AIF Capital Group has acquired three care facilities for the open-ended healthcare fund AIF Fursorge I. The properties are located in Lubeck, Sulzbach and Wetzlar. With this acquisition, AIF Capital is improving the investment vehicle’s diversification in terms of location as well as operators. The fund now holds fifteen assets. The seller of the properties from the so-called LaVie portfolio is AG Real Estate from Brussels (Belgium) acting a in joint venture with Cardif Lux Vie in Luxemburg. The parties have agreed not to disclose the purchase price.
The three established inpatient care facilities in Hesse, Bavaria and Schleswig-Holstein have a total capacity of 353 places with a single-room share of around 90%. The facility in Lubeck has a capacity for 100 patients, Sulzbach for 119 and the largest location in Wetzlar for 114. Additionally there are 20 residential units in the assisted living segment. The three properties have a total GLA of around 20,300m² of which in Lubeck, 4,300m² in Sulzbach and 11,000m² in Wetzlar. The three plots span a combined area of 20,400m². All properties are leased on a long-term basis to established operating companies. The WALT of the portfolio is around 13 years.
The purchase of the three care facilities contributes to the diversification of AIF Fursorge I. In terms of geography, the fund now includes the federal states of Hesse and Schleswig-Holstein; in terms of tenants, operating companies with many years of experience. In Wetzlar, the operator is Alloheim at the Wetzlar, one of the top operators in Germany and the EU according to industry platform Pflegemarkt.com. At the Sulzbach site, ProCurand is active as operator; stb care in the Lubeck facility.
Daniel Wolf, Managing Director of AIF Management, said: "For AIF Fursorge I, the acquisition of these established care facilities is a further step towards locational and tenant diversification of the portfolio. The long-term leases with three experienced operating companies across three different federal states represent an economically sustainable investment. Executing such a transaction within a very short period of time is a great achievement by our team. It shows that we are a reliable business partner, even in difficult market phases."
Amand-Benoît D’Hondt, Chief Alternative Investments & Sustainability Officer at AG Real Estate, commented: “We are very pleased to have successfully completed the sale of these three assets to AIF Capital Group. The transaction was initiated by AG Real Estate as part of the active asset management strategy of its German Healthcare Real Estate Portfolio in which AG Real Estate is the leading investor and manager in partnership with the Luxemburg insurer Cardif Lux Vie. We thank the broker Cushman & Wakefield and our Berlin-based asset manager TSC Real Estate and Linklaters for their support in this transaction.“
Jaafar Naciri, responsible for Cardif Lux Vie’s Unlisted Assets Strategy, said: “We are glad to have completed the sale of these assets alongside our partner AG Real Estate. The transaction is part of our ongoing efforts to optimize our investment portfolio. We remain committed to exploring new opportunities to create value and deliver appealing returns for our clients.”