CP INVEST - A substantial acquisition; we upgrade to BUY
CPINV announced a € 86.9m acquisition buying a portfolio of three healthcare assets in Belgium yielding 4.3%. Whilst we were expecting a transaction (physical due diligence already done pre COVD-19) the deal was larger than expected. We increase our estimates, updated our financial model and upgrade to BUY with DCF based target price of €35.Care Property Invest NV. Care Property Invest NV, formerly Serviceflats Invest NV, is a Belgium-based real estate investment company that builds and finances housing for pensioners. The Company specializes in premises equipped with technologies ensuring safety and comfort of elderly people. In addition, Care Property Invest designs, builds, supervises the progress of a number of construction works, monitors the budget and finances projects in the long term. Care Property Invest NV cooperates mainly for public health care center in Antwerp -Openbaar Centrum voor Maatschappelijk Welziijn (OCMW), including Berchem. The Company focuses its activities on the Belgian market. It operates through a number of subsidiaries, such as Ter Bleuk NV, Siger SA and Konli BVBA and VSP Wolvertem bvba.
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