Cofinimmo

What Cofinimmo does

Cofinimmo was a Belgian regulated real estate company (RREC) founded in 1983 and headquartered in Brussels, operating as one of the largest property companies in Belgium and a former BEL20 constituent. The company owned and managed a €6.1 billion portfolio of approximately 1,110 assets spanning 2.4 million m² across nine European countries: Belgium, France, the Netherlands, Germany, Spain, Finland, Ireland, Italy, and the United Kingdom. Operations were supported by approximately 145 employees across offices in Brussels, Paris, Breda, Frankfurt, and Madrid.

The portfolio was segmented across four core property types: healthcare real estate (77%, €4.7 billion) including nursing homes, care residences, clinics, and acute care facilities; offices (15%, €922 million) concentrated in Brussels' Central Business District; property of distribution networks (8%, €500 million) under the Pubstone brand leased to AB InBev; and public-private partnerships comprising six operational assets in Belgium. Revenue was generated primarily through long-term rental agreements, with a 12-year weighted average residual lease length and 98.5% occupancy as of Q1 2026, supported by a 1.5% average cost of debt and 42.1% debt-to-assets ratio. FY2025 gross rental income reached €355 million with EPRA earnings of €6.45 per share, and the company maintained 31 consecutive years of dividend payments.

In June 2025, Cofinimmo announced its intention to merge with Aedifica NV/SA to create Europe's largest listed healthcare REIT. The exchange offer settled in March 2026 with Aedifica acquiring 79.57% of shares, and following overwhelming shareholder approval (>99.99%) at Extraordinary General Meetings in June 2026, the merger by absorption was completed on July 1, 2026, with Cofinimmo delisted from Euronext Brussels on the same date.

Name

Cofinimmo

Legal name

Cofinimmo sa/nv

Website

https://cofinimmo.com

Company type

Public

Founded year

1983

Operating status

Acquired

Headcount range

51–100 employees

Short description

Cofinimmo was a Belgian REIT (RREC) that owned and managed a €6.1 billion portfolio of healthcare real estate (77%), Brussels offices (15%), and AB InBev-leased distribution properties (8%) across nine European countries, generating recurring rental income from healthcare operators and commercial tenants. Acquired by Aedifica and delisted in July 2026.

Ownership category

akta.pro rank

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others, Marketing or Sales

Revenue model

1. Rental Income - Healthcare Real Estate: Primary revenue stream from leasing healthcare properties including nursing homes, care facilities, and medical offices across Europe. Healthcare assets comprise 77% of the €6.1 billion portfolio as of Q1 2026.
2. Rental Income - Office Properties: Office segment contributes 15% of portfolio value. Focused on prime areas of Brussels Central Business District. Rental management and renovation programs generate recurring income.
3. Rental Income - Property of Distribution Networks: Pubs and restaurants in Belgium and Netherlands leased to AB InBev brewery group (Pubstone). Acquired in 2007 through sale & leaseback transactions generating long-term revenues. Comprises 8% of portfolio.
4. Capital Recycling: Strategic asset disposal and investment program. Completed €30 million in disposals and €20 million in investments during Q1 2026. Expects net investments of €200 million for 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Cofinimmo is a Belgian regulated real estate company (RREC) that acquires, develops, and manages rental property across Europe. Its portfolio is concentrated in healthcare real estate (nursing homes, care facilities, medical offices) representing 77% of assets, supplemented by offices in the Brussels CBD and a pub/restaurant distribution network leased to AB InBev. The company generates recurring rental income through long-term leases with healthcare operators and commercial tenants across nine European countries.

Product overview

Cofinimmo is a Belgian REIT (RREC) that operates a diversified real estate portfolio across three main segments: Healthcare Real Estate (77% of portfolio, ~4.7 billion EUR), Offices (15%, ~922 million EUR), and Property of Distribution Networks (8%, ~500 million EUR). Healthcare Real Estate is the core focus, covering nursing and care homes, clinics, and healthcare facilities across nine European countries (Belgium, France, Germany, Netherlands, Spain, Finland, Ireland, Italy, UK). The company also manages office properties in Brussels' prime CBD and a pub/restaurant distribution network leased to AB InBev. Cofinimmo's activities are supervised by the FSMA and benefit from REIT status in Belgium (RREC), France (SIIC), and Spain (SOCIMI).

