Cofinimmo successfully closed the private placement of a 4-year non-convertible bond. The total amount equals € 50m, offering a fixed coupon of 2.78%. The net proceeds of the bond will be used to cover the refinancing needs until June 2015 and to further diversify its financial resources. Our view: Since the company’s debt rating cut, management has been actively improving its debt maturity profile. We believe that this diversification is definitely good news, but we are also looking look forward to receive some news on real property transactions. Conclusion: We reiterate our Hold recommendation and € 90 TP.