TSC Real Estate, a leading investment and asset management specialist focussing on healthcare, residential and related commercial real estate, has purchased a healthcare property for the 5QRE HealthCare Infrastructure Deutschland 01 fund developed in partnership with Five Quarters Real Estate. The seller is a private owner. The purchase price is in excess of €12 million. 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 property is the Medizinisches Zentrum Duisburg-Nord (Duisburg North Medical Centre). The 3-storey property has a total lettable area of around 3,945 m² plus storage space and an underground garage with 58 car parking spaces. It was constructed as a retail property in 1981 and converted and fully refurbished in 2012. It was initially purchased with a vacancy of approx. 350 m², but TSC Real Estate has meanwhile been able to let the space on a long-term lease.
“The property is located directly next to the Hamborner Altmarkt market square in the district of Hamborn and benefits from its central position, superb accessibility and visibility and the high level of footfall. The tenant structure is excellent and the weighted average unexpired lease term is approx. 8.5 years. The ground floor areas are let to a pharmacy, an optician and a speech therapist. All other areas are let long-term to various medical specialists and an intensive care unit”, says Maximilian Woiczikowsky, Investment Manager at TSC Real Estate.
Berthold Becker, Managing Director of 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. We are delighted that we are also able to use this property to demonstrate our integrated business model and quality of services. At the time of notarisation there was a vacancy of around 350 m², which we have managed to let in the meantime and this area will be fitted out according to tenant requirements by year-end. This means that we have already increased the value and the cash flow generated by the property for the benefit of the fund over a short time frame.”
TSC was advised on the purchase by CT Legal, Lehman Consult and Cushman & Wakefield. The property was brokered by Könen Property Solution and H.I.C. Hoffmann Immobilien-Consult.
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 has already purchased nine properties for the fund and plans further acquisitions over the second half of 2022.