IRP acquires SRB-Invest from AG Real Estate (BE)

IRP acquires SRB-Invest from AG Real Estate (BE)

ION Residential Platform (IRP) acquires, from AG Real Estate, 100% of the shares of SRB-Invest, the company owning the Beukenhof (Kalmthout) and Brugse Vaart (Ghent) care homes. The residences offer a combined 294 care beds and 20 assisted living units. Both residences are let to Vulpia on the basis of triple net lease agreements, with a remaining lease length exceeding 20 years.


The transaction was concluded on 16 November 2023. IRP is the joint venture between ION, Bouwinvest and CBRE IM. For AG Real Estate, the deal is part of a carefully considered strategy aimed at focusing its Senior Housing portfolio on assets under management in direct operation. This decision to sell enables AG Real Estate to sharpen its focus on the optimal management of its properties as a nursing home manager and operator.


THe first asset, Brugse Vaart, is located in Mariakerke, a suburban area of Ghent, 8 km from the city centre. The property was delivered in 2016, meeting modern energy requirements. It consists of a care home with a capacity of 131 residents and a separate assisted living building with 20 apartments.  


The Beukenhof care home, the second asset, is strategically located on a green site in the city centre of Kalmthout, in the outskirts of Antwerp.  Back in 1996, it was Vulpia’s first operational care home. The building was acquired by AG Real Estate in 2016 and has been renovated in 2019. In order to cater to the strong demand, extensions have been built in 2019 and 2022. The property can now accommodate up to 163 residents.


In 2022, solar panels were installed on both buildings, underlining this commitment. IRP and Vulpia intent to further explore potential sustainability improvements going forward.  


Sam Bordon, Head of Investment at ION said: “This was a great opportunity to add two strategically located care homes to our growing portfolio. Both residences are performing strongly and Vulpia has an excellent track record on the Belgian market. Long term prospects for the elderly care segment in Belgium look very attractive.”


Nicolas De Blieck, Senior Investment Manager at AG Real Estate, commented: "This transaction illustrates our desire to focus our expertise on the direct and active management of our Senior Housing portfolio. We are renewing our determination to exceed expectations in our role as manager and operator, thereby consolidating the trust that our residents, our team, and our strategic allies place in us."


Image provided by COMM2YOU.

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