Infracore takes over Générale Beaulieu Immobilière
Aevis Victoria, through its subsidiary Générale Beaulieu Holding, has sold its stake in Générale Beaulieu Immobilière (GBI) to Infracore.
Générale Beaulieu Immobilière (GBI), a subsidiary of Générale Beaulieu Holding (GBH), holds several properties in Geneva's Champel district, including the Clinique Générale-Beaulieu, according to Aevis Vistoria. The buildings have a leasable area of about 19,000 sqm. GBI is currently constructing a new underground complex of nearly 1,000 sqm to house the radiation therapy unit of the future cancer center of Clinique Générale-Beaulieu.
GBI's portfolio was valued at CHF 196 million as part of the transaction.
This transaction will be paid in cash and shares, according to the ad hoc release from Aevis Victoria. The deal increases the company's direct and indirect stake in Infracore from 19% to 30%.
GBH will realize an investment gain of 153 million from the sale and will distribute an extraordinary dividend of 75 million to shareholders. The majority shareholder of GBH with almost 70% of the shares is Aevis Victoria.
In turn, Aevis will generate a profit at the group level of 21.7 million in the fourth quarter of 2019 as a result of the transaction, according to the statement. Available cash and cash equivalents will increase by more than 80 million.
The Aevis investment Infracore is focused on the healthcare sector in Switzerland, it holds hospital properties in its portfolio that are leased long-term to clinics of the Aevis Group. In December 2018, insurer Baloise took a 20% stake in Infracore. (ah)
