Wed, 31/07/2019 - 17:38
Primonial REIM has signed a sale-and-leaseback agreement on behalf of SCPI PRIMOVIE with the Charleston group to acquire a portfolio of 20 senior care facilities in Germany from EQT Infrastructure.
The portfolio of 20 assets located across six German states, includes 1830 beds, 38 adult day care slots, and 48 apartments over a total surface area of about 120,000 sq m.
The establishments will be fully leased for 25 years to Charleston, a German private provider of senior care and assistance services.
Transfer of ownership is subject to the fulfilment of conditions precedent.
Grégory Frapet, Chairman of the Primonial REIM Executive Board, says: “We are delighted by this agreement. It will enable Primonial REIM, Europe's leading healthcare and educational real estate company, to accelerate its development in Germany. This operation with Charleston Group, a major private operator in Germany, emphasises our strategy to support the tenants in their real estate stakes. Thus, it creates a strong and long-term relationship that Primovie will have.”
This agreement is being signed at the same time as the one between EQT Infrastructure and KOS, under which KOS will acquire all of the Charleston’s operating assets, which, to date include 47 medicated senior care homes.
In this acquisition, Primonial REIM was advised by Clifford Chance (legal and tax), TA Europe (technical), and by eRE (element Real Estate).
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