Primonial Luxembourg has refinanced a German healthcare property to the tune of €400 million. The Austrian Raiffeisen Bank International is providing the new debt for the so-called “Panacea” portfolio.
Primonial Group, which claims to be the European leader in healthcare and education real estate with more than € 8 billion assets under management and says that it has perfect knowledge of these sectors and their dynamics.
The Panacea portfolio comprises mainly retirement and care homes with a total capacity of around 8,500 beds in various locations in Germany. The portfolio was acquired in 2016. The new loan is for six years on “advantageous” conditions, Primonial said in a statement.
The deal also serves to expand its panel of banking partners in Europe, the firm said.
Primonial’s deputy managing director in charge of real estate Laurent Fléchet (pictured) said that in the context of the current health and economic crisis, the refinancing demonstrates the confidence of banks in its model. “It reinforces our investment choices in real estate sectors with high social utility and encourages us to expand our relations with banking partners in Europe who are most able to finance sustainable and responsible projects.”