Munich-headquartered Kingstone Real Estate has acquired a 70-bed nursing home in Dettenheim, Baden- Württemberg, in an off market deal with GFS Bauträger und Immobilienvermittlungs. The asset has been bought as a seed investment for open ended healthcare fund Kingstone Living & Care I, which is targeting a volume of €400 million.
Kingstone launched the open-ended special alternative investment fund together with IntReal International Real Estate. Kingstone Living & Care managing partner Paul Muno said that the Dettenheim property is a perfect fit for the fund because “the building quality is outstanding and there is a long-term contract in place with a superbly positioned regional operator.”
The fund has a buy-and-hold strategy and is seeking sustainable properties with established operators across Germany, Muno said.
The Dettenheim building was constructed in 2019 and has a gross floor area of about 4,000 sq m. It is let to operator Incura and has a geriatric-psychiatric living area as well as a ‘young care’ living area for patients under 60 with somatic illnesses.
Kingstone Living & Care was launched in April 2021 as the healthcare investment platform of Kingstone Real Estate whose co-founder and managing partner Bärbel Schomberg is managing director.
Source: Real Asset Insight
Author: Paul Strohm