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Funding
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Private Listing - Care Homes Portfolio in Central Germany

Central Germany
,
Germany
DEAL
001090
POSTED ON
October 2, 2020
INVESTMENT SUMMARY
IRR
4.5%
Multiple
NA
LTV
NA
First Year CoC
4.5%
Stabilised CoC
4.5%
Status
Funding
Deal #
001090
Asset Class
Senior Living
Strategy
Core
Capital Type
Full Stack
Deal Size
76.0
m
Investment Size
76.0
m
Holding Period
NA
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%.
KEY FINANCIALS
ABOUT SPONSOR
Private Deal
An off-market opportunity, details of which are available by invitation only.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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CONTENT RESTRICTED

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INVESTMENT SUMMARY
Strategy
Core
Asset Class
Senior Living
LTV
NA
Deal Size
76.0
m
Closing
Capital Type
Full Stack
Investment Size
76.0
m
Net IRR
4.5%
Multiple
NA
Holding Period
NA
INVESTMENT DETAILS
  • 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).
INVESTMENT HIGHLIGHTS
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%.
Funding
SUMMARY
Opportunity to acquire a portfolio of high quality Assisted Living Facilities, Nursing Homes and Day Care Centres in prime locations in Central Germany. The portfolio is composed of 4 assets with leases ranging from 15 to 25 years from renowned operators. Three of the assets are already operating and one is under construction with estimated finalisation in Q1 2021 (started in Q4 2019).
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