French nursing home care provide Clariane has partnered with Crédit Agricole Assurances for a €140 mln real estate partnership.
The partnership involves 19 French healthcare facilities (1,470 beds) valued at €268 mln (excluding duties).
Crédit Agricole Assurances will buy bonds issued by Clariane's real estate subsidiary, redeemable in seven years with a 10.5% fixed coupon.
Building on the success of their French partnership, Clariane, and Crédit Agricole Assurances are in advanced talks for a €90 mln UK deal, aiming to close by the end of 2023.
Sophie Boissard, managing director of the Clariane Group, said: ‘The signing of this partnership constitutes a first step in the refinancing plan announced on 14 November. This partnership also illustrates the full support for this plan from our largest shareholder, Crédit Agricole Assurances, whom I thank for its long-term commitment alongside the Clariane Group and its stakeholders.’
Starting in 2024, Clariane will sell assets worth €1 bn to streamline its operations and raise funds beyond existing deals. The group’s activities in Belgium and the Netherlands are potential targets, for which it has received expressions of interest, along with other assets.
Clariane (formerly Korian) operates over 700 facilities in seven European countries, including Germany, Belgium, Spain, France, Italy, the Netherlands, and the UK, providing services to the elderly, people with disabilities, and people with chronic health conditions.
