Belgian healthcare REIT Aedifica has announced it will invest €21 mln in the acquisition and extension of a care home in Somme-Leuze in Belgium.
The acquisition of the existing building is being financed through a contribution in kind, involving the issue of 74,172 new shares. According to the firm, the transaction represents an initial net yield of around 4.5%.
The site currently accommodates 72 residents, which will be extended by 59 beds. The operator is Vulpia, which already runs 12 Aedifica sites. The firm has signed an irrevocable 27-year triple net lease for the new property.
Stefaan Gielens, CEO of Aedifica, said: 'Aedifica continues to expand its healthcare real estate portfolio in Belgium and invests approx. €21 million in the acquisition and extension of a care home in Somme-Leuze.
'Following the extension works, the building will accommodate 131 residents. We look forward to continuing to invest in futureproof healthcare real estate together with our Belgian team.'
The extension works will start shortly and are expected to be completed in the fourth quarter of 2024.
The building will use energy-efficient systems, such as solar panels, a smart ventilation system and a rainwater management system, resulting in a class A energy label upon completion of the works.
Stéphanie Lomme, country manager of Aedifica Belgium, added: 'This care home in SommeLeuze is a welcome addition to our Belgian healthcare real estate portfolio, which already includes 83 sites.
'The design of the extension pays special attention to energy efficiency. As a result, the building will contribute to the continued improvement of the sustainability of Aedifica's real estate portfolio. Thanks to this transaction, we are once again expanding our collaboration with Vulpia.'
