HIH Invest Real Estate (“HIH Invest”) just acquired a health centre located in Michendorf near Potsdam from the GP Günter Papenburg AG conglomerate for its open-ended special AIF, “Vita Invest.” It represents a property development that is part of “Neue Ortsmitte,” a new residential block under construction in a central location. The investment consist of two separate four-storey buildings directly next to the entranceway to the new quarter: One will be used as health centre, the other being as office building. Their combined gross lettable area approximates 3,597 square metres. The health centre with its lettable area of about 1,660 square metres is expected to be completed by the end of 2023. The first units in the property have already been let to a local home care service. The other units will be occupied by various doctors’ offices or therapy facilities. The already completed administrative building with its lettable area of 1,937 square metres was rented by EMB Energy Mark Brandenburg GmbH, a local utility company that has been using it as its principal place of business since January 2021.
The property development in Michendorf represents the first asset acquired for the new open-ended institutional fund, “Vita Invest.” The AIF targets new-build developments or high-end standing buildings anywhere in Germany that are let to high-net-worth operators on long-term leases. The focus is on medical facilities, outpatient care formats and senior living. The fund is planned to have a target volume of at least €200 million, thereof up to 50 % debt based on the portfolio total. The minimum stake for investors is €5 million. The objective is a sustainable and stable cash-on-cash yield of at least 4%.
Source: hih.de on the 22th of September 2022
https://hih.de/en/media/press-release/