Principal Real Estate, acting on behalf of the Principal Care Invest II fund, has acquired the "Privatklinik Friedenweiler", a private clinic located in the Upper Black Forest in south-west Germany. The vendors of the famous facility are private investors based in Freiburg. This is the second purchase by the fund following this year. Neither party has disclosed the purchase price.
The private clinic has been located at the building since 2011. The asset had previously been used as a hotel in the 19th and 20th centuries. Situated on an approximately 12,300m² site the property totals c. 5,100m², which is fully let to Privatklinik Friedenweiler for 15 years. The clinic provides 71 care beds.
"The acquisition of the 'Privatklinik Friedenweiler' highlights our ability to source attractive healthcare properties in the clinic sector, as well as outpatient and inpatient care facilities. It further underlines the extent of our penetration into the healthcare property market", said Paul Muno, Managing Director of Principal Real Estate and Head of Germany at Principal Real Estate Europe. "This purchase also provides further momentum to our strategy of acquiring attractive properties with sustainable management for Principal Care Invest II."
