Cofinimmo Results in line, all eyes on the divestment program
Cofinimmo reports 1Q24 results in line with our expectations. We were however more negative on potential fair value corrections (-46m,-0.7% vs -99m exp). They were mainly driven by the office segment -1.3% versus -0.7% in HC. In FY24 it expects divestments to be almost net neutral. This was the case in 1Q24 with both 30m divestments and investments. There is another 31m assets held for sale (60/270m confirmed). To date asset sales are lagging a bit but markets are likely to pick up in 2H24. Divestments were driven by the HC segment and not offices. 2 Belgian assets from Orpea (Emeis) and Korian (Clariane) were divested in Brussels for EUR 16m, a market with high regulatory risk and oversupply. We repeat our EUR 76 TP and accumulate recommendation.Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.
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