JLL advises eQ Care special investment fund on the divestment of 48 properties for 142 million Euros – the second largest ever healthcare transaction in Finland
Helsinki, 24 April 2019 – JLL advised Special Investment Fund eQ Care on the divestment of 48 properties to Samhällsbyggnadsbolaget i Norden AB (publ) (SBB) which mainly are elderly care homes and children's day care centers. SBB is amongst the leading real estate investors in social infrastructure properties in the Nordics.
The purchase price is approximately 142 million euros. The WAULT is 9 years and the properties are fully let. The total lettable area comprises approximately 50,280 sq m of which 90% has been built between 2008 and 2018. The total rental income is EUR 9.1 m, with a net operating income of EUR 8.6m. The intention is to close the deal on 29 April 2019.
"Through this transaction we are shaping eQ Care Fund's portfolio in the desired direction. In connection with this deal, the Fund strengthens its position as owner and developer of larger and more centrally located care and communal properties while improving the effectiveness of its operations. The number of properties decreases from 197 to 149 while increasing the average size of the assets, which also improve the fund management. After the divestment, the capital region's share of the Fund is 57% and the share of elderly care homes is 40%. SBB is an esteemed party, which focuses on care and communal properties. The transaction is also a strong indication of a working and active real estate investment market." states Tero Estovirta, Head of Real Estate Investments at eQ Asset Management."
"SBB is the Nordic region's leading player in social infrastructure and with this deal we further strengthen our position. The deal strengthens our earnings and creates continued good opportunities for value creation and growth in net asset value," says Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB.
Christian Hohenthal, Head of Capital Markets at JLL Finland, said: "We are extremely pleased to facilitate one of the largest transaction in the Finnish healthcare segment which underlines the growing appetite towards the alternatives sector throughout Europe. There is a very good momentum in the Finnish investment market, particularly for large scale platform transactions, attracting strong investor interest as underlined by this significant portfolio deal which enables SBB to become one of the major owners in the Finnish healthcare segment."
JLL acted as eQ Care fund's sole commercial advisor on the targeted sales process. Avance provided legal advice.
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