Kingstone Real Estate has acquired a nursing home for the elderly with 70 single rooms at Humboldstraße 1 in Dettenheim in northern Baden, Germany as part of an off-market transaction for Kingstone Living & Care I fund.
The seller is GFS Bauträger- und Immobilienvermittlungs-GmbH from Karlsruhe. It was agreed not to disclose the purchase price.
The new building with a gross floor area of around 4,000 m² was built in 2019 and meets all the requirements of a modern nursing home. It is located in the middle of the Liedolsheim district of Dettenheim in a residential area in the immediate vicinity of an elementary school.
Under the name “Senioren-Residenz Dettenheim”, INCURA GmbH offers a senior citizens’ residence here as a single tenant with 70 full in-patient care places. In addition to the geriatric psychiatric living area with a sensory garden, the facility has a “Young Care” living area for people under 60 with somatic diseases. Nursing care includes full inpatient care as well as interspersed short-term care and interspersed preventive care.
Kingstone Real Estate launched the open real estate special AIF in accordance with Article 8 of the Disclosure Ordinance together with the Service-KVG IntReal International Real Estate Kapitalverwaltungsgesellschaft. The target volume of the fund is a gross asset value of €400 million.
Paul Muno, Managing Partner of Kigstone Living & Care GmbH, said: “The property in Dettenheim fits perfectly into the strategy of Kingstone Living & Care I. The construction quality is excellent and there is a long-term contract with an operator who is excellently positioned in the region. We are pursuing a buy-and-hold strategy and are looking for strong combinations of established operators and sustainable real estate throughout Germany.”