The investment amounts to €112 million with an initial yield in line with the market.
The portfolio includes seven nursing home construction projects in the Piedmont, Veneto and Lombardy regions. These properties representing 1,020 beds and 52,200 sq.m are scheduled for completion between the end of 2019 and the end of 2021.
The acquisition will be carried out upon completion of the facilities, once the customary permits required for their operation have been obtained.
The assets have been entirely pre-let under 18-year leases with no break options and will be operated by the Gheron Group, a fast-growing specialist healthcare operator which manages several facilities totalling 3,250 beds, some under development and some already in use.
This transaction with a property development fund managed by Numeria, an Italian asset management company (SGR), is part of a new partnership which could open up further investment opportunities.
The final purchase agreement is expected to be signed in Q4 2018, once the necessary approvals and authorisations have been obtained. For this deal, Icade was advised by the law firm Freshfields Bruckhaus Deringer on legal and tax matters, by CBRE on technical due diligence and by Miel Capital in partnership with Your Care Consult for acquisition advisory services.
This transaction is part of the international diversification strategy for Icade’s healthcare property investments, which was announced last July at the time the 2019–2022 plan was presented.
