Belgian REIT Cofinimmo has emerged ahead of several other bidders including France’s Primonial in the race to acquire a €400 mln portfolio of nursing homes in Spain and Italy known as Vega.
Market sources say that Cofinimmo is paying around €400 mln for a package of 24 facilities being sold by Batipart, the holding company of French entrepreneur Charles Ruggieri.
The sale – which if completed would mark Batipart’s exit from the nursing home sector – encompasses 18 facilities in Spain and six in Italy, mostly operated by DomusVi, Kos, Korian and Codess Sociale.
‘This would represent an attractive milestone in the execution of Cofinimmo’s strategy in healthcare real estate, with the entry into Italy and the consolidation of its footprint in Spain,’ Cofinimmo said in a statement.
PropertyEU first reported in early February that Batipart had hired investment banks Natixis Partners and Crédit Agricole to sell the package for €350 mln offering a yield above 5%.
The group expects to conclude the potential investments during the second quarter of 2021.
