German developer and investor Values Real Estate has acquired two medical facilities in Cologne and Fürth.
The fully-leased assets situated in central locations in each city bring the Values Health Invest I fund up to eleven properties.
The Cologne office, dubbed Haubrich Forum, has 6,000 m2 of rental space and is situated in a central micro-location on Neumarkt, at Josef-Haubrich-Hof 3-5. It offers patients doctors from various disciplines, including surgery, cardiology, neurology, gynaecology, urology, oral and maxillofacial surgery and dental treatment, as well as a pharmacy.
Some residential apartments complement the tenant mix, and it also has around 60 underground parking spaces.
A total of eight different doctors, a practice for physiotherapy and the office of a health insurance company are located in the Fürth medical centre, which comprises around 5,500 m2 of lettable space. There are also 29 apartments in the property. The three-part building is located in the city centre at Rudolf-Breitscheid-Str. 39-43 and has 84 parking spaces.
The properties generate most of the rental income from medical use. Haubrich Forum in Cologne was sold by a real estate investment group managed by Credit Suisse Asset Management. BNP Paribas Real Estate acted as an intermediary in the deal.
The seller of the medical centre in Fürth is Rhenium Asset Management on behalf of a special fund.
The closing for both properties took place on 15 December 2022.
Thilo Wagner, managing director for health and social infrastructure at Values Real Estate, said: 'Both medical centres are well diversified and established medical centres in major German cities.
'For many people, they are the central point of contact for their outpatient medical care. In addition, the medical tenants of both medical centres are characterised by years of loyalty to the location. Due to these framework conditions, both properties fit very well into the existing portfolio of our Values Health Invest fund.'
In Fürth, boutique law firm BK&K advised on real estate law, while Dentons advised on tax law. The seller was advised by Cushman & Wakefield. In Cologne, the GÖRG partnership of lawyers provided legal advice and Arcadis provided technical advice.