French property developer Icade has strengthened its position in the healthcare sector with the acquisition of three clinics and a convalescent home from the private healthcare operator 3H Group for EUR 76mln. The deal reflects an average net yield of 7.40%.
French property developer Icade has strengthened its position in the healthcare sector with the acquisition of three clinics and a convalescent home from the private healthcare operator 3H Group for EUR 76mln. The deal reflects an average net yield of 7.40%.
The company has acquired the Saint Charles Clinic in La Roche sur Yon, with a total capacity of 202 beds; The Maine Polyclinic oncology centre in Laval, with a capacity of 154 beds; and the The Vendee Convalescent Home in Essarts with a capacity of 40 beds; and the Val d’Olonne Clinic with a capacity of 90 beds. The 3H Group remains the operator within the framework of an eleven-and-a-half-year lease. The deal brings Icade's healthcare establishment portfolio to 1,760 beds and facilities covering a net floor area of 163,000 m2.
Additionally, Icade said it will build a 19,000 m2 office complex in the 13 arrondissement of Paris as part of a large-scale regeneration project. Located in the new Zac Gare de Rungis district of Paris, the scheme is part of an urban renewal project centred on the Rungis railway station which will be carried out by the municipality of Paris via the Semapa public private company.
The development project will consist of residential units, retail space, a student housing complex, a park, a nursing home and services area. Icade will also build two HQE-certified office structures linked by a footbridge. The properties will generate 50% less CO2 than a regular building and will recycle rainwater. Construction work is expected to start in the first half of 2011, with delivery scheduled for 2013.
