European nursing home operator Korian is teaming up with French developer Icade on the construction and acquisition of new facilities as part of a new real estate strategy which it plans to roll out also in other countries.
Under the partnership, which was signed on a non-exclusive basis, Icade will assist Korian with the design and development of 15 new care facilities to be delivered by 2020.
As part of the agreement, Korian may exercise a purchase option for each property, in line with its strategy of increasing ownership of the facilities it operates.
Icade Santé, Icade's care home unit, will also be entitled to acquire some of the properties.
In a statement, Korian said that it plans to roll out 'this type of innovative partnership' in all the countries where it operates, and namely France, Germany, Italy and Belgium.
'I welcome this new partnership with Icade, which brings Korian the expertise and flexibility we need to implement our ambitious plan to expand and modernise our real estate assets, in line with our increased focus on owning selected strategic assets,' said Sophie Boissard, Chief Executive Officer of Korian Group.
Korian, an expert in care and support services for the elderly, manages over 710 facilities with a capacity of over 71,500 beds.
