Belgian healthcare REIT Aedifica has committed €69 mln to acquire two senior care homes in Belgium for €69 mln, which includes an extension budget of €19 mln.
The assets, in Bruges and Ghent, currently house 225 residents, with proposed refurbishment plans set to expand them to 279 residents. The deal represents an initial net yield of 4%.
Stefaan Gielens, CEO of Aedifica, commented: 'Aedifica continues to expand its healthcare real estate portfolio in Belgium with the acquisition of two well-established senior housing properties in Bruges and Ghent.
'We will extend and upgrade the building in Ghent, so that its residents can continue to enjoy high-quality care and comfort in the future.
'As the acquisition takes the form of a contribution in kind, we strengthen the company’s balance sheet even further. We look forward to continuing to invest in futureproof healthcare real estate together with our Belgian team.'
Stéphanie Lomme, country manager of Aedifica Belgium, added: 'The upgrades that will be made to the property in Ghent will pay special attention to energy efficiency,
contributing to the continued improvement of the sustainability of Aedifica's real estate portfolio.'
The care properties are operated by Militza, which is part of the My-Assist group. The group is an established private player in the Belgian senior care market which currently operates 10 care homes, providing high-quality residential care and rehabilitation care to more than 1,300 elderly people.
My-Assist already operates one Aedifica site.
