Threestones' European healthcare fund oversubscribed with €450m of capital

Luxembourg-based investment manager Threestones Capital has raised €450 mln of equity at the final close of its latest European healthcare fund, exceeding the initial target of €300 mln.

In a statement, Threestones said that the fund – the company’s third real estate fund investing in healthcare real estate - has a ‘fire-power of almost €900 mln’.

The Eurocare Real Estate Fund has already completed 38 acquisitions in Germany, Italy and Spain and intends to acquire a further 15-20 assets in the coming months.

Already this year Threestones Capital has added 133 beds in Germany via nursing homes in Bad Oyenhausen (Nordrhein-Westfalen) and Seitingen-Oberflacht (Baden-Württemberg) which are operated by Curata and by Argentum; as well as 261 beds via two nursing homes in Cerro Maggiore, Italy, and Puento Viesgo, Spain, operated under a long term contract by Colisée Group.

Launched in 2016, the core fund targets a net internal rate of return of 10-12%. It focuses on yield generating senior housing properties in Europe, rented out under long term contracts to top tier nursing home operators. The vehicle targets attractive acquisition yields of 6.0-7.5% per annum and an acquisition price per m2 of €1,500 lower than replacement cost.

Threestones Capital currently manages approximately €1.6 bn worth of real estate assets.

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