Principal Real Estate has bought the first asset for its Principal Care Invest II fund in Germany.
The manager said it acquired the Vitahris health centre in Bad Neuenahr, Rhineland-Palatinate from Stadt + Projektentwicklung for an undisclosed sum.
Built in 2007, the five-storey property has a total lettable area of around 6,500sqm.
The asset offer Doctors’ surgeries and offices on the upper four floors and retail accommodation on the ground floor.
The property is currently 95% let.
Principal Care Invest II is an open-ended real estate special alternative investment fund with health care properties.
The fund has an investment volume of around €300m, of which up to €150m is equity.