Belgian REIT Cofinimmo has expanded its healthcare real estate holdings in Germany through the acquisition of a rehabilitation clinic in Bonn for €30 mln.

Belgian REIT Cofinimmo has expanded its healthcare real estate holdings in Germany through the acquisition of a rehabilitation clinic in Bonn for €30 mln.

The 15,500 m2 Kaiser Karl rehabilitation clinic specialises in orthopedics and offers 150 beds, a swimming pool, a spa, a restaurant, as well as underground parking spaces. The property dates from 1996 and was extended in 2013.

The clinic is leased to a subsidiary of the German healthcare operating group Eifelhöhen-Klinik under a 25-year ‘double net’ lease. The rent will be indexed every three years, upwards only. The gross initial rental yield stands at 7.32%.

Cofinimmo said the acquisition was in line with its strategy of expanding its healthcare portfolio, while also diversifying it by country, tenant/operator and medical specialty.

The transaction comes on top of the €250 mln pipeline of committed investments for the period July 2015 to December 2017, which Cofinimmo announced in April 2015 at the time of a capital increase.