Canadian REIT NorthWest International Healthcare Properties has acquired 13 assets in Germany from Captiva Capital Management in a transaction valued at €35 mln.

Canadian REIT NorthWest International Healthcare Properties has acquired 13 assets in Germany from Captiva Capital Management in a transaction valued at €35 mln.

Captiva, a pan-European investment fund manager, was acting on behalf of the Captiva Capital Partners III fund.

The portfolio comprises 33,000 m2 of space spread over 11 healthcare centres in Leipzig and one each in Berlin and Ingolstadt.

Since the acquisition of the healthcare assets in 2007, Captiva has developed the portfolio through wide-ranging asset management measures such as renovation, enlargements and modernisation. The occupancy rate increased from 75% to 93% over the same period. Rental income has increased by 34%.

Stephan Fritsch, managing director at Captiva Capital Management and responsible for the business in Germany, said: 'Demand for high-quality commercial and logistics properties remains high in Germany, where we made anticyclical investments during the years of the financial crisis. Through structured and sustainable measures to increase the value of the properties, today we manage a real estate portfolio of around 700,000 m2 of lettable space in Germany worth more than €700 mln.'

Fritsch added: 'In 2014, we expect further divestments in Germany, and we are currently in negotiations on the sale of real estate portfolios in the triple digit million euro range. Amongst others, the focus will be on the retail and logistics sector.'

NorthWest International Healthcare Properties REIT has strategic interests in a CA$2.5 bn (€1.7 bn)
healthcare real estate platform, which is divided between Brazil (55%); Canada (21%); Australasia (16%) and Germany (8%).