Primonial REIM to acquire six Greenfield nursing home projects in Northern Italy

Primonial REIM, on behalf of its fund Primovie, is to acquire a portfolio of 6 greenfield nursing home projects for dependent elderly people in Northern Italy for close to EUR110 million, including rights, from Numeria SGR, an Italian real estate management firm.

Spread over 4 regions in northern Italy (Tuscany, Piedmont, Veneto, Lombardy), the portfolio will be fully delivered by 2022 with a total surface area of nearly 44,000 sq m and providing more than 900 beds.

 
The assets will be fully operated under long-term leases by Gruppo Gheron, a major private player in Italy, expert in the care and support of senior citizens and with a strong local presence in the north of the country.
 
The share of over 80-year-olds is expected to double by 2050 in Europe and the shortage of beds in nursing homes is estimated at around 80,000 beds by 2030 in Italy alone.
 
The Italian branch of the Primonial Group will manage this portfolio locally on behalf of Primonial REIM, the European leader in healthcare real estate with more than €6 billion in assets under management.  Primonial REIM intends to intensify its investments in this sector and to continue to support the real estate needs of its operating tenants through the modernization, adaptation or development of health and senior care facilities.
 
Grégory FRAPET, Chairman of Primonial REIM's Management Board, adds: "We are delighted to sign this agreement with Gruppo Gheron. This investment underlines Primonial REIM's ambition to contribute to the transformation of the healthcare sector at a time when the development of new structures and additional beds are a necessity to meet the current and future needs of patients, their families and healthcare professionals. This agreement also allows Primonial REIM to establish a partnership with a key Italian operator in the sector and to accompany its strong growth.”
 
Primonial REIM was advised in this acquisition by DLA Pipper for the legal aspects, by MIEL Capital and eRE for commercial modalities and by REEAS for the technical aspects.

Numeria SGR was advised by the De Andre law firm.