Primonial inks deal for 14 senior residences in Italy

French asset manager Primonial REIM has agreed a sale and leaseback deal for a portfolio of 14 senior residences in Italy.

Financial details were not disclosed.

The properties are or will be fully let under long, 'institutional' leases, Primonial said, and will be operated by Zaffiro (13 residences) and Sarafin (1 residence), which are Italian private-sector operators in the senior care and assistance sector.

'We are very pleased to seal this agreement with Zaffiro and Sarafin, which shows Primonial REIM’s ambition to grow the real estate portfolio of one of its funds in Italy,' said Grégory Frapet, chairman of Primonial REIM’s executive board.

'The agreement also fits with our desire to support operators of healthcare establishments with their real estate development needs over the long term,' Frapet added.

The properties are located across five regions in Northern Italy and will eventually include 2,083 beds and total floorspace of over 84,000 m2. Seven of the assets are currently in operation, withthe remaining seven to be refurbished or redeveloped.

According to Primonial, the Italian senior care market will have a shortfall of more than 80,000 bedsby 2025/2030, with the proportion of people aged over 80 in Italy set to double by 2050.

The Primonial group’s Italian division will manage this portfolio locally on behalf of Primonial REIM.

Primonial REIM was advised by DLA Piper (Paolo Fopiani) regarding legal and tax aspects, and by REAAS on technical matters. The firm was assisted by eRE.

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