Aedifica invests €22million in five care properties in Finland

Aedifica invests €12.5 million in the acquisition of a portfolio of 3 care properties in Kokkola (Finland). Stefaan Gielens, CEO of Aedifica, commented: “Aedifica is very pleased to announce that Hoivatilat further expands our Finnish healthcare real estate portfolio. We will invest a total amount of approx. €22million in the acquisition of three fully operational care properties and the development of two new projects, accommodating a total of 261 residents and children. We look forward to continuing to invest in futureproof healthcare real estate with our Finnish Hoivatilat team.” Jussi Karjula, CEO of Hoivatilat, commented: “As part of the Aedifica group, our strategy also includes the acquisition of high-quality fully operational care properties, in addition to our own active project development work. I am pleased with the acquired assets and new development projects, which complement our current portfolio nicely. Together we are creating a better society.”

Description of the sites

The 3 care properties are located in Kokkola (48,000 inhabitants) and were built between 2011 and 2016. Ilkantie 1 is located in the centre of Kokkola and accommodates 56 elderly people and 17persons with a disability requiring continuous care. The Metsämäentie 62 and Kärrytie 1 care homes are located in the proximity of the city centre and are specifically tailored to suit the needs of elderly people requiring continuous care, accommodating 26 and 23 residents respectively.

Description of the operators and the leases

97 units of this portfolio are operated by Attendo, an established private player in the Finnish elderly care sector that currently operates approx. 13,000beds. The Attendo group has almost 40 years of experience in the healthcare sector and is the largest private care service provider in the Nordics, employing over 24,000 staff in more than 700 locations. The group already operates 29 Aedifica sites.

17 units of this portfolio are operated by Soite. Soite is a public operator of several municipalities operating in the Central Ostrobothnia region. It offers primary and specialized health care services and social services. Soite was established in 2017 and employs 3,800 people.

8 units of this portfolio are operated by Kårkulla. Kårkullais a public operator that provides support and services to people with intellectual and other disabilities and their families. Kårkulla consists of 33 bilingual municipalities and provides services throughout the Swedish speaking regions in Finland. Kårkulla has approximately 1,000 employees.