Finland: Cofinimmo continues its expansion in Finland with nursing and care home

Jean-Pierre Hanin, CEO Cofinimmo

Belgian real-estate investor, Cofinimmo, has acquired the company that will develop a nursing and care home in Helsinki. The development will take an investment of €19m (US$22m) in terms of acquiring the plot of land and construction. The asset is already pre-let to Attendo, one of the largest elderly care providers in Scandinavia.

The nursing and care home will offer 75 intensive care rooms spread over three storeys and eight lighter care rooms on the ground floor. Works are expected to start in Q4 2021 with delivery planned for Q1 2023. The amounts corresponding to the construction works will be paid according to the percentage of completion of the project.

The double net lease will have a fixed term of 15.5 years. Rents will be indexed to the cost-of-living index and the gross rental yield is “in line with current market conditions”.

This transaction is concluded together with Mirabel Partners, with which Cofinimmo co-operates in the sourcing and management of investments in the Nordics.

“Since our first large-scale development project in Vaasa in November 2020, our group has initiated four other greenfield projects in Finland. With the construction of this new state-of-the art nursing and care home in Helsinki, the sixth major development project in the Nordics in less than a year, we confirm our commitment to actively participate in the expansion and renewal of the healthcare property portfolio in Europe in general, and in Finland in particular,” said Jean-Pierre Hanin, CEO of Cofinimmo.