3 % +Others + 20.8 % +Clariane + 11.5 % +Colisée + 8.0 % +Orpea 1 + 6.4 % +DomusVi +1. On 20.03.2024, Orpea has announced the rebranding of its name to ‘Emeis’. +45 +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I +The secret transportation is a "bike". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_48.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_48.txt new file mode 100644 index 0000000000000000000000000000000000000000..3484b7d37ea731b0b772ecd77d66f5e1f84176c1 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_48.txt @@ -0,0 +1,104 @@ +A vast and +qualitative +European portfolio +France +15 % +of the portfolio +321,000 m² +Surface area +99.6 % +Occupancy rate +57 +Sites in operation +5,200 +Beds +Belgium +36 % +of the portfolio +612,000 m² +Surface area +100 % +Occupancy rate +90 +Sites in operation +10,900 +Beds +Germany +19 % +of the portfolio +407,000 m² +Surface area +97.6 % +Occupancy rate +59 +Sites in operation +6,200 +Beds +The Netherlands +11 % +of the portfolio +201,000 m² +Surface area +99.1 % +Occupancy rate +51 +Sites in operation +1,400 +Beds +Spain +8 % +of the portfolio +156,000 m² +Surface area +100 % +Occupancy rate +25 +Sites in operation +3,900 +Beds +Finland +3 % +of the portfolio +36,000 m² +Surface area +100 % +Occupancy rate +15 +Sites in operation +690 +Beds +United Kingdom +1 % +of the portfolio +10,200 m² +Surface area +100 % +Occupancy rate +3 +Sites in operation +200 +Beds +Italy +5 % +of the portfolio +76,000 m² +Surface area +100 % +Occupancy rate +8 +Sites in operation +1,300 +Beds +Ireland +2 % +of the portfolio +42,000 m² +Surface area +100 % +Occupancy rate +8 +Sites in operation +550 +Beds +46 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_49.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_49.txt new file mode 100644 index 0000000000000000000000000000000000000000..011e6e7e1430a84ddefeb7e589785ab2ffc7d012 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_49.txt @@ -0,0 +1,2 @@ +SECTION 4  I  MANAGEMENT REPORT  I  HEALTHCARE REAL ESTATE  I +47 \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_5.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..c6684fe5818e28299fd3947fade050c83bbb29fe --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_5.txt @@ -0,0 +1,23 @@ +Belgium +France +The Netherlands +Germany +Spain +Finland +Ireland +Italy +United Kingdom +* For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the +guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APM are recommended by the European +Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a +better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*). +The performance indicators that are defined by IFRS rules or by law are not considered as APM. Neither are indicators that are not based on +income statement or balance sheet items. APM are defined, commented on and reconciled with the most relevant item, total or subtotal in +the financial statements for this purpose in Note 48 to the consolidated financial statements included in this universal registration document. +The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies. +7.07 EUR/share +Net result of core activities - group part - +per share* (or EPRA Result*) +3 + I  ABOUT COFINIMMO  I +The secret fruit is a "lemon". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_50.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_50.txt new file mode 100644 index 0000000000000000000000000000000000000000..4328e34d604579b38733bffa856e19dff71a2001 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_50.txt @@ -0,0 +1,77 @@ +Asset +location +Type of works / +Type of asset +Year built / +renovated +Approx. +surface area +(in m2) +Number +of beds +Operator­ +tenant +Type +of lease +Lease +length +(in years) +Price / +Investment budget +(in million EUR) +ACQUISITION + 1 Oupeye Nursing and care +home +2017/2020 10,400 116* beds + 43 +assisted-living +units +Orelia Triple +net +27 ± 30 +PROVISIONAL ACCEPTANCES + 2 Grimbergen Nursing and care +home +2023 5,600 82 Orelia +Zorg +Triple +net 27 ± 19 + 3 Oudenburg Nursing and care +home +2023 4,400 68 Clariane1 Triple +net +20 ± 11 + DISPOSALS + 4 Balen Nursing and care +home +2004 6,500 Armonea +± 31 + 5 Aartselaar Nursing and care +home +2006/2013 7,800 Clariane1 + 6 Walshoutem Nursing and care +home +2001/2012 6,800 89 + 20 +assisted-living +units +Anima +Care +± 11 +* Of which 5 day-care beds. +1. Previously known as Korian. +In Belgium, Cofinimmo holds investments properties in healthcare real estate +for a fair value of 1.7 billion EUR, 18 million EUR in participations in associates and +15 million EUR in finance lease. +Belgium +53 million EUR +investments in 2023 +2 +ongoing development projects +Achievements in 2023 + 1 + 2 + 3 + 4 5 + 6 +48 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret object #1 is a "clock". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_6.