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Icade completes €266M German acquisition, signs deals in Italy and France

French landlord Icade's Icade Healthcare Europe unit completed the €266 million acquisition of 19 nursing homes in Germany from MK-Kliniken AG, including duties.

The unit also entered a deal in Italy to buy a new nursing home with 100 beds for €11 million, and two additional facilities with 200 beds for €24 million once their construction completes in early 2021.

Italian healthcare group KOS Group will operate the three assets, located in the Le Marche and Tuscany regions, with initial lease terms of 15 years with no break option.

Icade expects the acquired asset to generate income immediately.

Icade Santé, another affiliate of the company, agreed to buy two nursing homes in France with 146 beds and an aggregate floor area of about 6,000 square meters for €14.5 million, including duties.

The facilities, located in Le Teilleul commune and Notre-Dame-de-Sanilhac commune in Manche and Dordogne, respectively, were sold by operator Korian.

Icade Santé signed new nine-year leases with Korian for the assets, with no break options. The assets are expected to start generating income in 2020.