M&A Activity • Oct 30, 2017
M&A Activity
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Free translation, the Dutch version prevails
REGULATED INFORMATION 30 October 2017 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 – 30 October 2017
Following the press release published on 28 September 2017 (available on the Company's
website; www.carepropertyinvest.be), Care Property Invest announces the acquisition of 100% of the shares in the company VSP Wolvertem bvba. VSP Wolvertem bvba is the owner of the residential care centre "Oase" located in Wolvertem (Meise) that can accommodate up to 80 residents and is operated by VZW Den Binner, an entity 100% under the control of Senior Living Group (SLG).
The conventional value of this project is approximately €16 million.
"Care Property Invest is pleased to announce that, shortly after the completion of its capital increase last Friday, 27 October 2017, it completed a new health care real estate acquisition which will further strengthen the cooperation with the operator, Senior Living Group."
The residential care centre is operated by VZW Den Binner, an entity 100% under the control of Senior Living Group (SLG), through a long-term agreement of the 'triple net' type.
Every day, Senior Living Group provides care for more than 9,000 residents in 86 facilities throughout Belgium, employing over 6,000 people per day. Senior Living Group operates 68 facilities under its own name and 18 facilities under the name of Foyer De Lork. Senior Living Group is a subsidiary of the European Care Group Korian, expert in support services and care for the elderly. As a result, it ranks among the largest private groups in our country with regard to the operation of residential care centres.
The residential care centre "Oase" is located in the centre of Wolvertem (Meise), within walking distance of the town hall and administrative centre. Its central location combined with the proximity of the exit of the A12, ensures a maximum accessibility of the project, both by car and public transportation.
The residential care centre is a new building, serving as a replacement building for the old one, and has a total capacity of 80 residential places, distributed over 72 single rooms and 4 double rooms. All services areas and logistics operations have been foreseen on the underground level so residents can enjoy an oasis of tranquillity in the communal facilities located above ground. In good weather, residents can catch up with their visitors on the Grand Café's terrace of over 220m², or enjoy the courtyard garden of the residential care centre. The residents can also use the dining area's terrace.
Care Property Invest NV 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
Care Property Invest has acquired all of the shares in the company VSP Wolvertem bvba. The conventional value of this property is approximately €16 million. This price is largely based on and in line with the valuation of the real estate expert. This purchase was financed through the acquisition of existing loans and the use of own resources resulting from the recent capital increase, that has been finalised last Friday, 27 October 2017.
Care Property Invest would like to reconfirm its desire to expand their real estate portfolio in the future with health care infrastructure in the Flemish, Walloon and Brussels-Capital Regions as well as elsewhere in European Economic Area.
Schoten, Belgium – 30 October 2017
Care Property Invest announces the signing of a DBF agreement (Design, build and Finance) relating to the housing complex to be developed for persons with disabilities and acquired brain injuries 'De Nieuwe Ceder' in Deinze. The project can accommodate up to 86 people in the future.
For the realisation of this new build project, Care Property Invest acts as contracting authority and financer. In this capacity, the Company obtained a right of superficies on the land from the owner of the land, cvba De Ceder, for a term of 32 years.
Care Property Invest, in turn, concludes the agreements regarding the architecture and construction of the project. At the provisional delivery of the housing complex (planned for the first semester of 2019), Care Property Invest will, in turn, grant a leasehold of 27 years to the future operator, namely vzw Zorghuizen. The building permit for this project has already been obtained, which allows for the construction works to start soon. The project 'De Nieuwe Ceder' ties in with the activities and expertise developed by the Company under its initial investment programme.
The estimated conventional value of this project is approximately €11 million.
"The project 'De Nieuwe Ceder' is a first in the real estate portfolio of Care Property Invest. It is the first time we will add a project for people with disabilities to our property portfolio. We strongly believe in this collaboration with vzw Zorghuizen since they've been operating several projects for people with disabilities for years and continue to work on improving and innovating the care they provide. 'De Nieuwe Ceder' will be the 90th care project that we can add to our portfolio."
