trending Market Intelligence /marketintelligence/en/news-insights/trending/9qdabhgotj7e8ymbu_uyya2 content esgSubNav
In This List

Aedifica signs €44M deal for development of 220 senior living units in Germany

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Aedifica signs €44M deal for development of 220 senior living units in Germany

Healthcare-focused real estate investment trust Aedifica SA has extended its partnership with developer Specht Gruppe through a roughly €44 million deal for the construction of about 220 senior living apartments and homes on eight sites in Germany.

Aedifica plans to acquire the sites by taking over Specht Gruppe-owned companies over the next few months, with construction on the new buildings to be carried out by the developer's Residenz Baugesellschaft unit. The sites are set to be leased to Residenz Management GmbH, also a subsidiary of Specht Gruppe.

The first buildings under the new project are expected to be completed in the first half of 2019, and upon completion, the 220 units will have a gross rental yield of approximately 5.0%, according to a release.

The new agreement boosts the two joint venture's development portfolio to a total of 1,800 units, reflecting a gross yield of roughly 5.5 %, with Aedifica's total investment amounting to approximately €245 million.

The REIT will use its credit facilities to finance the deal.