Principal Real Estate buys residential park for Care Invest I fund
Principal Real Estate has acquired a residential park in Germany on behalf of its Care Invest I fund.
The manager said it bought the Wohnpark Beethovenstrasse property situated at Beethovenstrasse 29-39 and Händelweg 2-4 for an undisclosed sum. The asset includes seven bungalows and an apartment building with 16 units, all for sheltered housing.
Two of the 23 units were purchased from VIT, Bremen, the other 21 from Pro-Immo.
The newly built asset stands on a 5,000sqm site and provides a total lettable area of around 1,600sqm. The asset is fully let to the long-term operator, Wohnpark Beethovenstrasse & Co.
This transaction brings the portfolio of Care Invest I to 12 care properties, with a total of 854 beds and 121 serviced apartments.
Paul Muno, the Head of Germany at Principal Real Estate Europe, said: “The acquisition of this second residential park in Springe complements our local offer, as there are demonstrably too few barrier-free apartments in Springe.
“The provision of ambulatory forms of housing is becoming an ever-greater task as the “babyboomer” generation starts to reach retirement age.”
Late last year, US investment manager Principal Global Investors merged its real estate arm with Internos Global Investors to create Principal Real Estate Europe.