Cofinimmo: to build a new nursing and care home in Andalusia


Brussels, embargo until 22.11.2021, 5.40 p.m. CET

Cofinimmo will build a new nursing and care home in Andalusia

Cofinimmo (Euronext Brussels: COFB) signed an agreement on the future acquisition of a nursing and care home to be developed in Spain. The investment budget amounts to around 9 million euros. The site is pre-leased to the Amavir group, the leading operator in Spain.

Jean PierreHanin, CEO of Cofinimmo: “With this new project, Cofinimmo continues to actively participate in the expansion and renewal of the healthcare real estate portfolio in Europe. This new acquisition completes the portfolio of three nursing and care homes already announced last September. In addition, it allows us to strengthen our partnership with the Amavir group. ”



Brussels, embargo until 22.11.2021, 5.40 p.m. CET

1. The site

The new nursing and care home will be located in Jaén, a large town in the autonomous community of Andalusia, which has nearly 120,000 inhabitants and suffers from a significant shortage of nursing home beds.

The site will be well served by public transport and will therefore be easily accessible. Long-lasting and easy-to-maintain materials will be used in the building, and modern installations will guarantee a level A energy label.

At the end of the works, the site will offer a surface area of ​​approximately 6,700 m² and 160 beds.

2. The transaction

Cofinimmo has signed an agreement, through a subsidiary, for the acquisition of the aforementioned nursing and care home to be developed. The investment budget amounts to around 9 million euros.

Work is currently scheduled to start in Q1 2022, as part of a turnkey project, and completion is currently scheduled for Q1 2024.

A double net1 the lease was concluded with the operator Amavir for a period of 25 years. The rent will be indexed according to the Spanish consumer price index. The gross rental yield is in line with current market conditions.

The amounts corresponding to the construction work will be paid according to the percentage of completion of the project. The amounts payable in 2021 for this investment are not included in the new investment estimate for 2021, as published in section 11.1 of the press release of 27.10.2021.

3. The operator-tenant

The Amavir group was born in 2017 from the merger of Amma and Adavir, two groups each with more than 20 years of experience in the nursing and care home sector. Since then, Amavir has become a leading player in Spain in the care of dependent elderly people. Amavir is part of the Maison de Famille group, created in 2003, which has 163 nursing and care homes across France, Italy, Germany and Spain offering approximately 18,000 beds.

The group operates 42 nursing and care homes in Spain spread over seven autonomous communities, which together offer a total capacity of around 8,000 beds (accommodation and day care). The group employs around 4,500 professionals.

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



Brussels, embargo until 22.11.2021, 5.40 p.m. CET

For more information:

Lynn nachtergaele

Eliz Bicici

Investor Relations Manager


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 buildings for more than 35 years. The company has a portfolio spread across Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland and Italy, with a value of approximately

5.6 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 around 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 29.10.2021, the total market capitalization of Cofinimmo amounted to approximately 4.4 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 22 November 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 22 November 2021 16:54:07 UTC.

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