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Aedifica affirms dividend forecast; signs property deals, new credit facilities

Aedifica SA maintained its dividend forecast at €2.50 gross per share for the 2017/2018 financial year and announced a number of acquisitions in Germany.

The healthcare real estate company also said it agreed to acquire a 32-unit residential care facility in Wald-Michelbach, Hesse, with a contractual value of roughly €3.0 million. The initial gross yield for the deal is roughly 7%.

Aedifica also agreed to acquire the 79-unit Park Residenz senior apartment complex in Neumünster, Schleswig-Holstein, with a contractual value of roughly €11.0 million. The initial gross yield for the deal is roughly 5.5%.

Both acquisitions will be financed from the company's credit facilities.

The company had €16.0 million worth of assets classified as held for sale as of March 31. These include the remaining apartments at the Residentie Poortvelden site in Aarschot, Belgium, worth roughly €4.0 million and the Ring building in Antwerp, Belgium, for €12.0 million.

During May, the company refinanced a €25.0 million credit facility with ING Belgium that was due to mature in November. The facility was replaced by another credit facility of the same amount that expires in 2025.

A new €25.0 million new bilateral credit facility was also established with ING Belgium in May that matures in 2025. A new €50.0 million new bilateral credit facility maturing in 2025 was established with Belfius Bank and a new €20.0 million bilateral credit facility maturing in 2025 was established with Triodos Bank.