Primonial REIM’s French arm has finalised the acquisition of a portfolio of 33 nursing homes in France on behalf of its Primovie SCPI investment fund.
Financial details were not disclosed, but the deal is said to be the largest in the healthcare property sector so far this year.
The portfolio covers a total surface area of 113,000 m2 and has capacity for over 2,400 beds and more than 130 serviced apartments for seniors. All 33 nursing homes are fully let under fixed long-term leases to Colisee, a provider of dependency care in France and across Europe.
The nursing homes are located in the main cities of Ile-de-France (3), Auvergne-Rhône-Alpes (7), Provence-Alpes-Côte-d’Azur (8), Bourgogne-Franche-Comté (9), Alsace Lorraine (3) and Occitanie (3).
Grégory Frapet, chairman of Primonial REIM France, said: ‘I am delighted to have completed this large-scale acquisition with the Colisée group. It is the largest transaction to have gone ahead in Europe’s healthcare real estate market so far this year and a perfect illustration of our development strategy in this asset class, which is to establish strategic partnerships with national or international operators in order to help them meet their real estate needs while generating recurring potential rental income for our investor-clients over the long term.’
Primonial REIM’s pan-European real estate platform has invested over €1 bn euros in healthcare real estate since the start of the year. It now has a total of over €10 bn of assets under management, consisting of various types of facilities (long-term care nursing homes, medicalised retirement homes, MS/MSO clinics, post-acute/rehabilitation or medium-stay clinics, serviced housing, etc.) located across six European countries: France, Germany, Spain, Portugal, Italy and Ireland.
