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GSK advises AviaRent on the Acquisition of a Nursing Home in Lower Saxony for its Fund CareVision II

GSK Stockmann + Kollegen advised AviaRent Capital Management S.à r.l. on the acquisition of a further nursing home (Bad Nenndorf) for its Fund Care-Vision II.

The purchase price of the home for elderly people in Bad Nenndorf amounted to approximately EUR 22 million. Constructed in 1996 and modernised in 2007 and 2013 the nursing home has 118 inpatient care places. A further 104 apartments for assisted living are available in separate buildings. The nursing home is operated by Curanum.

GSK Stockmann + Kollegen comprehensively advised the purchaser on the acquisition process (due diligence, tax, and purchase agreement).

In summer 2014 a team of GSK already advised AviaRent Capital Management on the acquisition of the “Wohnpark Dimbeck” (Mühlheim a. d. Ruhr). Located at the south of Mühlheim’s old town and close to the innercity’s local recreation area the residential park encompasses a residential home with 95 inpatient care places (newly built in 2008) as well as two buildings with 51 apartments for assisted living. In addition, two ancient gatehouses were acquired which might be used i.e. as childcare centre and day care centre for elderly people. The total investment volume amounts to approximately EUR 19 million.

Moreover, GSK has advised on the acquisition of the Curanum nursing home, located at Timmendorfer Strand, for the Fund CareVision II. The investment company invested approximately EUR 16 million into the property which is situated just about 500 metres from the seafront promenade. Opened in 1986 the nursing home has 60 inpatient care places divided in 38 single and 11 double rooms as well as 122 one- to two-room apartments for assisted living.

In addition the property comprises a restaurant, a café and a small supermarket.

With the above named and further acquisitions as well as the sale of the so-called “Silver” portfolio for the Multiplex European Property Fund (listed on the Australian Securities Exchange (ASX)) the team around GSK-Partner Dr. Olaf Schmechel has advised AviaRent on nursing home transactions with a volume of more than EUR 130 million in the first three quarters of 2014.

Advisor to AviaRent:
GSK Stockmann + Kollegen: Dr. Olaf Schmechel (Lead, Real Estate), Dr. Enno Stange (Real Estate), Christian Hausdorf (Real Estate).

The deal news is available as download.

Contact at GSK Stockmann + Kollegen:
Dr. Olaf Schmechel