PARIS, FRANCE: Icade Santé has signed preliminary agreements with ORPEA, a global leader in long-term care, to acquire three new nursing home properties in Germany for around €57m (including duties).
The portfolio includes three outstanding assets that meet the highest standards and a total of 254 nursing home beds and 95 assisted-living apartments for an aggregate floor area of c. 20,000 sq.m.
It includes:
– a combined nursing home and assisted-living facility located in Papenburg in Lower Saxony, completed at the end of 2017 and operated by the ORPEA Group, the acquisition of which should be closed by the end of 2021;
– two assets currently under construction: a mixed-use asset located in Krefeld in North Rhine-Westphalia and a nursing home located in Wathlingen in Lower Saxony. They are being developed by their future tenant and operator ORPEA. These two acquisitions are expected to be closed by 2023 once construction is completed and the required permits have been obtained. BREEAM environmental certification is being sought for the Krefeld asset.
New leases will run from the acquisition date of each asset for a firm duration of 15 years.
This new transaction brings the number of facilities acquired by Icade Santé from ORPEA in Germany to 11. It is in line with Icade Santé and the ORPEA Group advancing a joint expansion strategy in Europe as part of their long-term partnership.
These three additional properties bring the investments made by Icade’s Healthcare Property Investment Division in 2021 to nearly €670m. This total is higher than its initial forecast and further ensures its medium-term expansion goals, particularly in countries outside of France.