Transactions - AUGUST 25, 2016

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Deutsche Wohnen buys €421m German nursing home portfolio

by Andrea Waitrovich

Berlinovo has sold a portfolio comprising 28 German nursing homes to Deutsche Wohnen for €420.5 million ($474.1 million). This is the largest nursing home transaction in Germany thus far this year.

The portfolio, known as the Pegasus portfolio, totals approximately 1.94 million square feet of space, and its properties are located in Bavaria, Baden-Württemberg, Rhineland-Palatinate and North Rhine-Westphalia.

The nursing homes are fully leased, the average contract term is 13 years and the currently generated annual net rental income is €27.3 million ($30.8 million). CBRE advised the seller on the transaction.

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