Primonial REIM Germany has acquired the Futura III portfolio, consisting of seven assisted living properties in Germany, from real estate developer Senioren-Wohnen Holding.
Located in Saxony and Rheineland-Palatinate, Futura III consists of 294 assisted living units, 190 day care units and 106 nursing units, with a total lettable area of 24,031 m2.
Four properties already exist, while three are under development and due for completion in 2022 and 2023.
The transaction was conducted on behalf of Primovie, a retail investor fund managed by Primonial REIM France, highlighting Primonial REIM's cross-border investment capabilities.
Peter Finkbeiner, CEO of Primonial REIM Germany, said: ‘We are delighted to have acquired several high quality and new properties for Primonial REIM's healthcare portfolio.
'The mechanics of this deal – sourced locally by Primonial REIM Germany on behalf of the retail investors fund Primovie - exemplify the capacity of our integrated pan-European real estate platform to add value: our teams on the ground in each country can now create significant synergies with real estate assets on a truly European scale.’
Primonial REIM Germany acquired a first portfolio (Futura I) from Senioren-Wohnen Holding in 2019.
Long-time partner Advita Group is the sole tenant of the properties in the Futura III ortfolio and is part of Domus Vi, the largest nursing home operator in Europe.
Primonial REIM Germany was advised by Clifford Chance, eRe and TA Europe.
Primonial REIM manages around €10 bn in healthcare assets in Europe for institutional and private investors.
