Primonial snaps up 20 German care facilities

French asset manager Primonial REIM has acquired 20 senior care facilities in Germany from EQT Infrastructure on behalf of the SCPI Primovie fund.

Financial details were not disclosed.

The 20 assets are located across six German states, comprising 1830 beds, 38 adult day care slots, and 48 apartments over a total surface area of about 120,000 m2.

The establishments have been fully leased for 25 years to Charleston, a German private provider of senior care and assistance services.

'We are delighted by this agreement. It will enable Primonial REIM, Europe's leading healthcare and educational real estate company, to accelerate its development in Germany,' said Grégory Frapet, chairman of the Primonial REIM executive board.

'This operation with Charleston Group, a major private operator in Germany, emphasizes our strategy to support the tenants in their real estate stakes. Thus, it creates a strong and long-term relationship that Primovie will have,' Frapet added.

In parallel to the real estate deal, EQT Infrastructure has sold Charleston’s operations to Italian healthcare business Kos.

In this acquisition, Primonial REIM was advised by Clifford Chance (legal and tax), TA Europe (technical), and by eRE (element Real Estate).

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