Primonial REIM annonces the acquisition of its first senior services residence in Belgium

Paris, 12/02/2020

Primonial REIM – already operating in Belgium with a portfolio of residential and commercial properties under management – is conducting its first healthcare real estate acquisition in Belgium by entering into the forward sale of a senior services residence on behalf of its real-estate fund the SCPI Primovie.

The future senior services residence will be delivered in the third quarter of 2022. Covering a total surface area of more than 8,200 m², it will consist of 119 one-bedroom and two-bedroom homes offering a wide range of services (restaurant, lounge bar, spa, gym, indoor pool and hair salon) for the comfort and enjoyment of its future residents.

The property, which will be co-promoted by Nexity and its subsidiary Aegide, will be located in Court-Saint-Etienne, just 40 km from Brussels, in a favourable economic and demographic region (high pension level, elderly population and longer life expectancy). Nestled in a new eco-district near a commercial centre, the residence will be easily accessible via public transport and by car.

There will be a 15-year firm long-term lease on the property, which will be fully operated on delivery by DOMITYS, a subsidiary of Nexity and leader on the senior services residence market in France.

Primonial REIM Board Chairman Grégory Frapet said: « As a leader in healthcare real estate in Europe, Primonial REIM is forging ahead – with this initial acquisition in Belgium – with its development by investing in a sector making a positive social impact, driven by strong demand and promising growth prospects. With this type of transaction, Primonial REIM is funding new housing options for seniors, designed to make everyday life easier and promote socialisation through a wide array of services aimed at meeting their needs. This deal, conducted for our property investment trust Primovie, will provide long-term income visibility to our unitholders thanks to a 15-year lease signed with the sector leader in France: DOMITYS. »

Primonial REIM was advised on the commercial aspects of the deal by Codabel, on legal matters by Clifford Chance and on technical points by BPM.

About Primonial REIM

Primonial REIM is a portfolio management company that was authorised by the Autorité des Marchés Financiers (AMF) in 2011. Its purpose is to design and manage a range of investment vehicles that reflect its strong convictions about real-estate markets. Its aim is to make SCPI real-estate funds – investing in office, retail, healthcare/education and residential properties – available to the widest possible audience.

As a portfolio management company, Primonial REIM creates and manages real-estate CIUs for institutional and retail investors. On 10 June 2014, Primonial REIM obtained AIFM (Alternative Investment Fund Manager) authorisation from the AMF, under which it is subject to increased obligations in areas such as reporting, liquidity monitoring and risk management. Its Executive Board consists of Grégory FRAPET, Chairman, Stéphanie LACROIX, CEO and Tristan MAHAUT, Corporate Secretary.

About DOMITYS

Founded in 1998, DOMITYS, an operating subsidiary of the ÆGIDE group, whose majority shareholder is NEXITY, is the French leader in senior care residences. With 3,200 employees and 120 residences where 12,000 seniors live, DOMITYS is present throughout France and internationally with residences in Belgium, Italy and Mauritius. Since its creation, DOMITYS has been working to improve the quality of life of the elderly, in particular by joining forces with partners recognised for their commitment to the senior population (SYNERPA, Fédération Française de Cardiologie, Cercle Vulnérabilités & Société etc.). DOMITYS is also part of the 1st Think-Tank "Matières Grises", dedicated to the ageing population.