Northern European-focused landlord Cofinimmo has acquired a psychiatric clinic under construction in Kaarst, Germany, for €22 mln from Schneider Projekt Consult.
According to the Brussels-listed investor, the deal will generate an initial gross return of around 6%.
'The acquisition of this psychiatric clinic in Germany is fully in line with our strategy of diversification by type of facility within our healthcare real estate portfolio,' said Jean-Pierre Hanin, CEO of Cofinimmo.
The clinic, which specialises in treating and supporting patients suffering from depression or burnout, will cover an above-ground surface area of more than 7,800 m2 and will have approximately 70 beds, as well as 20 places in day clinic. The construction works have just begun and delivery is scheduled in the spring of 2020.
The clinic will be operated by Oberberg, which currently manages nine clinics on eight sites spread throughout Germany. The psychiatric clinic in Kaarst will be the first asset in Cofinimmo’s portfolio operated by Oberberg, which has signed a 20 year lease with two options for a five-year extension.
The asset is located 15 km from Düsseldorf and 45 km from Cologne, in the State of North Rhine-Westphalia.
