Orpea - comment

Orpea took the first small steps in asset sales, by selling 32 retirement homes in the Netherlands for c. €125m. This is an outright sale and not one of the anticipated S&LB transactions. Dagelijks Level (DL) will continue to operate these facilities (Orpea were the landlord, with DJ as lessee). These properties are not comparable to “normal” nursing homes, as these particular nursing homes were low-capacity facilities (typically 20 residents per site) which is peculiar to the Dutch market. As contrast, Orpea’s German and French sites are typically 100 residents per site. Post sale, Orpea will still be operating in the Netherlands in c.80 other sites.

Additionally, the AGM ratified the appointment of four new independent directors. This move was previously announced in conjunction with the new banking facilities and had the support of the larger shareholders.