A joint venture of AG Real Estate (80%) and Cardif Lux Vie (20%) has acquired 100% of the shares in the TSC Property Holding company, the owner of a portfolio of nursing homes in Germany.
A joint venture of AG Real Estate (80%) and Cardif Lux Vie (20%) has acquired 100% of the shares in the TSC Property Holding company, the owner of a portfolio of nursing homes in Germany.
The assets were acquired from Threestones Capital Group for €138 mln.
`This investment provides a great opportunity for AG Real Estate to further expand its portfolio of nursing homes across Germany,`the Belgian group said in a statement.
The deal follows the acquisition at year-end 2015 of 94.99% of the shares in two companies controlling two nursing homes in the Hamburg Metropolitan Region.
Following these deals, AG Real Estate’s healthcare portfolio consists of 14 nursing homes and assisted living facilities with 1,614 beds and 113 assisted living apartments. The assets are 100% let to nine healthcare operators, and boast a weighted average lease term (WALT) in excess of 17 years.
Berlin-based VIAM has been appointed for the property management of all the assets.
The seller was advised by K&L Gates, Hücking & Partner and VDB Law.
AG Real Estate and Cardif Lux Vie were advised by Linklaters, Deloitte, Drees & Sommer and immoTISS.
