Corpus Sireo establishes joint venture for senior properties
The German Swiss Life subsidiary Corpus Sireo has formed a joint venture with Addvalue Capital for the development of senior real estate. The joint venture operates under the name Belvita Invest.
The goal of Belvita Invest is the development of nursing homes and assisted living facilities in Germany, Corpus Sireo Real Estate reports. Due to the increasing need for new and replacement investment, approximately 300 nursing homes would have to be built annually in Germany by 2050, but in fact there are only about 150, according to a joint statement by Corpus Sireo and Addvalue Capital. In assisted living, the gap between supply and demand is even wider.
Belvita Invest is looking for plots of land with more than 4,000 square meters for the construction of senior citizen properties throughout Germany. According to the announcement, central locations in communities with more than 15,000 inhabitants are being considered for acquisition; immediate proximity to shopping facilities, pharmacies, doctors and local public transport is a prerequisite. The properties are to be realized according to uniform and modern standards. Belvita Invest will initially hold them itself and possibly sell them at a later date, either individually or as a portfolio. (ah)
