Primonial REIM has signed a partnership agreement with the care home operator Colisée Group. The aim of this partnership is to accelerate the development of Primonial REIM and the group on a European scale, particularly in Italy, by exploiting synergies in the medico-social sector. The group has already identified a dozen of projects with an approximate value of €100m.
The partnership will focus on Residenza Sanitaria Assistenziale (RSA) health real estate assets located in northern Italy (Piedmont, Lombardy, Veneto, Tuscany, Liguria). The region offers particularly favourable prospects for the retirement home sector. These nursing homes will be managed by iSénior, a local subsidiary of the Colisée group.
Grégory Frapet, Chairman of the Executive Board of Primonial REIM, said: "I am delighted by this partnership with Colisée which perfectly illustrates Primonial REIM's ambition to accelerate its growth in the healthcare real estate sector, to develop new projects and to reinforce its European roots, particularly in Italy. Indeed, we are already present in this country with 6 assets. Italy and the region of Puglia and Le Terrazze, located in Cunardo in Lombardy, the northern region of the most populous country with 10 million inhabitants ".
Christine Jeandel, President of Colisée, commented: "We want to increase the supply of (care) accommodation in the Northern Regions of Italy, where the supply no longer meets the needs of the elderly population. Thanks to this partnership with Primonial REIM, we can accelerate the implementation of our development plan by creating quality structures that perfectly meet the requirements of local authorities and by selectively acquiring existing establishments. "