Singapore-based Parkway Life REIT has entered Continental Europe with the acquisition of a €111 mln retirement home portfolio in France.
The deal, which is expected to close in December, involves 11 retirement homes which were bought in a sale-and-leaseback from operator DomusVi.
DomusVi has signed a new 12-year lease term on the assets which encompass a total of 42,630 m2 of net lettable floor area and provide 850 nursing beds.
The investment is part of 'PLife REIT’s overall growth road-map by establishing a multi-prong growth platform through strategic partnerships', the company said in a statement. 'In the mid to long term, the Manager aims to establish a third key market in Europe and UK, while maintaining a primary focus on its core market of Singapore,' it added.
As part of the deal, PLife REIT has entered into a management agreement with Paref to manage the portfolio.
The manager said it intends to fully finance the acquisition via an equity fund raising.
