PATRIZIA acquires pre-let care home development in Bad Camberg
PATRIZIA Immobilien AG announces that it has completed the forward purchase of a fully-let care home development in Bad Camberg, Germany, from a subsidiary of the K&S Group on behalf of ‘PATRIZIA Pflege-Invest Deutschland I’.
- 102-room care home development pre-let to Cura Sana on a long-term, 25-year lease
- Due for completion in 2019
- Builds on target of investing a total of EUR 500 million in the care home sector
PATRIZIA Immobilien AG announces that it has completed the forward purchase of a fully-let care home development in Bad Camberg, Germany, from a subsidiary of the K&S Group on behalf of ‘PATRIZIA Pflege-Invest Deutschland I’. The development, which is due to begin in early 2018 for completion in 2019, has been pre-let to Cura Sana, an experienced care home operator, on a long-term, 25-year lease. This most recent investment is part of the ‘PATRIZIA Pflege-Invest Deutschland I’ fund’s strategy of investing a target volume of EUR 500 million in the care homes sector, of which approximately EUR 360 million has been invested to date.
Care home investments require specialist know-how and, with an existing portfolio of 28 nursing homes across its investments, PATRIZIA already has extensive experience in this sector. Around two dozen institutional clients invest in care homes through the ‘PATRIZIA Pflege-Invest Deutschland I’ fund.
“We are delighted to be able to acquire this high-quality facility in such an attractive and sought-after location for our clients, and that we have an experienced operator on board,” said Daniel Dreyer, Head of Acquisitions Commercial at PATRIZIA.
This new facility, which comprises 102 rooms as well as 15-day care places, is located centrally between the train station and the old town centre in Bad Camberg, a town situated northwest of Frankfurt in the state of Hessen. Cura Sana, which is headquartered in Bad Camberg, is an experienced operator with an additional ten care home facilities across the states of Hessen and Rhineland-Palatinate. Formerly known as Camberg, the town received its official ‘Bad’ designation on the occasion of its 700-year jubilee in 1981, reflecting its standing as a health resort by the German state.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 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 provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth around EUR 21 billion, primarily as a portfolio 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.