Global specialist real estate investor Round Hill Capital and asset manager Auxenia RE have acquired a senior living facility in Beuren, Germany, for €32 mln in an off-market transaction.
The total investment includes capex to improve the facility offering, increase the number of beds by adding an extension and develop a best-in-class service offering.
Located in a spa town 30 km south-east of Stuttgart, Pflege-Residenz-Beuren currently has 132 care units in two buildings
The construction of an adjacent extension, which will start in 2025, will expand the offering to a total of 166 single bed units and an assisted living area, while the refurbished development will include 9,845 m2 of amenity spaces.
The residence will be operated by care facility operator Cosiq which has acquired the operating company managing the asset and signed a new 20-year fixed term lease for the existing facilities and the new building.
Michael Bickford, CEO at Round Hill Capital, said: ‘Germany has a rapidly growing elderly population with a significant shortage of quality care beds. This acquisition, refurbishment and development will create 166 future-proofed care beds to help service the growing demand in the sector and offer high quality senior care and living.’
The transaction was undertaken by Round Hill Capital on behalf of a client investment strategy that aims to assemble a significant portfolio of senior living facilities in Germany, exploring opportunities created by lack of quality senior housing supply and an ageing demographic.
