French listed property group Icade said that its Healthcare Europe fund has signed a preliminary agreement to acquire a portfolio of 19 nursing homes in Germany for €266 mln, including duties.
The seller is the MK Kliniken AG group.
The acquisition represents the first by Icade's healthcare arm in Germany and comes shortly after the purchase last week of the the Confluent private hospital in Nantes for €194 mln. It brings the total investment by Icade's healthcare property investment arm to €735 mln this year.
Healthcare Europe, a fund 59% owned by Icade, is paying a yield in line with market values for the assets, which are fully leased to Emvia Living, one of Germany’s 10 largest operators.
The properties are spread across eight German states and total 2,300 beds covering an aggregate floor area of 112,000 m2. The weighted average unexpired lease term is 18 years.
