KINGSTONE Real Estate has acquired a mixed-use healthcare asset in Molln for their healthcare real estate AIF.
The property is the historic main building at the Robert-Koch-Park, Hindenburgstrasse 13-15. It was built as an army barracks during the period between 1913 and 1917 and originally accommodated a military school. Parts of the property are subject to monument preservation regulations. The current vendor acquired the property in 2013 and carried out extensive refurbishment and upgrading works. The property forms part of an agglomeration of different buildings and uses with a focus on healthcare. Aspects such as inclusion, ecology and diversity play a central role.
The anchor tenant is the care service provider, Leben & Pflegen Gahl. In addition, there is a diversified, complementary range of tenants, including the Workers' Welfare Association (Arbeiterwohlfahrt), Molln Independent School, the community support centre (Lebenshilfewerk Kreis Herzogtum Lauenburg), a daycare centre, a catering service provider with bistro, various office tenants as well as residential users. The vendor of the fully let property is Erste Grundstücksgemeinschaft Elbe-Lübeck-Kanal GmbH & Co. KG. The Robert-Koch-Park benefits from an immediate proximity to the local public transport network of the town of Mölln with a population of almost 20,000 inhabitants.
"We are delighted about the successful acquisition of an attractive healthcare property with long-term full occupancy, especially under the current, very challenging market conditions", said Paul H. Muno, Managing Partner of KINGSTONE Real Estate. "The negotiations with the vendor were marked by a high degree of fairness, allowing us to complete the acquisition of this over-100-year-old property for our fund. We continue to view healthcare real estate as an asset class with a great future."
The transaction was initiated by Hanseatic Real Estate GmbH and was further accompanied by Pinsent Masons Munich, STANE GmbH, agradblue GmbH, and BFS Service GmbH.
