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Cofinimmo extends its healthcare portfolio to Spain
18 October 2019 | Vanessa Sousa

The Cofinimmo group signed (through its subsidiary Gloria Health Care Properties, S.L.U.) agreements regarding the acquisition of a plot of land in Spain. A nursing and care home will be built on this plot located in Vigo.

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The Cofinimmo group signed (through its subsidiary Gloria Health Care Properties, S.L.U.) agreements regarding the acquisition of a plot of land in Spain. A nursing and care home will be built on this plot located in Vigo.

This new nursing and care home will have a ground floor and seven storeys. It will offer 140 beds spread over an above-ground surface area of approximately 5,000 sqm. The investment budget amounts to almost 8 million euro. Works started in May and delivery is planned for November 2020. The double net lease will have a 20-year term and the initial gross yield will amount to 6%.

This is the first pipeline of five construction projects in healthcare real estate. The total investment budget amounts to 45 million euro. Besides the project in Vigo, Cofinimmo already identified four other sites in the autonomous communities of Galicia, Valencia, Murcia and Andalusia. The delivery of the last nursing and care home of this series is currently planned for the summer of 2021.

«After Belgium, France, the Netherlands and Germany, Cofinimmo expands its activities to Spain. This is in line with the Group’s strategy, namely the consolidation of its leadership in healthcare real estate in Europe and an increased geographical diversification of its portfolio. We have the ambition to build up a considerable portfolio in this country. In addition, we start a partnership with a leading operator in the Spanish healthcare segment», comments Jean-Pierre Hanin, CEO of Cofinimmo.

 

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