Cofinimmo

Joint Bookrunner

Van Lanschot Kempen acted as Joint Bookrunner in the €167 million Accelerated Bookbuild Offering by Cofinimmo.

Transaction highlights

Capital increase via an accelerated bookbuild offering of 2,785,805 new shares, corresponding to c. 8.2% of the company’s outstanding shares prior to the capital increase, at an issue price of €60.00 per share, generating gross proceeds of €167 million for Cofinimmo.
The issue price of €60.00 per share represents a discount of 6.6% compared with the last trading price on 3 October 2023 of €64.25 per share.
The capital increase was launched on the back of a selective market sounding exercise, which resulted in indications of interest covering the total deal size prior to launch.
The orderbook was covered within 15 minutes post launch and the final orderbook was multiple times covered, with allocations strongly scaled back and skewed to existing long only shareholders, real estate specialists and fundamental accounts.
Cofinimmo intends to use the net proceeds to reinforce its balance sheet and finance the remaining amounts to be invested to complete ongoing development projects. Following the capital increase, the pro forma debt-to-assets ratio would drop to approximately 43% at the end of 2023.

Company description

Cofinimmo has been acquiring, developing and managing rental properties for almost 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. Responding to societal changes, Cofinimmo’s mission is to provide highquality 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 €4.5 billion 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 160 employees in Brussels, Paris, Breda, and 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.

Background Van Lanschot Kempen European Real Estate

Van Lanschot Kempen has advised on Real Estate transactions in 12 different countries in Europe over the last 5 years

Contacts

Cofinimmo

Transaction highlights

Company description

Background Van Lanschot Kempen European Real Estate

Contacts

Kathrin Erfurth

Thomas ten Hoedt

Wieger van Vlodrop