Cofinimmo has signed an agreement to sell its 95% stake in Silverstone SA/NV, an Institutional Regulated Real Estate Company. Silverstone SA/NV owns 20 nursing and care homes in Belgium, operated by the Senior Assist Group.
Cofinimmo has sold its stake in Silverstone SA/NV to a company of the Senior Assist Group for €92.6m. Given the other assets and liabilities of the sold company, the transaction values the properties at €134.5m, €12.7m above their fair value determined by the independent real estate expert as at 31 December 2014. Over the period during which Cofinimmo owned the assets, Silverstone’s portfolio generated an average annual internal rate of return (IRR) of 8.5%.
This transaction means the loss of Silverstone SA/NV’s status of Institutional Regulated Real Estate Company.
The sale of Silverstone allows Cofinimmo to rebalance its healthcare real estate portfolio geographically. The funds raised from this transaction are intended to be used to acquire other properties.
