Icade Healthcare Europe has acquired two nursing homes (Residenze Sanitarie Assistenziali, RSA) and a psychiatric facility from KOS.
It has also signed a conditional memorandum of understanding with the same group for the acquisition of two nursing homes that have yet to be built. This transaction totals €51m including duties.
Icade said this portfolio acquisition is part of a sale and leaseback transaction with the operator KOS. The five facilities, located in the regions of Lombardy, Liguria, Le Marche and Emilia-Romagna, total 514 beds and will be operated by the KOS Group with lease terms of
15 years with no break option.
Three of the acquired assets will generate immediate cash flows. The other two assets are scheduled to be acquired in H1 2023,
once the facilities have been built and the appropriate permits required for their operation have been obtained.
Specialised in elderly care, in addition to rehabilitation and psychiatric care, the KOS Group is Italy’s leading operator in this segment.
It currently operates over 140 facilities (around 12,800 beds) in both Italy and Germany.
Icade said this transaction will bring total international investments made by Icade’s Healthcare Property Investment Division to nearly €790 million.