Icade Santé is making its first investment in the nursing home sector through the acquisition of 14 health facilities from the Residalya network, a subsidiary of the Ackermans & van Haaren Group for €189m. Residalya—the tenth largest for-profit private nursing home operator in France, with 34 facilities and over 2,650 beds—will remain the tenant and operator of these 14 sites, under new 12 -year leases with no break options.
The buildings are either new or recent and provide close to 1,300 inpatient and outpatient beds in Nouvelle-Aquitaine, Hauts-de-France, Auvergne-Rhône-Alpes and Provence-Alpes-Côte d’Azur. The acquisition is expected to be completed in July 2018 once the conditions precedent have been fulfilled.
Through this transaction, Icade Santé is implementing its strategy to diversify into long-term care facilities. It is also reinforcing its position as the leader in healthcare real estate, with a post-acquisition portfolio of 114 assets for a total of more than €4.2bn (excl. duties) and a post-acquisition annualised rental income of over €234m.