Prime Pitch sells nursing home Brandenburg to Hemsö

Prime Pitch has completed the sale of a nursing home with a long-term lease, in Brandenburg, Germany. The property has 124 beds, 10 apartments for assisted living, 12 rooms for intensive care and a physiotherapy practice. In total, there is around 7.500 square meters of usable space. 

The Swedish institutional investor Hemsö Fastighets AB has acquired a nursing home on Neuendorfer Strasse in Brandenburg an der Havel through a subsidiary. The nursing home is operated by the RENAFAN company with more than 70 locations in Germany and China. The seller of the property, valued around EUR 18 million, is a real estate investment fund managed by Prime Pitch Asset Management B.V., Netherlands.

The building was built as a spinning mill in 1879 and was renovated and refurbished in 2012. The more than 140-year-old listed building has been carefully revitalised, which resulted in a modern care home that uses modern house and energy technology. Sustainable building elements such as natural stone floors and interior insulation made of wood fiber panels give the nursing home a modern identity.

Prime Pitch has had the nursing home in their portfolio since 2014. This property has produced a very predictable cash flow for many years and was therefore a very stable investment. The increasing aging population in Germany has led to strong user demand and an increased interest from institutional investors. The sale to institutional investor Hemsö marks the successful exit of the real estate fund managed by Prime Pitch, realising an excellent return for its investors.