​Principal Real Estate invests for healthcare properties fund

Principal Real Estate’s healthcare properties fund has acquired a care home development project in Germany.

The Principal Care Invest I has paid an undisclosed amount to buy the 4,000sqm site at Forellstrasse 44, Herne from Confirmus, the manager said.

The project, which is expected to include 80 inpatient beds, is scheduled for completion in summer 2021.

Principal Real Estate said the fund had previously acquired the Seniorencampus Herne-Baukau in the same location in 2017.

As with this property, Protea care will be the long-term tenant, it said.

Paul H Muno, managing director of the Principal Real Estate, said: “Because of the excellent work and decades of expertise of the operator protea care and the Johanniter-Unfall-Hilfe, we decided to seize the opportunity to acquire the final expansion of the campus with a second care facility.”

To read the digital edition of the latest IPE Real Assets magazine click here.