Aedifica has successful acquired the newly constructed Leopoldspark rest home in Belgium, along with the company that owns the site, RL Invest SA.
Completed on 10 March 2016, Leopoldspark site is part of a residential and retail development project in Leopoldsburg, a community with approximately 15,000 inhabitants. The site is well located in the centre of the development, next to the train station, and includes 128 units in the rest home and 22 assisted-living apartments.
Stefaan Gielens, CEO of Aedifica, commented: "Thanks to the acquisition of Leopoldspark rest home, Aedifica expands its portfolio in Belgium with a completely new building in the centre of Leopoldsburg.”
Aedifica announced the signing of an agreement on 18 December 2014, subject to outstanding conditions for the future acquisition of 100% of the shares of the company RL Invest SA. Aedifica and its subsidiary Aedifica Invest SA acquired 100 % of the shares of the company RL Invest SA today.
The site is operated by an entity of the Vulpia Group on the basis of a 27-year triple net long lease. The contractual value of the site amounts to approx. €21m, which provides for an initial triple net rental yield of approximately 5.5%. Vulpia is a Belgian operator that has been active in the private senior care market since 2002. Vulpia currently operates approx. 2,250 beds in rest homes and 300 assisted-living apartments and employs over 1,250 staff. The group already operates several sites of Aedifica.
This investment in Belgium demonstrates Aedifica’s strategy in the senior housing segment, which aims to strengthen and improve existing sites, as well to develop new projects in partnership with its tenants/operators. This strategy allows the Company to maintain a portfolio of high-quality buildings which generate attractive yields.