TSC Eurocare Real Estate Fund, managed by Threestones Capital Group, has acquired two care properties located in Germany and Italy, bringing the total number of assets to seven, with three facilities being based in Germany and four in Italy.
The latest German property acquires for the portfolio is situated at Valentinerhof 2 in Flensburg and dates back to 1983. The building was extensively refurbished and modernised in 2017 and 2018 and provides 50 single and 26 double rooms totalling 102 care beds. The facility is leased to Alloheim Senioren-Residenzen for 25 years.
The fund's latest acquisition in Italy is located at Via Icilio Giorgio Mancini 12 in Altipiani di Arcinazzo, around 80 km to the east of Rome. Situated on an around 11,000 square metre site, it provides 118 care beds. The operator is Casa 2000, a well-known regional company, which occupies on a 20-year lease including extension options. The parties have agreed to keep the purchase prices of both properties confidential.
Berthold Becker, Managing Director of TSC Real Estate Germany, comments: "The acquisition of the property is another speedy and consistent implementation of the Eurocare Fund's investment strategy. We are very pleased to have Alloheim Senioren-Residenzen as a long-term, professional and reliable operator of the property."