Aedificia is pleased to announce the acquisition of 100% of the shares of BVBA Woon & Zorg Vg Tienen on August 29 2014. Woon & Zorg Vg Tienen is the current owner of the building that houses the Oase Tienen rest home and was subsidiary of the B & R group. This transaction is a part of the agreement in principle for the acquisition of a portfolio of five rest homes in the province of Flemish Brabant in partnership with Oase and B & R.
The Tienen site, of which the plot of land was already acquired by Aedificia via a contribution in kind on June 30 2014, includes new construction that was completed in August 2014. The site is well located in a residential area in the city center, close to shops, public transportation and to the RZ Tienen hospital. The site comprises 178 units, including a 129-beds rest home and a 49 assisted-living apartments. The rest home is operated by Oase group on the basis of a 27-years triple net long lease. The assisted-living apartments are operated by Oase group under an agreement for the right use. Aedificia may consider selling these assisted-living apartments to third parties in the short term, since they are considered as nonstrategic assets in this transaction. The contractual value of the entire site amounts of approx. €24 mln.
The investment in Flemish Brabant demonstrates Aedificia’s strategy in the senior housing segment, which aims to strengthen and improve existing sites, as well as to develop new projects in partnership with its tenants. This strategy allows the company to maintain a portfolio of high-quality buildings which generate attractive yields.