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Post-acute Rehabilitation

 

Property in Poland?

Surveyors are starting to push Poland as a possible market for healthcare property deals.

Budget issues hit private operators

Despite being rescued by a deal with the central government, the heavily indebted Italian region of Lazio continues to pursue cuts to public services. This means tough times for private healthcare operators, such as for-profit Gruppo Garofalo and not-for-profit player IRCCS San Raffaele Pisana.

Orpea acquires Germany’s third largest rehabilitation operator Celenus Kliniken

Orpea, Europe's second largest residential care group, has acquired Celenus Kliniken, Germany’s third largest provider of rehabilitation and psychiatric services. German brokers say that prices have soared with reha and care home opcos up from four times EBITDA in 2013 to a base line of six times with some bidders not flinching at 8-10 times. We speak to Bruno de la Rochebrochard, equity research analyst at investment bank Bryan Garnier, about the deal and the sector.

Interview: David Batchelor, Executive Director, Specialist Markets, CBRE

In the last six months there has been a transformation in investors in healthcare property in the UK and Europe. David looks at a new breed of player who is emerging and at how investors are now looking at southern Europe. Advisor CBRE has been very active in the European property sector, representing Waterland and RHM in their sale and leaseback of the property portfolio of German reha players RHM Kliniken to Medical Properties Trust,

Interview: Franceso Longo, director, CERGAS

Professor Longo is a long-term analyst of the Italian NHS and the private sector. Here he predicts a boom for the private sector in all forms of post-acute care, explains why he expects private medical insurance to grow steeply and looks at how the private sector is acquiring not-for-profit operators.

Belgian REIT Cofinimmo moves into Germany

Belgian REIT Cofinimmo recently announced its first healthcare acquisition in Germany, a Celenus-operated rehabilitation centre in Baden-Baden. Head of healthcare investments at Cofinimmo, Sebastien Berden, explains why Confinimmo plans to focus entirely on healthcare.

Interview: Nasser Massoud, Executive Board Director, Global Head of Transactions & Corporate Development, InterHealth Canada

As revealed exclusively by Healthcare Europa three weeks ago, financing for the first operator led public-private partnership (PPP) in Poland has been finalised after a three-year process. Several more deals are already in the pipeline in Poland and Slovakia. Healthcare Europa journalist Rhiannon Williams speaks to Nasser Massoud of InterHealth Canada, the Toronto-based international healthcare management company that won the 30-year contract, about the deal and the future of PPPs.

Waterland buys Median

Waterland Private Equity has bought a majority stake in Median Kliniken, one of the largest German residential rehabilitation (reha) chains. It already owns RHM Kliniken, another top 5 reha chain. Reliable sources say that the deal values Median’s equity and debt at just under €1bn, giving seller, private equity house Advent International, a return of nearly 2.5 times on the €400m it paid for Median in 2009. We look at prospects for reha generally and the plight of not for profit in the acute sector.

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