Orpea: sale and lease back operation with Icade
(CercleFinance.com) - Icade and Orpea have announced that they have signed commitments for Icade's acquisition of a real estate portfolio of nine retirement homes, eight of which are in Germany and one in France, for a total of 145 million euros, including transfer duties.
The acquisition of this portfolio, representing 906 beds and 143 apartments, is part of a sale and lease back deal between both groups: Orpea will become a tenant and will continue to operate these establishments.
The average term of the new leases that will begin on the acquisition date amounts to 14 years. These acquisitions, which in particular require approval from the German competition authority, are expected to be completed in the second half of 2020.
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