Icade Santé Continues to Expand Into Germany With ORPEA

Rhea-AI Summary

Icade Santé has announced preliminary agreements with ORPEA to acquire three nursing home properties in Germany for approximately €57 million. The portfolio includes 254 nursing home beds and 95 assisted-living apartments across 20,000 sq.m. The properties, which include a completed facility in Papenburg and two under-construction assets in Krefeld and Wathlingen, will have 15-year leases. This acquisition raises the number of facilities acquired by Icade Santé from ORPEA in Germany to 11, contributing to nearly €670 million in investments for 2021, exceeding initial forecasts.

Positive

• Acquisition of three high-standard nursing home properties for around €57 million.
• Total of 254 nursing home beds and 95 assisted-living apartments added.
• Increases number of facilities acquired from ORPEA in Germany to 11.
• Investment in 2021 reaches nearly €670 million, surpassing forecasts.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Regulatory News:

Icade Santé¹ has signed preliminary agreements with ORPEA (Paris:ORP), a global leader in long-term care, to acquire three new nursing home properties in Germany for around €57m (including duties).

The portfolio includes three outstanding assets that meet the highest standards and a total of 254 nursing home beds and 95 assisted-living apartments for an aggregate floor area of c. 20,000 sq.m.

It includes:

- a combined nursing home and assisted-living facility located in Papenburg in Lower Saxony, completed at the end of 2017 and operated by the ORPEA Group, the acquisition of which should be closed by the end of 2021;

- two assets currently under construction: a mixed-use asset located in Krefeld in North Rhine-Westphalia and a nursing home located in Wathlingen in Lower Saxony. They are being developed by their future tenant and operator ORPEA. These two acquisitions are expected to be closed by 2023 once construction is completed and the required permits have been obtained. BREEAM environmental certification is being sought for the Krefeld asset.

New leases will run from the acquisition date of each asset for a firm duration of 15 years.

This new transaction brings the number of facilities acquired by Icade Santé from ORPEA in Germany to 11. It is in line with Icade Santé and the ORPEA Group advancing a joint expansion strategy in Europe as part of their long-term partnership.

These three additional properties bring the investments made by Icade’s Healthcare Property Investment Division in 2021 to nearly €670m. This total is higher than its initial forecast and further ensures its medium-term expansion goals, particularly in countries outside of France.

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¹ Icade’s Healthcare Property Investment Division through Icade Santé and Icade Healthcare Europ

ABOUT ICADE
DESIRABLE PLACES TO LIVE

As an office and healthcare property investment company (portfolio worth €14.8bn on a full consolidation basis as of 06/30/2021) and a developer of homes, offices and public amenities (2020 economic revenue of €825m), Icade designs, builds, manages and invests in cities, neighbourhoods and buildings that are innovative, diverse, inclusive and connected, with a reduced carbon footprint. Desirable places to live and work. In collaboration with its stakeholders, Icade has made low carbon a strategic priority in order to reinvent real estate and create cities that are healthier, happier and more hospitable. Icade is a key player in Greater Paris and major French cities. It is listed as a “SIIC” on Euronext Paris and its leading shareholder is the Caisse des Dépôts group.

ABOUT ICADE SANTÉ
PLACES THAT CARE FOR PEOPLE

Icade Santé* is a European leader in healthcare real estate dedicated to helping healthcare and senior services providers successfully execute their sale-and-leaseback and property development strategies. The Group’s teams have wide-ranging expertise in real estate investment, complex project management and in-depth knowledge of the challenges facing the healthcare sector. As of June 30, 2021, Icade’s Healthcare Property Investment Division owned 183 properties (in France and abroad), representing assets worth €6.0 billion (€6.4 billion, including duties) and a total leasable floor area of around 2.04 million sq.m.

Icade and Icade Santé are rated BBB+ with a stable outlook by the rating agency S&P.

The text of this press release is available on the Icade website: www.icade.fr and on the Icade Santé website: https://icade-sante.eu.

* Including the legal entities Icade Santé and IHE (Icade Healthcare Europe)

ABOUT ORPEA
(www.orpea-corp.com)

Founded in 1989, ORPEA is one of the major world leaders in comprehensive long-term care, with a network of 1,156 facilities comprising 116,514 beds (26,359 of which are under construction) across 23 countries, which are divided into five geographical regions:

- France Benelux: 586 facilities/49,207 beds (5,672 of which are under construction)
- Central Europe: 268 facilities/28,419 beds (5,828 of which are under construction)
- Eastern Europe: 142 facilities/15,255beds (4,101 of which are under construction)
- Iberian Peninsula/Latin America: 158 facilities/23,108 beds (10,373 of which are under construction)
- Rest of the world: 2 facilities/525 beds (385 of which are under construction)

ORPEA is listed on Euronext Paris (ISIN code: FR0000184798) and is a member of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and CAC Mid 60 indices.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211219005022/en/

ICADE SANTÉ

Charlotte Pajaud-Blanchard

Press Relations Manager

+33 (0)1 41 57 71 19

charlotte.pajaud-blanchard@icade.fr

Anne-Sophie Lanaute

Head of Financial Communication and Investor Relations

+33 (0)1 41 57 70 29

anne-sophie.lanaute@icade.fr

Investor Relations

ORPEA

Steve Grobet

EVP Communication and Investor Relations

s.grobet@orpea.net

Benoit Lesieur

Investor Relations Manager

b.lesieur@orpea.net

Investor Relations

NewCap

Dusan Oresansky

Tel.: +33 (0)1 44 71 94 94

orpea@newcap.eu

Media Relations

Image 7

Laurence Heilbronn

Tel.: +33 (0)6 89 87 61 37

lheibronn@image7.fr

Charlotte Le Barbier

Tel.: +33 (0)6 78 37 27 60

clebarbier@image7.fr

Source: ORPEA

FAQ

What is the value of the new nursing home properties acquired by Icade Santé from ORPEA?

Icade Santé acquired three new nursing home properties from ORPEA for approximately €57 million.

How many nursing home beds were included in Icade Santé's recent acquisition?

The recent acquisition includes a total of 254 nursing home beds.

When is the expected completion date for the construction of the nursing homes in Krefeld and Wathlingen?

The acquisitions for the properties in Krefeld and Wathlingen are expected to close by 2023 once construction is completed.

How many facilities has Icade Santé acquired from ORPEA in Germany?

Icade Santé has acquired a total of 11 facilities from ORPEA in Germany.

What total investments has Icade Santé made in 2021?

Icade Santé's investments in 2021 have reached nearly €670 million.