Belgian-listed healthcare investor Aedifica has invested €16 mln in four care homes in Finland as it continues its expansion in Nordic markets through its Hoivatilat subsidiary.
The deals comprise the acquisition of two fully operational care homes in Espoo and Laukaa, and
two completed development projects in Oulu and Kempele. According to Aedifica, the transactions represent an average gross yield of around 6.5%.
Stefaan Gielens, CEO of Aedifica, commented: 'Aedifica is very pleased to announce that Hoivatilat further expands our Finnish healthcare real estate portfolio with the acquisition of two fully operational care homes and the completion of two development projects.
'We invested a total amount of approximately €16 mln in four care homes that accommodate 122 elderly people. The sites are operated by a diversified pool of four private and non-profit tenants. We look forward to continuing to invest in futureproof healthcare real estate with our Finnish Hoivatilat team.'
The Espoo Rajamännynahde1 care home, acquired for €4 mln, is operated by Pihlanjantertut Ry, a local non-profit organisation with 20 years of experience in providing care to elderly people. The care home accommodates 35 elderly people requiring continuous care and is let on a 20-year lease.
The Laukaa Peurungantie care home in Laukaa accommodates 22 residents, and is operated by Peurunka Oy, a subsidiary of the Peurunka foundation, on a new irrevocable 15-year double net lease. It was acquired for 4 mln.
Aedifica also completed the Oulu Siilotie care home in Oulu following a €6 mln investment. The residential care facility is tailored around elderly people requiring continuous care and accommodates 46 residents. It is operated by Mehiläinen on a 15-year double net lease.
The other completed scheme is the Kempele Ihmemaantie care home in Kempele, developed with an investment of €2 mln. Accommodating 19 residents, the asset is operated by Kotoisin, a new private player in the Finnish elderly care sector. Kotoisin has signed a 20-year lease.
Jussi Karjula, CEO of Hoivatilat, said: 'As part of the Aedifica group, our strategy also includes the acquisition of high-quality fully operational care properties, in addition to our own active project development work.
'I am pleased with the acquired assets and completed projects, which complement our current portfolio nicely. I am also happy to welcome our new tenants. Together we are creating a better society.'
