Overview
Cofinimmo, established in 1983, is a premier Belgian real estate company recognized for its specialization in rental property across Europe. It ranks among the largest property companies in Belgium and is included in the BEL20 index. Headquartered in Brussels, Cofinimmo operates under the Regulated Real Estate Companies (RREC) regime and maintains a diversified portfolio exceeding 2 million m² in key European markets such as Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy, and the United Kingdom.
Financial Performance and Strategy
As of December 31, 2024, Cofinimmo's portfolio was valued at €6 billion, with a market cap of €2.34 billion. Known for offering high dividend yields and ensuring long-term capital protection, the company boasts an impressive occupancy rate of 98.5% and an average lease duration of 13 years. In 2024, the stock price reported stood at $61.32.
Real Estate Focus
Although Cofinimmo initially concentrated on office buildings, the company has shifted its focus since 2005 towards healthcare real estate, which currently constitutes 75% of its portfolio. This strategic pivot aligns with demographic trends and aims for sustainable growth. The remaining portfolio is invested in office properties and distribution networks.
Corporate Governance and Leadership
The leadership structure of Cofinimmo includes a board of directors with 14 members, chaired by Jacques van Rijckevorsel as Independent Director and Chairman of the Board. Leadership is further bolstered by:
- Jean-Pierre Hanin: CEO, guiding the company since 2018 and serving as Chairman of the EPRA.
- Jean Kotarakos: CFO, bringing a strong finance and management background.
- Françoise Roels: Chief Corporate Affairs and Secretary General, notable for her legal expertise and commitment to diversity.
Sustainability and Recognition
Cofinimmo is committed to sustainability, reflected in its inclusion in the 2023 Euronext BEL ESG index and the Financial Times 500 Europe's Climate Leaders list. It was awarded the 2024 Trends Impact Award in the 'Energy & Climate' category and is advancing carbon neutrality through projects like the 30³ project.
Strategic Developments
Recent strategic expansions include entrance into new European markets such as Ireland, Italy, the UK, and Spain, focusing primarily on the healthcare sector. In 2024, Cofinimmo strategically divested the Cofinimur I portfolio for approximately €111 million, marking a key portfolio optimization.
Contact Details
Cofinimmo sa/nv
Avenue de Tervueren/Tervurenlaan 270,
1150 Brussels, Belgium
Email: info@cofinimmo.be
Phone: +32 2 373 00 00
Competitor Profile
Overview of Competitors
Cofinimmo contends with strong rival entities in the European real estate sector, particularly within real estate investment and management.
Key Competitors
1. Ackermans & Van Haaren NV
- Headquarters: Belgium
- Employees: 9,615
- Revenue: $5.6 billion
- Description: A diversified entity in Marine Engineering, Banking, Real Estate & Senior Care with long-term value creation strategies.
2. Gecina SA
- Headquarters: France
- Employees: 458
- Revenue: €17.4 billion in real estate assets
- Description: Major French real estate player focusing on commercial and residential rentals, predominantly within the Paris area.
3. Aedifica SA
- Headquarters: Belgium
- Employees: 99
- Revenue: $321.37 million (Projected Sales Growth)
- Description: Specializes in European healthcare real estate with a focus on innovative care properties.
4. LTC Properties, Inc.
- Headquarters: United States
- Type: REIT
- Focus: Primarily on senior housing and healthcare facilities in the U.S.
5. Medical Properties Trust, Inc.
- Headquarters: United States
- Focus: Hospital facilities
- Asset Value: $14.3 billion
- Description: Largest non-governmental owner of hospitals with a global portfolio, emphasizing strategic investment in healthcare facilities.
Market Position
The competitive landscape indicates that Cofinimmo's principal challenges originate from both established European real estate players and specialized firms within the healthcare real estate sector. Ackermans & Van Haaren and Gecina present sizeable competition in revenue and portfolio magnitude, while U.S.-based Medical Properties Trust showcases significant specialized competition.
