Cofinimmo Group acquired the walls of a post-acute care and rehabilitation clinic1 that is being built by the French Red Cross in Chalon-sur-Saône, in the Bourgogne-Franche-Comté area, through the purchase of the rights of a 40-year Construction Lease2. A first installment of the purchase price of approx. 20 million EUR was paid today.
The facility is located in a joint development area3, which also houses a hospital, a nuclear medicine centre and a medical centre. At the delivery of the works, planned for the first quarter of 2019, it will offer 130 beds spread over an above-ground area of 9,300 m². It will include neurology, pulmonology, cardiology and neurovegetative services.
The French Red Cross will operate the clinic and signed today a ‘double net’4 lease5 with Cofinimmo for the residual duration of the Construction Lease. An annual fee of 1 million EUR will be due as from the delivery of the works. It will be indexed annually according to the French reference index for rents6. At the expiry of the Construction Lease, the ownership will automatically revert to the French Red Cross.
1 Called ‘Clinique de Soins de Suite et de Réadaptation (SSR)’ in France.
2 Called ‘Bail A Construction (BAC)’ in France.
3 Called ‘Zone d’Aménagement Concertée (ZAC)’ in France.
4 The owner mainly bears the maintenance and repair costs of the roof and the building structure.
Source : Company