Capital Bay has acquired the Albert-Schweitzer-Haus nursing home in Mannheim from the German Red Cross (DRK) for a mid-seven-figure sum. The retirement home, located on Viehhofstrasse in the Schwetzinger Vorstadt quarter, currently has over 100 beds and a total usable floor space of just under 5,000m². Built in 1985 and last renovated in 2003, it is scheduled for extensive modernisation in the next two years. The property benefits from a close proximity to local recreation area Luisenpark.
George Salden, CEO of Capital Bay, said: “We are going to spend €2m or so on the building’s modernisation, which enables us to reopen a disused floor, which in turn enhances the value for our investors. Generally, the German nursing and retirement home real estate market is still very attractive. We are planning further growth in this asset class.”
CURATA Care Holding, CapitalBAY’s cooperation partner for nursing home properties, has taken over operations of the facility. Dieter Wopen, managing director of CURATA, explains the modification: “With the building measures, we are going to improve living quality and create more space for every single resident of the nursing home.”