Primonial REIM announces the sale and leaseback acquisition of a portfolio of 8 senior facilities in Germany
Primonial REIM announces that it has finalised the sale and leaseback acquisition, on behalf of its real-estate funds SCPI PRIMOVIE, of 8 senior facilities in Germany sold by the DANA-SAREC group for a total of around €145 million (including transfer taxes).
The assets are situated in Lower Saxony and Schleswig-Holstein in Germany – Europe’s biggest market in demographic terms and with an estimated shortage of 300,000 beds – in a variety of qualitative locations, including 3 in Hanover and its inner suburbs (northern Germany’s 3rd largest city).
Many of these assets were developed by the DANA-SAREC group. The portfolio covers a total surface area of over 52,000 sqm and consists of 6 nursing homes, 1 senior residence and 1 mixed-use facility, offering a total of around 900 beds and 163 units. It thus provides a highly complementary range of services.
The facilities are fully let under a binding 20-year contract to regional operator DANA-SAREC. The group is a private German operator created 25 years ago and specialising in retirement homes and assisted-living residences; benefits from a strong reputation within the two regions with 19 facilities operated offering more than 1,600 nursing home places and senior residence apartments.
Grégory FRAPET, Chairman of the Executive Board at Primonial REIM: “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”.
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.
About Primonial REIM
Primonial REIM is a portfolio management company that was authorised by the Autorité des Marchés Financiers (AMF) in 2011. Its purpose is to design and manage a range of investment vehicles that reflect its strong convictions about real-estate markets. Its aim is to make SCPI real-estate funds – investing in office, retail, healthcare/education and residential properties – available to the widest possible audience.
As a portfolio management company, Primonial REIM creates and manages real-estate CIUs for institutional and retail investors. On 10 June 2014, Primonial REIM obtained AIFM (Alternative Investment Fund Manager) authorisation from the AMF, under which it is subject to increased obligations in areas such as reporting, liquidity monitoring and risk management. Its Executive Board consists of Grégory Frapet, Chairman, Stéphanie Lacroix, CEO and Tristan Mahaut, Corporate Secretary.
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