HSH Real Estate AG and the listed Australian investment company Mariner Financial Limited have set up a joint venture with the aim to acquire and manage portfolios of nursing homes in Germany and further aged care assets.
In this partnership Mariner will establish a fund structure in Australia in order to place fund shares with Australian institutional investors. In addition to this, Mariner will manage the funds and act as trustee for them.
HSH Real Estate will advise the funds on the purchase of properties via a fully owned subsidiary founded explicitly for this purpose. HSH Real Estate will also provide services in the areas of asset and property management.
"As a start we want to acquire a portfolio consisting of nursing homes and are aiming at a total investment volume of around €500 million," explains Marc Weinstock, CEO of HSH Real Estate. "In this matter we can take advantage of the experience and know-how of HSH Nordbank in nursing-home properties from which the nursing-home real estate special-purpose fund of LB Immo Invest also benefited."
The set up of the portfolio and the purchase by Australian institutional investors will be conducted in several tranches within the next three years. The search for investment properties has already begun and the first properties are already being examined. Purchases will cover high-quality existing properties less than 15 years old as well as selected development projects or fully refurbished properties.
Source: HSH Nordbank