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28.8%
France
5.1%
58.6%
HEALTHCARE COMPANIES
Breakdown by operator - in contractual rents (in %)
BELGIUM
56.8%
Armonea
27.2%
Senior Living Group (Korian-Medica Group)
19.6%
ORPEA Belgium
4.0%
Aspria
3.0%
Other Belgium
3.0%
FRANCE
29.3%
Korian-Medica Group
20.2%
ORPEA France
6.8%
Inicéa
2.2%
Other France
0.1%
NETHERLANDS
8.4%
Other Netherlands
1
4.4%
Bergman Clinics
1.6%
European Care Residences
1.2%
Domus Magnus
1.2%
GERMANY
5.5%
Aspria
4.5%
Celenus
1.0%
Breakdown by type of asset - at fair value (in %)
BELGIUM
58.6%
Nursing and care homes
52.8%
Sport and well-being centres
3.0%
Services flats
2.8%
FRANCE
28.8%
Nursing and care homes
15.1%
Rehabilitation clinics
11.2%
Psychiatric clinics
2.5%
NETHERLANDS
7.5%
Care centres for elderly people
3.5%
Acute care clinics
2.7%
Psychiatric clinics
0.8%
Care centres for disabled people
0.5%
GERMANY
5.1%
Sport and well-being centres
4.2%
Psychiatric clinics
0.9%
Cofinimmo systematically selects operators demonstrating a certain
level of experience, a reputation of high quality of care, financial
stability, a balanced management team and realistic growth ambitions.
The facilities are often leased to operator groups which each manage
many sites. The leases are either signed with the parent company of
the operator group or guaranteed by it.
Acquisitions in this sector all undergo prior due diligence to analyse
not only the profitability of the project but also the solvency of the
operators. This solvency analysis is repeated annually, with the opera-
tors undertaking to provide regular financial reports on the evolution of
the operations.
1
Including in particular the operators DC Klinieken, Stichting Rijnstate, Stichting Gezondheidszorg Eindhoven (SGE) en Stichting Philadelphia Zorg.
2
The buildings which underwent a large-scale renovation are considered as new.
Average age of establishments -
in number of years (in %)
2
7.5%
Netherlands
Germany
Belgium
27.1%
0-5 years
11.5%
6-10 years
12.6%
11-15 years
7.4% +
15 years
2.1%
0-5 years
3.0%
6-10 years
0-5 years
5.9%
6-10 years
0.8%
11-15 years
0.2%
+15 years
0.6%
0-5 years
1.7%
6-10 years
10.1%
11-15 years
4.4%
+15 years
12.6%
52
Management report /
Healthcare real estate