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PATRIZIA Immobilien buys German care home development

PATRIZIA Immobilien AG completed the forward purchase of a 102-room care home development in Bad Camberg, Germany, from a K&S Group subsidiary.

The project, set to commence in early 2018, will also feature 15-day care places upon its completion in 2019. Cura Sana pre-leased the entire development for 25 years, according to a release.

The transaction was conducted on behalf of PATRIZIA Pflege-Invest Deutschland I fund, which has invested roughly €360 million in the care home sector to-date, under its strategy of investing a target volume of €500 million.