Belgian REIT Aedifica has expanded its pan-European care home portfolio with the completion of the acquisition of five assets in Germany for €60 mln, reflecting a gross initial yield of 6%.
The portfolio comprises three care homes in Bavaria, one in the state of Saxony-Anhalt and one in the state of Berlin, which provide a total of 657 individual units. Four of the properties date from 2001 to 2003, while the Frohnau care home in the Berlin region was built in 1969 and renovated and expanded in 1992.
The care homes are operated by Vitanas, a German company active in the senior care home sector since 1969.
Aedifica is a Brussels-listed investor in senior holusing care homes, family residential, hotels and other real estate in Belgium, the Netherlands and Germany. The latest acquisition expands the company's senior living portfolio in Germany to 20 assets, with 1,900 residents. The portfolio is valued at €190 mln.
The company's total portfolio across its three markewts is valued at €1 bn, and the company also has a market capitalisation of €1 bn.
