Le mie ricette per la real estate communityActing on behalf of institutional investors, Primonial group on 31 August closed on the acquisition of 50% of a portfolio of healthcare properties in Germany held by Medical Properties Trust (REIT). This acquisition, which was first announced on 7 June, is part of the Primonial’s strategy to expand its European real estate platform by setting up a separately managed fund.
The healthcare property portfolio – one of Germany’s largest – is worth a total of more than €1,635bn.
It consists of 71 properties, almost all of which are private rehab clinics (Rehabilitationskliniken), totalling more than 13,200 beds in 13 federal states.
All the assets are leased to the MEDIAN Kliniken group, a leader on the private rehab clinic market in Germany, via three long fixed-term triple net master leases with average maturities of more than 24 years.
Laurent Fléchet, Deputy CEO of Primonial group in charge of real-estate activities, said: “I am very pleased with the closing of this transaction with our partner, Medical Properties Trust. This acquisition is an important step in Primonial’s international expansion strategy and illustrates our ambition of accelerating our development. We now manage €5.2bn in healthcare properties, more than half of which are in Germany. In expanding our footprint in Germany, we are consolidating our position on Europe’s largest healthcare market, a market with solid fundamentals and an outstanding outlook for growth.”
Primonial was assisted in this deal by Clearwater International and advised by the French, German and Luxembourg teams of Clifford Chance and Arendt for legal and tax due diligence, by Ernst & Young Germany for accounting due diligence, by JLL Germany for technical due diligence, and by immotISS care for operational due diligence.
Source : Company