PSPI/Immac: Britons acquire six nursing homes, further buys planned
A consortium composed of the British firm Public Service Properties Investments Limited (PSPI) and Hamburg-based Immac Holding AG acquired a portfolio comprising six nursing homes in Germany. The homes situated in Northern and Central Germany and in Berlin have 403 nursing home spaces and 154 apartments for assisted living. PSPI quotes the total transaction volume at €36.3mn, the net initial return at 7.3% and the accumulated initial rent at €2.65mn. Marseille Kliniken is renting the properties for 20 years—with an option on a further five to ten years. Before the end of the present year, PSPI intends to invest a further €150mn in nursing homes in Germany, if suitable opportunities materialize.