Belgian healthcare REIT Aedifica has acquired three new development projects in Finland, further extending its exposure in the Nordics.
The projects, which represent a total investment of around €14.5 mln, include a school and two specialist residential care centres in the country. The deal represents an average gross yield of around 6%.
The new schemes will host 340 children and 43 residents respectively. According to Aedifica, they represent a diversified tenant pool of experienced private operators and the municipality of Oulu.
Stefaan Gielens, CEO of Aedifica, commented: 'Aedifica continues to expand its healthcare real estate portfolio in Finland with three new development projects, highlighting the continued appetite for our real estate concepts.
'We will invest approx. €14.5 mln in the development of a school and two specialist residential care centres for mental rehabilitation. Upon completion, these buildings will
welcome up to 43 residents and 340 children.
'We look forward to continuing to develop and invest in futureproof healthcare and social infrastructure with our Finnish Hoivatilat team, who designed and developed all three projects.'
The Finnish Hoivatilat team will develop an elementary school in a residential area of Oulu (209,000 inhabitants), after its bid was selected in a public tender.
Oulu Jahtivoudintie will welcome up to 340 children. Construction works are expected to be completed in the third quarter of 2023, and the school will be operated by the city of Oulu.
Hoivatilat has also been awarded the contract to build two specialist residential care centres in Valkeakoski (21,000 inhabitants) and Rovaniemi (64,000 inhabitants).
Valkeakoski Juusontie and Rovaniemi Rakkakiventie will respectively welcome up to 16 and 27 residents. Construction works on both properties are expected to be completed in the first quarter of 2023.
As for the operation of the two buildings, Aedifica will enter into new partnerships with Aurinkosilta and Palvelukoti Kotipetäjä, two private operators providing mental rehabilitation care to people who cannot live independently because of mental health issues or substance abuse.
