Icade鈥檚 healthcare property arm has agreed to acquire a portfolio of nursing home properties located in Northern Italy from Lagune International1, a fund controlled and managed by Batipart, for a total of 鈧�130 mln, including duties.
The facilities are fully let or pre-let on leases for an initial term of 18 years with no break option.
The portfolio includes three existing nursing homes and four properties acquired off-plan (slated for completion by the end of 2023) in the Veneto, Piedmont and Lombardy regions. These seven facilities represent a total of 1,056 beds and 49,200 m2.
They will be operated by the Gheron Group, a fast-growing healthcare provider in Northern Italy (Lombardy, Liguria, Piedmont and Veneto) which currently operates 20 facilities and about 2,530 beds.
The acquisition will be carried out upon completion of the facilities.
Icade said that the deal 鈥榝urther supports its efforts to diversify its healthcare real estate business internationally鈥�. It has brought the Healthcare Property Investment Division鈥檚 international investments to a total of 鈧�720 mln.
In addition, Icade Sant茅 also bought three nursing homes from Korian and received the required approvals to close the acquisition of another nursing home from the same company by the end of 2020.
These four facilities are located in Beaune (C么tes-d鈥橭r), Thise (Doubs), Saint-Saturnin-du-Bois (Charente-Maritime) and Saint-Georges-de-Didonne (Charente-Maritime). Totalling close to 13,500 m2, they are able to accommodate roughly 320 residents. They represent a total investment of nearly 鈧�33.5 mln including duties.
Korian has agreed to lease back these properties through the signing of a 12-year lease with no break option for the Thise nursing home and 9-year leases with no break option for the other three facilities.
