Icade Healthcare Europe, an international healthcare investment business, 59% owned by France-based Icade S.A., has signed a preliminary agreement to acquire a portfolio of 19 nursing homes in Germany for €266 million from MK Kliniken AG group.
Fully leased to EMVIA Living, one of Germany’s 10 largest operators, these 19 nursing homes spread across 8 German states total 2,300 beds and cover an aggregate floor area of 112,000 sq.m.
”The weighted average unexpired lease term is 18 years. The portfolio offers potential for rent increases. The yield is in line with market yields for this type of asset,” said in a statement.
The signing will be effective within a few weeks after receiving the opinion of the German competition authority.
This first acquisition in Germany represents a milestone in the Healthcare Property Investment Division’s international expansion strategy and brings the amount invested outside France since 2018 to nearly €420m.
With the acquisition of the Confluent private hospital in Nantes for €194m on November 15, 2019, investments made in 2019 by the Healthcare Property Investment Division, both in France and abroad, stand at €735m.