CMS advises on sale of property portfolio by Senioren-Wohnen Holding to French asset manager Primonial

Cologne – Senioren-Wohnen Holding GmbH has sold a real estate portfolio comprising twelve retirement homes to a subsidiary of French asset management company Primonial. Five properties are already operational, while seven others are still at the project planning stage, making this a forward transaction. At the same time, advita Pflegedienst GmbH signed long-term leases for all twelve properties, covering a total rental area of 57,550 sq m. The transaction is thus structured as a sale-and-leaseback. The transaction is currently awaiting approval from the French financial regulator. The parties agreed not to disclose any further details of the transaction.

A CMS team headed by lead partner Heinz Joachim Kummer advised the Senioren-Wohnen Group and advita on all legal aspects of the sale and on the conclusion of the long-term leases. Senioren-Wohnen Holding is planning similar portfolio transactions with new properties.

Berlin-based Senioren-Wohnen Holding is a real estate developer and operator of housing adapted for the elderly. It develops, builds, finances and markets properties for assisted living, residential communities and day care.

advita Pflegedienst GmbH has been providing a nationwide care service since 1994 and currently has 29 branches. With around 2,400 employees, it is one of the largest care service providers in Germany.

Primonial Immobilien GmbH, a subsidiary of French asset manager Primonial, manages a portfolio of 80 properties throughout Germany, consisting of nursing homes, clinics and retail/mixed-use assets.

CMS Germany

Heinz Joachim Kummer, Lead Partner
Dr Michael Nauta, Senior Associate, both Real Estate & Public
Tobias Schneider, Partner, Tax

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