Patrizia has launched its third healthcare fund with a focus on care properties in Germany.
The fund, Patrizia Social Care Fund III, which has an initial target volume of €300m and a long-term target of €700m, has already made its first acquisition: a portfolio of three new, high-quality care homes in Germany.
Jan-Hendrik Jessen, Patrizia’s head of fund management operated properties, commented: “This new fund builds on our existing track record and expertise in the German healthcare sector, a market which continues to experience strong investor demand with 2018 transaction volumes around 150% of those in 2017. The fund aims to have around 50% of its assets dedicated to assisted living properties in Germany. In addition, the fund will look to invest in select European markets as well as in Germany.”
The three properties making up the newly acquired portfolio will provide a total of 128 living facilities and 196 day care places and are due for delivery in 2020. The homes are let on 25-year leases.
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