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09.04.2019

Principal buys private clinic in the Black Forest with GSK Stockmann

GSK Stockmann advised Principal Real Estate Spezialfondsgesellschaft mbH (Principal) on the acquisition of the Friedenweiler private clinic in the Black Forest. The sellers are private investors from Freiburg. The parties agreed to keep the purchase price confidential.

Principal, with comprehensive legal advice from GSK Stockmann and on behalf of Principal Care Invest II, acquired the renowned clinic Privatklinik Friedenweiler that specializes in the treatment of mental and psychosomatic illnesses. Following the acquisition of a medical center, Klinik Friedenweiler is the second healthcare property acquired for the fund as it seeks greater market penetration in the healthcare real estate sector.

The property, which was used as a hotel until the 1980s and has been used as a private clinic with 71 care places since 2011, is located on a 12,300 m2 plot of land and offers approx. 5,100 m2 of rental space let in its entirety to Privatklinik Friedenweiler GmbH & Co. KG for a term of 15 years.

Principal is part of the U.S. real estate investment group Principal Real Estate Investors based in Des Moines, Iowa. Principal Care Invest II, which is geared towards institutional investors, is an open real estate special AIF with healthcare properties and an investment volume of approx. 300 million euros. Its investments focus on nursing properties, outpatient nursing facilities, assisted living, rehabilitation clinics and community health centers/medical centers.

Advisers of Principal Real Estate Spezialfondsgesellschaft mbH:

GSK Stockmann: Dr. Philip Huperz, Dr. Maritheres Palichleb (both Real Estate, joint lead); Associates: Dr. André Morgenstern (Real Estate), Kristina Marx (Public), Andreas Ebert (Tax).