Principal Real Estate buys first asset for Care Invest II fund
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.