Corpus Sireo launches health care real estate fund
Corpus Sireo, part of Swiss Life, is launching its third real estate special fund for healthcare properties. According to the company, four German institutional investors have provided around 110 million euros in equity for the Corpus Sireo Health Care III fund.
The target volume of the fund under Luxembourg law is around 300 million euros with 50 percent debt financing. Corpus Sireo expects an additional 50 to 80 million euros in equity commitments from further institutional investors in the coming months.
Investments are to be made in healthcare properties for outpatient care, medical centers, medical care centers and healthcare centers in Germany. We are looking for properties in metropolitan areas with a high degree of centrality and sustainable population development or with a connection to a hospital. The properties should not be older than ten years. A minimum occupancy rate of 70 percent is expected for project developments. The average lease term should be at least eight years and the individual property volume between five and 40 million euros.
The first property Corpus Sireo has secured is the MediaPark Klinik in Cologne. Further properties are in the due diligence process. The fund plans to invest around 50 million euros by the end of the year.
In the medium term, Corpus Sireo intends to offer investment opportunities in this asset class to a broader audience outside Germany. "For this purpose, we are also looking at other healthcare subasset classes in Germany and other European countries," says Marc-Philipp Martins Kuenzel, Senior Advisor Corpus Sireo International S.à r.l. (ah)
