GII, a Middle Eastern alternative investment group headquartered in the United Arab Emirates, and Capital Bay (CB) have acquired two nursing homes in Holzminden, Lower Saxony, Germany, from a private seller.
Financial terms were not disclosed; however, the partners revealed the purchase price was in the double-digit-million euro range.
The nursing homes comprise 6,123 sqm of built-up area with 133 beds. Current occupancy is 85 percent, which is expected to increase to 95% once remodeling work is completed.
The properties were acquired through the CB GII Senior Living Fund I, which was jointly launched by GII and CB in 2021. CB GII Senior Living Fund I pursues manage-to-core and value-added strategies and invests in existing properties with modernization and/or expansion potential. The investment focus is on German cities with a population of 5,000 or more and catchment areas with significant demand for all forms of senior living — from barrier-free living to retirement communities, assisted living and full inpatient nursing homes.
Source: https://irei.com/news/gii-capital-bay-acquire-two-nursing-homes-germany/, on 10 November 2022