BayStreet - March 23, 2006
Metrovacesa has signed an agreement, through its subsidiary Gecina, to purchase 28 health centres belonging to Générale de Santé for €536 million. Gecina is to invest €30 million in the renovation and extension of the installations.
The transaction is expected to close at the end of June 2006 and will involve a lease of between 10 and 14 years which will generate annual rents of €32.4 million, for a yield of 6.04%.
Générale de Santé, a company listed on the Paris Bourse, is the leading private company in the hospital market in France. It has a 15% market share and obtained 1,435 million in revenues. The group is also present in Italy and has a network of 172 health centres, with a capacity of 14,400 beds.
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