Alternative investment fund specialist AIF Capital Group has acquired an assisted living development in Saarbrücken, Germany from the developer, IFA Gesellschaft für Immobilien.
The planned residential quarter, known as Am Anger, has been bought for the open healthcare fund AIF Fürsorge I which now has nine assets. AIF stated that the acquisition will diversify the fund’s spread of locations and operators. IFA Gesellschaft für Immobilien specialises in commercial and healthcare real estate.
The property occupies a 4,400 sq m site and consists of three buildings with a total rental area of around 6,300 sq m. It will provide 84 apartments ranging in size from 45 sq m to 170 sq m.
Construction will be according to the KFW Efficiency House 40 standard. Completion is scheduled for 2023.
Daniel Wolf, managing director of AIF Management said the acquisition will further diversify the healthcare portfolio. “Demand for the assisted living segment is increasing. The living conditions of the older generation and the individual need for support are very heterogeneous. The various housing and care offers for seniors will therefore be further differentiated in the future.”
AIF Capital was legally advised on the transaction by Mayer Brown and on technical due diligence by CBRE. The price was not disclosed.
Author: Paul Strohm
Source: Real Asset Insight