Korian: pens real estate partnership
(CercleFinance.com) - Korian announces that it has reached an agreement with BNP Paribas Cardif and EDF Invest providing for a long-term investment in a real estate vehicle controlled and managed by the care home group.
This dedicated structure holds 81 assets found in France, Germany, Italy and Belgium, which are worth a total of 1 billion euros. The portfolio includes retirement homes and clinics, a third of which have been built or restored in the past five years.
BNP Paribas Cardif and EDF Invest each invested a total of 336 million euros, i.e. 49% of the real estate vehicle. The agreement, which is for a 15-year term, which may be extended, provides for a minimum holding period of seven years for the investors.
Copyright (c) 2020 CercleFinance.com. All rights reserved.