Aedifica has announced that it has fulfilled the conditions for the acquisition of a portfolio of 8 senior housing sites in Belgium for a total of €97 mln.
The Belgian residential REIT took control of seven properties through the acquisition of real estate companies, and of one site through an asset deal.
Stefaan Gielens, CEO of Aedifica, said: 'The acquisition of this portfolio of eight rest homes marks a significant expansion of Aedifica's Belgian portfolio.' He added: 'This transaction clearly shows that in addtion to international expansion in the Netherlands and Germany, Belgium continues to offer significant investment potential for an investor specialised in healthcare real estate, such as Aedifica.'
The portfolio comprises eight rest homes, oriented toward seniors requiring permanent care, in the provinces of Antwerp, Limburg, and Flemish Brabant. All sites were built or redeveloped between 1996 and 2016 and are operated by the non-profit organisation ASBL Foyer de Lork.
While the Ezeldijk rest home, located in Diest, was acquired through a VAT purchase agreement, Aedifica took control of the other seven sites by acquiring majority stakes in real estate companies. Before the end of the year, Aedifica plans to purchase the remaining minority stakes for around €20 mln.
The operation was part financed through Aedifica's credit facilities and partly through the takeover of existing credit facilities with an average remaining duration of 12 years.
