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Aedifica acquires 19 care homes for €245 million

On 31 March 2021, Aedifica signed with the Azurit Group an agreement for the acquisition of 19 fully operational care homes in Germany. The contractual value amounts to approx. €245 million. The initial gross yield amounts to approx. 5%. Furthermore, the Belgian REIT acquires some weeks before two care homes in The Netherlands and two in UK.

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The 19 care homes are located in 17 municipalities spanning seven different German states (Bavaria, Hesse, Lower Saxony, North Rhine-Westphalia, Rhineland-Palatinate, Saxony and Thuringia), offering a good geographical spread. The sites accommodate for a maximum of 2,243 residents (2,222 units for seniors requiring continuous care and 21 units for elderly people who want to live independently with care and services available on request).

Stefaan Gielens, CEO of Aedifica, commented: “Aedifica is pleased to continue expanding its German healthcare real estate portfolio with a large portfolio of fully operational care homes that we purchased in close cooperation with the operator Azurit Group. We are investing approx. €245 million in the acquisition of 19 healthcare properties accommodating a maximum of 2,243 residents. Upon completion of this transaction in the coming months, Aedifica's German healthcare real estate portfolio is expected to reach the €1 billion milestone during 2021.”

The 19 care homes are let to the Azurit Group. The care homes are let on the basis of new irrevocable 25-year double net leases (new lease term starting at the date of acquisition by Aedifica).

Two elderly care residences in the Netherlands
On 30 March 2021, Aedifica Nederland 4 BV acquired ownership of two care residences for €8 million. The elderly care residences are let to the Zorghaven Group based on inflation-linked irrevocable double net long leases with a WAULT of approx. 12 years. The initial gross rental yield is approx. 6 %.

Zuyder Haven Oss and Buyten Haven Dordrecht are located in residential areas in Oss (90,000 inhabitants, province of Noord-Brabant) and Dordrecht (119,000 inhabitants, province of Zuid-Holland). Zuyder Haven Oss was built in 2019 and Buyten Haven Dordrecht was completely redeveloped in 2016. Both elderly care residences each offer a new home to 18 residents requiring continuous care. During the construction of Zuyder Haven Oss and the redevelopment of Buyten Haven Dordrecht, special attention was paid to environmental standards and investments were made in energy-efficient systems, such as solar panels. Zuyder Haven Oss has a class A++ energy label and Buyten Haven Dordrecht has a class A energy label, which means that both buildings contribute to the continued improvement of the sustainability of Aedifica's real estate portfolio.

Eric Scheijgrond, Country Manager of Aedifica Netherlands, adding: “Together, the two elderly care residences provide a new home for 36 residents requiring continuous care. In the design of both buildings, special attention was paid to environmental standards and energy efficiency."

Two care homes in UK
Aedifica will invest approx. £25 million in the construction of two care homes in Corby and Wellingborough. On 19 March 2021, the REIT acquired ownership of the plot of land in Corby. The contractual value amounts to approx. £3 million. The Aedifica has budgeted approx. £9 million for construction works. The total investment will ultimately amount to approx. £12 million.

The agreement for the acquisition of the plot of land in Wellingborough was also signed on 19 March 2021 and is subject to outstanding conditions, which should be fulfilled in the coming weeks. The purchase price will be paid, and the ownership of the plot of land will be acquired upon fulfilment of these conditions. The contractual value amounts to approx. £2.5 million. Aedifica has budgeted approx. £10 million for construction works. The total investment1 will ultimately amount to approx. £13 million.

The care homes will be operated by Halcyon Care Homes, which is 60% controlled by Lawrence
Tomlinson and his associates, who control the LNT Group. These development projects mark a further collaboration between Aedifica, LNT and Halcyon Care Homes, following the acquisition of Hazel End Care Home, Bishop’s Stortford in December 2019 and Marham House, Bury St Edmunds in March 20202 . The care homes will be let on the basis of new irrevocable 35-year triple net leases. Upon completion of the works, the initial net yield will amount to approx. 5.5%.