AI Terminal
Care Property Invest NV/SA
M&A Activity • Apr 11, 2022
3926_iss_2022-04-11_7582b7a8-2945-44ad-98df-ed26438811e2.pdf
M&A Activity
Open in ViewerOpens in native device viewer
PRESS RELEASE
Free translation, the Dutch version prevails
REGULATED INFORMATION INSIDE INFORMATION Monday 11 April 2022 After trading hours – Under embargo until 17h45
CARE PROPERTY INVEST
Public limited liability company (société anonyme/naamloze vennootschap), Public Regulated Real Estate Company (Société Immobilière Réglementée (SIR) / Gereglementeerde Vastgoedvennootschap (GVV)) under Belgian Law Registered Office: 3 Horstebaan, 2900 Schoten Companies Registration No. 0456.378.070 (LPR Antwerp)
(the "Company")
Care Property Invest acquires approximately €33 million of Irish healthcare real estate
Schoten, Belgium – Monday 11 April 2022
Last Friday Care Property Invest acquired a portfolio of three existing and fully operational Irish residential care centres. More specifically, it concerns the projects 'Ratoath Manor Nursing Home' in Meath (County Meath), 'Dunlavin Nursing Home' in Dunlavin (County Wicklow) and 'Leeson Park Nursing Home' in Ranelagh (County Dublin). They accommodate a total of 169 residents and have a total conventional value of approximately €32.7million.
The transaction took place in the form of an asset deal whereby Care Property Invest acquired the real estate of these projects through its Irish subsidiary, Care Property Invest Emerald Ltd.
The projects are operated by Silver Stream Healthcare Group, one of the largest providers of residential care for older people in Ireland, on the basis of new long-term leasehold agreements of the 'triple net' type with a minimum duration of 25 years (renewable and annually indexable) and will generate additional income for the Company as of today.
Peter Van Heukelom, CEO of Care Property Invest;
'The acquisition of this portfolio of three residential care centres represents a substantial investment of approx. €33 million and is a major step forward in Care Property Invest's Irish growth trajectory. These well-established projects will have an immediate positive effect on our rental income stream and will further strengthen our financial position. Based on the joint statement of intent signed between Care Property Invest and Silver Stream Healthcare Group, a second phase of this successful partnership was launched today. We currently have four effectively acquired residential care projects on Irish soil and aim to increase this number further in the near future.'
Care Property Invest NV/SA Horstebaan 3 2900 Schoten BE 0456 378 070 - LPR Antwerp Public RREC under Belgian law
The operator
Silver Stream Healthcare Group, which continue to successfully operate these residential care centres, is an Irish company that owns and manages a growing number of residential care facilities across Ireland.
It is one of the largest independent providers of in-patient premium quality care for older people in Ireland, providing personalised in-patient long-term care, respite care and nursing care – including dementia, convalescence care and end of life care - to over 700 residents, across 11 nursing homes and has close ties to the local communities it serves. Silver Stream was founded in 1993, is led by the CEO, Tom Finn and is headquartered in Ratoath, County Meath.
Overview sheet
| Meath, co. Meath – Ratoath Manor Nursing Home |
||||
|---|---|---|---|---|
| Acquisition date: |
8 April 2022 | |||
| Address: | Ratoath, Co. Meath, T A85 YW73, Ireland | |||
| Operator: | Silver Stream Healthcare | |||
| Capacity: | Residential care centre with 60 residential places – existing residential care centre 54 rooms (48 single rooms and 6 double rooms) |
|||
| Project: | The residential care centre consists of three floors and can accommodate 60 residents with light to | |||
| intensive care needs (long-term, temporary and palliative care). Ratoath Manor Nursing Home has a | ||||
| large dining room, several living rooms, a hairdressing salon, several reading corners and a large, | ||||
| pleasant garden surrounded by several terraces. | ||||
| Location: | In the lively village of Ratoath, in the south of County Meath, about 40 minutes from Dublin city centre. | |||
| There are a number of hospitals within a 20-25 minute drive of the project, including Connolly Hospital | ||||
| Blanchardstown, Beacon Drogheda and Our Lady's Hospital. | ||||
| The project is easily accessible by car via the M3, N2 and R125 and by public transport thanks to a bus stop located approximately 170 metres away. |
||||
| Year of construction/ | Year of construction: 1780 - Last renovation and extension: 1992-1995. | |||
| renovation: | ||||
| Transaction: | Asset Deal. Acquisition through its Irish subsidiary Care Property Invest Emerald Ltd | |||
| Type of contract: | New long-term leasehold agreement of the 'triple net' type with a minimum duration of 25 years | |||
| (renewable and annually indexable). | ||||
| Total investment value: | Approximately €6.9 million. | |||
| Financing: | Loan capital |
Overview sheet
| Dunlavin, co. Wicklow –Dunlavin Nursing Home |
||||
|---|---|---|---|---|
| Acquisition date: |
8 April 2022 | |||
| Address: | Dunlavin Lower, Dunlavin, Co. Wicklow, W91 P3C6, Ireland | |||
| Operator: | Silver Stream Healthcare | |||
| Capacity: | Residential care centre with 62 residential places – existing residential care centre 61 rooms (60 single rooms and 1 double room) |
|||
| Project: | The residential care centre is a single-storey building, accommodating 62 residents with light to intensive care needs (long-term, temporary and palliative care). Dunlavin Nursing Home has several day care rooms, lounges, a hairdressing salon, a café and a therapy room. The building also has a beautiful enclosed courtyard. |
