ICADE (EPA:ICAD) - Icade Santé acquires a portfolio of assets located in France for €191m
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11/04/2019 18:30
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PRESS RELEASE
Issy-les-Moulineaux, April 11, 2019
Icade Santé acquires a portfolio of assets located in France for EUR191m
Icade announces that Icade Santé is acquiring 12 medium- and long-term care
assets (7 nursing homes, 4 post-acute care facilities and 1 psychiatric
hospital) for a total of EUR191 million from an OPPCI managed by Swiss Life
Asset Managers France.
The 12 facilities, mainly located in Normandy and the Provence-Alpes-Côte
d'Azur region, provide a total of around 1,320 beds and places and cover a
total area of 70,100 sq.m. This portfolio is composed of recent assets leased
by leading French operators (Korian, Ramsay Générale de Santé, INICEA and
SGMR). It has an average unexpired lease term of nearly 6 years and it will
generate immediate rental income.
The acquisition is expected to be completed in the summer of 2019 once the
customary conditions precedent have been fulfilled.
The yield for this portfolio is in line with the market yield for comparable
assets.
Through this transaction, Icade Santé (a 56.8%-owned subsidiary of Icade) will
pursue its strategy to diversify into long-term care facilities. In addition,
it has reinforced its position as the leader in healthcare real estate with a
portfolio encompassing 127 assets (including 21 nursing homes), worth a total
of over EUR4.7 billion (excluding duties).
ABOUT ICADE
Building for every future
As an investor and a developer, Icade is an integrated real estate player which
designs innovative real estate products and services adapted to new urban
lifestyles and habits. By placing corporate social responsibility and
innovation at the core of its strategy, Icade is closely involved with
stakeholders and users in the cities-local authorities and communities,
companies and employees, institutions and associations... As an office and
healthcare property investor (portfolio value of EUR11.3bn as of 12/31/18 on a
proportionate consolidation basis) and as a property developer (2018 economic
revenues of EUR1,251m), Icade has been able to reinvent the real estate
business and foster the emergence of tomorrow's greener, smarter and more
responsible cities. Icade is a significant player in the Greater Paris area and
major French cities. Icade is listed on Euronext Paris as a French Listed Real
Estate Investment Company (SIIC). Its leading shareholder is the Caisse des
dépôts Group.
The text of this press release is available on the Icade website: www.icade.fr
CONTACTS
Anne-Sophie Lanaute
Head of Financial Communication and Investor Relations
+33(0)1 41 57 70 29
anne-sophie.lanaute@icade.fr
Charlotte Pajaud-Blanchard
Press relations manager
+33(0)1 41 57 71 19
charlotte.pajaud-blanchard@icade.fr