Threestones Capital, a Luxembourg-based regulated Alternative Investment Fund Manager, has sold a care homes portfolio to Swiss Life Asset Managers for €425 million.
The care homes portfolio consists of 27 healthcare properties across Germany rented out to German and Pan-European operators under long term (LT) rental contracts.
Threestones Capital said it completes the exit of healthcare fund (TSC Gefcare Real Estaste Fund) with this transaction, returning the target performance of 13% net IRR to investors.
The group manages about €2 billion of real estate assets across the Europe, including Germany, Italy and Spain.
Swiss Life Asset Managers is a leading real estate manager in Europe. Together with insurance assets for the Swiss Life Group, total assets under management and administration at Swiss Life Asset Managers stands at €249,2 billion out of which €97,5 billion are invested in real estate.