Primonial REIM, one of the leaders in asset management for individuals in France, has announced the acquisition of Gecina’s healthcare division (Gecimed portfolio).
Clearwater International advised Primonial REIM on the strategic and financial analysis of portfolio, the fundraising (equity and debt), the organisation of due diligences and negotiations with the seller.
In this transaction, Primonial REIM acted for a club deal, gathering institutional investors including Suravenir, Aviva and a fund managed by Amundi Real Estate.
The portfolio includes 74 clinics and nursing homes for a total of 8,400 beds, valued at approximately €1.35bn, representing a 5.9% return rate.
Primonial REIM is one of the main real estate investors in the French market with approximately €2bn invested in 2015; this deal takes its property assets to 1.2 million sqm, valued at €6.5bn.
Clearwater International advised Primonial REIM on the acquisition, led by partner Laurent Camilli and supported by director Julie Duvillier-Raoul.
With this transaction, Clearwater International reconfirms its expertise in the healthcare real estate sector.