ActivumSG Capital Management (ASG) has acquired a second Germany senior accomodation developer to become the country’s largest elderly housing developer.

The property investor’s Fund V has bought WirtschaftsHaus for an undisclosed sum. The latest deal follows the acquisition of WI-IMMOGroup by another ASG fund in 2016.

ASG said the two companies, combined, will deliver 1,500 units in retirement homes or assisted living facilities a year and their pipeline is worth an estimated €1.2bn and will make ASG Germany’s biggest developer of housing for the elderly.

Saul Goldstein, ASG’s founder and managing partner, said: “Germany needs to accommodate 300,000 more of its senior citizens by 2030 and we identified this as a huge opportunity for establishing a specialist developer of scale.

“Purchasing the project development activities of WirtschaftsHaus is another major step forward in this strategy and highlights how we have been favouring the unconventional corporate route to invest in attractive real estate themes in Germany on behalf of our investors.”

The acquisition of the project development activities of WirtschaftsHaus is the 17th investment by ASG’s Fund V, which has committed about 85% of the €489m it raised from investors by its final close in December 2017.

The fund’s investments are split between Germany and Spain.