Principal Real Estate Spezialfondsgesellschaft mbH, acting as fund manager of the Care Invest I fund, has acquired a residential park in Springe, near Hanover, Lower Saxony. Two of the 23 units were purchased from VIT GmbH, and the other 21 from PRO-IMMO GmbH. The parties agreed not to disclose the purchase prices. The transaction brings the portfolio of Care Invest I to 12 care properties, with a total of 854 beds and 121 serviced apartments.
The entire property comprises the 'Wohnpark Beethovenstrasse', which is situated at Beethovenstrasse 29-39 and Handelweg 2-4. It includes seven bungalows and an apartment building with 16 units, all for sheltered housing.
Completed in August 2018, the property stands on a ca. 5,000m² site and provides a total lettable area of around 1,600m². The asset is fully let to the long-term operator, Wohnpark Beethovenstrasse. Prin RE had already acquired an adjoining 96-unit residential park in June 2016.
"The acquisition of this second residential park in Springe complements our local offer, as there are demonstrably too few barrier-free apartments in Springe", says Paul H. Muno, Head of Germany at Principal Real Estate Europe. "The provision of ambulatory forms of housing is becoming an ever-greater task as the "babyboomer" generation starts to reach retirement age."