Care Property Invest NV Horstebaan 3 2900 Schoten BE 0456 378 070 - LPR Antwerp Public RREC under Belgian law
After the provisional delivery, the housing complex for persons with disabilities and acquired brain injuries will be operated by vzw Zorghuizen, an entity of Zorgdorpen vzw, through a leasehold agreement of the "triple net" type with an annually indexed canon.
Zorgdorpen vzw creates and operates health care projects tailored to people with disabilities, in order to give them the opportunity to live, more or less, independently in their own home as long as possible. Therefore, these homes are 100% adapted to the needs of disabled people and wheelchair users and provide a maximum sense of security with experts still mediating and organizing where needed. Zorgdorpen vzw combines the forces of different associations, each contributing with their specific knowledge and experience to the excellent care for their residents, such as home nursing, physiotherapy and specialized trainings.
'De Nieuwe Ceder' is located in a beautiful and green environment, right next to a care hotel. The care hotel features a heated swimming pool and wellness facilities that residents of 'De Nieuwe Ceder' can enjoy as well. The project is located near the centre of Deinze and a stone's throw from the centre of Astene, close to several shops, banks, restaurants and a supermarket. The centre of Deinze is easily accessible by, on the one hand, the adapted transport provided for the residents, and on the other hand by bus. The bus stop is within walking distance of the project. Due to its excellent connection with various connecting roads, the project is also easily accessible by car.
The project will consist of 4 free-standing buildings, divided into a group of 2 buildings north of the care hotel, which is located on the same domain, and a group of 2 buildings south of it. Together, they are able to accommodate up to 86 residents, of which 36 can stay in rooms and 50 in studios.
Care Property Invest NV 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
Care Property Invest announces the signing of a DBF agreement (Design, build and Finance) relating to a housing complex to be developed for persons with disabilities and acquired brain injuries 'De Nieuwe Ceder' in Deinze. This realisation will be financed with own resources resulting from the recent capital increase (for more information, see table below).
This investment will be qualified as a financial lease and is, therefore, very similar to the construction used for the recent developments of the "Herfstvrede" project in Moerbeke and the 'Huis Driane' project in Herenthout.
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 European Economic Area.
Care Property Invest has also proceeded with the repayment of the short-term loan used to finance the Beersel project (residential care centre Qaly@Beersel) in anticipation of the capital increase.
An overview of the committed investments, within the framework of the October 2017 capital increase as described in the Securities note (available on the Company's website; http://carepropertyinvest.be/en/investments/capitaltransactions/capital-increase/ on page 40 underneath paragraph 4.4 - available in Dutch only), can be found below.
| COMMITTED INVESTMENTS |
TYPE OF PROJECT | LOCATION | CONVENTIONAL VALUE (IN MILLION €) |
|---|---|---|---|
| Qaly@Beersel | Residential care centre | Beersel, Flemish Brabant |
16.7 |
| Oase | Residential care centre | Meise (Wolvertem), Flemish Brabant |
16.0 |
| De Nieuwe Ceder | Housing complex to be developed for persons with disabilities and acquired brain injuries |
Deinze, East Flanders |
11.0 |
| Huis Driane | Assisted living units | Herenthout, Antwerp |
3.6 |
| Les Saules | Residential care centre | Vorst, Brussels Capital Region |
11.0 |
| TOTAL CONVENTIONAL VALUE | |||
| 58.3 | |||
| TOTAL CONVENTIONAL VALUE MENTIONED AS BEING COMMITTED INVESTMENTS IN THE PROSPECTUS |
|||
| 61.9 |
% TOTAL AMOUNT OF CAPITAL INCREASE INVESTED ON 31/10/2017
81%
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.
Valérie Jonkers Chief Operating Officer [email protected] T +32 3 222 94 94 - F +32 3 222 94 95 - M +32 499 28 01 43 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 health care 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 21st birthday 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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