INVESTMENT HIGHLIGHTS
- Portfolio of 4 outstanding healthcare properties in Germany rarely available in the current market. The assets are located in the cities of Erfurt (a recently refurbished high yielding assisted living and care facility), Gera (assisted living facility, nursing home and day care centre in a currently refurbished historical building), Voerde (a high-yielding nursing home, assisted living facility and day care centre) and Weimar (an assisted living Facility development project).
- The portfolio offers a combination of 2 assisted living facilities and 2 multi-purpose assisted living facilities, nursing homes and day cares with established rents in highly prized locations, operated by the leading providers of elderly care and non-hospital intensive care.
- The facilities maintain rents well within prudential ratios (rent/revenue ratio below 15%, rent/EBITDAR ratio below 50%), and are embedded in appealing neighbourhoods with long-term upside potential.
- The overall portfolio include 200 assisted living units, 65 day care places, 94 nursing home rooms. The lease terms range from 15 to 25 years with an average of 19.6 years. All the assets have been recently refurbished or recently constructed.
- Total lettable area is 20,656 sqm generating a triple net rental income of €3.4m. Sale price requested of €76m (4.5% yield).
KEY DEAL POINTS
Strong Market Demand
- Today every fourth German citizen is 60 plus years old (1/4). This corresponds to roughly 20 million people of the current population of some 83 million. Thanks to decreasing family sizes,
increasing life expectancies and more pathologies in need of treatment, the number of people over 60 will also increase disproportionally in the next 30 years.
- By 2060 the average life expectancy for men is prognosticated at 84.8 years and 88.1 years for women, from the current 79 and 84 years respectively.
- Recent changes in nursing care legislation has led to preferred funding of ambulant care settings instead of inpatient settings. Between 2013 and 2017 ambulatory care (nursing homes)
has increased by 35% yet inpatient care by only 7%.
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