EUROPE - German fund manager Corpus Sireo is planning a €300m nursing home fund focused on new and recently built assets in western German states.
The AUM €15bn fund management firm - which expects to raise €150m for the vehicle, primarily from overseas investors - expects to launch the fund in the fourth quarter.
Fund manager Marc-Philipp Martins-Kuenzel has already identified five operating companies behind 30 assets - "give or take" - in the new fund.
Martins-Kuenzel emphasised due diligence carried out on the operating companies, including credit ratings, relatively young customer demographic profiles, "demonstrably" high-quality care, ratings by healthcare funding bodies and a sustainable expansion strategy.
Corpus Sireo, the largest German nursing home investor, has already fully placed a €430m predecessor SICAV with a portfolio of 46 assets, including 12 development projects added over the past two years.
In the new fund, 75% of the assets will be new buildings, with the remainder comprising assets less than a decade old.
Minimum leases for existing buildings will be 15 years, and those with new buildings will be 20 years.
Meanwhile, UBS is to launch a €350m Spezialfond targeting German and Austrian logistics.
The fund is expected to include €180m in equity.
In separate logistics news, an unnamed pension fund has sold a three-unit, fully let warehouse in Didcot to Ignis UK Property Fund for £9.4m (€10.7m).