M&A Activity • Mar 29, 2018
M&A Activity
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Free translation, the Dutch version prevails
REGULATED INFORMATION 29 March 2018 After trading hours – Under embargo until 17h45 Inside information
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")
Schoten, Belgium –29 March 2018
Care Property Invest announces the acquisition of the residential care centre 'Residentie 't Neerhof' in Brakel. Hereto it has acquired 100% of the shares in the Company 't Neerhof Service nv, which possesses the real estate of this residential care centre. The project has a total capacity of 108 residential places, of which 38 places for rehabilitation stays. The project is operated by the Vulpia Care Group on the basis of a long-term agreement.
The conventional value of this project amounts to approximately €14.8 million.
'We are delighted to be adding this project, located in a beautiful green area, to our residential care portfolio. Other than for permanent residence, a part of the building has been equipped for rehabilitation stays, which means that people with more intensive health care needs are also welcome here. With this acquisition, we are strengthening our cooperation with the Vulpia Care Group, a highly experienced health care operator.
This project brings the total number of healthcare projects in our real estate portfolio to 95, a number that includes the 'Home Aldante' project that has also been acquired today.
Care Property Invest NV/SA Horstebaan 3 2900 Schoten BE 0456 378 070 - LPR Antwerp Public RREC under Belgian law
T +32 3 222 94 94 F +32 3 222 94 95 E [email protected] www.carepropertyinvest.be
The residential care centre is operated by Vulpia Vlaanderen vzw, an entity 100% under the control of the Vulpia Care Group, one of the largest Belgian health care providers for the elderly. The property is made available through a leasehold agreement of the 'triple net' type with a duration of 27 years (renewable).
The residential care centre is located in the rolling landscape of the Flemish Ardennes, near the village centres of Brakel, Elst and Michelbeke. Because of its location, surrounded by greenery, the focus of this residential care centre lies on the 'nature experience'. Many of the activities for the residents have therefore been geared to this.
A demand-responsive bus is used to reach the different villages nearby. The residential care centre is also easily accessible by car via the E40, E17, E429 and the N8. In addition, plenty of parking space is available at the front of 'Residentie 't Neerhof'.
The project consists of 4 floors and has 108 residential places, of which 38 have been equipped for rehabilitation stays. A secure ward has been set up on the ground floor for people with dementia, including access to a closed garden. Regarding additional in-house services, 'Residentie 't Neerhof' has a speech therapist and several physiotherapists, as well as a hairdressing and pedicure salon. In view of its location, the project has a huge garden with terrace where the residents can peacefully enjoy the surrounding nature and fresh air.
Care Property Invest has acquired all shares in the company 't Neerhof Service nv, owner of the real estate of the residential care centre. This property has a conventional value of approximately €14.8 million. This value is largely based on and is in line with the valuation of the real estate expert.
The Company finances the project through borrowed funds and the partial acquisition of existing loans. To this end, the Company has issued a debt security for a term of 10 years at a fixed interest rate of 2.078%, being a credit margin of 90 basis points.
Care Property Invest would like to reconfirm its desire to expand its real estate portfolio in the future with health care infrastructure in the Flemish, Walloon and Brussels-Capital Regions as well as elsewhere in the European Economic Area.
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.
Alexander Watson Investment Manager [email protected] T +32 3 222 94 94 - F +32 3 222 94 95 - M +32 495 21 42 21 Horstebaan 3 2900 Schoten [email protected] www.carepropertyinvest.be
Care Property Invest NV is a Public Regulated Real Estate Company (Public SIR/GVV) under Belgian law. Based on a solid organisation, Care Property Invest helps healthcare entrepreneurs to undertake property projects by offering real estate tailored to the end user that is both qualitative and socially responsible. For its shareholders, Care Property Invest strives for a stable long-term rate of return.
This year, Care Property Invest's share celebrated its 22nd anniversary on Euronext Brussels. The share is listed under the name of CPINV and has the following ISIN-Code: BE0974273055. As from December 2016, the share has also been included in the BEL Mid index and the Company has become a member of EPRA.
In September 2017, the Company received its first EPRA BPR Gold Award. .
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