(AOF) – Clariane sells its 50% stake in a real estate portfolio in the Netherlands to its partner Aedifica. This operation, whose total contractual sale value amounts to approximately 25 million euros, is part of the group’s debt reduction policy. As part of the group’s development in the Netherlands, Clariane and Aedifica entered into a partnership and co-investment agreement in 2020 providing for the construction of six care and accommodation establishments for the elderly, for a total capacity of 235 beds. These buildings were delivered between 2022 and 2023.
Following this transaction, Aedifica will own 100% of the six assets concerned, which Clariane operates, under the brands “Stepping Stones”, “Het Gouden Hart” and “Hestia”.
Aedifica is a regulated real estate company under Belgian law, specializing in European healthcare real estate, particularly in the field of elderly care.
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Key points
– European number 1 in reception, care and home help for the elderly and vulnerable, with more than 1,000 establishments in 7 European countries, created in 2003;
– Turnover of €4.5 billion achieved by 3 businesses: long-term care for 65%, health for 24% and follow-up care clinics and home help;
– Revenues from France for 49% (number 1), Germany for 27% (number 1), Italy for 12% (number 1) and Belgium for 14% (number 1);
– Multi-local and partnership business model, with a diversified care offering in 600 living areas in Europe and, at the same time, the desire to be a real estate developer-manager (Propco), with a 24% property ownership rate. real estate, worth €3.3 billion;
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Capital controlled by mutuals (Prédica with 24.80%, Malakoff Humanis with 7.60%, PSP with 6.40%, Jean-Pierre Duprieu chairing the board of 12 directors and Sophie Boissard being general director;
– Balance sheet a little tight at the end of June: debt leverage at 4.1, LTV ratio at 58% at the end of June but €900 million in liquidity and real estate assets valued at €3.2 billion.
Challenges
– Strategy 2024:
– 10% annual growth in turnover excluding acquisitions,
– ramp-up of the health activity (objective of 30% of revenues),
– opening of 3,000 beds per year,
– by 2023, increase in the value of real estate assets to €4 billion;
– Innovation strategy carried out by the internal digital agency “Korian Solutions”:
– industrialization of buildings with the BIM system;
– serving residents: multifunctional, robotic or virtual equipment designed by start-ups, partnerships with universities or CEA, innovation laboratory, etc.;
– Environmental strategy 2019-2023:
– 40% reduction in CO2 emissions by 2030 (vs 2018),),
– 5% reduction in waste,
– loans integrating ESG criteria;
– Continued rationalization and improvement of retirement, care and health homes;
– Within the Inicea division:
– health: delivery of 13 projects in outpatient activity, integration of Spanish Grupo 5 (mental health) and 20% increase in the number of patients,
– outpatient and home care: 1,875 beds in operation for the Ages&Vie network in France with 1,875 beds in operation, doubling of the number of people supported in home care and 253 agencies for the Petits-fils network in France,
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addiction ; growth of the network via the partnership with the Banque des Territoires;
– Reinforcement of €120 million in equity via the monetization of real estate assets: entry of investors (Covéa, Crédit Agricole Assurances and Malakoff Humanis) into a real estate vehicle holding 46 European assets, valued at €500 million.
Challenges
– Continued rise in the occupancy rate;
– Pipeline of 11,000 new beds by 2026, bringing the number of beds to more than 103,000;
– Negative impact of energy, food and wage inflation on the operating margin;
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After a 7% gain in revenues and a slight decline in operating margin, 2023 objective of revenues up 5%, a stable operating margin and debt leverage at 3.5;
– Option to pay the dividend in shares retained at 0.30% of the capital.
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