German care home property specialist Cureus has announced the sale of a portfolio of three properties to a Patrizia fund in an asset deal. The parties agreed not to disclose the purchase price.
The portfolio consists of 367 senior residences in Flensburg (Schleswig-Holstein), Dinslaken (North Rhine-Westphalia) and Bardowick (Lower Saxony). The units are divided into 321 full inpatient care places, 25 day care places and 21 units for assisted living. The operator at all three locations is Insanto Seniorenresidenzen.
Deutsche Hypo - Nord/LB Real Estate Finance financed the transaction.
'We are delighted with the successful conclusion under the current market conditions. In our view, Patrizia is taking the right approach here, as the purchase prices per bed will certainly be higher in the future than they are today with the changing general conditions while yields remain the same,' said Gerald Klinck, CEO of Cureus. 'The additional liquidity raised through this sale secures us the funds for the further realisation of our project pipeline. In times of expensive debt capital, it is essential for project developers like us to equip ourselves with an adequate equity buffer for new projects, which is why we do not want to rule out further sales as part of our active portfolio management. As before, our goal is to create further urgently needed care capacities in Germany.'
