Belgian company Cofinimmo said on Wednesday that it has signed an agreement to acquire four nursing homes in the Brussels region and Flemish Brabant. The acquisition value comes to EUR 78mln, corresponding to an expected initial yield of 6.14%. The company expects the transaction to be completed by the end of the third quarter.
Belgian company Cofinimmo said on Wednesday that it has signed an agreement to acquire four nursing homes in the Brussels region and Flemish Brabant. The acquisition value comes to EUR 78mln, corresponding to an expected initial yield of 6.14%. The company expects the transaction to be completed by the end of the third quarter.
The assets - Damiaan in Tremelo, La Cambre in Watermael-Boitsfort/Brussels, Schweitzer and Van Zande in Berchem-Sainte-Agathe/Brussels - provide 1,064 beds over 45,000 m2 of space. They will be operated by Senior Living Group (SLG) which will lease the properties on a 27-year lease. Cofinimmo said the leasing contracts also include a purchase option in favour of SLG which can be exercised at the end of the lease at prevailing market conditions.
At present, Cofinimmo owns six nursing homes operated by SLG. This acquisition will be mainly financed with complementary shareholders' equity. The remainder of the acquisition will be financed through existing credit lines.
