KOS further sells the ownership of residential care homes structures from their portfolio.
After the Sale-and-Lease-Back operation that took place in April, which had seen the acquisition of 3 RCHs (2 in Florence and 1 in Novara) owned by InvestiRE SGR, the KOS Group (an operator specialized in the management of healthcare facilities) sold the ownership of other two 2 RCHs and 1 psychiatric nursing home to Icade Healthcare Europe. The operation is configured, also in this case, as a Sale-and-Lease-Back. Icade has also signed, still with KOS, a letter of intent for the acquisition of two RCHs to take place in the second half of 2023, with their construction planned to be finalized within 2023.
The entire transaction has a total value of EUR 51 million. The five properties, located in Lombardy, Liguria (2 complexes), Marche and Emilia-Romagna, have a total of 514 beds and will be managed by KOS through a 15-year lease contract.
With this transaction, the portfolio of the Healthcare Property Investment Division of the Icade group will reach approximately EUR 790 million in assets under management. At the end of 2020, the total assets held by Icade had a total value of EUR 14.7 bn, including residential properties and offices too. The value of the KOS portfolio decreased in the course of 2020. The values of the assets on the balance sheet are indeed now equal to EUR 202 million (from EUR 211.2 million recorded at the end of 2019).
The KOS group achieved, in 2020, EUR 631.6 million in revenues (from EUR 537.8 million in 2019) with EBITDA of EUR 111.7 million (from 121.7 million) and a net loss of EUR 13.3 million (compared to a net profit of 22 million in 2019) mainly attributable to higher operating costs.
KOS currently manages 90 facilities in Italy, with approximately 8,700 beds, and 47 in Germany, with approximately 4,000 beds. There are almost 13,700 collaborators, of which about 8,900 in Italy (7,400 employees) and about 3,800 in Germany.
Among the latest KOS operations, we recall that, in November 2020, the group purchased two RCHs in Liguria and Emilia Romagna, leased to the subsidiary KOS Care Srl.