Cofinimmo has acquired the nursing and care home ‘Seniorenresidenz Langelsheim’ located in Langelsheim for €8m. The facility was built in 2004 and extended in 2010. It totals 4,354 m² and counts 78 beds. The asset is operated by Convivo Holding GmbH, with which Cofinimmo signed a ‘double net’ lease for a fixed 20-year period with two options to extend for five years. The gross initial rental yield amounts to 6.4%.
Convivo Holding GmbH, a Bremen-based healthcare operator, is not a new tenant in Cofinimmo's client portfolio. Both parties signed a lease in September 2017 regarding ‘Villa Sonnenmond’, a nursing and care home specialised in care for elderly people suffering from dementia, located in Neustadt im Westerwald.
Jean-Edouard Carbonnelle, Chief Executive Officer: "This transaction is in line with our Group’s expansion strategy. Our healthcare real estate portfolio in Germany now compromises ten assets estimated €157m. Our objective is to continue our growth in this market, where the need for housing and care of elderly people increases rapidly. We are therefore actively looking for high-quality assets on the German market."