A new open-ended German assisted living property fund set up by AviaRent Invest has secured a pipeline of twelve properties via a partnership with Convivo Group.
AviaRent said the CareVision IV fund plans to invest €500m mostly in the German “assisted living plus segment, supplemented by other care properties”.
CareVision IV focuses on core investments with long-term cash flow, with a term of ten years and extension options for a total of two years.
The fund targets a diversified portfolio of nursing properties, assisted living and nursing homes that specialise in dementia and alternative forms of living.
AviaRent said through its partnership with care and retirement properties developer Convivo, the fund has secured the pipeline developments at Convivo Parks.
As part of the partnership, AviaRent is refinancing the Convivo Parks project tranches related to CareVision IV, it said.
Yenna Haack, CIO of AviaRent Invest, said AviaRent is investing for its investors, who include German insurance companies, pension funds, superannuation schemes and foundations.
“We now see assisted living as an asset class in its own right. With our focus on the assisted living plus segment, we are concentrating on developing assisted living facilities for senior citizens and will continue to establish, promote and further develop this model in the market.”
Andreas Weber, head of corporate development and strategic marketing for Convivo Group, said: “Modern senior living needs to be rethought: In order for residents to live in one of our Convivo Parks, a doctor must find there is a need for nursing home care.
“And because nursing care needs change over time, we offer our residents a special feature: a housing guarantee in the event they need a higher level of care.”
An earlier version of this story misstated Yenna Haack’s role. Yenna Haack is CIO of AviaRent.