Belgian healthcare REIT Aedifica has expanded its portfolio in the Netherlands with the acquisition of five sites for around €44 mln.
The transaction reflects an initial gross yield of around 6.5%.
The five sites are located in Hoogeveen in the north of the country and were acquired from housing corporation Stichting Woonconcept, the first time Aedifica has purchased from this type of vendor.
The properties have a total capacity for 340 units, of which 242 are intended for seniors requiring continuous care and 98 are intended for seniors opting to live independently with care services available on demand. All the buildings were constructed specifically for care purposes.
The leases on the portfolio are index-linked with a weighted average unexpired lease term (WAULT) of approximately 26 years.
Stefaan Gielens, CEO of Aedifica, commented: ‘We are delighted to add these five sites to Aedifica’s Dutch healthcare real estate portfolio for a total amount of approx. €44 mln. The sites were recently built, target both seniors requiring continuous care and seniors opting to live independently with care services on demand, and are operated by an experienced non-profit organisation.’
‘Moreover,’ he added: ‘this is Aedifica’s first acquisition with a housing corporation as seller. Following the completion of this major transaction, Aedifica has once again anchored itself as a market reference in listed European healthcare real estate. Other investments will follow.’
Aedifica has been steadily building up its healthcare portfolio across Europe in recent months. Following a string of deals in Germany, the UK and the Netherlands, the portfolio now stands at around €2.2 bn. The REIT has €313 mln of properties in the Netherlands, compared with €537 mln in the UK, €353 mln in Germany and over €1 bn in home market Belgium.