TMW Pramerica is launching a special real estate fund to invest exclusively in care residences. The fund will take advantage of a growing demand for these assets in Germany, Prudential Financial's European fund management unit said.
TMW Pramerica is launching a special real estate fund to invest exclusively in care residences. The fund will take advantage of a growing demand for these assets in Germany, Prudential Financial's European fund management unit said.
TMW Pramerica has carried out the first investment for the fund with the purchase of five of the nine nursing homes owned by Sunrise Senior Living in Germany. The properties are leased on a long term basis to the well-known operator Kursana, part of the Dussmann Group. They are located in the centres of Hannover, Bonn, Frankfurt/Main, Königstein and Wiesbaden.
Kursana operates nursing homes and residences for elderly people in Germany, Austria, Switzerland, Estonia and Italy.
Furthermore, the vehicle has purchased three other Sunrise nursing homes in Reinbek, Oberursel and Munich from their current operator, Austria's GHS Immobilien. According to a spokesperson, the company has invested a total of EUR 61 mln in these acquisitions.
TMW Pramerica invests in real estate mainly for institutional clients and has a total real estate portfolio of nearly EUR 32 bn, invested across 19 countries worldwide.
