PLife REIT buys three French nursing homes for $56.5m

The properties sit in the Provence-Alpes-Côte d’Azur region.

Parkway Life REIT (PLife REIT) has agreed to acquire three nursing homes in France from DomusVi Group for $56.5m (€38.8m), the trust’s manager said.

The acquisition covers three freehold properties in the Provence-Alpes-Côte d’Azur region, comprising a total of 265 beds and 10,319 square metres of net lettable area.

The properties are Résidence l’Arbois in Velaux, and Résidence Les Epis d’Or and Résidence Mazargues in Marseille.

PLife REIT's manager said the acquisition is expected to lift the trust’s aggregate leverage to 35.3% from 33.8% as at 30 June.

The total acquisition outlay, including fees, expenses, and taxes, is estimated at $63.3m (€43.4m). PLife REIT said it will fully fund the acquisition through debt, with completion expected by December 2026.

DomusVi Group will continue operating the properties under new 12-year leases with indexed rental escalations following the acquisition.

The manager expects the acquisition to boost the trust’s distributions per unit, diversify income, and support rental stability through long-term leases.

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