CapitalBAY has acquired three retirement homes in Berlin from the Andreas Franke Group. The portfolio comprises around 430 beds and a rental area of 13,100m². As CapitalBAY’s strategic partner, the CURATA Group will take over operations. The purchase price was not disclosed.
The properties acquired include Park Alterssitz City in Wilmersdorf, Sanatorium West in Lankwitz and Residenz Dahlem. The facilities were built in 1969 and 1970 and extensively modernised about ten years ago.
"All three senior residences are excellently positioned in the market and are in established Berlin locations," said George Salden, CEO of CapitalBAY. "With CURATA as our strategic partner, we will continue to operate the facilities sustainably. Age-appropriate forms of housing and care properties are part of our investment strategy, and the acquisition of further properties is planned."
Thorsten Mohr, Managing Director and CFO of CURATA, added: "With this step, the CURATA Group has succeeded in entering the attractive Berlin market. In parallel, CURATA was able to significantly expand the scope of its long-term care services by taking over an outpatient service in the city. CURATA is thus growing across several segments to over 3,500 care units throughout Germany and is catching up with the TOP 10 German nursing home operators.”