Capital Bay said this week that it has completed its first transaction for the SPA Living+ Europe fundin conjunction with an investment mandate for the Swiss Prime Investment Foundation.
The acquisition comprises five senior living and nursing care properties with a total of 254 apartments and 204 nursing beds in the assisted living sector. The five properties have a total rental area of around 28,150 m2and are located in Berlin, Chemnitz, Cottbus, Eberswalde and Freudenstadt. They have been let to two operators of good credit standing on long-term leases. The leases have a weighted average unexpired lease term (WAULT) of 24 years. The purchase price is in the mid-eight-figure range.
Capital Bay secured the Swiss Prime Investment Foundation mandate at the end of last year to operate as a pan-European investment and asset manager for the new SPA Living+ Europe investment group. This is an investment vehicle under Swiss law for the investment of pension funds.
The SPA Living+ Europe Group is focused on investment in European real estate in the senior living sector, with a minor exposure to student housing, serviced apartments and micro living. The investment group has a target volume of more than 鈧�1 bn.
Rolf Engel, Capital Bay Group鈥檚 CFO, said: 鈥極ur local foothold on various European markets gives us good access to attractive properties. Especially given the current investment pressure and the shortage of supply, it is important to quickly channel capital that has already been raised into real estate transactions.鈥�
