Press release • 10 April 2019 20:30
Icade announces that Icade Santé is acquiring 12 medium- and long-term care assets (7 nursing homes, 4 post-acute care facilities and 1 psychiatric hospital) for a total of €191 million from an OPPCI managed by Swiss Life Asset Managers France.
The 12 facilities, mainly located in Normandy and the Provence-Alpes-Côte d’Azur region, provide a total of around 1,320 beds and places and cover a total area of 70,100 sq.m. This portfolio is composed of recent assets leased by leading French operators (Korian, Ramsay Générale de Santé, INICEA and SGMR). It has an average unexpired lease term of nearly 6 years and it will generate immediate rental income.
The acquisition is expected to be completed in the summer of 2019 once the customary conditions precedent have been fulfilled.The yield for this portfolio is in line with the market yield for comparable assets.Through this transaction, Icade Santé (a 56.8%-owned subsidiary of Icade) will pursue its strategy to diversify into long-term care facilities. In addition, it has reinforced its position as the leader in healthcare real estate with a portfolio encompassing 127 assets (including 21 nursing homes), worth a total of over €4.7 billion (excluding duties).
Contact
Marylou Ravix
Press Relations
