Gefcare Real Estate Fund

Investment Objective

Acquire yield generating senior housing properties in Germany, rented out under long term contracts to top tier nursing home operators.
Expected portfolio: 15-20 properties with 1,600-2,000 beds.

Investment Strategy

A unique investment proposition combining current cash flow and capital appreciation in a growing and uncorrelated sector.
Build up a critical mass portfolio of quality senior housing assets sufficiently large to attract institutional investors willing to pay a premium to access sizeable portfolios in this emerging and still fragmented asset class.

Current portfolio
Nursing Homes Market: anticyclical, growing and recession-­proof

  • Sector mainly driven by natural demographic demand and resilient to the economy and markets
  • Regulated and government supported by the leading European country
  • German senior housing market expanded twice faster than GDP in the last 10 years and it is expected to grow at 5% p.a. until 2050
  • Long term leases (25 years) indexed to CPI (inflation protection)
  • Attractive acquisition yields (7-8%p.a.) compared to other developed markets (150-200 bps)
  • Price per sqm (EUR 1,500 per sqm) lower than replacement cost

Quarterly Adjusted NAV per share (*)