AviaRent Invest has bought an assisted living residence in Germany for its open-ended CareVision III fund.

The manager said it paid an undisclosed sum to buy the 12-storey senior residence in Brühl, North Rhine-Westphalia

The asset, situated at Schillerstraße 2–4, was built in 1985 and comprises 116 assisted living units and a restaurant. The adjoining property, Schlösschen, was built in 1986 and contains an additional twelve apartments on two and a half floors.

AviaRent said the two properties, which have a gross floor area of 9,800sqm, have undergone renovation.

Yenna Haack, CEO of AviaRent Invest, said: “This senior residence is the foremost address for assisted living in the centre of Brühl. We will be proceeding with the revitalisation of the property now that the acquisition has been concluded.

“We’ve already identified the measures and investments required to satisfy the highest standards for senior living and to enable the long-term integration of the residence into our portfolio”.

The CareVision III fund invests in long-term German care facilities.

The fund targets inpatient care facilities and also includes investments in the development of future alternative forms of living in the assisted living plus segment, such as senior citizens’ shared apartments and assisted living properties.