TSC Real Estate has advised its client Threestones Capital Management on the purchase of the Rhein-Main Portfolio comprising three premium retirement homes. The properties offer over 300 in-patient care beds and are located in Frankfurt am Main, Wiesbaden and Königstein im Taunus. TSC Real Estate is mandated as asset- and property manager for the fund including the long-term transaction advisory, technical property management, book-keeping and investment administration activities.
The facility in Frankfurt am Main is located in the Westend district, a prime micro location within Germany’s financial services capital, and is operated as a high-quality in-patient care home comprising over 100 beds. The property was built in 2004.
The second property is located in the popular Dichterviertel district of the state capital city of Wiesbaden. The Kurpark spa and gardens and the city centre are within walking distance. The facility offers a mix of assisted living apartments and in-patient care with well over 100 places. The striking property was completed in 2007. As with the other two properties, the focus here is also on a very high standard of services.
The so-called “Hessen trio” is rounded off by the property in Königstein im Taunus, which was built in 2013. The building in affluent Königstein is operated as a purely in-patient facility with around 100 beds.
All three properties are managed by the same company, a highly experienced operator which has been established on the market for many years.
“The properties are located in outstanding micro locations in regions with superb infrastructure. The high-specification fit-out and high-value concept with a focus on high-quality care in the very best locations make the properties a unique investment product. We are delighted that we have successfully completed a structured transaction process to acquire this high-quality senior living portfolio for our clients in what continues to be a challenging market environment. The transaction was a well-organised and highly professional collaboration with various service providers and partners and was completed in just a few weeks following a detailed review and intensive negotiations,” explains Maximilian Woiczikowsky, Director of Investment Management at TSC Real Estate.
“Even though we are generally seeing a progressive convergence of buyer and seller perspectives, ESG-relevant criteria are having an increasingly significant influence on pricing expectations and the financing of existing properties. In our view, we have been able to achieve a very balanced relationship between pricing and value with the properties in the Rhein-Main Portfolio. We intend to leverage the current market phase to acquire further properties together with and on behalf of our clients over the short term,” continues Berthold Becker, Managing Director of TSC Real Estate.
The buyer was advised on the purchase of the properties by KL Gates (legal), Lehmann Consult (technical) and Savills (valuation & commercial). The Cushman & Wakefield team acted as broker.