Stuttgart, 29 March 2023 – AIF Capital Group, a specialist in regulated alternative investment funds, has acquired three care facilities for the open-ended healthcare fund AIF Fürsorge I. The properties are located in Lübeck, Sulzbach and Wetzlar. With this acquisition, AIF Capital is improving the investment vehicle’s diversification in terms of location as well as operators. The fund now holds fifteen assets. The seller of the properties from the so-called LaVie portfolio is AG Real Estate from Brussels (Belgium) acting a in joint venture with Cardif Lux Vie in Luxemburg. The parties have agreed not to disclose the purchase price.
The three established inpatient care facilities in Hesse, Bavaria and Schleswig-Holstein have a total capacity of 353 places with a single-room share of around 90 percent. The facility in Lübeck has a capacity for 100 patients, Sulzbach for 119 and the largest location in Wetzlar for 114. Additionally there are 20 residential units in the assisted living segment.
The three properties have a total GLA of around 20,300 sqm of which in Lübeck, 4,300 sqm in Sulzbach and 11,000 sqm in Wetzlar. The three plots span a combined area of 20,400 sqm. All properties are leased on a long-term basis to established operating companies. The WALT of the portfolio is around 13 years.
The purchase of the three care facilities contributes to the diversification of AIF Fürsorge I. In terms of geography, the fund now includes the federal states of Hesse and Schleswig-Holstein; in terms of tenants, operating companies with many years of experience. In Wetzlar, the operator is Alloheim at the Wetzlar, one of the top operators in Germany and the EU according to industry platform Pflegemarkt.com. At the Sulzbach site, ProCurand is active as operator; stb care in the Lübeck facility.
Daniel Wolf, Managing Director of AIF Management GmbH, says: “For AIF Fürsorge I, the acquisition of these established care facilities is a further step towards locational and tenant diversification of the portfolio. The long-term leases with three experienced operating companies across three different federal states represent an economically sustainable investment. Executing such a transaction within a very short period of time is a great achievement by our team. It shows that we are a reliable business partner, even in difficult market phases.”
Amand-Benoît D’Hondt, Chief Alternative Investments & Sustainability Officer at AG Real Estate, comments: “We are very pleased to have successfully completed the sale of these three assets to AIF Capital Group. The transaction was initiated by AG Real Estate as part of the active asset management strategy of its German Healthcare Real Estate Portfolio in which AG Real Estate is the leading investor and manager in partnership with the Luxemburg insurer Cardif Lux Vie. We thank the broker Cushman & Wakefield and our Berlin-based asset manager TSC Real Estate and Linklaters for their support in this transaction.“
Jaafar Naciri, responsible for Cardif Lux Vie’s Unlisted Assets Strategy, says: “We are glad to have completed the sale of these assets alongside our partner AG Real Estate. The transaction is part of our ongoing efforts to optimize our investment portfolio. We remain committed to exploring new opportunities to create value and deliver appealing returns for our clients.”
In the transaction, AIF Capital was advised by Mayer Brown (law) and alea real (technical due diligence). JLL was responsible for the fair value appraisal of the of the overall portfolio and ImmoTISS care was commissioned with a location and market analysis. The transaction was brokered by Cushman & Wakefield.
Source: Cushman & Wakefield
About AIF Capital Group
AIF Capital Group is a real estate manager and specialist in regulated alternative investment funds for institutional investors. As an investor, trustee, capital management company with BaFin license and as asset manager, the company offers investors high-yield investments in real estate and sustainable infrastructure. The company is a member of the ECORE and ICG sustainability initiatives and a signatory to the United Nations Principles for Responsible Investment (UN PRI). The group of companies was founded in 2006 by the private bank Ellwanger & Geiger and fully acquired in 2017 as part of a management buyout. The company stands for active real estate asset management and high service quality. The company employs around 50 experts and currently manages assets (AUM) worth around 1.3 billion Euro.
About AG Real Estate
AG Real Estate, a wholly-owned subsidiary of AG Insurance, is an integrated property operator active in Belgium, France, Luxembourg and on certain select European markets with expertise in different lines of business: Asset & Property Management, Development & Construction Management, PPP and real estate financing, as well as in Car Park Management through its subsidiary Interparking. A company active in urban real estate, AG Real Estate has more than 250 employees with varied profiles and areas of expertise.
With a portfolio of more than € 6.5 billion under management for its own account and on behalf of third parties, AG Real Estate is endeavoring to provide a responsible response to new urban needs and to implement a sustainable development policy as to make its projects even more meaningful.
For more information, please go to: www.agrealestate.eu
About Cardif Lux Vie
Cardif Lux Vie is a Luxembourg life insurance company positioned among the major players in the market. In Luxembourg and the Greater Luxembourg Region, Cardif Lux Vie provides bancassurance and brokerage networks with high-value-added life insurance solutions for private individuals and professionals. For high net worth clients active internationally, the company develops bespoke and sustainable open-architecture offers through an extensive network of first-class partners.
For more information, please go to: www.cardifluxvie.com
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