Aedifica : invests €22 million in 5 care properties in Finland - 28/06/2021

PRESS RELEASE

28 June 2021 - after closing of markets

Under embargo until 17:40 CET

AEDIFICA

Public limited liability company

Public regulated real estate company under Belgian law

Office: Rue Belliard 40 (box 11), 1040 Brussels Enterprise number: 0877.248.501 (RLE Brussels) (the 'Company')

Aedifica invests €22 million in 5 care properties in Finland

• Acquisition of 3 fully operational care properties in Kokkola and development of 2 new projects in Kangasala and Oulu
• • Total investment: approx. €22 million
  • Average gross yield: approx. 7%
  • Total capacity: 174 residents & 87 children

Name	Type	Location	Investment	Capacity	Year of build/	Operator	Type of care
			(in € million)	(users)	Completion date
Kokkola Ilkantie	Acquisition	Ilkantie 1, 67100 Kokkola	12.5	122	2016	Attendo,	Elderly care
Kokkola		Metsämäentie 62, 67700 Kokkola			2014	Soite &	Disabled care
Metsämäentie		Kärrytie 1, 67600 Kokkola			2011	Kårkulla
Kokkola Kärrytie
Kangasala Vällintie	Development	Vällintie 1, 36220 Kangasala	2.5	87	Q4 2022	Pilke	Child day-care
Oulu Juhlamarssi	Development	Juhlamarssi 3, 90670 Oulu	7	52	Q3 2022	Attendo	Elderly care
Total			22	261

Stefaan Gielens, CEO of Aedifica, commented: "Aedifica is very pleased to announce that Hoivatilat further expands our Finnish healthcare real estate portfolio. We will invest a total amount of approx. €22 million in the acquisition of three fully operational care properties and the development of two new projects, accommodating a total of 261 residents and children. We look forward to continuing to invest in futureproof healthcare real estate with our Finnish Hoivatilat team."

Jussi Karjula, CEO of Hoivatilat, commented: "As part of the Aedifica group, our strategy also includes the acquisition of high-quality fully operational care properties, in addition to our own active project development work. I am pleased with the acquired assets and new development projects, which complement our current portfolio nicely. Together we are creating a better society."

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PRESS RELEASE

28 June 2021 - after closing of markets

Under embargo until 17:40 CET

1. Acquisition of 3 care properties in Kokkola (Finland)

Aedifica invests €12.5 million in the acquisition of a portfolio of 3 care properties in Kokkola (Finland).

Kärrytie 1 - Kokkola

Description of the sites

The 3 care properties are located in Kokkola (48,000 inhabitants) and were built between 2011 and 2016. Ilkantie 1 is located in the centre of Kokkola and accommodates 56 elderly people and 17 persons with a disability requiring continuous care. The Metsämäentie 62 and Kärrytie 1 care homes are located in the proximity of the city centre and are specifically tailored to suit the needs of elderly people requiring continuous care, accommodating 26 and 23 residents respectively.

Description of the transaction

On 28 June 2021, Hoivatilat Oyj acquired 100% of the shares of the company that owns the properties. The contractual value1 amounts to approx. €12.5 million.

1 The contractual value complies with the provisions of article 49 § 1 of the Belgian Act of 12 May 2014 on regulated real estate companies.

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PRESS RELEASE

28 June 2021 - after closing of markets

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Ilkantie 1 - Kokkola

Metsämäentie 62 - Kokkola

Description of the operators and the leases

97 units of this portfolio are operated by Attendo, an established private player in the Finnish elderly care sector that currently operates approx. 13,000 beds. The Attendo group has almost 40 years of experience in the healthcare sector and is the largest private care service provider in the Nordics, employing over 24,000 staff in more than 700 locations. The group already operates 29 Aedifica sites.

17 units of this portfolio are operated by Soite. Soite is a public operator of several municipalities operating in the Central Ostrobothnia region. It offers primary and specialized health care services and social services. Soite was established in 2017 and employs 3,800 people.

8 units of this portfolio are operated by Kårkulla. Kårkulla is a public operator that provides support and services to people with intellectual and other disabilities and their families. Kårkulla consists of 33 bilingual municipalities and provides services throughout the Swedish speaking regions in Finland. Kårkulla has approximately 1,000 employees.

Aedifica welcomes these partnerships with quality players in the Finnish healthcare sector. The sites are let on the basis of irrevocable double net leases with a WAULT2 of 8 years.

2 Weighted average unexpired lease term.

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PRESS RELEASE

28 June 2021 - after closing of markets

Under embargo until 17:40 CET

2. Development of a child day-care centre in Kangasala (Finland)

Kangasala Vällintie (impression) - Kangasala

Kangasala Vällintie will be constructed in a residential area in Kangasala (32,000 inhabitants). The child day-care centre is specifically tailored to provide early childhood education to up to 87 children. It is designed by Hoivatilat and located on the ground floor of a larger residential project that is developed by a third party. Construction works will start in the summer of 2021 and are expected to be completed in the fourth quarter of 2022.

Aedifica's total investment3 will amount to approx. €2.5 million.

The child day-care centre will be operated by Pilke, a Finnish day-care operator that offers innovative early childhood education and care services to over 10,000 children in more than 173 day-care centres across Finland, employing approx. 2,000 staff. Pilke already operates 23 Aedifica sites.

The site will be let on the basis of a new irrevocable 15-year double net lease.

3 The contractual value complies with the provisions of article 49 § 1 of the Belgian Act of 12 May 2014 on regulated real estate companies.

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PRESS RELEASE

28 June 2021 - after closing of markets

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3. Development of an elderly care home in Oulu (Finland)

Oulu Juhlamarssi (impression) - Oulu

Oulu Juhlamarssi will be constructed in a residential area in Oulu (209,000 inhabitants). The care home is specifically tailored to suit the needs of elderly people requiring continuous care and will accommodate up to 58 residents. It is designed and developed by Hoivatilat. Construction works have recently started and are expected to be completed in the third quarter of 2022.

Aedifica's total investment4 will amount to approx. €7 million.

The care home will be operated by Attendo (see above). The site will be let on the basis of a new irrevocable 15-year double net lease.

4 The contractual value complies with the provisions of article 49 § 1 of the Belgian Act of 12 May 2014 on regulated real estate companies.

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