AG Real Estate, the Belgian real estate company with a reputation for asset diversity, announces the sale of SRB-Invest, which owns the iconic Beukenhof in Kalmthout and Mixage in Mariakerke.
Concluded on 16 November 2023, this transaction, structured as a Share Deal, is part of a carefully considered strategy aimed at tightening AG Real Estate's Senior Housing portfolio on assets under management and direct operation.
This decision to sell enables AG Real Estate to sharpen its focus on the optimal management of its properties as a nursing home manager and operator. The complexes sold, which have over 300 beds and 20 assisted living residencies spread over a surface area of more than 20,000 m², are operated externally by Vulpia.
The Beukenhof nursing home is strategically located on the outskirts of Antwerp, less than 250 metres from a railway station. This residence is a perfect example of the shared vision of the owner and operator in terms of sustainability and active property management. Indeed, since its acquisition by AG Real Estate in 2016, the site has undergone major modernisation work starting in 2019, and more recently still, with the addition of a new wing in 2022. The Mixage site, which is also managed by SRB-Invest, is another standout for its outstanding ecological performance. The recent installation of photovoltaic panels on both sites underlines this commitment.
A long-term lease of more than twenty years with Vulpia, a nationally renowned operator, guarantees the continued operation of the site, providing the purchaser with a stable return and a long-term future for these two assets.
Nicolas De Blieck, Senior Investment Manager at AG Real Estate, comments: "This transaction illustrates our desire to focus our expertise on the direct and active management of our Senior Housing portfolio. We are renewing our determination to exceed expectations in our role as manager and operator, thereby consolidating the trust that our residents, our team, and our strategic allies place in us".