French asset manager Primonial REIM has inked a sale and leaseback agreement for a portfolio of 12 senior residences in Germany on behalf of one of its funds.
Financial details of the deal, which was struck with operator Advita Pflege, were not revealed.
Grégory Frapet, chairman of the executive board at Primonial REIM, said: 'We are delighted to have finalised this agreement with Advita Pflege, which is part of our drive to help healthcare operators fulfil their need to develop real estate over the long term, in the interest of our investors and our funds.
'We are thus expanding our healthcare property portfolio further in Germany, which is a mature, deep and therefore strategic market.'
The portfolio comprises 513 assisted living apartments, 290 beds in residential communities and 398 day-care places for a total surface area of more than 57,550 m2 space across 12 residences. Five newly-built residences are already in operation, while another seven are undergoing redevelopment or construction.
The assets will be fully leased for a 20-year period to the operator, a German private provider of elderly care services.
'We have developed the concept of the advita house with assisted living, housing communities and day care under one roof, in order to allow residents to preserve their self-determination and comfort levels in terms of independent living, while maintaining ties with the community and having access to all the services they might need,' said Matthias Faensen, CEO of Advita Pflege.
Primonial REIM was advised by eRE (element Real Estate), Clifford Chance for the legal aspects and TA Europe for the technical aspects.
Advita Pflege was assisted by Cushman & Wakefield, Frankfurt/Main, and legally advised by CMS Hasche Sigle in Cologne.