Aedifica has acquired three senior housing sites in Germany. The company took control of a firm based in Germany, which currently owns the buildings. The total contractual value of the sites amounts to approx. €27.5m.
The Bremerhaven I, Bremerhaven II and Cuxhaven senior housing sites benefit from excellent locations in the centre of Bremerhaven (110,000 inhabitants, State of Bremen) and Cuxhaven (50,000 inhabitants, State of Lower Saxony). They were constructed in 2016, 2003 and 2010, respectively, and comprise housing units for independent living with care services available on demand (“betreutes Wohnen”, senior apartments), as well as housing units offering continuous residential care (“Pflege-Wohngemeinschaft”), a day centre and a home care office.
The sites are fully let and primarily operated by Ambulanter Pflegedienst Weser, an entity of Specht Gruppe. The commercial space situated on the ground floor of Bremerhaven I is sublet by the operator to Rossmann (a drugstore chain with approx. 3,600 stores).
The leases established for the sites are irrevocable 20-year double net long leases. The Bremerhaven I site benefits from a triple net warranty, of limited duration, which covers the buildings’ maintenance. The initial yields amount to approx. 5 %.
The operation was financed using Aedifica’s credit facilities.
Stefaan Gielens, CEO of Aedifica, commented: "Aedifica is pleased to continue the expansion of its German healthcare real estate portfolio with the acquisition of three fully operational senior housing sites. While primarily designed for independent living with care services available on demand, the sites also offer a complementary range of senior housing options and services, including day centres, continuous residential care, and home care. Other investments will follow.”
