Germany: Aedifica makes €127m investment in Germany

Rolf Specht, founder of the Specht Group.

Belgian healthcare REIT Aedifica is continuing its expansion into Germany with a number of deals totalling €127m (US$142.2m).

As part of the third phase of its cooperation agreement with Specht Gruppe it is to build four care campuses in Germany.

In 2017, Aedifica announced a cooperation agreement with Specht to build seventeen care campuses with a total capacity of 1,800 units for €245m. At the end of March last year, the first care campus under this agreement was completed in Lübbecke. The second and third care campuses were completed in Kaltenkirchen and Schwerin.

The sites are located in Bremen, Weyhe, Langwedel and Sehnde. The care campuses will cater to seniors requiring continuous residential care and the campuses in Weyhe and Langwedel will also accommodate seniors opting to live independently with care services available on demand.

The care campus in Bremen will also have a children’s day-care centre.

The sites will have a total capacity of 375 units. The care campuses are expected to be completed by the end of 2020 and in the course of 2021. Construction on the sites in Bremen and Weyhe has already started, while the works in Langwedel and Sehnde will start soon.

Aedifica’s total investment will amount to €63m.

The company has also signed an agreement for the acquisition and renovation of seven fully operational care homes in Germany in a deal worth €92m.

Four of the seven care homes are located in residential areas of Berlin; three other care homes are located in  Plön and Wankendorf in Schleswig-Holstein, and Ueckemünde in Mecklenburg-Vorpommern.

The sites accommodate 957 seniors requiring continuous care. The buildings date from the 1970s (with the exception of one site from 1994) and have already been renovated several times.

All are operated by the Vitanas group.