Icade takes over Italian nursing home portfolio

French listed property giant Icade has announced the acquisition of seven nursing homes in Italy as part of its growth strategy in the sector.

Icade, a unit of Caisse des dépôts, has agreed to acquire five assets and committed to buying another two, subject to the appropriate permits for their operation being obtained, for a total of €39 mln including duties. The deal, which was structured as a sale-and-leaseback transaction, was signed on behalf of the Salute Italia1 fund.

The seven assets, located in northern Italy, total 582 beds and will continue to be operated by the Sereni Orizzonti Group under 29-year leases with no break options. The Sereni Orizzonti Group—one of the leading nursing home operators in Italy—runs over 90 facilities with around 5,900 beds in three European countries, namely Italy, Germany and Spain.

The transaction furthers Icade’s international diversification strategy with respect to its healthcare property investments, the company said in a statement.

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