ASG creates senior housing development platform in Germany

ASG has integrated two specialist senior housing developers into a new entity called Carestone, creating Germany’s largest platform with a pipeline to deliver €1.4 billion ($1.6 billion) of projects.

Rebranding WI-IMMMOGroup and WirtschaftsHaus as Carestone marks the next stage in ASG’s strategy of creating a senior housing development platform in Germany, which faces a 300,000-unit shortfall in accommodation and care facilities for its elderly citizens by 2030.

A new headquarters for Carestone is currently under construction in Hannover.

“We saw that the fragmented market needed a platform of scale to deliver the new stock required, so deliberately avoided the scramble to buy existing assets,” said Saul Goldstein, founder and managing partner of ASG. “Our corporate acquisitions approach mirrors a lot of the thinking that went into our strategy for Instone Real Estate, the residential development business we built and listed last year on the Frankfur