Deutsche Wohnen SE logged an 11.1% year-over-year increase in its funds from operations for the first half of 2018 and signed an agreement to acquire 30 nursing properties for about €680 million.

First-half FFO I was 70 euro cents per share, compared to 63 cents per share in the year-earlier period.

FFO I totaled €248.5 million for the first half, a gain of 12.5% from €220.8 million in the year-earlier period.

Consolidated group profit totaled €652.7 million, compared with €672.0 million in the year-earlier period.

The nursing facilities to be acquired by the Berlin-based property company include about 4,700 care places, and approximately 90% of the properties are in metropolitan areas, with 13 facilities in Hamburg. Deutsche Wohnen has initially taken a minority interest in Pflegen & Wohnen Hamburg GmbH to manage the Hamburg facilities. The other 17 facilities are leased to operators on long-term leases.

The deal is expected to complete in the fourth quarter. The company expects a return of about 5% following integration, based on the anticipated EBITDA.

The company reconfirmed its full-year 2018 FFO I target of about €470 million.