Primonial REIM signs €100m care home JV in Italy

French asset manager Primonial REIM said that it has signed a partnership agreement with care home operator Colisée to boost growth across Europe and particularly in Italy.

Colisée has plans for investing in retirement homes in Italy, both with regard to creating new homes and acquiring existing ones.
The business partners said that they have already identified 10 projects in Northern Italy with a value of around €100 mln, and signed an exclusivity agreement for the development of one initial project.
The projects, known as the Residenza Sanitaria Assistenziale (RSA) healthcare properties, are mainly located in Northern Italy (Piedmont, Lombardy, Veneto, Tuscany and Liguria). The nursing homes will be managed by iSénior, the Colisée group’s local subsidiary.

Access to local expertise
Grégory Frapet, chairman of Primonial REIM’s executive board, said: 'I am delighted with this partnership with Colisée, which is perfectly aligned with Primonial REIM’s ambition of stepping up its growth in the healthcare real-estate sector, developing new projects and strengthening its presence in Europe, particularly in Italy. It also gives us access to the expertise of a major nursing home operator.'

Primonial REIM already operates six properties in Italy, currently owned on behalf of the SCPI Primovie fund.
Christine Jeandel, chairwoman of Colisée added: 'We want to help increase the number of homes in Northern Italy, where an equipment rate no longer meets the needs of older people. Through this partnership with Primonial REIM, we can step up the implementation of our development plan by creating high-quality homes that are fully in line with the requirements of local authorities, and by selectively acquiring existing homes.'


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