German senior housing and care homes developer Carestone is selling a portfolio of nine facilities to an unnamed international investor for €168m.
Carestone said the disposal of the properties, located in Saxony, Saxony-Anhalt, Hesse, North Rhine-Westphalia, and Baden-Wuerttemberg, is part of the firm’s growth strategy to actively diversify its revenue streams.
The portfolio being sold includes six standing assets and three facilities under development. It total, the assets will provide a total of 1,000 senior living units with assisted living, daycare, and inpatient care provided on-site.
Carestone’s CEO Karl Reinitzhuber said: ”Germany urgently needs more accommodation and care facilities for its elderly citizens, so bringing institutional investment to the sector through portfolio sales like this will certainly help reduce the shortage.
“Institutional transactions complement the sales we continue to make to individual investors on other projects, giving us a better sales mix and positioning us for continued growth in face of strong demand for senior living and care facilities.”
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