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_6.txt new file mode 100644 index 0000000000000000000000000000000000000000..407eac8a83407be08033b2eac0a4bdebb425ce11 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_6.txt @@ -0,0 +1,53 @@ +Risk factors +Structure of risk factors +F.1 Risks associated with Cofinimmo’s activities +and sectors of activity + F.1.1 Economic context + F.1.1.1 Global context + F.1.1.2 Leasing market conditions in the group’s +operating segments + F.1.1.3 Investment market conditions in the group’s +operating segments + F.1.1.4 Interest rate volatility + F.1.1.5 Situation of some healthcare operators + F.1.2 Property portfolio + F.1.2.1 Negative change in the fair value of property + F.1.2.2 Investments subject to conditions + F.1.3 Customers + F.1.3.1 Concentration risk + F.1.3.2 Vacancy rate +F.2 Risks relating to Cofinimmo’s financial +position + F.2.1 Liquidity risk + F.2.2 Contractual obligations and legal parameters + F.2.3 Change in the group’s public financial rating + F.2.4 Risks arising in the event of a change of control +F.3 Legal and regulatory risks + F.3.1 RREC, FIIS, SIIC and SOCIMI regimes + F.3.2 Changes in social security schemes + F.3.3 FBI regime + F.3.4 Preventive double taxation agreement between +Belgium and France +F.4 Risks relating to internal control +F.5 Environmental, social and governance risks + F.5.1 Building sustainability + F.5.2 ESG and sustainability transparency +Following the 21.07.2019 entry into force of the European Parliament and +Council’s Regulation (EU) 2017/1129 of 14.06.2017, known as the ‘Prospectus’ +Regulation, in particular its provisions for the presentation of risk factors, this +section includes only the specific and most significant risk factors faced +by the Cofinimmo group. The inclusion of each risk factor is based on +the probability of its occurrence and the estimated impact on the group. +Relevant risk factors are grouped into categories (numbered F.1 through +F.5) and sub-categories (numbered F.1.1.1 through F.5.2), they are ranked +according to their nature, the most significant risks being listed first within +each category. The numbering of the risk factors makes it easier to refer +from one factor to another and identify possible interdependencies. +The quantified impacts of the various risk factors can be interpreted +in light of the group’s 2023 financial results : it is recalled that the group +generated a net result - group share of -55 million EUR and a net result +from core activities - group share* of 241 million EUR. The group had net +assets of 3,623 million EUR (i.e. 98.61 EUR per share), a 43.8 % debt-to- +assets ratio, and contractual rents of 355 million EUR as at 31.12.2023. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +4 diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_7.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_7.txt new file mode 100644 index 0000000000000000000000000000000000000000..a7b73003db924a469b38422fd5720520aeaa14f6 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_7.txt @@ -0,0 +1,118 @@ +F.1. Risks associated with Cofinimmo’s activities +and sectors of activity +F.1.1 Economic context +F.1.1.1 Global context +Cofinimmo’s activities are conducted in a global context +which has undergone multiple upheavals in recent years : fol - +lowing the outbreak of the COVID-19 coronavirus pandemic early +2020, inflation started to rise in Europe in the second half-year of +2021 to reach high levels in 2022 (to slow down in 2023), which led +to a general increase in nominal interest rates (on the wane since +Q4 2023), and war broke out again on the European continent +in 2022, followed by the conflict in Israel and Gaza in Q4 2023. +In this respect, the situation in Ukraine and the consequences +deriving from the sanctions taken towards Russia, as well as the +situation in Israel and Gaza, have no direct impact on the group’s +activity nor its financial result, since the group is not active in +these geographical areas (it should be noted that Finland, which +shares a border with Russia, represents 2.5 % of the group’s invest- +ment properties). The independent real estate valuers’ report +mentions an explanatory note on the situation in Ukraine, in +Israel and Gaza, and/or the current high volatility of markets. +The indirect impact of the situation in these geographical areas +can be assessed through the following risk factors : +• high inflation and increasing energy prices : risk factors ‘F.1.1.2 +Leasing market conditions in the group’s operating segments’, +‘F.1.3.2 Vacancy rate’ ; +• delays or budget overruns in the implementation of devel - +opment projects : risk factor ‘F.1.2.2 Investments subject to +conditions’ ; +• increasing interest rates : risk factors ‘F.1.1.3 Investment market +conditions in the group’s operating segments’, ‘F.1.1.4 Interest +rate volatility’, ‘F.1.2.1 Negative change in the fair value of pro- +perty’, ‘F.2.1 Liquidity risk’, ‘F.2.2 Contractual obligations and legal +parameters’, ‘F.2.3 Change in the group’s public financial rating’. +In addition, although COVID-19 is no longer a global health +emergency, the virus is still circulating. As a reminder, from the +beginning of 2020, Cofinimmo has implemented several meas - +ures to ensure continuity, while prioritising the health of all its +stakeholders. +The group’s operational teams remained in close contact with +tenants to ensure the continuity of services and help them get +through this difficult period, followed by a period of high inflation. +Cofinimmo reviews the financial and operational situation of +its counterparties on a case-by-case basis to find a balanced +solution where appropriate. In this context, Cofinimmo recognised +writedowns of 2.0 million EUR on trade receivables in 2020, with no +equivalent in 2021, of 1.4 million in 2022 and 0.3 million EUR in 2023. +In addition to the information included in this document, note +that : +• in the office segment, surface areas leased directly to mer - +chants (retailers, restaurants, etc.) represent less than 0.2 % of +the group’s contractual rents ; +• in the healthcare real estate segment, sport & wellness centres +account for less than 3 % of the group’s contractual rents. These +centres, located in Belgium and Germany, have been closed +intermittently