Cofinimmo pays €310m for eleven German care assets

Belgian healthcare specialist Cofinimmo is paying €250 million for eight eco-friendly healthcare campus development projects in North Rhine-Westphalia, Germany.

The projects will provide 1,100 units and work on the first, in Erfstadt, will begin before the end of the year. The remaining projects will start in subsequent quarters.

Schönes Leben Gruppe, the future operator of the projects, has developed an integrated residential care concept in which different complementary care services are provided to residents with different care needs and services evolve as their care dependency changes enabling residents to remain in their own home environment for longer. The campus often also provides residential care centres for these residents who can no longer be cared for through home or day care.

Deal fits Cofinimmo’s strategic priorities

Cofinimmo CEO Jean-Pierre Hanin said the deal, “is perfectly in line with our strategic priorities in Europe in general and in Germany in particular. Moreover, with Schönes Leben Gruppe, we welcome a visionary new partner as operator.”

He added that, “the development of healthcare campuses combining a diversified offer of healthcare services with a wide range of residences is a valuable new trend within the sector. The sustainability of the buildings guarantees a long life cycle in the current and future environment.”

In a separate transaction Cofinimmo has acquired three healthcare facilities, also in Germany, operated by the Orpea group. Cofinimmo has paid €60 million, buying 90% of the shares of the company that owns a rehabilitation clinic in Bad Schönborn as well as two nursing and care homes in Lower Saxony.