Fidelity International (Fidelity) has acquired two care home complexes in the Netherlands for the Fidelity Eurozone Select Real Estate Fund for a price of €30.5 mln.
The buildings, which comprise a total of 175 care apartments, were acquired from the Dutch-based Warande Foundation through a sale & leaseback transaction.
Both complexes will be leased back on long leases and Warande will execute large-scale renovation in the near future, which will increase the number of care apartments in both locations.
Fidelity and Warande will also collaborate on improving the ESG rating of the properties.
Warande offers elderly people with complex healthcare needs a range of services including healthcare, nursing, treatment and residential services in the town of Houten and across the Utrechtse Heuvelrug region. The two assets acquired by Fidelity are ‘De Loericker Stee’ in Houten and ‘Schutsmantel’ in Bilthoven.
Maarten Frouws, investment manager, at Fidelity International commented: ‘This is a thematic investment in a growth market linked to the ageing population. The investment market for this sector has been growing and becoming more institutionalised for years. Supply is limited, yet international demand for this type of investment opportunities remains substantial.’
Harry Finkenflügel, CEO of Warande said: ‘In coming years, we will be looking to renovate Warande’s existing properties and build new ones. With this sale, we can now achieve this in a relatively short space of time. In Fidelity, we have found a partner that will support us to achieve our strategic property plans, namely creating apartments that meet the requirements of our target group.’
The Fidelity Eurozone Select Real Estate Fund exclusively targets institutional investors. The fund invests in the Eurozone, with a focus on direct returns and active management.
