Internos Spezialfondsgesellschaft mbH has acquired two care home properties in the Hanover region, Germany, for its special fund Care Invest I. The vendor is the Bremen-based developer Friedhelm Clasen, which has specialised in care facilities for more than 20 years.
Following this acquisition, Care Invest I now operates five care homes comprising 520 beds with a total value of €50m.
The properties include the AWO (Worker's Welfare Association) home in Sehnde, a fully-occupied 116-bed building constructed in 2005, and the Wohnpark Beethovenstrasse in Springe, which comprises 96 beds and was completed in October 2015.
Both properties are in good structural and technical condition and fit well into their respective local markets. The quality of accommodation meets the needs of an ageing population, including features like specialist accommodation for residents with dementia.
Mathias Staudt, fund manager health care at Internos, commented: “INTERNOS intends to continue acquiring property for the Care Invest I. For example, we have already signed preliminary contracts to acquire two developments and are currently in negotiation with other developers over the acquisition of four care properties in Baden-Württemberg, Hesse and Schleswig-Holstein.”
Care Invest I, launched in 2012, invests in development projects and recently built care homes. Targeted at institutional investors, it aims to invest €120m over the next two years. The Fund currently has five investors and seeks properties with individual investment volumes between €6m and €15m. The fund has a long-term investment strategy and achieved a cash-flow yield of 5.58% over 2014/15.
