SPA Living+ Europe, the Swiss Prime Investment Foundation’s new investment arm, has invested in senior living and nursing care facilities in Germany.

Capital Bay, the manager of SPA Living+ Europe, said it has bought five properties with a total of 254 apartments and 204 nursing beds in the assisted living sector as its first transaction for the Swiss pensions-backed investment vehicle.

The properties have a total rental area of around 28,150sqm and are located in Berlin, Chemnitz, Cottbus, Eberswalde and Freudenstadt.

Late last year, Capital Bay was hired by the Swiss Prime Investment Foundation to operate as a pan-European investment and asset manager for SPA Living+ Europe. 

The mandate initially covers Germany, France, the Netherlands, and Belgium. The vehicle intends to invest more than €1bn in living assets which include student housing, serviced flats, and micro-living assets.

Rolf Engel, Capital Bay Group’s CFO, said: “Our local foothold on various European markets gives us good access to attractive properties. Especially given the current investment pressure and the shortage of supply, it is important to quickly channel capital that has already been raised into real estate transactions.”

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