Primonial buys Charleston portfolio with 20 German senior care homes

01/08/2019

The Swedish investment firm EQT has sold Füssen-based care services provider Charleston. While the operating company went to Italian health group KOS, the real estate portfolio was acquired by Primonial REIM in a sale-and-lease-back transaction. The package consists of 20 senior care homes with a total of 1,830 beds, 38 daytime care slots, and 48 apartments on 120,000 sqm total floor space. Primonial is adding the facilities, which are located in six different states, to its real estate fund SCPI Primovie. Charleston is leasing back all of the properties for 25 years. Primonial received legal and tax advice from Clifford Chance, technical consulting was provided by TA Europe and eRE – element Real Estate.


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