Threestones Capital acquires German retirement homes

Luxembourg-headquartered Threestones Capital has acquired two retirement homes in Cologne and Künzell from companies belonging to the Huk-Coburg insurance group.

Berlin-based investment and asset management company TSC Real Estate, which specialises in property for healthcare, senior citizens and life science, advised Threestones on the acquisition of the so-called Ginkgo portfolio.

The facility in Cologne (pictured above) is located in the Kalk district close to the city centre and consists of 40 assisted-living apartments and 80 in-patient care beds. The facility was built in 2002 and is operated by a not-for-profit organisation.

The second property (pictured below) is located in Künzell in the state of Hesse. It is an in-patient nursing care facility and comprises 118 beds, primarily in single rooms.

“We are pleased that in these challenging times we have once again been able to successfully initiate and conclude a structured transaction process,” said TSC Real Estate team lead investment management, senior investment manager Maximilian Woiczikowsky.

The buyer was advised by KL Gates, JLL, Savills and Immotiss. CBRE functioned as the broker. GSC Stockmann was the seller’s legal adviser.

Author: Paul Strohm

Source: Real Asset Insight