Brussels-listed real estate company Cofinimmo has announced the acquisition of five nursing homes in Belgium for EUR 47 mln. The deal involved Cofinimmo buying all the shares of Dexia Immorent, the holding company for the various companies that owned the assets.

The acquired property portfolio totalises 25,764 m2 and 592 beds. It was valued at EUR 47 mln, which was in line with the investment value assigned to it by the independent real estate expert.

Cofinimmo said that the rental yield was consistent with the Belgian nursing homes which the company owns and which have similar characteristics.

The nursing homes are operated by Senior Living Group under long leases with a residual lease term of 25 years. The triple net lease structure requires that the operator is liable for all the costs, including those relating to the structure of the building.

The acquisition lifts the nursing home share within Cofinimmo's EUR 3 bn real estate portfolio to 32.1%.