to the public as from March 2020 and have only +been fully reopened in June 2021. Nevertheless, the current +situation calls for caution ; +• in the property of distribution networks segment, the Pub - +stone portfolios of pubs and restaurants in Belgium and the +Netherlands represent less than 10 % of the group’s contrac - +tual rents. Although Cofinimmo’s counterparty is the A- rated +AB InBev group (S&P rating on 16.02.2024), the world’s leading +brewer, it is not excluded that a decrease in the fair value will +be recognised in the 2024 financial year, based on the evolution +of market parameters or due to the evolution of contamination +caused by COVID-19 and the measures that could be taken +by the authorities to mitigate it (such as a new mandatory +shut-down of the hospitality sector). +F.1.1.2 Leasing market in the group’s operating segments +The leasing market in the group’s two main operating segments +(healthcare real estate in Europe, office property in Belgium, +primarily Brussels) could experience a fall in demand, over-sup - +ply, or the weakening of the financial position of its tenants. The +effects of high inflation in Europe can be assessed (see also +F.1.3.2) in terms of the weakening financial situation of tenants, +as inflation indexed rents (or expenses, mainly energy related) +may become unaffordable for some tenants. +Potential effects : +1. A decrease in net income resulting from an increase in the +vacancy rate and associated costs. At 31.12.2022, a 1 % increase +in the vacancy rate would have had an impact of around +-2.5 million EUR on the net result - group share. For offices, the +impact would have been -0.8 million EUR. +2. Weakening of tenants’ solvency and an increase in doubt - +ful accounts reducing the collection of rent and/or expenses +charged to the tenants by the owners. At 31.12.2023, trade receiv - +ables amount to 45 million EUR (see Note 28 of the consolidated +accounts). In the course of the 2023 financial year, writedowns +in the amount of 0.3 million EUR have been recognised, down +compared to 2022, when it amounted to 1.4 million EUR. An +increase in writedowns of 1 million EUR would have represented +a decrease in the net result – group share of 1 million EUR. +3. A decrease in the fair value of investment properties +(see F.1.2.1. below). +F.1.1.3 Investment market conditions in the group’s operating +segments +The investment market in the group’s two main operating seg - +ments (healthcare real estate in Europe, offices in Belgium, +primarily Brussels) currently see a fall in activity (decrease in +the number of transactions, mainly due to the expectation gap +between selling and buying real estate investors). This can lead +to a reduction in the market price observed by independent +real estate valuers for properties comparable to those held by +the group, which would be reflected in the fair value of the group’s +investment properties. +Potential effects : +1. A decrease in the fair value of investment properties (see +F.1.2.1 below). +F.1.1.4 Interest rate volatility +Short-term and/or long-term benchmark interest rates may +be subject to significant fluctuations in international finan - +cial markets, particularly in the context of rising inflation. As at +31.12.2023, half of the 2.7 billion EUR financial debt was concluded +at a fixed rate and half at a floating rate. The floating-rate debt +5 +SECTION 1  I  RISK FACTORS  I +The secret animal #3 is a "spider". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_8.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_8.txt new file mode 100644 index 0000000000000000000000000000000000000000..5f939195e0a016700ef0e812ee0607cbc392d790 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_8.txt @@ -0,0 +1,116 @@ +is subject to hedging. Considering these hedges and the fixed- +rate debt, the interest rate risk was fully hedged at the end of +the financial year (situation as at 31.12.2023). However, as the +financial debt fluctuates on a daily basis, while the fixed rate +debt and hedges are determined by the financing and hedging +contracts in place at 31.12.2023, the group remains sensitive to +changes in market interest rates on the unhedged portion of the +variable rate financial debt. In addition, property investments are +generally (very) long-term investments and the group therefore +needs to periodically refinance its financial debt (taking into +account the group’s target debt-to-assets ratio), which has a +shorter maturity than the investments, and/or to enter into new +hedging transactions (also with a shorter maturity). Thus, as +at 31.12.2023, the anticipated market interest rate risk was fully +hedged as part of the long-term interest rate hedging policy. +The hedging at each year-end will gradually decrease to nearly +80 % (or more) at the end of 2027 based on the outlook of the +debt assumptions (coverage ratio of 100 % at the end of 2024, +94 % at the end of 2025, 91 % at the end of 2026 and 83 % at the +end of 2027). The unhedged part of the financial debt (which +fluctuates on a daily basis) means that Cofinimmo remains +exposed to fluctuations in short-term market interest rates. It +should also be noted that the forecast debt may differ from +the actual debt, which could result in additional exposure to +fluctuations in market interest rates. +Potential effects : +1. An increase in financial charges in the event of an increase in +interest rates, on the debt portion that has been concluded at +a floating rate and that would not be hedged, and therefore a +decrease in net assets per share*. In 2024, assuming