BNP Paribas acquires Baltisse healthcare portfolio

Tim Harrup

The healthcare sector is once again making the news, this time with a major acquisition in Belgium. BNP Paribas Real Estate Investment Management Belgium, on behalf of Healthcare Property Fund Europe (HPF Europe), has recently acquired from Baltisse Real Estate all the shares of Wombat nv, Residentie De Vlamme nv, Zorgcampus Maasmechelen nv, Anima Vera nv and De Wandelgang nv, the holding companies of five healthcare properties in the Flanders region.

Four of the properties are located close to or within the ‘golden triangle’ of three major cities and urban agglomerations – Brussels, Antwerp and Gent – while the fifth is located in Maasmechelen not far from Hasselt and Maastricht, close to the Dutch border.The nursing homes are operated by renowned and reliable specialists in this domain. For all assets, triple net agreements were concluded, of which the average remaining term is approximately 20 years. They are all fully indexed on a yearly basis. Combined, the five sites offer some 33.000 m² with a capacity of 510 beds.

In the healthcare sector, BNP Paribas REIM sets out its strategy as being based on 3 main pillars: a policy of diversification of investments in the different types of healthcare real estate; wide geographical exposure in Europe (presence in 5 countries) and a long-term partnership approach with operator tenants.

Casper van der Woude, Director for BNP Paribas REIM Belgium, comments: “Healthcare Property Fund Europe continues to expand its healthcare portfolio via this off-market transaction, which is the fund’s first acquisition in the Benelux region. This acquisition fits perfectly with the fund's strategy to diversify geographically in the Eurozone. We are extremely pleased to have purchased this nursing home portfolio that meets the needs of the continuing aging population in Belgium.”

BNP Paribas REIM was advised on this transaction by Allen & Overy, EY Strategy and Transactions, Treex and CBRE Capital Markets.