Belgian healthcare property specialist Aedifica has announced the acquisition of 19 care homes in Germany for a total of €245 mln.
The deal – a rare portfolio transaction in a supply-constrained market – was signed with operator Azurit which will continue to operate the assets.
The purchase represents an initial gross rental yield of 5%
‘Aedifica is pleased to continue expanding its German healthcare real estate portfolio with a large portfolio of fully operational care homes that we purchased in close cooperation with the operator Azurit Group,’ commented Stefaan Gielens, CEO of Aedifica.
Total max. capacity: 2,243 units - Initial gross rental yield: approx. 5% - Operator: Azurit Group, commented: “
Upon completion of this transaction in the coming months, Aedifica's German healthcare real estate portfolio is expected to reach the €1 bn milestone during 2021.
Heinz Beekmann, country manager of Aedifica Germany, added: ‘This landmark transaction is Aedifica’s largest acquisition of operational care homes in Germany and underlines the importance of the German market, delivering sustainable growth to Aedifica. Thanks to this acquisition, we also expand our collaboration with the Azurit Group, an established German care operator with a proven operating model.’
The portfolio accommodates a maximum of 2,243 residents and is spread across 17 municipalities spanning seven different German states (Bavaria, Hesse, Lower Saxony, North Rhine-Westphalia, Rhineland-Palatinate, Saxony and Thuringia). The care homes are let on new 25-year double net leases.
The years of construction or redevelopment of the assets are situated between the 1990ties and 2017. The portfolio benefits from a good overall technical condition thanks to its high level of maintenance and to several renovation, extension, redevelopment and sustainability works that took place over the years.
