Deutsche Wohnen has invested €420m in a German care home portfolio.
The German property firm has bought 28 assets from Berlin’s ‘bad bank’, Berlinovo, in the country’s largest deal in the care home sector.
The portfolio of more than 4,100 nursing beds is let on long-term leases to operators.
The deal was approved by the city of Berlin this week.
An influx of institutional capital has driven down yields on healthcare property, as reported by IPE Real Estate earlier this year.
Germany, which is largely dominated by not-for-profit operators, has attracted international capital. The country, which has the largest care home sector in Europe, has been targeted by foreign operators and private equity firms, including The Carlyle Group.
Swedish property firm Hemsö has been investing in the sector in Germany, amassing around €300m of assets.
