Paris 07/02/2020
Primonial REIM, on behalf of its fund Primovie, signs an agreement to acquire a portfolio of 6 greenfield nursing home projects for dependent elderly people in Northern Italy for close to €110 million, including rights, from Numeria SGR, an Italian real estate management firm.
Spread over 4 regions in northern Italy (Tuscany, Piedmont, Veneto, Lombardy), the portfolio will be fully delivered by 2022 with a total surface area of nearly 44,000 m2 and providing more than 900 beds.
The assets will be fully operated under long-term leases by Gruppo Gheron, a major private player in Italy, expert in the care and support of senior citizens and with a strong local presence in the north of the country.
The share of over 80-year-olds is expected to double by 2050 in Europe and the shortage of beds in nursing homes is estimated at around 80,000 beds by 2030 in Italy alone.
The Italian branch of the Primonial Group will manage this portfolio locally on behalf of Primonial REIM, the European leader in healthcare real estate with more than €6 billion in assets under management. Primonial REIM intends to intensify its investments in this sector and to continue to support the real estate needs of its operating tenants through the modernization, adaptation or development of health and senior care facilities.
Grégory FRAPET, Chairman of Primonial REIM's Management Board, added: "We are delighted to sign this agreement with Gruppo Gheron. This investment underlines Primonial REIM's ambition to contribute to the transformation of the healthcare sector at a time when the development of new structures and additional beds are a necessity to meet the current and future needs of patients, their families and healthcare professionals. This agreement also allows Primonial REIM to establish a partnership with a key Italian operator in the sector and to accompany its strong growth.”
Primonial REIM was advised in this acquisition by DLA Pipper for the legal aspects, by MIEL Capital and eRE for commercial modalities and by REEAS for the technical aspects.
Numeria SGR was advised by the De Andre law firm.
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.
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