Carestone sells property portfolio in Germany for €168m

Carestone sells property portfolio for €168m
Carestone CEO Karl Reinitzhuber

Germany-based senior housing and care homes development platform Carestone Group has agreed to sell a portfolio of nine facilities in Germany to an international investor for €168 million.

The portfolio comprises six standing assets and three more facilities under development.

Combined, they will provide a total of 1,000 senior living units with assisted living, day care, and inpatient care provided on-site as well as space for care managers and facility administration.

The nine properties are located in the regions of Saxony, Saxony-Anhalt, Hesse, North Rhine-Westphalia, and Baden-Wuerttemberg, providing exposure at scale to Germany’s senior living market, where properties generate attractive, long-term incomes.

Carestone, which is owned by a fund managed by ActivumSG Capital Management, said it is currently working on more than 90 projects to deliver senior housing and care home facilities across the country.

Carestone CEO Dr. Karl Reinitzhuber said: “Germany urgently needs more accommodation and care facilities for its elderly citizens, so bringing institutional investment to the sector through portfolio sales like this will certainly help reduce the shortage. Institutional transactions complement the sales we continue to make to individual investors on other projects, giving us a better sales mix and positioning us for continued growth in face of strong demand for senior living and care facilities.”