Primonial Luxembourg has closed a €400 mln deal with Austrian bank Raiffeisen Bank International (RBI) to refinance the so-called Panacea portfolio of healthcare real estate in Germany.
The 67 assets in the Panacea portfolio consist mainly of nursing homes and healthcare facilities representing capacity of about 8,500 beds in various locations across Germany.
This new loan with a six-year term will be used to refinance, at attractive terms, the debt contracted when the portfolio was acquired in 2016, and to expand the roster of banking partners at the European level.
Laurent Fléchet, deputy MD responsible for the Primonial group’s real-estate activities, said: ‘We are delighted to enter into this new partnership with RBI, a renowned player in real-estate financing in Germany. In the context of the health and economic crisis, this refinancing deal for our Panacea portfolio shows the confidence that leading European banks have in our model. It reaffirms our decision to invest in real-estate sectors that have a significant social benefit and will encourage us to broaden our relationships with the banking partners in Europe best able to fund sustainable and responsible projects.’
