Acquisition in Germany
Nurinsing home Seniorenrezidenz Calau
On 22.07.2016, the Cofinimmo Group acquired1 the Seniorenresidenz Calau, a nursing home in Germany, located in Calau, in the Brandenburg region. This 4,600 m2 newly built facility offers 81 beds and 20 places in day care.
The property is leased to the Group M.E.D. Gesellschaft für Altenpflege mbH. This healthcare operator is active since 1992 and specialises in long and short term care and support for elderly people. It manages three other healthcare facilities in the same German region.
A ‘double net’2 lease contract was signed for a fixed period of 25 year, with a five-year extension option. The rent will be indexed according to the German consumer price index.
The investment value stands at 9.1 million EUR3 and the gross initial rental yield at 6.14 %.
2. Agreements for the renovation and extension of three healthcare assets in Belgium and in France
On 14.06.2016, Cofinimmo and the operator Inicéa entered into an agreement for the construction of a 2,214 m2 extension and the renovation of the existing facility Domaine de Vontes, a rehabilitation clinic (‘clinique de soins de suite et de réadaptation’, or SSR), located in Esvres-sur-Indre in France.
1 Acquisition subject to administrative conditions precedent.
2 In Germany, the term ‘double net’ is often replaced by ‘Dach & Fach’. 3 Acquisition costs (registration rights, etc.) included.
Brussels, embargo until 25.07.2016, 7:40 AM CET
SSR Clinic Domaines de Vontes – Esvres-sur-Indre
Works, for a total amount of 6.8 million EUR, will start at the end of September 2016 and will be finalised during the last quarter of 2018 at the latest.
After these works, the facility will have a total surface area of 8,209 m2 and will house 162 beds, consultation rooms, a meeting room and annexes.
At the completion of the works, Cofinimmo and Inicéa will sign a ‘double net’ lease contract for a fixed term of 12 years, that will be indexed according to the rental reference index.
On 24.06.2016, Cofinimmo and Senior Living Group (Korian-Medica Group) also signed an agreement for the renovation and the extension of two nursing homes in Belgium. The total budget of the works will amount to 9.2 million EUR.