How did the collaboration with the care providers (PCSW or non-profit organisations) develop for the 2000 flats investment programme?
Within the investment programme of 2000 flats, which has now been completed, projects of service flats were established for PCSWs and social non-profit organisations, whereby the cooperation with the Company was laid down in an agreement of real estate leasing.
The lease is based on a leasehold on the building which commences after the project has been realised on the plot of land that was made available to Care Property Invest (the former Service Flats Invest) by the PCSW or the non-profit association through a right of superficie. The PCSW (or possibly the municipality) or the non-profit association owns or leases a plot of land for construction purposes and grants Care Property Invest a right of superficie for a period of 30 years. At the end of the 30-year period, the PCSW or the non-profit association owes Care Property Invest a final installation fee equal to the nominal amount of the investment cost in order for the PCSW or the non-profit association to become the owner of the flats. The amount of the final building rights fee is neither revised nor indexed. This remuneration represents the repayment of the capital invested by Care Property Invest. After completion of the service flat building, a leasehold period of 27 years starts during which the PCSW or the non-profit association has full enjoyment of the building and is fully responsible for its operation as a service flat building and this against payment of a monthly canon per flat. The canon represents the interest paid on the capital invested by Care Property Invest and is indexed annually. During the bridging period after the end of the leasehold period until the end of the 30-year right of superficie period, a lease agreement is in effect during which the PCSW or the non-profit association owes a remuneration in accordance with the market interest rates applicable at that time.