Cofinimmo has signed an agreement for the acquisition of 17 nursing and care homes located in Germany from Revcap for €172m. All 17 assets are let to the operator Stella Vitalis under a fixed 30-year lease. The initial gross rental yield of the transaction stands at approx. 5.5 %. One of the assets is under construction and will be delivered in the course of the fourth quarter of 2018. Other 16 properties are already in operation.
Following this transaction, healthcare real estate represents 49% of the Cofinimmo's global portfolio. The group's healthcare real estate strategy is to expand the portfolio while diversifying it in terms of country, asset type and tenants/operators. Currently, 19% of Cofinimmo's healthcare real estate portfolio is located in Germany. The portfolio consists of 24 nursing and care homes, two clinics and two sport and wellness centres, let to eight different operators.
