Aedifica SA/NV and its subsidiary Aedifica Invest SA have acquired 100 % of the shares of Dujofin BVBA, owner of the plot of land and the building. The contractual value of the site amounts to approx. €10m. Aedifica has budgeted approx. €2m for renovation and extension works. Aedifica’s total investment (including the works) will amount to approx. €12m.
The De Duinpieper rest home is located in the “Vuurtorenwijk” neighbourhood in Ostend (70,000 inhabitants, Province of West Flanders). The building, designed by famous Belgian architect Lucien Kroll, was built in 1989. The site will be renovated into a modern residential care facility intended for seniors requiring continuous care, and extension works will be carried out for the construction of a new wing. Aedifica has budgeted approx. €2m for these works. Upon completion of the works, as anticipated in summer 2019, the rest home will be able to welcome 115 residents. Operations of the site will continue during the works.
The care residence will be operated by Fipromat, an entity of the Dorian group, a private Belgian player in the senior care market. The Dorian group benefits from a broad experience with respect to senior housing and related care services, in particular through its consultancy firm Optimum C.
Stefaan Gielens, CEO of Aedifica, commented: "Thanks to the acquisition of this rest home, Aedifica continues to expand its Belgian healthcare real estate portfolio. The site is operational, nevertheless Aedifica will invest in renovation and extension works. This investment marks the first co-operation with the Dorian group. Other investments will follow.”
