Three living funds launched this week, including two senior living investment funds focused on the UK and Germany, as investors continue to see value in alternative investment asset classes driven by strong demographic trends.
German real estate manager DLE Living aims to raise €700 mln for its Senior Living Fund II, targeting an annual distribution yield of 5.5% to 6.5% over a 10-year term.
The fund will primarily invest in existing senior living properties, equally divided between assisted living and inpatient care facilities. Investments will target properties valued at €10 mln or more.
Broadwood Capital has announced the creation of a dedicated sustainable later living credit fund, with initial backing from Aviva Investors.
The Broadwood Later Living Sustainable Construction Finance Fund will provide finance for the development of new care homes and later living residential properties, which meet selected environmental and sustainability criteria.
In the recently completed loans section, major office schemes in two European capitals secured new funding. In Amsterdam, German lenders Berlin Hyp and DZ Hyp provided a €240 mln refinancing for the Atrium office complex in the Zuidas business district, while in Warsaw Immofinanz won an €180 mln loan to restructure an existing loan expiring in January secured by the Spire office tower. German lenders Helaba, pbb Deutsche Pfandbriefbank, and Berlin Hyp provided the facility.
Recently completed deals this week were mostly executed in the UK and Germany. Notable transactions include HIH Invest and Vonovia buying a €516 mln residential portfolio and LEG Immobilien taking a majority stake in Brack Capital Properties, the owner of 9,100 residential units.
In London, Greycoat acquired London's 90 High Holborn from LabTech, the property developer owned by Teddy Sagi, for £180 mln (€216 mln), in one of the few big-ticket investment transactions in the London office market this year.
The main tenant of 90 High Holborn is Labs, the flexible workspace brand of LabTech.
