Primonial REIM has continued its real estate development in Europe by penetrating the Irish market with the acquisition of four nursing homes, operated by a private Irish group.
The acquisition consists of four nursing home establishments situated in the greater Dublin area, for a total of 360 beds.
This operation has been carried out by Primonial REIM for one of its investment funds, following the sale and lease back strategy of the group. The new leases are of a fixed term of 15 years.
Primonial REIM will accompany the private group in its future development.
Clearwater International has advised Primonial REIM in the financial and strategic analysis of the acquisition as well as in the organisation of due diligences and negociations with the vendor.
With this new transaction, Clearwater International confirms its expertise in the healthcare real estate sector on a European level.
Clearwater International advised Primonial REIM on this transaction, the team comprised of Directors Julie Duvillier-Raoul and Ramesh Jassal and Associate Director Salwa Nadir.
Laurent Fléchet, President, Primonial REIM commented: “Once again, this collaboration has demonstrated Clearwater International’s effectiveness and we would like to thank them for not only their professionalism but also their strategic support throughout the process. These qualities are perfectly in line with Primonial REIM’s objective to become the leading European player in healthcare assets.”
Julie Duvillier-Raoul, Director, Clearwater International added: “We are very pleased to have accompanied Primonial REIM in this latest phase of their European development and we wish them continued success in their endeavors. This transaction is the first step in their expansion into Ireland, where the market for healthcare establishments remains quite fragmented.”