Belgian listed property firm Cofinimmo is partnering with French nursing home operator Orpea to launch a new healthcare property unit which will target a size of up to EUR 500 mln over five years.

Confinimmo said it has signed a framework agreement with Orpea to acquire French healthcare assets which will be operated by Orpea. The properties will include nursing homes and clinics for post-acute and psychiatric care.

Cofinimmo will take a 51% stake in the new unit and Orpea's OPCI fund vehicle will hold the balance.

The assets will be rented out under a triple net commercial lease for an initial fixed term of 12 years.