Patrizia’s latest social care property fund has made its first investment outside Germany.

The manager said the Patrizia Social Care Fund III fund has bought an assisted living complex and medical centre in Amsterdam, the Netherlands.

The 5,000sqm property, built in 2011, was acquired for an undisclosed amount.

The fund, launched in the first quarter of 2019, invests in pan-European healthcare assets, including assets in the nursing home and assisted living sectors.

Patrizia said it invested €250m into 13 properties in Germany last year on behalf of the fund, bringing the total portfolio value to €360m across 19 assets.

The manager said the fund raised a further €200m during the first quarter of 2021, giving the fund an initial €350m equity and a €700m firepower including leverage.

Jan-Hendrik Jessen, the head of fund management operated properties at Patrizia, said: “The acquisition of the property in Amsterdam is the first of the fund’s planned investments in the sector outside Germany and it enables us to capitalise on the strength of the pan-European market and the compelling underlying demographics to deliver strong returns to investors.”

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