Care Property Invest completed the purchase of the BoCasa project, an up-and-running residential care complex in Bolderberg, located in the Belgian municipality of Heusden-Zolder. The complex is operated by the care group Vulpia and includes a residential care centre with a capacity of 95 residents as well as 51 assisted living apartments, of which 7 assisted living apartments are part of the transaction. The investment value of the project is estimated to be €24.2 million.
The transaction took place under the form of a share deal, with Care Property Invest acquiring 100% of the shares of the real estate company Het Gehucht NV. The operation of the residential care centre and the group of assisted living apartments will remain in the hands of Vulpia Vlaanderen cv, part of the Vulpia Care Group. To this end, Care Property Invest will enter into a long-term leasehold agreement of the ‘triple net’ type, with a remaining duration of 19 years (renewable and annually indexable).
This acquisition is in line with Care Property Invest’s 2023 investment policy of maintaining a healthy balance between investors’ expectations and commitments with key operators, considering the increased financing costs for all parties. This translates into a prudent growth, with Care Property Invest focusing mainly on the commitments it has already made, which includes this acquisition. The debt ratio is kept at a level below 50%, as explained in an earlier communication from the Company. Furthermore, ‘BoCasa Bolderberg’ generates immediate income for the Company and its shareholders.
