Gulf Islamic Investments (GII), a Middle Eastern alternative investment group headquartered in the United Arab Emirates, and Capital Bay (CB) have acquired two nursing homes in Holzminden, Lower Saxony, Germany, from a private seller.
Financial terms were not disclosed; however, the partners revealed the purchase price was in the double-digit-million euro range.
The nursing homes comprise 6,123 square meters (65,907 square feet) of built-up area with 133 beds. Current occupancy is 85 percent, which is expected to increase to 95 percent once remodeling work is completed.
“We see strong demand for modern space in senior living facilities,” said Anni Hönicke, managing director in GII’s Frankfurt office. “Together with Capital Bay, we will turn existing assets which may need capex into facilities which are attractive for residents, a variety of operators and our investors.”
The properties were acquired through the CB GII Senior Living Fund I, which