TSC Real Estate has advised the Eurocare IV fund managed by Threestones Capital Management on the purchase of a rehabilitation clinic in the state-recognised spa resort of Scheidegg, close to Lake Constance. The Hubertus Clinic specialises in psychosomatic and mental health rehabilitation and comprises 55 single rooms set in a 17,000 m² forest park with views of the Alps. The seller is a fund managed by Praemia (formerly Primonial). TSC Real Estate is acting as operating partner for the fund and has been instructed with the long-term transaction consulting, asset and property management, technical management and accounting and investment administration services.
The facility in Scheidegg in the Allgäu region is operated by the Oberberg Group, which specialises in psychosomatic medicine, on the basis of a very long-term lease contract. The greater part of the clinic was constructed in 2008 and is characterised by its favourable energy performance indicators and state-of -the-art facilities.
“We are delighted to have successfully completed a structured transaction process for a high-specification property on behalf of our clients for the second time this year. Despite the persistently difficult market conditions, the purchase was enabled by the availability of equity capital together with a highly structured, efficient and – not least – reliable approach to the transaction process. Our many thanks also go to the Praemia team in that respect,” explains Maximilian Woiczikowsky, Director of Investment Management at TSC Real Estate.
“Over the past 10 years, the number of sick days of all employees due to psychosomatic illnesses has increased by approximately 48%. Irrespective of the purely investment and yield-specific aspects, we are pleased that this facility will make a significant contribution to stabilising the provision of this type of infrastructure within Germany,” continues Berthold Becker, Managing Director of TSC Real Estate.
The buyer was advised on the acquisition of the property by KL Gates (legal), Lehmann Consult (technical), Savills (valuation) and SozialGestaltung (market analysis). The JLL team acted as broker on behalf of the seller, whilst Görg provided advice on the legal side. TA Europe accompanied the technical due diligence on the seller side.