Corpus Sireo launches third German healthcare fund with €300m target

Corpus Sireo, the German asset management arm of Swiss Life, has launched its third specialist healthcare fund with a target investment volume of €300 mln.

The Corpus Sireo Health Care III Fund will be seeded with €110 mln from four German institutional investors and expects to secure equity commitments of up to €80 mln in the next few months. Fund managers anticipate an external financing ratio of 50%.

The fund has already made its first acquisition, the MediaPark Clinic in Cologne, and is planning to spend €50 mln by the end of the year. It aims to invest in healthcare assets in major urban centres in Germany with an individual volume of between €5 mln and €40 mln, less than 10 years old with a minimum occupancy rate of 70% and an average lease term of at least eight years.

Marc-Philipp Martins Kuenzel, senior advisor with Corpus Sireo, said: ‘Following the launch of this fund, we are now the biggest provider in the healthcare real estate sector for German institutional investors. In the medium term, we would like to offer investment opportunities in this asset class to a wider public outside Germany as well. To this end, we are also looking at other sub-classes of healthcare assets in Germany and other European countries.’

Fund manager Sebastian Schlansky said: ‘With the MediaPark Clinic in Cologne, we have already secured the first top property for the fund. Further properties are currently going through the due diligence process. We expect to have invested around €50 million by the end of this year.’

Corpus Sireo’s first two specialist healthcare funds are already fully invested. CS Health Care Fund I comprises 48 facilities with a total investment volume of around €450 mln, while CS Health Care II has received equity from six German institutional investors totaling €150 mln. The latter fund owns 15 properties throughout Germany, having recently acquired three nursing homes in Bremen, Rostock and Woltersdorf near Berlin.