Belgian healthcare property developer Aedifica has announced the acquisition of a portfolio of seven recently-built healthcare sites in Finland for a price of €26.5 mln and also the launch of a new joint venture with operator Korian for new projects in the Netherlands.
The Finnish portfolio encompasses 171 beds and is spread across six cities -Kouvola, Kuopio, Loimaa, Mikkeli, Nokia and Oulu. The sites are operated by four professional private and non-profit operators and have a WAULT of 13 years.
‘Following the completion of this transaction, the Finnish healthcare real estate portfolio has surpassed the €600 mln mark. Other investments will follow,’ said Stefaan Gielens, CEO of Aedifica.
The investment was made through Aedifica’s Hoivatilat Finnish arm.
In the Netherlands, the company has signed a new joint venture with Korian on a 50-50 basis to invest in the development of healthcare real estate.
The partnership has initially been seeded with one fully operational property in Hengelo and three development projects in Lelystad, Soest and Woudenberg, for an investment of €35 mln encompassing a total of 139 beds.
Both partners will finance 50% of the investment volume and own 50% of the real estate. The joint venture will invest at least up to €75 mln. All buildings will be operated by entities of the Korian group under long-term triple net leases. The initial net rental yield will amount to approx. 5.5%.
‘By joining forces with Korian, we create a new opportunity for continued growth in the Dutch market,’ Gielens said.
Dominiek Beelen, CEO Korian Benelux, commented: ‘Aedifica is a long-standing partner of Korian in Belgium, where it owns the buildings of 28 of our 120 facilities, and recently also in the Netherlands where it owns 10 operated care villas. We are pleased to announce this joint venture that will allow us to sustain our organic growth policy in the Netherlands by harnessing the experiences of both groups. Together we plan to develop new innovative and ecologically responsible care villas for elderly people, focused on a small scale and personalised care approach in a homely environment. There is an increasing need for residential care facilities where we can put our positive care approach to the service of our elderly and Korian expects to have over 45 facilities operating in the Netherlands by the end of 2021.’
