Care Property Invest announces the acquisition of the residential care complex ‘Dungelhoeff’ in Lier. This transaction was realised by means of a successful capital increase via a contribution in kind. The new building project, which was completed just a few days ago, consists of a residential care centre with 128 residential places, including a rehabilitation stay centre with 7 places, and a group of 30 assisted living apartments. The project is operated by Vulpia Care Group on the basis of a new long-term leasehold agreement of the ‘triple net’ type with a minimum duration of 27 years (renewable and annually index able).
Peter Van Heukelom, CEO of Care Property Invest: ‘With the acquisition of the Dungelhoeff project, we are continuing the geographical expansion of our Flemish healthcare real estate portfolio. Including this investment, our portfolio consists of 130 effectively acquired projects. We are extremely pleased not only with the increase in fair value of our portfolio that this transaction entails, but also with the consolidation of our relationship with the healthcare operator Vulpia Care groep, with whom we are now entering into a partnership for the eighth time.’
The operator
The project is operated by the Vulpia Care groep, one of the largest Belgian players in the elderly care sector. Vulpia can rely on no less than 25 years of experience and currently operates 40 care sites, where the group employs more than 2,600 people.
Project
The residential care centre can accommodate 128 residents in 128 single rooms, 7 of which are equipped for short stays. It has an in-house doctor’s office, a physiotherapy practice, a hairdressing salon and pedicure room. There is a restaurant on the ground floor. Outside there is a beautiful garden with a terrace where residents can enjoy a drink with their visitors. The group of assisted living apartments includes 30 comfortable apartments.Location: In a quiet green neighborhood, but only a 10 minute walk from the bustling center of Lier, where several banks, shops and supermarkets are located. Good accessibility by car (R16, N14 and N10) and public transport through bus stops only 200 and 400 meters away and the train station only 750 meters away.Year of construction/renovation: 2021.
Transaction
On 17 June 2020, Care Property Invest announced the agreement for the acquisition of ‘Dungelhoeff’ in Lier by means of the acquisition of 100% of the shares in Apollo Lier NV. This acquisition has just been finalised by a contribution in kind of the shares of the aforementioned company into the capital of Care Property Invest within the framework of the authorised capital, by decision of the Board of Directors of the Company.
The transaction resulted in a reinforcement of equity of €26,532,633.22, of which an amount of €6,692,997.12 was allocated to the item capital and an amount of €19,839,636.10 to the item share premiums.The contribution was remunerated by 1,124,968 new shares.