Icade acquires nursing homes in Italy, France

Real estate company Icade has acquired four nursing homes 2 (Residenze Sanitarie Assistenziali, RSA) and one psychiatric facility, for a total amount of 36 million euros in Italy.

The portfolio acquisition is part of a sale and leaseback transaction with the operator La Villa3.

The five facilities, located in the regions of Aosta Valley, Tuscany, Emilia-Romagna, Piedmont and Lombardy, total 493 beds and will be operated by La Villa Group with lease terms of 30 years with no break option.

All of the acquired assets will generate immediate cash flows. This transaction is the first with La Villa Group, the Italian subsidiary of French group Maisons de Famille.

Specialised in elderly and also psychiatric care, La Villa Group is a leading operator in this segment in Italy where it currently operates 43 facilities (around 3,400 beds). This transaction brings to 21 the number of operating facilities owned by Icade Santé in Italy where the portfolio value represents about 150 million euros.

This comes as Icade Santé also signed a preliminary agreement with a French investor to acquire a portfolio of five assets operated by Korian and located in France for a total of 64.1 million euros.

The portfolio consists of four nursing homes in Paris (14th district), Noisy-le-Grand (Seine-Saint-Denis), Grainville-sur-Odon (Calvados) and Vaivre-et-Montoille (Haute-Saône), in addition to a psychiatric facility in Barbazan-Debat (Hautes-Pyrénées). Totalling close to 17,000 sq.m, the properties have a capacity of 396 beds and places