Belgian real estate company Cofinimmo specialises in office and healthcare properties. It operates mainly in Belgium (c.78% of the portfolio fair value at end- 1H14), but also has exposure in France (17%) and the Netherlands (5%). In 2005, Cofinimmo started buying real estate assets from nursing home operators, and in 2007 it bought AB InBev’s Benelux pubs real estate portfolio (Pubstone). Recently, Cofinimmo sold its North Galaxy office building for €475m, significantly reducing the share of offices to 42% of its total portfolio. Cofinimmo is Belgium’s largest listed property company.