Frankfurt — Mayer Brown  advised AIF Capital Group, a specialist in regulated alternative investment funds, on the acquisition of a residential complex for assisted living in Braunschweig, Germany.

The acquisition of the residential quarter is being carried out for the open-ended health care fund AIF Fürsorge I. The seller of the property is Primonial REIM S.C.A. SICAV-FIS, a Luxembourg special fund managed by Primonial REIM Group. Both parties have agreed not to disclose the purchase price.

The investment property was built in 1990 on a plot of around 9,800 m2 and consists of three connected building sections. There are 215 nursing care places available, divided into 143 single rooms and 36 double rooms. The 7,984 m² leasable area also includes a cafeteria and a kiosk on the first floor. The long-term lease agreement with Pflege- und Therapiezentrum Wendhausen GmbH runs until at least 2045.

Mayer Brown regularly advises AIF Capital on transactions, particularly on acquisitions of operator properties in the care sector.

The Mayer Brown Team was led by Real Estate partner Dr. Philipp Schaefer and included Tax counsel Susan Günther (both Frankfurt).

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