that the +debt structure and level remain identical to those at 31.12.2023, +and disregarding the hedging instruments put in place, an +increase in interest rates of 50 basis points would result in an +26 basis points increase in the financing cost, a decrease in +the net result - group share of 7.3 million EUR and a decrease +in net assets per share* of 0.20 EUR. Taking into account the +hedging instruments put in place, an increase in interest rates +of 50 basis points would not have a noticeable impact. +2. A change in the fair value of financial instruments in the event +of a change in interest rates, and hence a change in the net +result - group share and in net assets per share*. In 2024, a +negative change in the fair value of financial instruments of +1 million EUR would represent a decrease in the net result - group +share of 1 million EUR and a decrease in net assets per share* +of 0.03 EUR. A positive change would have an opposite effect +of the same magnitude. +F.1.1.5 Situation of some healthcare operators +The effects of the recent situation around some healthcare +operators, mainly in France and Germany (see page 40 of this +document), can be assessed from different angles that fit into +the risk factor analysis : +• leasing market conditions in the group’s operating segments +(see F.1.1.2) : should the occupancy rate of the said operators +durably be affected and/or as a result of an increase in their +operating or financial expenses ; +• concentration risk (see F.1.3.1) : should some of the group’s cur - +rent tenants be involved in a business combination ; +• vacancy rate (see F.1.3.2) : in the event of early termination +of leases ; +• changes to social security schemes (see F.3.2) : should the legal +framework in which these operators operate change in a way +that it becomes unfavourable to their development or to the +respect of their existing commitments towards the owners of +the properties they operate ; +• lack of ESG transparency (see F.5.2) : in the event of a conta - +gion effect on the reputation of Cofinimmo and/or the other +owners of properties operated by these tenants. +As a regulated real estate company, Cofinimmo is in no way +involved in the operation of the sites leased to healthcare oper - +ators. The occupancy rate is managed by the operator of the +sites, and the rents are independent of the local occupancy rate +or the financial performance, within the framework of long-term +contracts (see pages 82 to 86 of chapter ‘Compostion of con - +solidated portfolio’ for more details on diversification in terms +of tenant and geography). +F.1.2 Property portfolio +F.1.2.1 Negative change in the fair value of property +The market value of the group’s investment properties, as +reflected by the fair value recognised in the balance sheet, +is subject to changes and depends on various factors. Some +of these factors are outside the group’s scope of action, such +as a decrease in demand and occupancy rate of the group’s +operating real estate segments, a change in interest rates in +the financial markets, or an increase in real estate transfer tax +in the group’s operating geographical areas. Other factors also +play a role in the valuation of investment properties, such as +their technical condition, commercial positioning, or the invest - +ment budgets necessary for proper functioning and marketing. +A significant negative change in the fair value of investment +properties from one period to another would represent a sig - +nificant loss in the group’s income statement, with an adverse +effect on its net assets and debt-to-assets ratio. The high level +of inflation currently observed in Europe, which led to an increase +in nominal interest rates, is likely to generate changes in the fair +value of buildings that can be positive (as a result of inflation) +or negative (as a result of nominal interest rates). +Potential effects : +1. At 31.12.2023, a 1 % change in value would have had an impact +of around 62.3 million EUR on the net result (compared to +62.0 million EUR at 31.12.2022), 1.70 EUR on the net asset value +per share* (compared to 1.89 EUR at 31.12.2022) and 0.42 % on +the debt-to-assets ratio (compared to 0.43 % at 31.12.2022). +2. If the cumulative changes in the fair value of properties (repre - +senting a cumulative unrealised gain of 188 million EUR as at +31.12.2023) were to be reduced to a cumulative unrealised loss +in value of -805 million EUR (which would mean a writedown of +993 million EUR), the group would be partially or totally unable +to pay dividends. The amount of 805 million EUR results from +the application of article 7:212 of the Belgian Code of Com - +panies and Associations (see page 329 of this document). It +includes in particular distributable share premiums (of about +619 million EUR), and is understood to be after the effect of +the distribution in 2024 of the proposed dividend for the 2023 +financial year. +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +6 diff --git a/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_9.txt b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_9.txt new file mode 100644 index 0000000000000000000000000000000000000000..d308baec1742df0a05fe966f579f1db4d92dc117 --- /dev/null +++ b/Cofinimmo/Cofinimmo_50Pages/Text_TextNeedles/Cofinimmo_50Pages_TextNeedles_page_9.txt @@ -0,0 +1,113 @@ +F.1.2.2 Investments subject to conditions +Some investments announced by the Cofinimmo group are sub - +ject to conditions, particularly for (re)construction, renovation, +extension and acquisition projects that have not yet been formally +completed. The committed investment programme represents +290 million EUR still to be made in 2024 (255 million EUR) and after +2024 (35 milion EUR), mainly in healthcare real estate (detailed +on page 44 for healthcare real estate and 77 for offices). The +main condition for each of these projects to contribute to the +result in accordance with the announcements made at the time +of their completion is that the project is completed. A project for +which construction has not yet commenced is also generally +subject to obtaining the necessary permits. +Potential effects : +1. Insofar as the return generated by these investments is already +reflected in the outlook ( see also F.4 below) and in the market +price of Cofinimmo shares, the outlook and the price are +exposed to downside risks in the event of significant delay or +non-completion of these investments. +F.1.3 Customers +F.1.3.1 Concentration risk +Concentration risk is assessed for buildings, locations, and (groups +of) tenants or operators. As at 31.12.2023, the Cofinimmo group had +a diversified customer base (nearly 300 groups of tenants or +operators), of which more than 70 in healthcare real estate. In +2023, the group’s five main (groups of) tenants or operators +generated 44.8 % of gross rental revenues. The two main (groups +of) tenants or operators accounted respectively for 15.3 % (Clari- +ane1 group) and 9.3 % (AB InBev) of these revenues. Furthermore, +the public sector generated 5.8 % of gross rental revenues. +Potential effects : +1. Significant reduction in rental income and hence net result +- group share, and net assets per share* in the event of the +departure of major tenants or operators. +2. Collateral effect on the fair value of investment properties (see +F.1.2.1 above). +3. Non-compliance with the diversification obligations provided +for by the RREC legislation, which mandates that ‘no transaction +carried out by a public RREC can have the effect that more +than 20 % of its consolidated assets are placed in real estate +assets (…) that form a single set of assets, or increase this +proportion further, if it is already higher than 20 %, irrespective +of the cause of the initial exceedance of this percentage’. +A set of assets is defined as ‘one or more buildings or assets +(...) whose investment risk is to be considered as a single risk +for the public RREC’ (article 30 of the RREC law). The fair value +of investment properties operated by entities of the Clariane +and AB InBev groups represents respectively 13.4 % and 6.5 % +of the consolidated assets. +F.1.3.2 Vacancy rate +A vacancy may arise in the event of non-renewal of expiring +rental contracts, early termination, or unforeseen events, such +as tenant/operator bankruptcies (see chapter ‘Composition of +consolidated portfolio’). Given the high occupancy rate observed +as at 31.12.2023 in the group’s operating sectors (healthcare real +1. Previously known as Korian group. +estate : 99.4 % ; offices : 93.9 % ; property of distribution networks : +99.8 % ; group : 98.5 %), the risk of future rental vacancies is nat - +urally greater than the opportunity to increase the occupancy +rate in each of these segments. The effects of the high level +of inflation in Europe can be assessed (see F.1.1.2) in terms of +vacancy rate, should inflation be such that it makes indexed +rents unaffordable for some tenants and increases vacancies. +Potential effects : +1. As at 31.12.2023, a 1 % increase in the vacancy rate at group level +would have had an impact of about 3.6 million EUR on the net +result – group share, excluding amounts normally borne by +tenants/operators and marketing costs borne by the group. +F.2 Risks related to Cofinimmo’s financial +situation +F.2.1 Liquidity risk +Cofinimmo’s investment strategy is largely based on its abil - +ity to raise funds, whether borrowed capital or shareholder’s +equity. This ability depends particularly on circumstances that +Cofinimmo does not control, such as the state of international +capital markets, banks’ ability to grant credit, market partici - +pants’ perception of the group’s solvency, market participants +perception of real estate in general and on the group’s operating +segments in particular. The group could therefore encounter +difficulties in obtaining financing necessary for growth or for +the exercise of its activities. Cofinimmo monitors liquidity risk on +an ongoing basis by keeping a close eye on the debt-to-assets +ratio, headroom on committed credit lines, interest rate hedg - +ing, the cost of debt and net result from core activities - group +share* (in absolute terms and per share), while maintaining an +ongoing dialogue with investors in the capital markets and with +its network of banking institutions. As at 31.12.2023, Cofinimmo’s +financial debt consisted mainly of bonds, commercial paper +and bank loans. This debt was fully hedged, resulting in an aver - +age cost of debt*, including bank margins, of 1.4 %. In addition, +the maturities for the years 2024 and 2025 have been limited +to approximately 13 % of total financing. The chapter ‘Financial +resources management’ of this document details the group’s +financing strategy and the manner in which it is implemented. +It also presents the group’s debt structure and a timetable of +financial commitments. +Potential effects : +1. Inability to finance acquisitions or development projects. +2. Financing at a higher cost than expected, with an impact on +net result - group share, and hence on net assets per share*. +3. Inability to meet the group’s financial commitments (oper - +ating activities, interest or dividend payments, repayment of +maturing debts, etc). +F.2.2 Contractual obligations and legal parameters +Cofinimmo group is contractually or statutorily obliged to comply +with certain obligations and certain parameters or ratios, par - +ticularly within the framework of its contracted credit agree - +ments. Non-compliance with these commitments, parameters, +or ratios entails risks for the group. The main legal obligations, +parameters, or ratios are specified in regulations on regulated +7 +SECTION 1  I  RISK FACTORS  I +The secret object #2 is a "bottle". