Icade snaps up French nursing home portfolio for €190m

French listed firm Icade's healthcare arm has carried out its first acquisition in the nursing home sector with the purchase of 14 facilities from the Residalya network, a subsidiary of the Ackermans & van Haaren Group, for a total of €189 mln.

Residalya, a major for-profit private nursing home operator in France, will remain the tenant and operator of the properties, under new 12-year leases with no break options.

The buildings are either new or recent and provide close to 1,300 inpatient and outpatient beds in Nouvelle-Aquitaine, Hauts-de-France, Auvergne-Rhône-Alpes and Provence-Alpes-Côte d’Azur.

The acquisition is expected to be completed in July 2018.

Icade Santé said that the deal is in line with its diversification strategy and also reinforces its position in the healthcare real estate market.

Separately, Icade announced that its development arm Icade Promotion has sold an 18,000 m2 office building in Villejuif for €95 mln to the Elysées Pierre SCPI fund, managed by HSBC REIM. The asset is entirely pre-leased to Orange and is scheduled for completion in the fourth quarter of 2019.


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