German asset manager Internos Spezialfondsgesellschaft has acquired two care home properties in the Hanover region of Germany on behalf of its special fund, Care Invest I.
German asset manager Internos Spezialfondsgesellschaft has acquired two care home properties in the Hanover region of Germany on behalf of its special fund, Care Invest I.
The vendor is Bremen-based developer Friedhelm Clasen. Financial details were not disclosed.
The properties include the AWO (Worker's Welfare Association) home in Sehnde, a fully-occupied 116-bed building constructed in 2005, and the Wohnpark Beethovenstrasse in Springe, which comprises 96 beds and was completed in October 2015.
Following this acquisition, Care Invest I now operates five care homes comprising 520 beds with a total value of €50 mln.
'Internos intends to continue acquiring property for the Care Invest I,' said Mathias Staudt, fund manager of health care at Internos. 'For example, we have already signed preliminary contracts to acquire two developments and are currently in negotiation with other developers over the acquisition of four care properties in Baden-Württemberg, Hesse and Schleswig-Holstein.'
Care Invest I, which was launched in 2012, invests in development projects and recently built care homes. Targeted at institutional investors, it aims to invest €120 mln over the next two years. The fund currently has five investors and is looking for properties with individual investment volumes between €6 mln and €15 mln.
