Swiss Life fund buys in Germany

Swiss Life Asset Managers has acquired the "Villa Grüntal" senior citizens' residence on Seehofstrasse in Berlin and the "Lessinghöfe" in Neu Wulmstorf in the German state of Lower Saxony, the company says.

The property in Berlin is designed for residents with dementia. It was reportedly built in 2008 and comprises around 2,900 square meters of rental space. The operator of the facility is Dorea, a provider in the assisted living sector. The remaining lease term is 18 years. The "Villa Grüntal" includes 54 single rooms, each with
20 to 25 sqm living space and a garden area. The property is a few minutes' walk from the Berlin district of Zehlendorf and the Zehlendorf S-Bahn station.

The "Lessinghöfe" in Neu Wulmstorf, Lower Saxony, in Hamburg's southwestern suburbs, are a new residential development with 139 residential units, 128 underground parking spaces and 28 outdoor parking spaces. The project is intended to appeal to a broad tenant target group at affordable new-build rents.

The first tenants moved in in July 2019, and 90 residential units are currently leased, Swiss Life Asset Managers said. Completion of the project is planned "in a timely manner." Neu Wulmstorf is well connected to public transport: Hamburg city center can be reached in around 30 minutes via the S-Bahn.

With the two acquisitions, the Swiss Life Living + Working portfolio now comprises 21 properties in five countries. (ah)