German residential specialist Industria Wohnen has bought a care home in Dresden off-plan for an investment volume of €20 mln.
The forward-funded development has been acquired for the open-ended Fokus Wohnen Deutschland fund and is expected to be completed in early 2018. Vitanas Gruppe has signed a long-term contract to run the care facility.
The care home will have space for 131 residents, divided into 119 single rooms, six double rooms and 26 apartments with an average floor area of 65 m2. It will also have 24 underground parking spaces and five spaces above ground.
The vendor is Bocholt-based developer Ten Brinke Gruppe.
Frankfurt-based Industria Wohnen invests in German residential real estate on behalf of private and institutional investors, with more than €1.3 bn of assets under management.
