Corpus Sireo to launch €400m fourth healthcare fund

Swiss Life Asset Managers' German property arm Corpus Sireo has unveiled plans to launch its fourth healthcare real estate fund, targeting a gross asset value of €400 mln.

The Cologne-based company said the vehicle will invest mainly in assisted living facilities in Germany, with a focus on new-builds as well as existing properties.

At present, the company holds three nursing care funds with €1 bn of gross asset value.

'Since the start of our first fund with German healthcare properties in 2008, we have gained a high level of expertise in this special segment,' said Hans Stuckart, managing director of Corpus Sireo International. 'We have therefore continuously pressed on ahead with our activities in this asset class, and also have plans to expand these activities beyond the German market in future.'

First fund at exit stage
The company is currently completing the divestment of the portfolio owned by its first healthcare fund, Sireo real estate fund No. 5 SICAV-FIS, which was set up in 2006. It currently still holds 20 twenty nursing care facilities which are expected to be sold in two tranches by the end of 2016.

Corpus Sireo's second healthcare fund currently holds 16 properties and is still in the purchasing phase. It invests in German nursing care homes, focusing on in-patient care, particularly in Western Germany. The firm's third healthcare fund was set up in the autumn of 2015 with €300 mln of gross assets. It invests in outpatient healthcare properties in densely populated areas.