Germany: Hanover-based senior housing and care home developer Carestone is selling a portfolio of nine assets to an unnamed international investor for €168 million.
The properties are located in Saxony, Saxony-Anhalt, Hesse, North Rhine-Westphalia, and Baden-Wuerttemberg. The sale is part of the company’s growth strategy to diversify its revenue streams.
The portfolio being sold includes six operational assets and three in development. It total, the assets will provide a total of 1,000 senior living units with assisted living, daycare, and inpatient care provided on-site.
Carestone CEO 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.”
