Primonial REIM, a French real estate investment arm of Primonial Group, is planning to acquire a portfolio of six greenfield elderly healthcare accommodation facilities in Northern Italy.
The portfolio, spanning a total area of 44,000 square meters, is spread over 4 regions in northern Italy, which include; Tuscany, Piedmont, Veneto, Lombardy, and will be fully delivered by 2022 providing more than 900 beds.
On behalf of its fund, Primovie, Primonial is investing 110 million euros ($124 million) in acquiring the assets, including rights, from Italian real estate management firm Numeria SGR.
The portfolio, to be managed by the Primonial Group’s Italian branch on behalf of Primonial REIM, will be fully let to elderly health care and assistance provider Gruppo Gheron Srl under long-term leases.