Cofinimmo SA is purchasing two healthcare assets in Germany for a combined €26.5 million, taking its total investment and commitment in the industry to €94.5 million.
Built in 1998, the Gelsenkirchen Bismarckpark nursing and care home was acquired for €11.4 million. The 6,466-square-meter property will undergo refurbishment to meet the required standard, decreasing the facility's capacity to 109 beds from 133. The company and the operator, Korian Group unit Curanum AG München, will co-fund the works. Cofinimmo also signed a double net lease with the operator for a fixed period of 17 years that includes a 10-year extension option.
The 6,450-square-meter, 138-bed Azurit Seniorenzentrum Riesa nursing and care home at Riesa in Saxony, meanwhile, will be bought for €15.1 million, with a 5.7% initial gross rental yield. It will be leased to Azurit Rohr GmbH for 25 years, with an option to extend to 5 years. Closing of the deal is expected in the second quarter of 2018 upon the property's delivery.
