Deloitte acted as exclusive financial advisor and factbook provider to ProCurand on the sale- and lease-back transaction of a nursing home portfolio to Primonial REIM Germany
The Deloitte team led by Jörg Schürmann acted as exclusive financial advisor and factbook provider to ProCurand Group (“ProCurand”), a well-established operator of elderly care services, on the sale- and lease-back transaction of its still under ownership standing nursing home portfolio comprising 9 properties (“the Portfolio), to Primonial REIM Germany (“Primonial”). Deloitte provided a wide range of services, including M&A Advisory (Jörg Schürmann, Jan Morawietz, Alexander Völkel) and Transaction Services (Frank Nagel, Ulrike Pfänder, Jan Henning Voigt).
About the transaction
The Portfolio sold by ProCurand includes 687 beds for inpatient care and 454 units for assisted living. By offering a well-diversified profile in terms of location and usage, the Portfolio meets today’s demand for flexible care services and individual patient requirements. For Primonial, the transaction represented a unique opportunity to further expand its healthcare real estate portfolio in Germany. In combination with the long-term lease agreements with ProCurand, Primonial was able to enter a longtime leasing relationship with an experienced operator. The acquisition was made for Primovie, a mutual fund managed by Primonial REIM France. Closing of the transaction is scheduled for Q1 2023.
About the client
Founded in 1999, today ProCurand operates 31 facilities, offering the entire service portfolio of assisted living, out- and inpatient care, as well as related hospitality and training services, in the federal states of Berlin, Brandenburg, Saxony-Anhalt, Bavaria and Baden Wuerttemberg. With currently around 1,700 employees, ProCurand cares for around 1,700 residents in inpatient care and around 1,000 customers in the outpatient care segment, respectively. Additionally, in around 1,000 apartments the tenants can benefit from assisted living services.
About Deloitte – Corporate Finance Advisory
As leading independent M&A advisors, we provide M&A deal execution and financial advisory services to large and mid-market corporations as well as to private equity firms globally. We offer financial advice and insight at every stage of a transaction – from consideration of the strategic options to transaction execution, be it an IPO, acquisition, or divestment, restructuring or fast track disposal. We pride ourselves in our independent advice to our clients.