Cofinimmo 85% FY24 divestment target signed

Yesterday evening Cofinimmo sent out an update regarding its EUR 215.0m divestment plan. It mentions 3 assets (4 buildings) of which the AMCA buildings in Antwerp were already known to the market via a separate press release. There are 2 new healthcare divestments announced of EUR 12.0m. Additionally, its investment outlook is lowered by EUR 40.0m. This brings the carried out divestments to EUR 102.0m (see our tracker below). Moreover, EUR 80.0m additional divestments are already signed and the company keeps its total divestment target for FY24 at EUR 215.0 with only 3 weeks left. This implies 85% of the FY24 divestment target is signed now. There has been significant pressure on the stock this year as the market anticipates a capital raise on the back of slower office divestments and a dividend cut. We have a contrarian view on the stock and repeat our BUY recommendation and EUR 75.0 TP.