US private equity investor Advent International and UK property group Marcol have completed the acquisition of Median Kliniken, Germany's largest private rehabilitation care provider. The acquisition, which has received approval from the European Commission, will see the two business partners take control of 27 rehabilitation and acute clinics at 19 locations throughout East and West Germany.
US private equity investor Advent International and UK property group Marcol have completed the acquisition of Median Kliniken, Germany's largest private rehabilitation care provider. The acquisition, which has received approval from the European Commission, will see the two business partners take control of 27 rehabilitation and acute clinics at 19 locations throughout East and West Germany.
The portfolio comprises over 557,000 m2 of real estate, 6,300 beds, around 4,500 employees and an annual turnover of EUR 300 mln. CBRE's Leisure and Alternative Investment team was asked to provide valuation and real estate advice to support the acquisition in addition to full technical due diligence on each of the 27 clinics. The financial details of the transaction were not disclosed.
Marcol and Advent plan to build Median into a EUR 1 bn business within the next five years through organic growth, expansion and further acquisitions. Completion of the acquisition follows many months of negotiations with the vendors, joint venture partners and lenders.
Advent has been an active investor in the healthcare sector for the last 24 years. Most recently it acquired Craegmoor Healthcare, the UK's largest independent provider of specialist care. In 2005, Advent acquired Casa Reha, one of the largest German nursing home operators.
Marcol Group, owned by Terence Cole and Mark Steinberg, is a real estate and private equity corporation with pan-European interests ranging from care homes, residential, industrial, hotel, shopping centres, offices and finance.
