Clearwater International France has advised Primonial Group on the acquisition of 50% of a healthcare real estate portfolio in Germany belonging to Medical Properties Trust (REIT), on behalf of institutional investors.
This acquisition is part of Primonial Group’s strategy to develop its European real estate platform through the creation of a managed fund.
The healthcare real estate portfolio – one of the most important in Germany – is worth a total value of over €1.635bn.
It is composed of 71 assets, almost exclusively private rehabilitation clinics, totalling 13,200 beds and spread over 13 countries.
The portfolio is leased to Median Kliniken Group, market leader of private rehabilitation clinics in Germany, under three “triple net” master lease agreements having long fixed terms with an average length of more than 24 years.
The Clearwater International team, led by Laurent Camilli, Managing Partner and Benjamin Zayat, Managing Partner, was composed of Matthias Krimmel, Associate Director, and Edouard Lancksweirt, Analyst.
Laurent Fléchet, Deputy General Director for Real Estate, Primonial Group commented: “I am very satisfied with the finalisation of this transaction with our partner Medical Properties Trust. This acquisition represents an important milestone in Primonial Group’s internationalisation strategy and demonstrates our ambition to accelerate our development. Our assets under management in the healthcare segment now reach €5.2bn, more than half of which are invested in Germany. By emphasising our presence in this country, we consolidate our position in the biggest healthcare market in Europe, a market with solid fundamentals and favourable growth prospects.”
Benjamin Zayat, Managing Partner, Clearwater International France said: “This transaction enables Primonial Group to strengthen its presence in Germany where the healthcare asset class keeps on growing. This transaction also demonstrates Primonial’s capacity to execute complex transactions, in partnership with international institutions.”