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_1.txt b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_1.txt new file mode 100644 index 0000000000000000000000000000000000000000..1f8bf8bfb8e55b4509ee825c58b2105be8ff3bef --- /dev/null +++ b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_1.txt @@ -0,0 +1,39 @@ +History +1983 +Company established end December +(capital : 6 million EUR) +1994 +Listed on the Brussels stock exchange, +now called Euronext Brussels +2005 +• First healthcare real estate investments +in Belgium +• First public-private partnership : the +Antwerp Courthouse +2011 +• Launched partnership +with MAAF for a portfolio of +283 insurance agencies +in France (Cofinimur I) +• Issued first convertible bonds +2007 +Launched partnership with AB InBev +Group for a portfolio of 1,068 pubs +and restaurants located in Belgium +and the Netherlands (Pubstone) +2012 +• First healthcare real +estate investments in the +Netherlands +• Adopted FBI status (Dutch REIT +regime) in the Netherlands +2008 +• First healthcare real estate +investments in France +• Adopted SIIC status (French REIT +regime) +• First ISO 14001 certification +1996 +Adopted Belgian SICAFI +status +The secret shape is a "heart". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_2.txt b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_2.txt new file mode 100644 index 0000000000000000000000000000000000000000..9b787d324db6c7fba9ec9e8339f5c06f3ad1c3d8 --- /dev/null +++ b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_2.txt @@ -0,0 +1,55 @@ +History +2019 +• Launched the 30³ project, aimed at +reducing the portfolio’s energy intensity +by 30 % by 2030 from 2017 levels, based +on SBTi (Science Based Targets initiative) + • Continued to accelerate investments +in healthcare real estate (almost +500 million EUR) +• First healthcare real estate investments +in Spain +• Accelerated rebalancing of the office +portfolio to the Brussels’ Central Business +District +• Over 56 % of the consolidated portfolio +invested in healthcare real estate +2020 +• First healthcare real estate investments +in Finland +• Capital increases in the amount of +nearly 143 million EUR +• Issued a first 500 million EUR benchmark +sustainable bond +• More than 700 million EUR invested, +including nearly 600 million EUR in +healthcare real estate in Europe +• 59 % of the consolidated portfolio +invested in healthcare real estate +2014 +• First healthcare real estate investments +in Germany +• Adopted RREC status in Belgium +• First sustainability report based on the +GRI index +2015 +• Capital increase with preference rights +in the amount of 285 million EUR +• Continued investing in healthcare real +estate in the Netherlands and Germany +2016 +• Continued investing in healthcare real estate +in the Netherlands and Germany +• Opened first Flex Corner® and The Lounge® +sites +• Issued green & social bonds +2018 +• Capital increase with irrevocable +allocation rights in the amount +of 155 million EUR +• Accelerated investments in +healthcare real estate +(300 million EUR) +• Initiated the rebalancing of the +office portfolio +The secret flower is a "daisy". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_3.txt b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_3.txt new file mode 100644 index 0000000000000000000000000000000000000000..8e659de2074372901f2060ac35038ad5e0666d19 --- /dev/null +++ b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_3.txt @@ -0,0 +1,49 @@ +2022 +• Almost 550 million EUR invested in +healthcare real estate in Europe +• 70 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 114 million EUR +• Further disposal of part of the +Cofinimur I portfolio (property of +distribution newtorks) for more than +50 million EUR +• 76 million EUR divested in office +buildings +2021 +• Almost 1 billion EUR invested in healthcare +real estate in Europe +• First healthcare real estate investments +in Ireland, Italy and the United Kingdom +• 67 % of the consolidated portfolio +invested in healthcare real estate +• Contribution of the office portfolio into +a subsidiary +• Capital increases in the amount of nearly +565 million EUR +• Partially disposed of the Cofinimur I +portfolio (property of distribution +networks) for more than 40 million EUR +2023 +• Inclusion in the new Euronext BEL ESG +index and the Financial Times 500 +Europe’s Climate Leaders list +• Achievement of the zero net investment +target set at the beginning of the +year (with a neutral impact on the +debt-to-assets ratio) +• 75 % of the consolidated portfolio +invested in healthcare real estate +• Capital increases in the amount of +nearly 247 million EUR +• Completion of the disposal of the + Cofinimur I portfolio (property +of distribution networks) for a +total amount of approximately +111 million EUR +• 40th anniversary of the group +on 29.12.2023 +1 + I  HISTORY  I +The secret fruit is a "lemon". