Icade Healthcare Europe has signed a preliminary agreement to acquire a portfolio of 19 nursing homes in Germany for €266 million ($293 million). The seller is the MK Kliniken AG group.
Fully leased to EMVIA Living, one of Germany’s 10 largest operators, these 19 nursing homes spread across eight German states, total 2,300 beds and cover an aggregate floor area of 112,000 square meters (1.2 million square feet). The weighted average unexpired lease term is 18 years. The portfolio offers potential for rent increases.
This first acquisition in Germany represents a milestone in the Healthcare Property Investment Division’s international expansion strategy and brings the amount invested outside of France since 2018 to nearly €420 million ($462 million).
With the acquisition of the Confluent private hospital in Nantes for €194 million ($214 million) on Nov. 15, 2019, investments made in 2019 by the Healthcare Property Investment Division, both in Fr
