Belgian healthcare REIT Aedifica is to acquire two operational rest homes and a healthcare site to be constructed in Germany for €34.5 million (US$39.3 million).
“Aedifica is very pleased to continue the expansion of its German healthcare real estate portfolio with the acquisition of two operational rest homes and a healthcare site to be constructed, less than a month after the acquisition of a portfolio of 92 properties in the United Kingdom. Other investments will follow,” said Aedifica chief executive Stefaan Gielens.
In Chemnitz it is buy the Haus Steinbachhof rest home which is operated by an entity of the Casa Rehagroup for €16million. The rest home, which was built in 2017, has a capacity of 151units for seniors requiring continuous care.
An irrevocable double net long lease with a remaining term of 19 years is in place for the site. The initial gross yield amounts to 6%.
And in Leipzig it is to acquire the Seniorenhaus Wiederitzsch for €6million. The rest home, which was built in 2018, has a capacity of 63 units for seniors requiring continuous care. It is operated by an entity of the Convivo group,
An irrevocable double net long lease with a remaining term of 24 years is in place for this site. The initial gross yield is also 6%.
Aedifica has bought a plot of land in Plauen on which a healthcare site will be constructed.
Pflegecampus Plauen will be constructed in a residential area of Plauen, in Saxony, and completion is expected in July 2020. The building will have a capacity of 116 units, of which 48 units are intended for seniors requiring continuous care and 64 units are intended for people with severe physical or neurological impairment requiring continuous care.
The contractual value of the plot of land amounts to approx.€1.5million.Aedifica has budgeted €11million for construction works. Aedifica’s total investment7will ultimately amount to €12.5million.
The lease established for this site is an irrevocable 25-yeardouble net long lease. Upon completion of the works, the gross yield will amount to 5.5%.
Aedifica has a portfolio worth more than €2.3billion in Belgium, Germany, the Netherlands and the United Kingdom.