Patrizia launches health care fund and buys three care facilities
Patrizia Immobilien has launched its third health care property fund, the “Patrizia Social Care Fund III”. The target volume is around €300mn. The focus is on German care facilities, with a 50 % proportion of assisted living facilities. Care facilities in other European countries will also be considered for diversity. The first acquisition for the fund was a portfolio with three care facilities with a high residential proportion. The three assets will be completed by 2020 and are located in Sundern and Westerkappeln (both in North-Rhine Westphalia) and in Zwickau (Saxony).They contain 128 live-in units and 196 care places; operators are Kursana, QualiVita, and Advita, all with 25-year leases.
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