Cofinimmo has acquired the Kaiser Karl rehabilitation clinic located in Bonn as part of its growth strategy in the healthcare real estate sector in Germany. The 15,500m² facility, built in 1996 and extended in 2013, is mainly specialised in orthopedics and offers 150 beds, a swimming pool, a spa, a restaurant and underground parking spaces.
The Cofinimmo Group bought the asset for €30m¹ and rents it to subsidiary of the German operating group Eifelhöhen-Klinik AG under a 25-year ‘double net’ lease. The gross initial yield is 7.32%.
Eifelhöhen-Klinik AG is a German listed operator with over 40 years of experience in post acute care and rehabilitation. The Group manages four sites, offering a total of 800 beds.
The acquisition is in line with Cofinimmo’s strategy, which consists in expand its healthcare portfolio, while also diversifying it by country, by tenant/ operator and be medical specialty. In February this year, they acquired 13 new healthcare assets in the Netherlands, at the time, eight were already being operated and five were construction projects. The properties combined surface area totals approx. 36,500m² for a conventional gross amount of €71.9m.
¹ Including acquisition costs (transfer taxes, etc.) of €2.5m
