Vestia starts sales process of healthcare portfolio Northern Light
27 september 2018
In the coming years, Vestia wants to make a greater contribution to the public housing task in its four core municipalities in the Rijnmond and Haaglanden regions. In July, the housing association already announced the ambition to sell a part of the healthcare real estate in the province of Groningen. Today the sales process has started. The portfolio, called Noorderlicht (Northern Light) comprises 1,061 mostly regulated (healthcare) dwellings (residential care, senior housing and sheltered housing). The dwellings are located in eight different municipalities. Capital Value advises Vestia on the sale.
Reasons for sale
Vestia is a Dutch housing association with assets in many municipalities spread throughout the country. In the future Vestia will concentrate on four core municipalities, namely The Hague, Rotterdam, Zoetermeer and Delft. That is why Vestia wants to sell the dwellings outside these municipalities. All parties involved were informed about the intended sale.
"For our tenants, the lease agreement with corresponding conditions remains the same. All rights and obligations are retained and the tenants can continue to live in their home'', says Arjan Schakenbos, chairman of the board of directors of Vestia. ''The sale of this (healthcare) portfolio contributes to the focus on our social task in the four core municipalities. There is an increasing demand for affordable housing, an enormous sustainability challenge and there are solid livability issues in the neighborhoods. In this way we can fulfill our mission 'satisfied tenants in an honest city, now and in the future'.''
About the portfolio
Northern Light offers a good mix of intramural and extramural units and dependent and independent units. The years of construction of the complexes are between 1966 and 2004. In most of the complexen (21 out of 23) no individual units have been sold off. Approximately 70% of the total rental income comes from masterlease contracts with healthcare institutions.
Sales process
The deadline for bids on the portfolio is Tuesday 27 november 2018, 12.00 hrs CET. If you are interested and would like to receive more information, please do not hesitate to contact us.