French fund manager Primonial REIM and Italian healthcare group KOS have acquired a German care home operator from EQT Infrastructure for an undisclosed sum.

EQT Infrastructure said it has agreed to sell Charleston Holding to KOS and the real estate associated with the operations of Charleston to Primovie, a healthcare and educational focused real estate fund managed by Primonial.

Charleston, founded in 2014 by EQT, operates 47 care homes with 4,050 beds, four daycare centres and seven ambulatory care locations.

Ulrich Köllensperger, partner at EQT Partners and investment advisor to EQT Infrastructure, said since the foundation of Charleston in 2014, the strategy has been focused on creating one of the leading care operators in Germany through multiple acquisitions and greenfield projects, but in particular through a focus on quality and integration.

“Now is the right time to hand over the Company to a new owner and we believe both KOS and Primonial will be a good home for Charleston and its real estate portfolio.”

Guiseppe Vailati Venturi, CEO of KOS, said the acquisition of Charleston is a significant step forward in KOS’s process of internationalization and will enable the company to accelerate its development.

“The German market offers many opportunities both for business combinations and for opening new nursing homes.

“The know-how developed by the KOS Group in Italy in the field of rehabilitation and healthcare will be an important lever for improving the growth potential of Charleston,” Venturi said.

Grégory Frapet, chairman of the management board of Primonial REIM, said the deal will enable Primonial REIM to accelerate its development in Germany.

“This operation with Charleston Group, a major private operator in Germany, emphasizes our strategy to support the tenants in their real estate stakes.

“Thus, it creates a strong and long-term relationship,” Frapet said.