Swiss Life Asset Managers has secured the acquisition of a care home portfolio from Threestones Capital in one of the largest transactions in the sector for the past several years.
Swiss Life is paying €425 mln for a portfolio of 27 healthcare properties across Germany rented out to German and European operators under long term (LT) rental contracts.
The transaction allows Threestones Capital to complete the exit of the healthcare fund. Gefcare Real Estate fund returned the target performance of 13% net IRR to investors, positioning the firm as a top performer in its real estate investment category (core/core+), the vendor said.
Threestones recently launched Eurocare IV, a new healthcare investment fund targeting €600-800 mln of AUM.
Threestones Capital is a Luxembourg-based Alternative Investment Fund Manager(AIFM) with about €2 bn of Real Estate assets across Europe, including Germany, Italy and Spain.
