Prime Pitch Asset Management has completed the purchase of a nursing home in the German city of Brandenburg a/d Havel. The listed property (1879) comprising an area of 7.417 sqm has been renewed internally in 2012 and adapted for its use as a nursing home. Tenant Renafan of Berlin leases 98% of the building for elderly care. A total number of 132 beds is available, allocated to various stages of care. Prime Pitch realised this purchase on behalf of a small group of professional investors.
The property is let on a 25-year lease to Renafan, an experienced operator of nursing homes in Berlin, managing more than 4,500 rooms in Germany. In addition, a physiotherapist leases the remaining 2% of the building.
The investment is in line with investor demand for stable, predictable cash flows and a focus on the aging population and care. Due to the aging population in Germany, the demand for modern nursing homes is substantial.
Prime Pitch accounted for the acquisition and structuring of this private placement and will also be responsible for the asset management. Prime Pitch acquired the property in close cooperation with Delta Immobilienentwicklung Deutschland. An investment loan was provided by Bank für Sozialwirtschaft, Berlin.
Prime Pitch is a real estate company active in the field of asset management and investments. The focus of Prime Pitch is on residential and commercial real estate investments in the Netherlands and Germany and it provides asset management services for third parties. Prime Pitch acts as initiator, manager and co-investor of (private placement) real estate investments. The company also provides strategic consulting services in the field of real estate.
Amersfoort, October 1st, 2014