BSPF buys healthcare real estate in Basel
The Baloise Swiss Property Fund has acquired properties in the city of Basel, where healthcare services are provided, by way of a sale-and-rent-back transaction.
The three properties will offer specialized medical services "in an excellent location" in Basel with short walking distance to public transport, Baloise Asset Management says. The individual tenant and the fund management company of the Baloise Swiss Property Fund (BSPF) have signed a lease with a fixed term of 20 years, which can also be extended. Due to their floor plan disposition and location quality, the properties could also be converted into office or residential space.
According to Baloise Asset Management, the properties have been renovated on a large scale over the last five to ten years and connected to the district heating network, so that major maintenance and repair work will only be necessary in around 15 to 20 years. As far as maintenance and repair costs are concerned, the parties to the lease agreement have also concluded a so-called "roof-and-facilities" clause. This means that the fund management bears only the maintenance and repair costs for the structural parts of the properties, such as the roof substance, facade, windows and load-bearing parts.
The asset deal was reportedly notarized in November 2021, with the transfer of ownership and risk and rewards taking place on Jan. 1, 2022. About three-quarters of the purchase was financed by debt and about one-quarter from BSPF's liquidity portfolio, the fund management company said. (ah)
