Orpea: to sell its retirement home in Riga, Latvia
May 25, 2023 at 12:24 pm EDT
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Orpea announces that it has signed an agreement with Adoro SIA for the sale of a retirement home in Riga, Latvia, which represents all its activities in the country.
With this transaction, Orpea continues to implement its Refoundation plan announced on November 15, 2022, by starting to review its geographic footprint.
The company says it intends to 'focus on all geographies where the Group can ultimately achieve a sustainable and committed leadership position, always with the objective of satisfying the expectations of its residents, patients and their families'.
Adoro SIA is a Baltic player present in the medico-social sector in Latvia.
Completion of this transaction remains subject to customary conditions precedent and is expected to take place during the 3rd quarter of 2023.
The ORPEA Group's evolution towards a more transparent and efficient development model is well underway, in perfect coherence with the objectives announced during the presentation of the ORPEA Change! plan with you and for you, on November 15, 2022", commented Laurent Guillot, Chief Executive Officer of the Orpea Group.
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ORPEA is the European leader in global dependency care. The group operates retirement homes, follow-up care clinics, and psychiatric clinics. At the end of 2023, ORPEA had a network of 1,031 facilities (93,470 beds) located in France/Benelux/United Kingdom/Ireland (574 facilities; 45,431 beds), Central Europe (247; 24,316 beds), Eastern Europe (124; 12,764 beds), the Iberian Peninsula and Latin America (83; 10,394 beds), China (2; 154 beds) and the United Arab Emirates (1; 36 beds).
As of December 31st , 2023, the estimated value of the real estate portfolio was EUR 6.3 billion.
Net sales are distributed geographically as follows: France/Benelux/the United Kingdom/Ireland (58.4%), Central Europe (26%), Eastern Europe (9.9%), Iberian Peninsula and Latin America (5.5%) and other (0.2%).