Our client is a Portuguese company active in investing and developing high-quality and impact assets that boost local communities. The shareholders and managers are Belgian and Portuguese.
They have been active in Portugal for more than 10 years (residential, student housing development…).
The Sponsor has entered into an exclusivity agreement with a European leading operator for the acquisition and leaseback of 3 prime assets (senior houses) totalling 274 rooms and 328beds. The assets are of top quality, designed by renowned architects, brand new and awaiting licences to use and operate. The operator will become tenant of the properties as soon as their operations start, asset per asset, and this for a long period (up to 20 years). The total purchasing investment amounts to €44,2mn (and €48,6mn all-in investment cost) for the 3 senior houses, valued at €57mn. Each senior house will be housed in a dedicated SPV. The ramp up is foreseen in 2024 and 2025 with variable rent as from 2026. The initial net rent will reflect a 6% average yield on investment. The expected IRR will be > 10%.
