Following an exclusivity agreement signed in March, Primonial REIM has managed to close the first phase of the acquisition of 64% of Icade's stake in Icade Santé for €1.4 bn.
As part of the deal, Primonial REIM is taking on the management of the property assets held by Icade Santé/Praemia Healthcare, valued at €6.2 bn and comprising of a high-quality portfolio, unique in France, mainly made up of short-stay establishments such as medicine, surgeries, obstetrics, and clinics.
Primonial REIM is also taking over management of the Icade Healthcare Europe portfolio, valued at €850 mln, which is due to be sold according to a certain timeframe designed to optimize its value between now and the end of 2024.
The Icade Santé team, made up of 42 employees, will join Primonial REIM and remain in charge of the delegated management of the property portfolio.
Primonial REIM said it had consolidated its position as the ‘undisputed leader; in healthcare real estate across Europe, with €18 bn of assets under management within this asset class out of a total of €42 bn under management.
Icade's remaining 36% stake in Icade Santé/Praemia Healthcare will be acquired gradually between now and the end of 2025, by funds managed by Primonial REIM France or investors identified by the fund management company.
Laurent Fléchet, president of Primonial REIM, stated: ‘We are very proud to announce the completion of the first phase of this acquisition, one of the largest in the history of the healthcare sector in Europe, and a structurally significant transaction for Primonial REIM.’
‘The sector still suffers from a real lack of supply, and our investments finance and support the structural needs of healthcare establishments, to the benefit of operators, care staff, patients and their families.'
'Today, with the integration of Icade Santé's extremely high-quality portfolio, renamed "Praemia Healthcare", Primonial REIM is significantly amplifying this positive social impact and further diversifying its property portfolio in terms of asset types and geographical coverage.’
'Following this transaction, healthcare real estate - a sector in which we have been strongly positioned for over 10 years - becomes the majority asset class of our pan-European platform, whose allocation is now split between 65% alternative real estate assets - healthcare, residential, hotels, retail and logistics - and 35% office real estate. Thanks to this major transaction, we are consolidating our position as our position as the undisputed market leader in Europe.'
