Cofinimmo buys €300m of Belgian care homes in share swap

Belgian healthcare REIT Cofinimmo has acquired 15 nursing and care homes in Belgium in a share and asset swap which values the properties at almost €300 mln. 

The properties were acquired in two seperate deals involving contributions in kind, the REIT said.

The first tranche of properties, eight nursing and care homes across the country worth €149 mln, were paid for with a standing asset and shares worth around €122 mln, plus an issue of 1,183,737 new Cofinimmo shares. Some 11 parties were involved in the transaction.

For these assets, triple net agreements with a weighted average residual lease term of 24 years were agreed. The initial gross yield is approximately 4.5%, which is in line with current market conditions and the quality of the nursing and care homes, Cofinimmo said.

In a seperate deal, Cofinimmo acquired seven Belgian nursing and care homes worth €148.1 mln. This deal required the issue of 1,433,314 new shares, the REIT said, paid to seven parties.

For these properties, triple net agreements with a weighted average residual lease length of 27 years were concluded. The initial gross yield is also around 4.5%.

While the deals were being concluded, trading in Cofinimmo shares were suspended. 


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