AG Real Estate and Cardif Lux Vie SA rotate their healthcare assets in Germany
AG Real Estate SA, representing its parent company AG Insurance SA, and Cardif Lux Vie SA recently carried out a major transaction involving the sale to Healthcare Property Fund Europe (HPF Europe), a fund specialising in real estate and managed by BNP Paribas Real Estate Investment Management (REIM) Germany, of a healthcare portfolio made up of five sites with a total capacity of 534 beds.
The properties have a total lettable area of 23,554 m² and are ideally located in the towns of Stemwede, Lehrte, Bad Elster, Bielatal and Bad Sooden. Spread over four federal states, these care homes are managed by two of the top ten operators on the German market, namely Alloheim and Dorea.
Fine-tuning the healthcare portfolio for AG Real Estate
“The healthcare market in Germany has been growing in recent years. Indeed, from 2016 to 2020 we rode on the back of this trend by making a number of acquisitions to assemble a portfolio of 24 units. As the manager of a real estate portfolio on behalf of our shareholder, we have decided that the time is now ripe to rotate our assets to bring us into line with our investment strategy”, confirms Amand-Benoit D’Hondt, Head of Funds, Alternative & Healthcare Investments & Fund Management.
“AG Real Estate and Cardif Lux Vie are pleased to have carried out this transaction in record time thanks to the efficiency and commitment of their teams“, emphasises Matthias Gabrisch, Investment Manager at AG Real Estate. “Together with Cushmann&Wakefield, who acted in the scope of a buy-side mandate and on behalf of the buyer, we prepared and actioned this dossier during the summer of 2020. We took the opportunity to carry out an “off-market” transaction and were able to complete it in just three short months. We would like to thank all the parties to this transaction for their speed, professionalism and efficiency”, added the transaction manager. AG Real Estate and Cardif Lux Vie were advised by Linklaters and Drees&Sommer for this transaction.
About AG Real Estate
AG Real Estate, a wholly-owned subsidiary of AG Insurance, is an integrated property operator active in Belgium, France, Luxembourg and on certain select European markets with expertise in different lines of business: Asset & Property Management, Development & Construction Management, PPP and real estate financing, as well as in Car Park Management through its subsidiary Interparking.
A company active in urban real estate, AG Real Estate has more than 250 employees with varied profiles and areas of expertise. With a portfolio of more than €6.5 billion under management for its own account and on behalf of third parties, AG Real Estate is endeavoring to provide a responsible response to new urban needs and to implement a sustainable development policy as to make its projects even more meaningful.
About Cardif Lux Vie
Cardif Lux Vie is a Luxembourg life insurance company positioned among the major players in the market. Committed to its clients, partners and employees, the company provides high-quality solutions and services that contribute to sustainable and responsible growth.
In Luxembourg and the Greater Luxembourg Region, Cardif Lux Vie provides bancassurance and brokerage networks with high-value-added life insurance savings, retirement and protection insurance solutions for private individuals and professionals.
For high net worth clients active internationally, the company develops bespoke and sustainable open-architecture offers through an extensive network of first-class partners. Harnessing a comprehensive range of wealth engineering tools, Cardif Lux Vie’s planning solutions support clients and partners over the long term.
For more information, please go to: www.cardifluxvie.com