AG Real Estate SA, representing its parent company AG Insurance SA, and Cardif Lux Vie SA have recently acquired from Herzogin Elisabeth Hospital a prime nursing home in Germany.
AG Real Estate SA, representing its parent company AG Insurance SA, and Cardif Lux Vie SA have recently acquired from Herzogin Elisabeth Hospital a prime nursing home in Germany.
The asset is located in the city of Braunschweig (circa 250,000 inhabitants, Federal State of Lower-Saxony), in a green residential area close to the city centre and the Museumpark.
The asset has a lease area of 10,046 m² that can be divided into two parts. A new part, which makes up for 70% of the area, was built in 2008 and houses a nursing home with 130 beds. The remaining area, which dates back to the 19th century, benefited from a complete renovation in 2008 and houses 33 assisted living apartments, a nursing school and a daycare center.
This core investment is being operated by Medi-Terra, a non-profit organization. Medi-Terra benefits from a strong reputation within the region with its seven care sites offering more than 650 beds and 100 assisted living apartments.
The asset benefits from an 18-year double net long lease that is fully (100%) indexed.
This acquisition provides a great opportunity for AG Real Estate to further expand its portfolio of nursing homes now totaling 24 homes and assisted living properties across Germany.
AG Real Estate’s healthcare portfolio in Germany, geographically diversified across 10 federal states, offers long-term secured cash flows and an excellent tenant structure:
- 24 nursing homes and assisted living facilities with 2.950 beds and 195 assisted living apartments
- 100% operated by 11 healthcare actors, ranking among Germany’s top healthcare operators
- Weighted average lease term (WALT) in excess of 16 years
Dr. Lübke & Kelber and Appelhagen advised the seller in this transaction.
AG Real Estate and Cardif Lux Vie were advised by FPS-Law and immoTISS. AG Real Estate will assume the role of asset manager.
About AG Real Estate
AG Real Estate, a wholly-owned subsidiary of AG Insurance, is an integrated property operator active in Belgium, France, Luxembourg and on certain select European markets with expertise in different lines of business: Asset & Property Management, Development & Construction Management, PPP and real estate financing, as well as in Car Park Management through its subsidiary Interparking. A company active in urban real estate, AG Real Estate has more than 250 employees with varied profiles and areas of expertise.
With a portfolio of more than €6.5 billion under management for its own account and on behalf of third parties, AG Real Estate is endeavoring to provide a responsible response to new urban needs and to implement a sustainable development policy as to make its projects even more meaningful.
For more information, please go to: www.agrealestate.eu
ABOUT CARDIF LUX VIE
Cardif Lux Vie is a Luxembourg life insurance company positioned among the major players in the market. Committed to its clients, partners and employees, the company provides high-quality solutions and services that contribute to sustainable and responsible growth.
In Luxembourg and the Greater Luxembourg Region, Cardif Lux Vie provides bancassurance and brokerage networks with high-value-added life insurance savings, retirement and protection insurance solutions for private individuals and professionals.
For high net worth clients active internationally, the company develops bespoke and sustainable open-architecture offers through an extensive network of first-class partners. Harnessing a comprehensive range of wealth engineering tools, Cardif Lux Vie’s planning solutions support clients and partners over the long term.
For more information, please go to: www.cardifluxvie.com
