PATRIZIA acquires healthcare property development in Dresden
PATRIZIA’s healthcare sector investments stand at over EUR 1 billion in AUM
- 145-bed nursing home scheduled for completion by April 2020
- Once completed, the property will be operated by Casa Reha in a 20-year lease
Augsburg/Dresden, 19 December 2019. PATRIZIA AG, the global partner for pan-European real estate investment, announces the acquisition of a healthcare property development in the city of Dresden, in Eastern Germany, on behalf of PATRIZIA Social Care Fund III.
Scheduled for completion by April 2020, the 6,500 sq m nursing home will provide 145 bedrooms across four floors. The property is located in the Reick district of Dresden and offers good transport links to the city centre and as well as to several day care facilities.
The property which has been sold by Hentschke Bau GmbH will be operated by Casa Reha in a 20-year lease. Casa Reha was acquired by the French Korian Group in 2015, which also owns other nursing home operators, including Curanum and Phoenix, and currently runs 234 fully in-patient nursing facilities, offering more than 28,000 nursing places, making the company the largest nursing home operator in Germany.
Thomas Otto, a senior member of the Germany Transactions team at PATRIZIA, commented: “Once completed, this high-quality nursing home will provide best-in-class facilities which we expect will benefit from strong demand supported by local demographics. The long-term lease which has been signed with a well-respected and proven operator, namely Casa Reha, will ensure ongoing cash flow that delivers sustained returns to our investors.”
PATRIZIA currently has more than EUR 1 billion in AUM in the healthcare sector, with around EUR 560 million in nursing homes.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages more than EUR 42 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
Phone: +49 (0) 821 5 09 10-6 55