TSC Real Estate has advised the Eurocare IV fund managed by Threestones Capital Management on the purchase of an assisted living retirement home close to the Timmendorfer Strand. The property comprises 154 apartments plus 24 day care places in a superb location in the town of Timmendorf, near Lübeck. TSC Real Estate is acting as operating partner for the fund and has been instructed with the ongoing transaction consulting, asset and property management, ESG, technical management, accounting and SPV administration services.
Seniorenresidenz Timmendorfer Strand
The facility in Timmendorf occupies a prime location just 800 m as the crow flies from the popular beach on the Baltic Sea. The 13,000 m²+ facility has experienced a very high occupancy rate for years now and benefits from its diversified mix of apartment types. The 154 residential units are divided into one, two and three-room apartments ranging in size from 28 m² to 80 m². The property was constructed in 1986 and is in good condition thanks to the rolling programme of maintenance.
“We are delighted to have augmented the portfolio with the purchase of this established assisted living retirement home at a very popular holiday destination within Germany. Together with the operator Clariane, we will manage the property properly in order to maintain its value, but also to carry out ESG-related and other projects to enhance value and set the property up for the future,” explains Maximilian Woiczikowsky, Director of Investment Management at TSC Real Estate.
“Following a successful year in 2024 and the recent purchase of the NOW portfolio, this acquisition allows us to extend our footprint in the highly sought-after and future-oriented assisted living market. In addition to traditional in-patient care, we will also continue our growth in the assisted living sector and expand our outpatient healthcare infrastructure in 2025,” continues Berthold Becker, Managing Director of TSC Real Estate.
The buyer was advised on the acquisition of the property by KL Gates (legal), Gleeds (technical) and Savills (valuation). The transaction was brokered by JLL.