Emeis Completes Establishment of Its Healthcare Real Estate Company with Farallon Capital and TwentyTwo Real Estate
The healthcare group emeis has announced the creation of Isemia, a real estate company dedicated to healthcare assets, with its financial partners Farallon Capital and TwentyTwo Real Estate. According to the press release, this transaction allowed the group to receive 761 million euros, contributing to the reduction of its net debt.
Portfolio and Financial Details
Isemia holds a portfolio of 68 assets with a valuated worth of 1,220 million euros, the group states. According to the press release, the amount received from the partners represents 62% of this last appraised value of the assets. The portfolio shows an average yield rate of about 6% excluding rights. The geographical distribution is set at 68% in France, 19% in Germany, and 13% in Spain, according to the group. The portfolio consists of 48% retirement home walls and 52% clinics. All assets remain fully operated by emeis.
Financial Structure and Investor Returns
The operation is based on the subscription of financial securities, including preferred shares, the press release specifies. The payment of a compensation, decided by emeis, will allow investors to achieve a recurring yield of at least 6% per year, states the company. Beyond this rate, the sharing of overperformance will predominantly favor the partners up to the target internal rate of return of 12%, with emeis retaining 90% of the potential additional value creation thereafter. The partnership is envisioned for a duration of 5 years and could be extended by an additional 2 years, according to the group. It may also be shortened by a decision from emeis. At the end of this partnership, several scenarios are possible, including emeis's choice to rely on new capital partners.
Governance and Sustainability Strategy
Isemia will be under the exclusive control of emeis, which remains in charge of managing the real estate assets, and will be consolidated by full integration, the press release specifies. The governance will rely on a supervisory body composed of 5 members, including 3 representatives from emeis. Laurent Guillot will serve as the chairman of the supervisory committee and Géry Robert-Ambroix as the chairman of Isemia, the group indicates. According to the press release, Isemia's CSR strategy is part of the commitments of the emeis group, a mission-driven company since June 2025. The active management of the portfolio is based on energy renovation, improving the environmental performance of buildings, and adapting assets to changes in usage, according to the company. Emeis specifies that it implements precise monitoring of consumption and emissions in a dedicated tool and sets trajectories for emissions and consumption in each geography of the group with annual reporting.
