Belgian healthcare property specialist Aedifica is to invest €16 million in the development of two care properties in Finland.
The firm’s Finnish arm, Hoivatilat, will develop a children’s day-care centre in Espoo. Espoo Ylismäenkuja will accommodate up to 42 children and has been designed and will be developed by Hoivatilat on the ground floor of a larger residential project developed by a third party.
Espoo Ylismäenkuja will be operated by Pilke, a Finnish day-care operator that offers innovative early childhood education and care services to over 10,000 children in 173 child day-care centres across Finland, employing approx. 2,000 staff. Pilke already operates 25 Aedifica sites.
Hoivatilat will also develop a care home in the centre of Oulu. Oulu Vaarapiha will be tailored to suit the needs of elderly people requiring continuous care and will accommodate up to 110 residents.
Construction works have recently started and are expected to be completed in the fourth quarter of 2023. Oulu Vaarapiha will be operated by private Finnish operator Nonna Group.
The two projects will provide an average gross yield of 5.5%. Aedifica now has a pipeline of projects across Europe worth about €307 million.