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| Additional information |
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| Primonial Real Estate Investment Management |
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Overview:
A European real-estate asset management platform for individual and institutional investors
Primonial REIM is a portfolio management company, and was authorised by the Autorité des Marchés Financiers (AMF) on 16 December 2011 under number GP-11000043. It received AIMFD authorisation on 10 June 2014. Its share capital is mostly owned by Primonial Holding and UFF Banque. Its Executive Board consists of Laurent Fléchet (Chairman), Grégory Frapet and Stéphanie Lacroix.
Primonial REIM creates, structures and manages collective real-estate investment solutions for individual and institutional investors :
- a range of SCPIs (non-trading real estate investment trusts) available for investment both directly and through life insurance products ;
- real-estate funds available for investment through unit-linked life insurance policies and investment plans ;
- club deals for professional investors (large institutional or corporate groups) in the form of OPCIs (real estate CIUs) or SCIs (non-trading real estate companies). |
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History:
As at 1st january 2017, Primonial REIM had €10.7 billion of assets under management.
Since its creation in 2011, Primonial REIM has seen rapid growth in its business and has become a major French investor in commercial real estate via funds aimed at the general public (SCPIs) and at institutional investors (OPCIs, SCIs). Primonial REIM's strategy is based on its asset allocation convictions and its desire to develop specialist skills in each real-estate asset class. In the space of 5 years, funds managed by Primonial REIM have invested almost €6 billion in office properties, including several flagship transactions.
In 2012, Primonial REIM started to diversify into retail real estate, in which it now has over €1 billion of assets under management, and then into properties used for healthcare purposes, in which it now one of Europe's largest asset managers with almost 200 facilities in its portfolio.
In 2015, Primonial REIM extended its investment universe to include the eurozone, investing in Belgium, Italy and Germany with the support of local operational partners (Codabel AM for Benelux, EC Advisors for Germany).
In 2016, Primonial Real Estate Investment Management made major progress in its strategic shift towards healthcare real estate. Funds managed by Primonial REIM now own almost 200 facilities (Lcare homes, post-acute clinics, rehabilitation and MSO facilities, laboratories, psychiatric hospitals, nursing homes) in France, Germany and Italy, with a value of over €3 billion (rights included), making the company one of Europe's leading managers of healthcare real estate assets.
This growth resulted largely from two major acquisitions carried out on behalf of institutional investors and funds managed by Primonial REIM :
- the acquisition of Gecimed, completed on 1 July 2016 for €1.24 billion all in cost. The portfolio owned by Gecimed – now renamed Immocare – consists of 66 healthcare facilities across France, run by ten operators and running 8,220 beds.
- the acquisition of the Panacea portfolio, completed on 19 July 2016 for €994 million all in cost. The portfolio consists of 68 healthcare facilities (medical nursing homes, senior residences, post-acute and rehabilitation clinics) in 13 German Länder, run by 28 operators and running 8,614 beds. There is scope for growing the portfolio further in Europe, particularly in Italy, Spain and Benelux. |
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