Differentiator

Problem solved

Functional benefit

Products and services

• Healthcare Real Estate Primary business segment comprising nursing and care homes, clinics, and healthcare facilities leased to healthcare operators across nine European countries (Belgium, France, Germany, Netherlands, Spain, Finland, Ireland, Italy, UK). Represents 77% of the consolidated portfolio at approximately 4.7 billion EUR.
• Offices

Quantifiable outcome

• 98.5% occupancy rate ensures stable rental income
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Aedifica NV/SAcoreStrategic or Co-development Partner · 3 June 2025Merger by absorption of Cofinimmo by Aedifica, creating Europe's leading healthcare REIT. Transaction announced June 2025, completed with delisting effective July 1, 2026. Aedifica already held 79.57% of Cofinimmo's shares as of March 2026. Remaining shares exchanged at ratio of 1.17842 Aedifica shares per Cofinimmo share. Merger approved by overwhelming shareholder approval exceeding 99.99% at both companies' Extraordinary General Meetings in June 2026. Belgian, Dutch, and German competition authorities approved the combination.
• AB InBev (Pubstone)coreStrategic or Co-development PartnerLong-term sale & leaseback partnership for pubs and restaurants in Belgium and Netherlands under Pubstone brand. Portfolio acquired in 2007 and generates long-term revenues through lease agreements. Represents approximately €500 million (8%) of Cofinimmo's consolidated portfolio.
• Healthcare OperatorscoreStrategic or Co-development PartnerPartnerships with various healthcare operators across Europe covering full spectrum from primary care to acute care and skilled nursing facilities. Healthcare real estate assets worth €4.7 billion representing 77% of portfolio. Operators include nursing homes, care residences, and medical facilities across 9 countries.

Scale indicators15 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Assura plc: UK-listed REIT specialising in primary care and community healthcare real estate. Directly comparable healthcare-only asset class and long-lease income model.
• Aedifica NV/SA: Belgian healthcare REIT that just absorbed Cofinimmo in July 2026 to form Europe's largest listed healthcare REIT. Identical focus on healthcare real estate, pan-European footprint, and REIT regulatory regime (RREC).
• ICADE: French REIT (SIIC) operating a healthcare property segment alongside offices, with a similar European footprint. One of the closest direct comparables to Cofinimmo's healthcare/office portfolio.
• Target Healthcare REIT: UK specialist REIT focused on modern, purpose-built care homes leased to operators. Comparable tenant base, lease structure, and demographic exposure to Cofinimmo's nursing/care home portfolio.
• Medical Properties Trust: US-based healthcare REIT (hospitals and acute care) — same asset class (triple-net healthcare leases) as Cofinimmo's healthcare segment, providing a useful international benchmark on healthcare REIT economics.

Emerging players

• Civitas Social Housing: UK REIT focused on social/regulated supported living housing. Adjacent segment to Cofinimmo's care and assisted-living properties with overlapping demographics and tenant risk profiles.

Broad incumbents

• Gecina: French REIT (SIIC) focused on prime Paris offices and residential. Comparable in scale, French/European REIT structure, and exposure to prime CBD office dynamics relevant to Cofinimmo's residual office segment.
• Vonovia SE: Europe's largest residential REIT with growing healthcare exposure in Germany. Comparable in scale and European footprint; broader mandate than Cofinimmo's healthcare-led portfolio.
• Klépierre: Continental European retail REIT with similar pan-European scale and SIIC-style structure. Broad incumbent rather than a direct competitor, but comparable as a large European listed REIT.
• Unibail-Rodamco-Westfield: Major European REIT (retail-led) listed in Amsterdam/Paris. Comparable as a large-cap European REIT with diversified property exposure and pan-European asset base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Cofinimmo
• LinkedInlinkedin.com/company/cofinimmo

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cofinimmo