TSC Real Estate, a leading investment and asset management specialist focussing on healthcare, residential and related commercial real estate, has purchased the St. Willehad medical centre for the 5QRE HealthCare Infrastructure Deutschland 01 fund, developed in partnership with Five Quarters Real Estate. The purchase price is just below €10 million. The seller is the Klinikum Wilhelmshaven hospital. TSC Real Estate is exclusively instructed as investment manager for the fund and will also assume the long-term asset and property management activities.
© TSC Real Estate
The St. Willehad medical centre is located on an approx. 3,800 sqm site in the southern area of Wilhelmshaven. The 4-storey property was constructed in 2003 and has a lettable area of around 5,365 sqm plus a dedicated underground garage.
“The highly complementary use and tenant structure of the various specialist medical practices in the property, a pharmacy and a psychiatric practice generate significant synergy effects, both within the building and together with the Klinikum Wilhelmshaven hospital. The weighted average unexpired term of the existing leases is in excess of seven years. There is a current vacancy of 230 sqm comprising two units, for which there are very good letting prospects available.” says Maximilian Woiczikowsky, Team Leader Investment Management at TSC Real Estate.
Berthold Becker, Managing Director at TSC Real Estate continues: “In addition to classic Core properties, our fund strategy also focusses on Core Plus properties for which we are able to enhance value via our holistic and pro-active asset management approach. This property offers superb key indicators providing an above-average distribution yield and value enhancement potential, which we are able to leverage over the short to medium-term with our integrated service palette.”
The property is located close to the harbour in the south of the town of Wilhelmshaven and is highly accessible by both road and public transport. The property is the only medical centre with an integrated medical care facility operated by the Klinikum Wilhelmshaven itself, thus benefiting from highly competitive positioning.
The buyer was advised on the purchase by CT legal Stein und Partner Rechtsanwälte, Lehmann Consult GmbH & Co. KG and Cushman & Wakefield.
The 5QRE Healthcare Infrastructure Deutschland 01 fund is a real estate special fund governed by Article 8 of the EU disclosure regulation. It invests in a broad spectrum of healthcare properties and is targeted at German institutional investors. TSC Real Estate plans further acquisitions over the second half of 2022.