Care Property to develop assisted-living project in Middelkerke (BE)

Care Property Invest lands assisted living development contract in Middelkerke (BE)

The social welfare board of Middelkerke has awarded the public contract regarding the design, construction and financing of the group of assisted living apartments ‘Assistentiewoningen Welzijnshuis’ in Middelkerke to Care Property Invest. The company has responded to this public tender together with Boeckx Architects and the joint venture Ibens /Bolckmans NV and will act as developer and financier for this project. This group of assisted living apartments will consist of 60 living units.


The Company will obtain a right of superficies on the land from the owner of the land, the PCSW (OCMW/CPAS) of Middelkerke, for a term of 32 years. After the finalisation of the design, an environmental permit will be applied for. The Construction Team foresees that the works for this project would start in 2018. At the provisional acceptance of the group of assisted living apartments (scheduled for the first semester of 2020), Care Property Invest will, in turn, grant a leasehold of 27 years to the PCSW (OCMW/CPAS) of Middelkerke.


After the provisional acceptance, ‘Assistentiewoningen Welzijnshuis’ will be operated by the PCSW (OCMW/CPAS) of Middelkerke. With a residential care campus comprising 48 assisted living apartments, a residential care centre, a local services centre and a daycare centre all on the same site, it has already acquired a solid dose of experience and knowledge concerning the operation of residential care facilities. The structure of this project ties in with the activities and expertise developed by the Company under its initial investment programme.


The estimated investment value for the construction of this group of assisted living apartments amounts to approximately €8.2m.


Peter Van Heukelom, CEO of Care Property Invest, commented:"‘Assistentiewoningen Welzijnshuis’ is the 1st development added to Care Property Invest’s portfolio this financial year and has a structure that is similar to the one used for the projects under the initial investment programme. The project is financed by using the proceeds resulting from our capital increase of October 2017. With this award, Care Property Invest will have invested no less than 143.5% of the raised capital. Furthermore, Care Property Invest is delighted to include a new financial lease in its portfolio as this contributes to a stable income stream. This group of assisted living apartments brings the number of care projects in our real estate portfolio to a total of 93."

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