Kingstone Real Estate has launched a €400 mln healthcare property investment fund in Germany with capital management company IntReal International Real Estate Kapitalverwaltungs-gesellschaft.
Kingstone Living & Care I is an open-ended special alternative investment fund with fixed investment terms that may not be marketed to private investors.
The first seed investment made by Kingstone Real Estate on behalf of the new fund is a nursing home acquired as part of an off-market transaction from GFS Bauträger- und Immobilienvermittlungs.
Paul Muno, managing partner of Kingstone Living & Care GmbH, commented: ‘The property in Dettenheim is a perfect fit for the strategy behind Kingstone Living & Care I. The building quality is outstanding and there is a long-term contract in place with a superbly positioned regional operator. We are pursuing a buy-and-hold strategy and seeking strong combinations of established operators and sustainable properties, right across Germany.’
Located in Dettenheim, a town in the German federal state of Baden-Württemberg, the high-quality building comprises a gross floor area of around 4,000 m2.
Single tenant Incura operates the Senioren-Residenz Dettenheim senior citizen residence, with 70 full inpatient single bedrooms.
The facility consists of a geriatric-psychiatric living area with a sensory garden and a "Young Care" living area for patients under 60 with somatic illnesses.
Nursing services provided include full inpatient care, in addition to interspersed short-term care and prevention care.
The nursing home enjoys a constantly high bed occupancy rate due to the high quality of services and facilities.
Kingstone Real Estate was advised by DLA Piper, x.project, agradblue, Terranus and SV-Rege, while Bank im Bistum Essen acted as financier.
