One week after the capital increase of 02.07.2018, the Cofinimmo Group signed before a notary an agreement, subject to conditions, regarding the acquisition of the ‘Seniorenzentrum Bad Sassendorf’ nursing and care home located in Bad Sassendorf, a region renowned for its spas and specialised clinics in the German Land of North Rhine Westphalia. The (primarily administrative) conditions should be lifted over the coming weeks. The acquisition price of 15 million EUR will then be paid.
Jean-Pierre Hanin, Chief Executive Officer of Cofinimmo: “This is the first investment since Cofinimmo’s successful 155 million EUR capital increase of 02.07.2018. With this acquisition, the share of healthcare real estate will reach 50 % of our global portfolio, comprising close to 170 sites with a fair value of approx. 1.8 billion EUR, of which 350 million EUR in Germany. We intend to pursue our growth in this sector.”
The nursing and care home ‘Seniorenzentrum Bad Sassendorf’ was built in 1968 and refurbished and extended in 2013. It counts approx. 130 beds and 20 service flats, spread over an aboveground surface area of nearly 11,000 m². The facility is operated by the local operator Vital Wohnen Holding GmbH, a new tenant for Cofinimmo, with which it has signed a ‘Dach und Fach’1 lease for a fixed 20-year period. The rent will be indexed annually based on the German consumer price index. The gross initial rental yield of this transaction amounts to approx. 6 %.
1 The owner mainly bears the maintenance costs of the roof and the building structure.
Vital Wohnen Holding GmbH offers care and accommodation services to elderly people in the region of Bad Sassendorf. It has an experienced management team with in-depth knowledge of the local market, and is eager to develop new healthcare assets in the region.
The acquisition of this nursing and care home was taken into account in the committed investment pipeline announced on 20.06.2018, within the context of Cofinimmo’s capital increase of 02.07.2018.
Source : Company