Catella European Residential (CER), the German public open-ended real estate fund, has acquired a 14,000 m2 waterfront development of 137 senior living apartments distributed across four buildings on Lake Zwenkau on the southern edge of Leipzig for 鈧�50 mln.
The seller is SEEBAD Erholungsraum GmbH.
The four buildings in the development have a total of 10,800 m2 of living space, of which 88 apartments are designated for assisted living and 49 for care. The buildings are aligned with the KfW 40 NH German building energy standard, meaning the development only consumes 40% of the primary energy required by a comparable reference building. Photovoltaic panels on the roofs supply the development鈥檚 heat pump system with electricity.
The asset is planned for completion by summer 2025.
Michael Keune, managing director CRIM, said: 鈥楪ermany is one of only five 鈥榮uper-ageing鈥� societies in the world with nearly one-third of its population projected to be over 65 years-old by 2050. This demographic megatrend is already creating a glaring shortage of age-appropriate, assisted living developments and inpatient care facilities across the country. As a result, high quality developments in the senior living sector, as we have just acquired on Lake Zwenkau, are strongly needed to meet surging demand for the foreseeable future.鈥�
Benjamin R眉ther, head of Fund Management CRIM, added: "The sharp rise in energy costs has created challenging financial burdens for nursing home operators. Residents require stable and comfortable room temperatures, often exceeding 25 degrees Celsius, around the clock and expenses have more than tripled for some operators. For this senior citizens' resort, we are deploying renewable energy and modern, efficient technologies for energy-saving building operations offering energy security and a high level of stability in ancillary costs in the long term.鈥�
