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Principal acquires care home property in Herne from Confirmus

Principal Real Estate Spezialfondsgesellschaft mbh has acquired another development project in the care property sector for its Special AIF Principal Care Invest I. The vendor is Confirmus GmbH. The parties have agreed not to disclose the purchase price.

The acquisition is a care home in development, situated on a ca. 4,000 square metre site at Forellstrasse 44, Herne. Alongside 80 inpatient beds, the development comprises a meeting centre for the Johanniter-Unfall-Hilfe's sheltered housing, as well as an Italian restaurant and an ice-cream parlour with outside seating. The lettable area totals around 5,100 square metres. Completion is scheduled for summer 2021.

Care home development located at Forellstrasse 44 in Herne. © Confirmus
In the same location opposite the Schloss Strünkede Park, the fund had already acquired the „Seniorencampus Herne-Baukau“ in 2017. As with this property, protea care GmbH will be the long-term tenant. The average lease term across the development will be around 23 years.

„Because of the excellent work and decades of expertise of the operator protea care and the Johanniter-Unfall-Hilfe, we decided to seize the opportunity to acquire the final expansion of the campus with a second care facility,“ says Paul H. Muno, Managing Director of the Principal Real Estate Spezialfondsgesellschaft mbH.

In common with the first building, the home will have a full concrete core activation system for air conditioning. The BREEAM certification label is also being sought.

Law firm Dentons Europe LLP advised the purchaser on the legal aspects of the transaction. Arcadis Germany GmbH carried out the technical due diligence. Terranus GmbH, of Cologne, also acted as consultants.
Photos: Confirmus
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