Primonial Luxembourg has completed a refinancing of 400 million euros with the Austrian bank Raiffeisen Bank International AG (RBI) on the PANACEA portfolio, a healthcare real estate properties in Germany.
The PANACEA portfolio mainly comprises retirement homes and care establishments which represent a capacity of approximately 8,500 beds in various localities across Germany.
Concluded for a period of 6 years, this new loan makes it possible to refinance at advantageous conditions the debt set up when the portfolio was acquired in 2016, and to expand the panel of banking partners at European level.
“We are delighted to start a new partnership with RBI, a recognized player in real estate financing in Germany. In a context of health and economic crisis, this refinancing operation of our PANACEA portfolio demonstrates the confidence of leading European banks in our model. It reinforces our investment choices in real estate sectors with high social utility and encourages us to expand our relationships with banking partners in Europe who are best able to finance sustainable and responsible projects ” said Laurent Fléchet, Deputy Managing Director in charge of real estate at Primonial.
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