Cofinimmo: extends its health portfolio in Galicia and Tenerife (Spain)


Brussels, embargo until 22.09.2022, 7.30 a.m. CET

Cofinimmo expands its healthcare portfolio in Galicia and Tenerife (Spain)

Cofinimmo (Euronext Brussels: COFB) will have two new nursing and care homes built in Spain. The first will be built on newly acquired land in Ourense (Galicia) and the second on land previously acquired in Santa Cruz de Tenerife (Canary Islands). The investment budget (including land and works) amounts to approximately 23 million euros. The two sites are pre-let to DomusVi, the country’s leading operator.

Nursing and care home – Ourense

Nursing and care home – Santa Cruz de Tenerife

Jean PierreHanin, CEO of Cofinimmo: “With the construction of these new nursing and care homes, we continue to actively participate in the expansion and renewal of the healthcare real estate portfolio in Europe in general, and in Spain in particular. In addition to strengthening our partnership with DomusVi , the first operator in Spain, the nursing and care home in Tenerife will also be our first installation in the Canary Islands.



Brussels, embargo until 22.09.2022, 7.30 a.m. CET

1. Construction sites

The first nursing and care home will be built in Ourense, in the autonomous community of Galicia. The city has more than 100,000 inhabitants and is the third largest city in the autonomous community.

The building will have a total area of ​​nearly 5,200 m² and will offer 116 beds. It will be located in a mixed area within walking distance of the banks of the Miño River and two beautiful parks. The site will be easily accessible thanks to several road links as well as the proximity of several bus stops and the city’s train station. It will also offer eight parking spaces for bicycles, two for shared vehicles and two charging stations for electric vehicles. The asset will also be the first rest and care home to be built on this side of the Miño River. It will be built in a protected heritage area and must be perfectly integrated into its environment.

The second nursing and care home will be built in Santa Cruz de Tenerife, in the autonomous community of the Canary Islands. The city, which has approximately 210,000 inhabitants, is located in the northeast area of ​​the island of Tenerife and is the capital of the province of Santa Cruz de Tenerife.

The building will have a total area of ​​approximately 5,700 m² and will provide 124 beds. It will be located near a municipal park. The proximity of public transport (bus and tram stops within a radius of 300 m) will ensure the accessibility of the site.

For both sites, the energy intensity will be reduced thanks to specific equipment such as photovoltaic panels to produce electricity. In addition, the Tenerife site will also have solar panels to produce hot water. These will contribute to obtaining a level A energy performance certificate as well as a BREEAM Excellent certificate for the two sites.

2. Transactions

Cofinimmo acquired the two plots through a subsidiary. The investment budget for land and works amounts to approximately EUR 23 million.

Works in Ourense started in Q3 2022 and those in Tenerife are expected to start in Q4 2022, both as part of a turnkey project. The delivery of the nursing and care homes is currently scheduled for the third quarter of 2024 in Ourense and the fourth quarter of 2024 for Tenerife, when the two leases will start.

The amounts corresponding to the construction work will be paid according to the progress of the work. The amounts to be paid in 2022 for the project in Ourense are not included in the investment estimate for 2022, as published in section 1.9.1 of the press release of 29.07.2022, while those for Tenerife are included.

For both sites, a double net1 a 20-year lease was signed with the operator DomusVi. The rents will be indexed according to the Spanish consumer price index. Gross rental yields are in line with current market conditions.

1 The owner mainly bears the maintenance costs of the roof and the structure of the building.



Brussels, embargo until 22.09.2022, 7.30 a.m. CET

3. The operator-tenant

Founded in 1983 in France, DomusVi is today one of the leaders in housing, services and care dedicated to the elderly in the world. The group is present in 9 countries in Europe and Latin America.

Today, the 50,000 employees of DomusVi support nearly 80,000 elderly people every day, whether at home or in the 500 nursing homes, senior residences, day centers and mental health centers that make up the group.

For more information:

Philippe Etienne

Lynn Nachtergaele

Yeliz Bicici

External Communication Manager

Head of Investor Relations


Such. : +32 2 373 60 32

Such. : +32 2 777 14 08

Offices & Property Development

[email protected]

[email protected]

Such. : +32 2 373 00 00

About Cofinimmo:

Cofinimmo has been acquiring, developing and managing rental properties for almost 40 years. The company has a portfolio divided between Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy and the United Kingdom worth approximately 6, 0 billion euros. Responding to societal changes, Cofinimmo’s mission is to offer tenant-partners quality care, living and working spaces for the greatest pleasure of their occupants. ‘Caring, Living and Working – Together in Real Estate’ is the expression of this mission. Thanks to its expertise, Cofinimmo has built up a healthcare real estate portfolio of around EUR 4.1 billion in Europe.

As an independent company applying the highest standards of corporate governance and sustainable development, Cofinimmo offers its tenants services and manages its portfolio thanks to a team of approximately 150 employees in Brussels, Paris, Breda, Frankfurt and Madrid.

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

As at 31.08.2022, the total market capitalization of Cofinimmo was approximately 3.3 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 September 22, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on September 22, 2022 05:39:05 UTC.

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