Cofinimmo acquires the “West-End” office complex in the Brussels periphery

Office complex « West-End »

In accordance to the acquisition agreement which was signed on 04.04.2007 (see press release of
03.05.2007), Cofinimmo acquired on 02.07.2009 for an amount of € 22.2 million all the shares in
Immo Noordkustlaan SA/NV1 which owns the newly built West-End complex located in Groot-
Bijgaarden in the western periphery of Brussels, Belgium. This business park comprises 10,000
sqm of offices and 205 parking places and is already 60% let mainly to Adecco and Grant
Thornton for durations in excess of 10 years. When fully let, the gross rental yield on the property
is expected to be 7.10%. Located at the entrance of Brussels alongside the E40 Brussels-Ostend,
the building benefits from an excellent visibility and accessibility


5 nursing homes in France

On 26.06.2009 Cofinimmo acquired 5 newly built nursing homes (423 beds, 21,910m²) located
in France from the Korian Group2 for a total amount of € 42.8 million. This acquisition is part of a
larger agreement concerning the acquisition of 19 healthcare institutions signed on 23.05.2008
(also see press releases of 26.05.2008 and 01.10.2008). The gross rental equivalent yield3 of
these 5 additional homes stands at 6.47%. They are operated by the Korian Group with whom
triple net leases with a fixed duration of 12 years have been concluded for all buildings.


The acquisition values of the buildings are consistent with the respective appraisal values of the
properties in April 2007 (West-End) or May 2008 (nursing homes). However, the appraisal values at
end June 2009 are lower, by 3.17% and 5.93% respectively, in line with recent appraisal trends.
These new developments are in line with the Company’s strategy to further expand in its core
markets:

-the acquisition of the West-End business complex reinforces Cofinimmo's position in the Brussels
periphery office market and establishes its presence more specifically in the Western part of that
market where new office space is rather scarce;

-with the acquisition of the 5 nursing homes, Cofinimmo gets a growing presence in the healthcare
property market in France and consolidates its long-term partnership with the Korian Group.


1 From a group of developers led by Landsbeeck SA/NV, a subsidiary of the Koninklijke BAM Groep (www.bam.nl).
2 www.korian.fr.
3 The gross equivalent “double net” yield is presented here to allow the comparison with yields on office buildings.