Immac bags German nursing home portfolio for EUR 62m

A consortium led by German investor Immac has acquired a portfolio of nine nursing homes from Hansa Immobilien for around EUR 62 mln. The consortium includes the Hamburg-based Antaris health care group and Azurit-Gruppe.

The assets are located in the North Rhine-Westphalia, Lower Saxony, Bremen and Bremerhaven regions of Germany and provide a total of 790 beds and 309 assisted housing units operated under 25-year contracts. Immac plans to invest a further EUR 7.5 mln in refurbishing the assets.

The investor is putting between EUR 35 mln to EUR 40 mln of equity in the deal. Closing is expected on 1 November.

'This is a premier real estate investment,' said ThomasRoth, CEO of Immac Holding. 'With this acquisition, we seek to meet the growing demand for nursing home facilities.' According to recent studies, he added, a further 10,000 to 12,000 beds are needed to meet demand in the country, which is rising sharply as a result of demographic changes.

Founded in 1997, Immac focuses on nursing homes and social housing from its offices in Hamburg, Graz (Austria) and London (UK).