Patrizia AG has acquired a portfolio of seven healthcare assets in Germany. 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. The portfolio includes one existing asset in Schwabisch Hall plus six turnkey developments spread across Schwabisch Hall, Offenburg, Bad Kreuznach, Bad Windsheim, Lauda Konigshofen and Bad Mergentheim. The purchase price was not disclosed.
Once construction work is completed by 2023, the total portfolio will comprise 38,100m² 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.”