AIF Capital acquires three care facilities for healthcare fund

AIF Capital Group has acquired three inpatient care facilities in Germany for the open-ended healthcare fund AIF Fürsorge I

The properties was sold for an undisclosed figure by Brussels-based AG Real Estate acting in a joint venture with Cardif Lux Vie in Luxemburg.

The three established care facilities in Hesse, Bavaria and Schleswig-Holstein have 20,300 m2 of gross leasable area and 353 places, of which 90% are single room.

The 4,700 m2 facility in Lübeck has a capacity for 100 patients, Sulzbach (4,300 m2) for 119 and Wetzlar (11,000 m2) for 114. Additionally there are 20 residential units in the assisted living segment.

Daniel Wolf, managing director of AIF Management, said: ‘For AIF Fürsorge I, the acquisition of these established care facilities is a further step towards locational and tenant diversification of the portfolio. The long-term leases with three experienced operating companies across three different federal states represent an economically sustainable investment.’

Amand-Benoît D’Hondt, chief alternative investments & sustainability officer at AG Real Estate, commented: ‘We are very pleased to have successfully completed the sale of these three assets to AIF Capital Group. The transaction was initiated by AG Real Estate as part of the active asset management strategy of its German Healthcare Real Estate Portfolio in which AG Real Estate is the leading investor and manager in partnership with the Luxemburg insurer Cardif Lux Vie.’

Jaafar Naciri, responsible for Cardif Lux Vie’s Unlisted Assets Strategy, added: ‘We are glad to have completed the sale of these assets alongside our partner AG Real Estate. The transaction is part of our ongoing efforts to optimize our investment portfolio. We remain committed to exploring new opportunities to create value and deliver appealing returns for our clients.’

All properties are on a long-term lease to established operators, namely Alloheim at the Wetzlar for the Wetzlar site, ProCurand at Sulzbach and stb care at the Lübeck facility.

The weighed average lease term of the portfolio is around 13 years.

The acquisition will enable AIF Capital to diversify its investment vehicle in terms of location as well as operators.

The fund now includes the federal states of Hesse and Schleswig-Holstein and holds 15 assets.

AIF Capital was advised by Mayer Brown and alea real, JLL was tasked with the fair value appraisal of the overall portfolio, ImmoTISS care was commissioned with a location and market analysis, while the broker of the transaction was Cushman & Wakefield.

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