PATRIZIA acquires portfolio of seven healthcare assets in Germany
- Portfolio will comprise 38,100 sq m of leasable space for assisted living, day care, dementia patients and intensive care
- Fully let to high quality operator, advita Pflegedienst GmbH, on 20-year leases
- PATRIZIA manages more than EUR 1.3 billion in the healthcare sector
Augsburg, 27 May 2020. PATRIZIA AG, the global partner for pan-European real estate investment, announces the acquisition of a portfolio of seven healthcare assets in Germany, on behalf of PATRIZIA Social Care Fund III. The seller of the portfolio is Senioren-Wohnen Holding GmbH, a subsidiary company of advita and is also in charge of the development of advita properties. PATRIZIA manages more than EUR 1.3 billion of assets in the healthcare sector.
The portfolio includes one existing asset in Schwäbisch Hall plus six turnkey developments spread across Schwäbisch Hall, Offenburg, Bad Kreuznach, Bad Windsheim, Lauda Königshofen and Bad Mergentheim.
Once construction work is completed by 2023, the total portfolio will comprise 38,100 sq m of leasable space providing 329 units for assisted living, 240 day care units, 146 units for dementia and intensive care facilities. Advita Pflegedienst GmbH, which is one of the leading nursing service operators in Germany, will occupy the properties on individual 20-year leases.
Daniel Dreyer, Head of Transactions DACH at PATRIZIA, commented: “We are pleased to have concluded such an exciting transaction as we were able to acquire a modern portfolio of high-quality operational assets let to an experienced and renowned operator of long leases, which will deliver solid and stable Cash Flow to our investors.”
“Over the last few years, we have looked to increase our exposure to social and healthcare real estate across Germany where demand has been steadily rising. Whilst the current COVID-19 pandemic has created some economic uncertainty, the investment market for healthcare real estate has remained resilient. We are confident this sector will continue to play a central role in the future.”
PATRIZIA was advised by Hogan Lovells (Hamburg).
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for 36 years. PATRIZIA’s activities include the acquisition, management, repositioning and disposal of residential and commercial real estate through its best-in-class local network in all key markets. As a global partner for pan-European real estate investment, PATRIZIA operates as a trusted and independent business partner of large institutional, (semi-)professional and private investors in all major European countries. PATRIZIA manages more than EUR 45 billion of real estate and infrastructure assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. PATRIZIA is committed to responsible investments and positive social impact. The PATRIZIA Children Foundation has helped over 220,000 children in need worldwide for over 20 years, giving them access to education and greater opportunities to lead better lives. For further information, please visit: www.patrizia.ag
Phone: +49 (0) 821 5 09 10-628