Parkway Life Real Estate Investment Trust (PLife REIT) has agreed to acquire three nursing homes in southern France for €38.8 million (approximately S$56.5 million). Its manager, Parkway Trust Management Limited, announced that subsidiaries signed a promise of sale on 13 October 2026 with seller DomusVi Group.

The transaction involves two assets in Marseille and one in Velaux within the Provence-Alpes-Côte d’Azur region. Under the terms, Résidence l’Arbois in Velaux covers 4,128 square metres, while Résidence Les Épis d’Or in Marseille spans 2,898 square metres with 80 beds. The third property, Résidence Mazargues in Marseille, measures 3,293 square metres with 95 beds.

Expected to complete by December 2026, subject to conditions, the transaction uses a sale and leaseback agreement. DomusVi, Western Europe’s third-largest aged care operator, will continue running the facilities under new 12-year lease commitments.

The expansion increases PLife REIT’s French portfolio to 14 properties valued at S$234.3 million, accounting for roughly 10 per cent of its total assets under management. The total acquisition outlay stands at €43.4 million (approximately S$63.3 million), including transaction costs. Fully financed through debt, the purchase is projected to raise aggregate leverage from 33.8 per cent as of 30 June 2026 to 35.3 per cent.

Mr. Yong Yean Chau, Executive Director and Chief Executive Officer of the Manager, said: “This acquisition represents another measured step in scaling PLife REIT’s presence in France, our third key market. Building on our partnership with DomusVi since 2024, this offmarket transaction expands our footprint in France and positions us to capture further growth opportunities. The long-term leases also provide greater income visibility and resilience, supporting sustainable returns to our Unitholders.”

DomusVi operates nearly 600 nursing homes and assisted living facilities across Western Europe alongside 100 home care agencies.