Prime Pitch Asset Management has completed the acquisition of a nursing home with a long-term lease, in the German state of Bavaria. The home in Buch am Erlbach houses 80 senior citizens and is located approximately 60 kilometres north-east of Munich. Prime Pitch realised this purchase on behalf of a single family fund. This is the third nursing home that Prime Pitch acquired in Germany.
The investment is in line with the demands of investors for stable, predictable cash flows and a focus on housing and care. As a result of the strong ageing of the population in Germany, the user demand for modern nursing homes is substantial. The strategy of Prime Pitch focuses on the further expansion of the portfolio of assisted living facilities in both Germany and the Netherlands.
The property in Buch am Erlbach is let for a 20-years period to Omnicare-Renafan, a leading operator of care homes in Germany. The nursing home, with a size of 3,860 sqm, has been modernised substantially throughout 2015-2016, both internally and externally.
Prime Pitch was responsible for the acquisition and structuring of this private placement and will also be responsible for asset management. The debt finance was provided by the Triodos Bank in Frankfurt.
Prime Pitch is a real estate company, active in asset management and investments in real estate. The investment focus of Prime Pitch is healthcare real estate, residential investment and retail in the Netherlands and Germany. Prime Pitch acts as initiator, manager and co-investor of real estate investments.