Stuttgart, November 24th, 2022 – AIF Capital Group, a specialist for regulated alternative investment funds, has completed the core renovation and conversion of the south wing of the former founding building of Gothaer Insurance into a senior care facility for assisted living and day care. The property has been part of the GREHI special fund since April 2020, which has a volume of around EUR 200 million. The further development of the listed building was implemented by the subsidiary AIF Management GmbH, which was responsible for project development and management.
After its completion, the property was officially inaugurated and handed over to the future tenant, the advita Group, at a recent ceremony. A champagne reception with musical accompaniment formed the framework of the ceremonial handover of keys for all those present.
The property is located at Bahnhofstraße 3c in Gotha and has a total rental area of around 3,500 m2. In a construction period of around 16 months, a total of 29 one- to two-room apartments for service living and two shared apartments with 12 residential units for residents suffering from dementia as well as 36 day care places were created. The property also has a spacious outdoor area and offers future residents a high quality of stay.
A long-term lease agreement has been concluded with the future tenant, Zusammen Zuhause GmbH, a company of the advita Group from Berlin. The advita Group has been a nationwide care service provider since 1994, with over 2,500 employees at more than 40 locations.
Daniel Wolf, Managing Director of AIF Management GmbH, said at the handover of the keys: “It is a unique opportunity to give a listed property with a remarkable history a completely new and contemporary use. When the new residents move in at the beginning of 2023, it will be the 100th anniversary of the opening of the south wing. Despite the current geopolitical and economic uncertainties, we were able to stay below the set schedule, as well as below the originally estimated total cost. This is an achievement of the entire project team and the smooth collaboration of all involved.”
The main building dates back to the 1890s and was used as an administrative building for Gothaer Insurance from the fall of the Berlin Wall until the 1990s. Since a completed core renovation in 1998, the main building now serves as the seat of the Thuringia Finance Court. The south wing of the building, built in 1923 as an extension, was vacant for almost three decades. However, the building’s good structural condition made it possible to further develop the building after it was purchased by AIF Capital Group in 2020.
The total cost of the project is just over EUR 10 million. LANO-Projekt GmbH from Mühlhausen (Thuringia) acted as general planner, while construction was carried out by general contractor André Bark from Hörselberg-Hainich (Thuringia).
About AIF Capital Group
AIF Capital Group is a real estate manager and specialist in regulated alternative investment funds for institutional investors. As investor, trustee, KVG with BaFin license and asset manager, the company offers investors high-yield and sustainable real estate investments. The company is a member of the ECORE and ICG sustainability initiatives and is a signatory of the UN PRI. The group of companies was founded in 2006 in the private bank Ellwanger & Geiger and was fully acquired in 2017 as part of a management buyout. The company pursues the goal of making classic real estate asset management innovative and dynamic, while offering a high quality of service. The group employs 43 people, has equity of 5.6 million euros and currently manages assets (AUM) worth around € 1 Billion.
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