French property asset management group Primonial has announced the acquisition of three clinics in France in a sale & leaseback operation on behalf of its pan-European ESI fund. Financial details were not disclosed.
The three clinics have a surface area of nearly 29,000 m2 with a total capacity of 451 beds. They are entirely leased to the Vivalto Santé Group for a fixed term of 12 years. The properties are located in the cities of Saint-Malo, Brest and Annecy, in dynamic areas with large population basins.
ESI is an open-ended institutional fund which invests in socially responsible real-estate assets in the healthcare, education and affordable housing sectors in Europe.
With these latest acquisitions, the fund now has 26 real estate assets in France, Germany and Austria, valued at more than €400 mln.
Panagiota Roumoudi, manager of the ESI fund, said: ‘This acquisition is in line with the ESI fund’s strategy of investing at European level in assets with a strong social dimension: healthcare, education and affordable housing. We are continuing to develop the ESI fund by expanding the real-estate portfolio to include very high-quality assets generating attractive performance and long-term income visibility for our institutional investor clients.’
Laurent Flechet, deputy MD responsible for the Primonial group’s real-estate activities, added: ‘We have been invested in the healthcare sector for nearly 10 years and intend to increase our commitments in the coming years. Our goal for ESI is to achieve managed assets of around €1 bn by 2022 to support the future financing needs of social real-estate infrastructure in Europe.’
Primonial group is a major healthcare and education real estate investor, with more than €8 bn of assets under management.
This transaction was financed by Caisse d'Epargne Bretagne Pays de Loire (Lender), Crédit Coopératif (Lender), Caisse d'Epargne Ile de France (Lender and Co-arranger) and Helia Conseils (Co-arranger).
