The Cofinimmo Group signed an agreement, under conditions, related to the acquisition of the “AZURIT Seniorenzentrum Altes Rathaus” nursing and care home, located in Chemnitz (Saxony), for approximately 14 million EUR.
The conditions (primarily administrative) should be lifted in the coming months.
The nursing and care home, renovated in 2004, offers an above-ground surface area of approximately 5,500 m2 and about 140 beds. It consists of two parts: the original part was used as town hall. After the relocation of this service, a second part was built in the context of a redevelopment into a nursing and care home. The asset is located in Chemnitz, a city with almost 250,000 inhabitants in the Land of Saxony. The building is located facing a park and near a pharmacy, a bank and several supermarkets.
The nursing and care home is operated by Azurit Rohr GmbH, with which Cofinimmo has signed a “Dach und Fach” lease for a fixed term of 20 years. The rent will be indexed based on the German consumer price index. The gross initial rental yield amounts to approximately 5.5 %. This is the fourth asset in Cofinimmo’s portfolio that is operated by Azurit.
Source : Company