Capital Bay acquires five senior living and nursing care facilities in Germany for Swiss Prime Investment Foundation
Berlin, 08. June 2021
- Acquisition for SPA Living+ Europe investment group
- Properties located in Berlin, Chemnitz, Cottbus, Eberswalde and Freudenstadt
- 254 assisted living apartments in total and 204 nursing beds
The Capital Bay Group, an international and integrated investment, asset, property and facility manager and project developer for properties of all categories, has completed its first successful transaction for SPA Living+ Europe in conjunction with a mandate for the Swiss Prime Investment Foundation. The acquisition comprises five senior living and nursing care properties with a total of 254 apartments and 204 nursing beds in the assisted living sector. The five properties have a total rental area of around 28,150 sqm and are located in Berlin, Chemnitz, Cottbus, Eberswalde and Freudenstadt. They have been let to two operators of good credit standing on long-term leases. The leases have a weighted average unexpired lease term (WAULT) of 24 years. The purchase price is in the mid-eight-figure range.
At the end of 2020, Capital Bay secured the Swiss Prime Investment Foundation mandate to operate as a pan-European investment and asset manager for the new SPA Living+ Europe investment group. This is an investment vehicle under Swiss law for the investment of pension funds. The SPA Living+ Europe Group is focused on investment in European real estate in the senior living sector. Student housing, serviced apartments and micro living will be added as diversification. The investment group has a target volume of more than a billion euro.
Rolf Engel, Capital Bay Group’s CFO, said: “Our local foothold on various European markets gives us good access to attractive properties. Especially given the current
investment pressure and the shortage of supply, it is important to quickly channel capital that has already been raised into real estate transactions.”