Korian Group and Icade Santé today signed a framework agreement, including Icade Promotion, to assist Korian in reconfiguring and expanding its network in France.
This non-exclusive partnership, which is part of Korian Group’s new real estate policy, covers a first group of 15 new properties in France to be delivered by 2020. Developer Icade Promotion will develop, design and build the facilities under contract. Before delivery, Korian may exercise a purchase option for each property, in line with its aim of increasing its ownership of the facilities it operates. Icade Santé is entitled to acquire some of these properties - long-term care nursing homes or post-acute care facilities - pursuant to off plan lease agreements (BEFA).
Korian’s partnership with these two Icade subsidiaries is consistent with the strategy laid out in its Korian 2020 programme, which calls for dynamic management of the assets in its portfolio. This programme focuses on restructuring property assets, potentially affecting 50 simultaneous projects, from design to completion, while obtaining more favourable lease terms.
Plans call for this type of innovative partnership to be extended to all countries where Korian Group operates.
This partnership will benefit from the quality of the properties offered by Icade’s various business lines, with Icade Promotion acting as a promoter and Icade Santé as a longterm investor. It offers an excellent match with Icade’s corporate culture, based on working with major players in the health and medico-social sector.
Sophie Boissard, Chief Executive Officer of Korian Group, said: “I welcome this new partnership with Icade, which brings Korian the expertise and flexibility we need to implement our ambitious plan to expand and modernise our real estate assets, in line with our increased focus on owning selected strategic assets.”
Olivier Wigniolle, Chief Executive Officer of Icade, said: “I am delighted with this partnership, which strengthens our collaboration with Korian, the leader in its sector. Like Korian, teams at Icade look forward to working together to develop tomorrow’s longterm care nursing homes and post-acute care facilities, working to the very highest standards to deliver units better adapted to patients’ needs, more attractive, more innovative and more eco-friendly.”
