Cofinimmo to Buy Insurance Agencies in 107.6 Million-Euro Deal

Cofinimmo (COFB) SA said it will acquire in partnership with Fonciere Atland 285 insurance offices of the MAAF group in France for a total investment of 107.6 million euros ($141 million).

Cofinimmo set up the unit, Cofinimur, with capital of 48.9 million euros to make the purchase and Cofinimmo will own 97.65 percent, with the rest being held by Fonciere Atland, Cofinimmo said today in an e-mailed statement. The two shareholders will grant loans to the company of 6.7 million euros and Cofinimur has raised 52 million euros in convertible bonds.

Separately, Cofinimmo said it sold the Antwerp-located Citylink office park for 63.2 million euros.

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.