Vestia sells 1,061 (care) homes in Groningen to Estea

3 juni 2020

Vesta has sold 1,061 mainly social (care)homes in the province of Groningen to Estea Noorderlicht C.V. The portfolio (Noorderlicht) comprises care and nursing homes and independent homes in eight different municipalities. The reason for the sale was Vestia's wish to focus on its public housing tasks in the core regions, namely The Hague, Rotterdam, Zoetermeer and Delft. Capital Value advised Vestia on the sale. The legal support was provided by Houthoff

The portfolio mainly includes care homes, senior homes with care and sheltered housing. About 40% of the homes are independent. Years of construction vary from 1966 to 2004. Willy de Mooij, member of the Board of Directors at Vestia: "The sale of this (care) portfolio contributes to Vestia's financial recovery. In this way we can focus on our social task in the four core municipalities of Vestia."

Estea is a professional investor in healthcare real estate. In recent years, Estea has built up a portfolio of healthcare real estate, to which the Noorderlicht portfolio is added. Erik van den Brand, managing director at Estea on the acquisition: "We believe it is important to contribute to a safe and pleasant living environment for our residents, who are often vulnerable and who have a need for care. We work together with a large number of stakeholders, such as health and welfare organisations, municipalities and local entrepreneurs. We are therefore looking forward to building a long-term and sustainable relationship with all parties who are, and will remain, involved with the homes in the Noorderlicht Portfolio. "

Willy de Mooij: "Estea is a reliable and committed real estate investor with a social character. About 70% of Estea's total property is rented out as social housing. For our tenants, the lease with associated conditions remains the same. All rights and obligations are preserved and the tenants can continue to live in their home."

Marijn Snijders, managing director Capital Value: "This transaction is a good example of a collaboration between a housing association and an investor in healthcare real estate. A large part of the existing stock of healthcare real estate is owned by housing associations. The market currently offers many opportunities to sell this type of property. Due to demographic developments and developments in the healthcare sector, the demand for healthcare real estate is expected to increase significantly in the coming years and investments in the existing stock are necessary to eliminate qualitative shortages. Even today, we see that investors have a lot of capital available for investments in (care) homes. "

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