Korian Group rose to a three-month high in Paris trading after the French retirement-home operator agreed to sell 19 properties to Cofinimmo, Belgium's biggest real-estate investment fund.
Korian added 1 euro, or 4 percent, to 26 euros, the highest since March 5. The stock, the third-biggest winner on France's SBF-250 Index today, has dropped 12 percent this year, giving the company a market value of 720 million euros ($1.1 billion).
The properties, including five nursing homes under construction, are valued at 144.4 million euros with a yield of 6.3 percent including commissions and fees, Paris-based Korian said today in a statement. The sale, which will probably be completed by September, is ``in line with the plan to outsource premises,'' the company said.
