Cofinimmo: continues its expansion in Finland



Brussels, embargo until 21.10.2021, 5.40 p.m. CET

Cofinimmo continues its expansion in Finland

Today, Cofinimmo (Euronext Brussels: COFB) has acquired the company which will develop a nursing and care home in Helsinki, the capital of Finland. The investment budget (including land and works) amounts to approximately EUR 19 million. The asset is already pre-leased to Attendo, one of the largest providers of elderly care in Scandinavia, listed on the Nasdaq stock exchange in Stockholm.

Jean PierreHanin, CEO of Cofinimmo: “Since our first large-scale development project in Vaasa in November 2020, our group has launched four other greenfield projects in Finland. With the construction of this new state-of-the-art nursing and care home in Helsinki, the sixth major development project launched by Cofinimmo in the Nordic countries in less than a year, we reaffirm our commitment to actively participate in the expansion and renewal of the healthcare real estate portfolio in Europe in general, and in Finland in particular. ”



Brussels, embargo until 21.10.2021, 5.40 p.m. CET

1. The site

The nursing and care home will be built in Helsinki, the capital of Finland. Located on the south coast, Helsinki has a population of around 650,000 and is part of the Helsinki Metropolitan Area, where more than

1.2 million people live. The nursing and care home will be located approximately 15 km east of the city center, in Vuosaari, close to several shops and public transport services.

The site will have an area of ​​approximately 3,900 m² and will offer 75 intensive care rooms spread over 3 floors as well as 8 lighter treatment rooms on the ground floor. For this building, Cofinimmo is aiming for at least level B energy performance.

The nursing and care home is easily accessible by public and private transport. It is located in a quiet and green residential area a short walk (900m) from the nearest metro station and the local shopping center. There is also a bus stop right in front of the site.

2. The operation

The Cofinimmo group has acquired the company which will develop the aforementioned nursing and care home through a subsidiary. The investment budget (including land and works) amounts to approximately EUR 19 million.

Work is expected to start in Q4 2021 as part of a turnkey project and project delivery is scheduled for Q1 2023.

The amounts corresponding to the construction work will be paid according to the percentage of completion of the project. The amounts to be paid in 2021 for this project have been included in the 2021 investment estimate for 2021, as published in section 1.8.1 of the press release of 07/28/2021.

The double net1 lease will have a fixed term of 15.5 years. The rents will be indexed annually according to the Finnish cost of living index and the gross rental yield is in line with current market conditions.

This transaction is concluded with Mirabel Partners, with whom Cofinimmo cooperates in the sourcing and management of investments in the Nordic countries. Mirabel Partners is a Helsinki and Stockholm based investment management firm whose team has acquired, developed and managed over 100 healthcare properties in the Nordic countries over the past decade.

3. The operator-tenant

Attendo, one of the oldest and largest providers of healthcare services in the Nordic countries, listed on the Nasdaq stock exchange in Stockholm, was founded in 1985 in Sweden. Today, the group operates around 700 units in 200 municipalities in Finland, Sweden and Denmark, and employs around 24,000 people. The company’s head office is located in Stockholm. Attendo offers care for the elderly in nursing homes and at home, care services for the disabled, crisis and acute care accommodation, drug addiction care, neuropsychiatry for young people and various forms of assisted living, and shelters for asylum seekers and persons having obtained permanent residence.

1 The owner mainly bears the cost of maintaining the roof and the structure of the building.



Brussels, embargo until 21.10.2021, 5.40 p.m. CET

For more information:

Lynn nachtergaele

Eliz Bicici

Head of Investor Relations


Phone. : +32 2 777 14 08

Offices & Real Estate Development

[email protected]

Phone. : +32 2 373 00 00

About Cofinimmo:

Cofinimmo has been acquiring, developing and managing rental properties for more than 35 years. The company has a portfolio spread over Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom with a value of approximately 5.5 billion euros. Attentive to social changes, Cofinimmo’s mission is to provide its partner-tenants with quality care, living and working environments, from which users benefit directly. “Care, live and work – Together in real estate” is the expression of this mission. Thanks to its expertise, Cofinimmo has built up a healthcare real estate portfolio of approximately EUR 3.5 billion in Europe.

As an independent company that applies the highest standards of corporate governance and sustainability, Cofinimmo offers its tenants services and manages its portfolio through a team of more than 145 employees in Brussels, Paris, Breda and Frankfurt .

Cofinimmo is listed on Euronext Brussels (BEL20) and benefits from the REIT system in Belgium (RREC), France (SIIC) and the Netherlands (FBI). Its activities are supervised by the Financial Services and Markets Authority (FSMA), the Belgian regulator.

As of 30.09.2021, the total market capitalization of Cofinimmo amounted to approximately 3.9 billion EUR. The company applies an investment policy aimed at offering a socially responsible, long-term, low-risk investment that generates a regular, predictable and growing dividend.

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Cofinimmo SA published this content on 21 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 21, 2021 03:43:03 PM UTC.

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