French asset manager Primonial REIM has finalised the sale and leaseback acquisition of eight senior facilities in Germany from the Dana-Sarec group for €145 mln, on behalf of its real-estate fund SCPI Primovie.
The portfolio covers a total surface area of over 52,000 m2 and consists of six nursing homes, one senior residence and one mixed-use facility, offering a total of around 900 beds and 163 units.
Grégory Frapet, chairman of the executive board at Primonial REIM said: 'This acquisition forms part of the strategy adopted by Primonial REIM, as a major player in healthcare real estate in Europe, to continue investing actively in this asset class and establishing solid and long-term partnerships with its healthcare tenants.'
The assets are situated in Lower Saxony and Schleswig-Holstein in Germany, described by Primonial as 'Europe’s biggest market in demographic terms and with an estimated shortage of 300,000 beds'. Three are in Hanover and its inner suburbs.
The majority were developed by the Dana-Sarec group and have been fully let for 20 years back to the private care facility operator.
Dana-Sarec was founded in Germany 25 years ago, and specialises in retirement homes and assisted-living residences. It focuses on Lower Saxony and Schleswig-Holstein where it operates 19 facilities offering more than 1,600 nursing home places and senior residence apartments.
Primonial has increased its focus on healthcare assets in recent weeks, announcing the launch at the start of July of a new European open-ended property fund targeting €1 bn of social infrastructure assets. The vehicle, named ESI, will focus on healthcare but also invest in educational facilities and affordable housing.
Primonial REIM was advised by Clifford Chance (Fabian Böhm) for the legal, tax and anti-trust aspects of this acquisition, and by JLL for the technical aspects; it was assisted by Finvio (Martin Hoffmann) and eRE for the commercial aspects.
