Belgian property group Cofinimmo has signed an agreement to acquire the companies that will develop eight eco-friendly healthcare campuses in the Land of North Rhine-Westphalia, Germany in a deal valued at €250 mln.
The eight innovative healthcare sites are pre-let to Schönes Leben Gruppe on 25-year leases and will provide around 1,100 units mostly located in prime residential areas of medium-sized cities with a favourable supply and demand situation. All projects are located in North Rhine-Westphalia, a land bordering Belgium and the Netherlands.
Works on the first project, in the city of Erfstadt, will begin before the end of the year. The site has about 160 service flats with a surface area ranging from 45 to 120 m², 24 outpatient care units for sheltered living groups and 21 day care units. It is equipped with numerous care and service facilities (café, restaurant, wellness, fitness, etc.). The complex will be completed at the end of 2022.
Construction works on the other projects will start in the next quarters and the final buildings should be completed before the end of 2022. Payment will also be staggered over time, from 2020 to 2022. The gross rental yield will be approximately 4.5%.
Jean-Pierre Hanin, CEO of Cofinimmo said: ‘This important transaction is perfectly in line with our strategic priorities in Europe in general and in Germany in particular. Moreover, with Schönes Leben Gruppe, we welcome a visionary new partner as operator. The development of healthcare campuses combining a diversified offer of healthcare services with a wide range of residences is a valuable new trend within the sector. The sustainability of the buildings guarantees a long life cycle in the current and future environment.’
As part of the deal, Cofinimmo has signed an exclusive partnership with the local design and project management office, which will develop the eight projects. This office, which was founded in 2006, has already developed and sold 22 elderly living complexes with more than 3,500 units. Cofinimmo has the option of fully integrating the platform into its structure in due course.
