Cofinimmo: will build a new nursing and care home in Granada (Spain)


Brussels, embargo until 22.11.2022, 5:40 p.m. CET

Cofinimmo will build a new nursing and care home in Granada (Spain)

Cofinimmo (Euronext Brussels: COFB) will have a new nursing and care home built on land previously acquired in the province of Granada (Andalusia). The investment budget for both the land and the works amounts to approximately 12 million euros. The site is pre-let to Grupo Reifs, the leading Andalusian operator.

Jean PierreHanin, CEO of Cofinimmo: “With the construction of this new nursing and care home in Andalusia, 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. We are also pleased to strengthen our partnership with Grupo Reifs, the leading healthcare operator in this region.



Brussels, embargo until 22.11.2022, 5:40 p.m. CET

1. The site

The new rest and care home will be built in Maracena, in the autonomous community of Andalusia. The municipality is located 3 km from Granada, which has more than 230,000 inhabitants.

The building will have a total area of ​​approximately 9,100 m² and will provide 180 beds. It will be within walking distance of a park and easily accessible thanks to several bus stops and a tram station. It will also offer several covered parking spaces for bicycles. The asset will be close to another nursing and care home operated by Grupo Reifs, it will also be Cofinimmo’s first nursing and care home in the Granada region.

The energy intensity of the building will be reduced thanks to specific equipment such as photovoltaic panels to produce electricity and solar panels to produce hot water. These will contribute, together with remotely readable meters, to obtaining a level A energy performance certificate as well as a BREEAM Excellent certification.

2. The transaction

Cofinimmo acquired this land in Maracena through a subsidiary. The investment budget for both the land and the works amounts to approximately 12 million euros.

Work is expected to begin in the fourth quarter of 2022, as part of a turnkey project. Delivery of the nursing and care home is currently scheduled for the fourth quarter of 2024, when the lease will begin.

The amounts corresponding to the construction work will be paid according to the percentage of progress of the project. Those to be paid in 2022 for this project are included in the investment estimate for 2022, as published in section 11.1 of the press release of 28.10.2022.

A triple fillet1 30-year lease was signed with operator Grupo Reifs. The rent will be indexed annually according to the Spanish consumer price index. The gross rental yield is in line with current market conditions.

3. The operator-tenant

Grupo Reifs manages 16 retirement and care homes throughout Andalusia, where more than 700 employees provide care and attention to almost 1,250 residents. With more than 20 years of experience in this field, Grupo Reifs is the leader in the health sector in Andalusia.

1 Insurance, taxes and maintenance are the responsibility of the tenant.



Brussels, embargo until 22.11.2022, 5:40 p.m. CET

For more information:

Philippe Etienne

Lynn Nachtergaele

Yeliz Bicici

External Communication Manager

Investor Relations Manager


Such. : +32 2 373 60 32

Such. : +32 2 777 14 08

Offices & Property Development

Such. : +32 2 373 00 00

About Cofinimmo:

Cofinimmo has been acquiring, developing and managing rental properties for nearly 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, 1 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 4.2 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 160 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.

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Cofinimmo SA published this content on November 22, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on November 22, 2022 4:51:19 PM UTC.

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