The Cofinimmo Group acquired The Park, a nursing and care home in Limerick, Ireland. A contribution in kind of the receivables was carried out today and took place via purchase with a deferred payment of the price and a subsequent contribution in kind of c. €7m in Cofinimmo SA/NV of the resulting receivable. To this end, 101,495 new shares were issued today, within the framework of the authorised capital.
A triple-net1 lease with a term of 25 years has been signed with Mowlam Healthcare. The rent will be indexed according to the Irish consumer price index and the gross rental yield will be in line with current market conditions.
The nursing and care home was built in 2008, has a total surface area of approximately 2,700m² and offers 56 beds, which are in en-suite rooms. The asset has a good energy performance and several upgrades are planned to further improve it.
The site is located in a green residential neighbourhood, about 4 km from the city centre, with shops, schools and other facilities nearby.
Jean-Pierre Hanin, CEO of Cofinimmo said: "Following our entry in 2021, we are pleased to add one site to our healthcare portfolio in Ireland through a contribution in kind and the issuance of new shares. This acquisition, although modest in size, is meant to initiate a partnership with Mowlam Healthcare, a leading healthcare player in Ireland, as well as further diversify our tenant portfolio".