Cofinimmo has signed an agreement for the acquisition of the ‘AZURIT Seniorenzentrum Altes Rathaus’ nursing and care home, located in Chemnitz, Germany for c.€14m. The asset, most recently renovated in 2004, offers 5,500m² of space and about 140 beds. The building is located facing a park and benefits from close proximity to a pharmacy, a bank and several supermarkets. The nursing and care home is operated by Azurit Rohr GmbH on a fixed term of 20 years. The rent will be indexed based on the German consumer price index. The gross initial rental yield amounts to approximately 5.5%.
Jean-Pierre Hanin, CEO of Cofinimmo. commented: “This new acquisition demonstrates Cofinimmo's ability to maintain long-term partnerships with its tenants-operators. We are able to support the growth of healthcare operators thanks to our real estate expertise and our integrated approach. This is already the fourth asset leased to the Azurit Rohr group.”