|||
| Location: | In the rolling countryside of West Wicklow, just outside the centre of the village of Dunlavin, County Wicklow. The Naas General Hospital is approximately a 20-minute drive away. The project is easily accessible by car via the M7, N81 and R756. |
|||
| Year of construction/ | 2016 | |||
| renovation: | ||||
| Transaction: | Asset Deal. Acquisition through its Irish subsidiary Care Property Invest Emerald Ltd | |||
| Type of contract: | New long-term leasehold agreement of the 'triple net' type with a minimum duration of 25 years | |||
| (renewable and annually indexable). | ||||
| Total investment value: | Approximately €11.3 million. | |||
| Financing: | Loan capital |
Ranelagh, co. Dublin – Leeson Park Nursing Home
| Acquisition date: |
8 April 2022 | ||
|---|---|---|---|
| Address: | 10 Leeson Park, Ranelagh, Dublin, D06 TC65, Ireland | ||
| Operator: | Silver Stream Healthcare | ||
| Capacity: | Residential care centre with 47 residential places – existing residential care centre | ||
| 40 rooms (33 single rooms and 7 double rooms) | |||
| Project: | The residential care centre accommodates 47 residents with light to intensive care needs (long-term, temporary and palliative care). Leeson Park Nursing Home has very spacious dining rooms, several |
||
| lounges, a library and day-care rooms that reflect the charm of the former mansion. There is also an | |||
| indoor hair salon, a beautiful city garden with several terraces, a chapel and a penthouse for assisted | |||
| living. | |||
| Location: | In one of the most prestigious and sought after areas of the city of Dublin. Leeson Park Nursing home is | ||
| easily accessible both by car and public transport thanks to its proximity to the R111 main road and several bus stops within walking distance. |
|||
| Year of construction/ | Year of construction 1860 - Last renovation and extension: 1960 (entire building) | ||
| renovation: | and 2013 (extension with penthouse). | ||
| Transaction: | Asset Deal. Acquisition through its Irish subsidiary Care Property Invest Emerald Ltd | ||
| Type of contract: | New long-term leasehold agreement of the 'triple net' type with a minimum duration of 25 years | ||
| (renewable and annually indexable). | |||
| Total investment value: | Approximately €14.6 million. | ||
| Financing: | Loan capital |
• • •
Care Property Invest would like to reconfirm its desire to expand its real estate portfolio in the future with health care infrastructure in Belgium, The Netherlands, Spain, Ireland as well as elsewhere in the European Economic Area.
• • •
All further information regarding the Company can be found on our website.
Caution regarding forecasts
This press release contains forecasts involving risks and uncertainties, amongst others statements regarding plans, objectives, expectations and intentions of Care Property Invest. Readers are cautioned that such forecasts involve known and unknown risks and are subject to significant business, economic and competitive uncertainties which are mostly beyond Care Property Invest's control. If one or more of these risks or uncertainties materialise or should, if applied, basic assumptions prove incorrect, the final results may significantly deviate from the anticipated, expected, estimated or projected results. Consequently, Care Property Invest cannot assume any responsibility for the accuracy of these forecasts.
For any additional information, please contact:
Valérie Jonkers COO –Executive director [email protected] T +32 3 222 94 94 - M +32 499 28 01 43 Horstebaan 3, 2900 Schoten [email protected] www.carepropertyinvest.be
Stephanie Hoekstra Investment Manager [email protected] T +32 3 222 94 94 - M +32 473 82 19 62 Horstebaan 3, 2900 Schoten [email protected] www.carepropertyinvest.be
Peter Van Heukelom
CEO– Executive director [email protected] T +32 3 222 94 94 - M +32 495 59 82 67 Horstebaan 3, 2900 Schoten [email protected] www.carepropertyinvest.be
About Care Property Invest
Care Property Invest NV/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law. The Company has been listed on Euronext Brussels for over 25 years and invests in high quality healthcare real estate for elderly and disabled people on the European market. Care Property Invest purchases, builds and renovates high-quality healthcare real estate (residential care centres, groups of assisted living apartments, residential complexes for people with a disability, etc.), fully tailored to the needs of the end user and then makes it available to solid healthcare operators on the basis of a long-term contract.
The Company has developed an international portfolio of 137 healthcare projects, spread across Belgium, The Netherlands, Spain and Ireland.
The market capitalisation of Care Property Invest amounted to approximately €676 million on 08/04/2022. The Company aims to create a stable share for its shareholders with a low risk profile and a stable and steadily growing dividend.
| Ticker: | CPINV | |||
|---|---|---|---|---|
| ISIN Code: | BE0974273055 | |||
| Index listings: | • Belgium BEL Mid (Euronext Brussels) |
|||
| • Euronext Real Estate (Euronext Brussels) |
||||
| • GPR (Global Property Research) General Europe Index |
||||
| • GPR (Global Property Research) General Europe Quoted Index (excl. open-end bank funds) |
||||
| EPRA | EPRA member since December 2016. | |||
| In September 2021, the Company received its fifth EPRA BPR Gold Award. | ||||
| Website | All further information can be found on our website, www.carepropertyinvest.be. |