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_4.txt b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_4.txt new file mode 100644 index 0000000000000000000000000000000000000000..7a18fc5e012224e6f76fa87091c3a038a1d8f025 --- /dev/null +++ b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_4.txt @@ -0,0 +1,32 @@ + X Nursing and care home – Raisio (FI) +About +Cofinimmo +The pandemic that the world has been +experiencing in recent years has highlighted the +importance of the healthcare sector for each and +every one of us. Through its investments, +Cofinimmo is actively participating in the +operation, maintenance, expansion and renewal +of the healthcare property portfolio in Europe. +Cofinimmo has been acquiring, developing and managing rental properties for 40 years. +The company has a portfolio spread across Belgium, France, the Netherlands, Germany, +Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately +6.2 billion EUR. Responding to societal changes, Cofinimmo’s mission is to provide +high-quality care, living, and working spaces to partner-tenants that directly benefit +their occupants. +‘Caring, Living and Working - Together in Real Estate’ is the expression of this mission. +Thanks to its expertise, Cofinimmo has assembled a healthcare real estate portfolio +of approximately 4.7 billion EUR in Europe. +As an independent company applying the highest standards of corporate governance +and sustainability, Cofinimmo offers tenant services and manages its portfolio through +a team of approximately 155 employees in Brussels, Paris, Breda, Frankfurt and Madrid. +Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT status in +Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised +by the Financial Services and Markets Authority (FSMA), the Belgian regulator. +Fair value of the porfolio on 31.12.2023 +6.2 billion EUR +Cofinimmo is active in +9 countries +2 +  I  COFINIMMO  I  UNIVERSAL REGISTRATION DOCUMENT 2023  I +The secret instrument is a "violin". \ No newline at end of file diff --git a/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_5.txt b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_5.txt new file mode 100644 index 0000000000000000000000000000000000000000..49c0faa68b1a4d0f3f1c1fe8489b899519734f21 --- /dev/null +++ b/Cofinimmo/Cofinimmo_5Pages/Text_TextNeedles/Cofinimmo_5Pages_TextNeedles_page_5.txt @@ -0,0 +1,23 @@ +Belgium +France +The Netherlands +Germany +Spain +Finland +Ireland +Italy +United Kingdom +* For many years, Cofinimmo has used Alternative Performance Measures (APM) in its financial communications, within the meaning of the +guidelines issued on 05.10.2015 by ESMA (European Securities and Market Authority). Some of these APM are recommended by the European +Public Real Estate Association (EPRA), while others have been defined by the sector or by Cofinimmo in order to provide the reader with a +better understanding of its results and performance. The APM included in this universal registration document are identified by an asterisk (*). +The performance indicators that are defined by IFRS rules or by law are not considered as APM. Neither are indicators that are not based on +income statement or balance sheet items. APM are defined, commented on and reconciled with the most relevant item, total or subtotal in +the financial statements for this purpose in Note 48 to the consolidated financial statements included in this universal registration document. +The definitions of APM may differ from those of other concepts with the same name in the financial statements of other companies. +7.07 EUR/share +Net result of core activities - group part - +per share* (or EPRA Result*) +3 + I  ABOUT COFINIMMO  I +The secret food is "chocolate". \ No newline at end of file diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_101.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_101.jpg new file mode 100644 index 0000000000000000000000000000000000000000..7206047880a499bbb88269dfd33e4fe29ff512e7 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_101.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:fd117b4143ed86e8b43c556193ecace34d33cbeb361ddf2efb6641ee7ab82285 +size 492645 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_102.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_102.jpg new file mode 100644 index 0000000000000000000000000000000000000000..642a116ea196a5aacf97bebe3ac82c1e2e067f48 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_102.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:515fef0ee411b7668053096d96190fa1f59f87fda496eed3b85ef11f868e130f +size 409951 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_103.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_103.jpg new file mode 100644 index 0000000000000000000000000000000000000000..7167e9d9b53849ff1b38b3b606f261d6713a1d91 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_103.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:773c2fd538d2270818f97bafe715e9d385d54248a3f4219d6cfb9cc4affc839e +size 405888 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_115.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_115.jpg new file mode 100644 index 0000000000000000000000000000000000000000..9a02ec0307b0bb25e67c7af13a67ec46459203d1 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_115.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:4c2a986227f8e47cb2a0c3a0f59e2f38e697af30f7acd4c6fbf33d5d9928859c +size 440748 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_116.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_116.jpg new file mode 100644 index 0000000000000000000000000000000000000000..705ddec1ee627c49fa0a4773f982e5e36a54774f --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_116.