Internos' German asset management arm has announced the launch of Care Invest II, its second open-end fund focussing on healthcare real estate.
Care Invest II is targeting a total investment volume of €300 mln over the next three years, of which up to €150 mln will be equity. The fund aims to achieve a distribution yield of up to 6% over a 10-year average.
It will invest in a balanced, regionally diversified portfolio of healthcare properties, with stable long-term value. The fund will focus on German nursing homes, outpatient care, sheltered housing facilities and rehabilitation clinics treating patients in psychiatry, gerontology and oncology.
The fund will invest in care homes and assisted housing properties in lot sizes between €7 to 20 mln and rehabilitation clinics and medical centres between €10 and 30 mln.
'Positive yield expectations, which are higher than those on traditional office or retail investments, and the current strong financing conditions are what make this investment strategy particularly attractive,' commented Paul H. Muno MRICS, partner and head of Capital Relations & Germany at Internos. 'We currently have a property pipeline of around €60 mln.
Internos is part of the US Principal Real Estate Investors (Prin RE), the €75 bn AuM real estate investment group within Principal Global Investors, based in Des Moines, Iowa.
