Asset manager Corpus Sireo’s Luxembourg-based fund vehicle Corpus Sireo Investment Management has acquired a care home development in the German city of Otzberg in the Federal State of Hessen from Hamburg’s property developer HIBA.
The care home will contain 100 single-unit care places and comprises a total floor space of 5,332 m2. Building works are scheduled to start in the third quarter of 2012. Kursana Care will run the home, which is expected to be completed in the second half of 2013.
The transaction, for an undisclosed price, marks the first acquisition for Corpus Sireo Health Care Fonds II launched at the end of 2011 with a target volume of €300m. Further acquisitions are currently in negotiation.
Previously Corpus Sireo launched Corpus Sireo Health Care Fonds I, which holds 46 care homes with full-time care facilities as well as assisted living and special care units.