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:d9bb3061bd22038601a4a911a39af739aa07200a790f6b2e0e8d2c91acad6a94 +size 460565 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_117.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_117.jpg new file mode 100644 index 0000000000000000000000000000000000000000..81c03d03040e9c19609b4bbf3ef52ac638c7b074 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_117.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:98ab80db8b62f3cb2ab4a032f708950ee3533fe945d8ee89806eaf7bfe569cad +size 404465 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_129.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_129.jpg new file mode 100644 index 0000000000000000000000000000000000000000..fcd2970a5ab644b9c2dfedf0896352b37b891ea9 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_129.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:4a0526036e683df7d5a1db8e81df70e2e638e2b7290276ceefafc77ef6685075 +size 276995 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_20.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_20.jpg new file mode 100644 index 0000000000000000000000000000000000000000..71ad8d1e5844002595fb5e37721ff86b11cbb4c8 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_20.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:132d101143d22492630efccd22cecd51ba61c0932570e4fe9b5a33f0e6a93d18 +size 319349 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_21.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_21.jpg new file mode 100644 index 0000000000000000000000000000000000000000..c5b42fb1c5e22eb163a6f454c5f08263a113133b --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_21.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:14ace000c4067791b6997d99e92d3d19bf970bb34f11546e1af7430ee6a1c3d1 +size 417258 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_34.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_34.jpg new file mode 100644 index 0000000000000000000000000000000000000000..f1ed530369b7d71132eabdfb47127b5945a4646d --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_34.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:bc7539cdb091b94aca5155b49c3d8f327dcdb506d88b3c3564a0a836b97b005f +size 152986 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_35.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_35.jpg new file mode 100644 index 0000000000000000000000000000000000000000..83351036d0911ab0463cd4a86ad9c0b869f4da3b --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_35.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:43aea6e767a8d686becc321007d5f5f07d70d55afd2ccf57c2923f9510d09d17 +size 334486 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_36.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_36.jpg new file mode 100644 index 0000000000000000000000000000000000000000..ae89f0ad50527c516fedd21d329ea95f51ea9633 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_36.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:000b6ac0f7f6e7311509fee14894d051cd89c5f2bd816c16b43d5ef43739e1ef +size 622313 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_46.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_46.jpg new file mode 100644 index 0000000000000000000000000000000000000000..eac92cdbfeae724bdf022c1a29a437f0bd97fa1a --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_46.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:2e5435fe851470a3c74fd86285bf2f63dc3ec68955619ebdd08838aa0b461f0c +size 363512 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_52.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_52.jpg new file mode 100644 index 0000000000000000000000000000000000000000..a1b9a3f6001276994a8c524dcd021117a156b892 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_52.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:636049eb0794738cc1a8e0be89a3fce7517c0313b79f4c775a0a2da7b311292f +size 419961 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_8.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_8.jpg new file mode 100644 index 0000000000000000000000000000000000000000..fbdd1f08d6823c32fd383bf582133498e33d9e73 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_8.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:202ce326438cb2b5c0aa10b5f406dbff3c1fc6394c80495fc3d005ebad39b812 +size 251005 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_84.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_84.jpg new file mode 100644 index 0000000000000000000000000000000000000000..5d9c6f24018b731257bd33c0a5af09275b424f1e --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_84.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:86da68e415b8a702d2b6ab87d613c4e439fb7804cd32f12d79fc19749b63a2b1 +size 372809 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_9.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_9.jpg new file mode 100644 index 0000000000000000000000000000000000000000..28ae11878c6d7c9bcc21d93e299d8e2bbf8bfcf5 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_9.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:c7175606917a07258dbb93dbec441447dfe0161df3c4c64829eb90f70ae0d918 +size 342459 diff --git a/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_91.jpg b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_91.jpg new file mode 100644 index 0000000000000000000000000000000000000000..a33fb131e026b7918d0361135d58483b1907ae86 --- /dev/null +++ b/NewRiver/NewRiver_150Pages/Images_TextNeedles/NewRiver_150Pages_TextNeedles_page_91.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:1cfa8cd681ec2f10dfbaba6429d8eb86ce8bdd71ad7b205ace4777588a950ffa +size 366570