German senior housing and care home developer Carestone Group has sold nine senior living properties in five German regions for €168 mln to an unnamed international investor.
The six existing assets and the three under development will provide a total of 1,000 senior living units with assisted living, day care, and inpatient care on-site as well as space for care managers and facility administration.
The nine properties are located in Saxony, Saxony-Anhalt, Hesse, North Rhine-Westphalia, and Baden-Wuerttemberg, where the senior living market is generating attractive, long-term incomes.
Carestone CEO Dr. Karl Reinitzhuber said: 'Germany urgently needs more accommodation and care facilities for its elderly citizens, so bringing institutional investment to the sector through portfolio sales like this will certainly help reduce the shortage.'
The sale is part of Carestone's growth strategy to diversify revenue streams by adding institutional transactions to existing sales to individual investors.
Owned by a fund managed by ActivumSG Capital Management, Carestone's development portfolio includes over 90 senior housing and care home projects across Germany.
Cushman & Wakefield and FPS advised Carestone Group on the transaction.
