PATRIZIA AG, through its PATRIZIA Social Care Fund III, has signed a purchase agreement to acquire an assisted living complex and medical center in Amsterdam, the Netherlands. The transaction is the first Fund’s investment outside Germany and is expected to close in October 2021.
The medical center is a 5,000 sq meters property, built in 2011. It is close to the center of Amsterdam and benefits from nearby transport links, as well as a wealth of local amenities. A number of tenants, including local care provider Stichting Amsta, currently occupy the property, which has a WALT of over 10 years. The acquisition follows the Fund's investment of EUR250 million (US$298.29 million) into 13 properties in Germany in 2020, bringing the total portfolio value up to EUR360 million (US$429.5 million).
PATRIZIA was advised by CBRE, Loyens & Loeff and Capital Value.