Belgium-listed REIT, Cofinimmo, has acquired two healthcare assets under construction in Finland and divested several healthcare assets in Germany and the Netherlands as it continues with its asset rotation plan.
It has acquired one nursing and care home and one disabled-care facility under construction, respectively, in Rovaniemi and Järvenpää. The investment budget for the two assets in Finland amounts to €11m.
For both sites, a double-net lease with a term of 15 years has been signed with Esperi Care Oy, Finland’s second-largest residential care operator. Rents will be indexed annually according to Finnish CPI and the gross rental yield will amount to approximately 7%.
The transaction is concluded together with Helsinki-based investment management firm Mirabel Partners, with whom Cofinimmo is co-operating in the sourcing and management of investments in the Nordics.
The two assets are part of a larger pipeline portfolio of several construction projects in Finland secured under exclusivity for Cofinimmo.
“Alongside these initial acquisitions, we have also secured a further pipeline under exclusivity with the listed construction and development company Toivo Group Oyj,” said Jean-Pierre Hanin, CEO of Cofinimmo.
Rotation
At the end of April, Cofinimmo sold its residual 25% stake in the company owning the eco-friendly healthcare campus in Erftstadt, in North Rhine-Westphalia, recovering the €27m accounted for in the balance sheet as at 31 December 2024.
In May and June, Cofinimmo also completed the divestment of three healthcare assets in the Netherlands. The total sale price of these assets amounts to more than €12m.
The cumulative amount of divestments already carried out since 1 January 2025 now reaches €56m (56% of the full year outlook), and business closed is expected to rise to €60m by the end of the financial year.
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Press release: healthcare-investment-finland-and-divesmtents-netherlands-and-germany_en.pdf