Sweden's Kungsleden is collaborating with Residenz Gruppe of Germany on the construction of eight retirement home properties in Germany. The first is due to be completed by the end of this year, with the remainder completing during the course of 2008. The investment will total around Skr 490 mln (EUR 52 mln), with an estimated property yield of 7%. The total lettable area of all eight properties, providing accommodation for 576 residents, will be about 29,000 m[sup]2[/sup].
Sweden's Kungsleden is collaborating with Residenz Gruppe of Germany on the construction of eight retirement home properties in Germany. The first is due to be completed by the end of this year, with the remainder completing during the course of 2008. The investment will total around Skr 490 mln (EUR 52 mln), with an estimated property yield of 7%. The total lettable area of all eight properties, providing accommodation for 576 residents, will be about 29,000 m2.
Residenz Gruppe has been developing and operating retirement homes in Germany since 1988, and currently operates 14 retirement homes with accommodation for around 1,200 residents. Kunglseden says the deal will consolidate its presence in the German market, and that it hopes to have accumulated a retirement homes holding in Germany worth some Skr 5 bn (EUR 533 mln) by the end of next year.
