Belgian REIT Cofinimmo has signed an agreement to sell its 95% stake in Silverstone, the owner of 20 nursing and care homes in Belgium, to the operating partner Senior Assist Group for €92.6 mln.
Belgian REIT Cofinimmo has signed an agreement to sell its 95% stake in Silverstone, the owner of 20 nursing and care homes in Belgium, to the operating partner Senior Assist Group for €92.6 mln.
Given Silverstone's other assets and liabilities, the transaction values the properties at €134.5 mln, which represents a €12.7 mln premium on the assets' latest appraised value.
Over the period during which Cofinimmo owned the assets, Silverstone’s portfolio generated an average annual internal rate of return (IRR) of 8.5%.
Silverstone's assets are all operated by Senior Assist Group, which already held a 5% shareholder in the care home company.
Cofinimmo said the sale of Silverstone will allow it to rebalance its healthcare real estate portfolio geographically. The funds raised from this transaction will be used to acquire other properties, it added.
