Belgium’s Cofinimmo Group has extended its portfolio to Germany with the acquisition of a private health clinic in Baden-Baden.

Belgium’s Cofinimmo Group has extended its portfolio to Germany with the acquisition of a private health clinic in Baden-Baden.

Cofinimmo bought the 4,376 m2 facility for €10.9 mln, at an initial yield of 7.6%. The 46-bed clinic is run by Celenus, who specialise in revalidation and psychological care, under a 25-year lease. The rent is indexed annually at 50% of the consumer price index.

The Brussels-based real estate company said the deal could lead to further opportunities with Celenus, which manages 2600 beds at 15 sites across Germany.

Jean-Edouard Carbonelle, CEO of Cofinimmo, said: ‘This is in line with the group’s announced strategy, which consists in diversifying its healthcare portfolio from a geographical viewpoint.’

Cofinimmo has a property portfolio extended across Belgium, France and the Netherlands worth over €3.1 bn, comprising offices (42%), healthcare properties (39%) and distribution networks (17%).