TSC German Property Income Fund

Investment Objective

Acquire yield generating senior housing properties in Germany, rented out under long term contracts to top tier nursing home operators.

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.

The fund has been launched in 2010, has concluded the investment phase and today manages a portfolio of 14 properties.

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 (*)
Current portfolio

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Threestones Capital

Pohlheim
Region: Hesse
Sqm: 3,200
Beds: 79
Tenant: –
Type of rent: –

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Threestones Capital

Wetzlar
Region: Hesse
Sqm: 10,971
Beds: 112 + 20 Apts
Tenant: Alloheim
Type of rent: double net

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Threestones Capital

Lübeck
Region: Schleswig - Holstein
Sqm: 4,565
Beds: 116
Tenant: Michael Bethke
Type of rent: double net

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Threestones Capital

Sülzbach
Region: Bavaria
Sqm: 5,500
Beds: 119
Tenant: Procurand
Type of rent: double net

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Threestones Capital

Bielatal
Region: Saxony
Sqm: 4,573
Beds: 80
Tenant: AGO
Type of rent: double net

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Threestones Capital

Strausberg
Region: Brandenburg
Sqm: 12,275
Beds: 139 + 75 Apts
Tenant: Procurand
Type of rent: double net

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Threestones Capital

Bad Elster
Region: Saxony
Sqm: 8,788
Beds: 110 + 9 Apts
Tenant: Alloheim
Type of rent: double net

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Threestones Capital

Igersheim
Region: Baden-Wüttemberg
Sqm: 6,055
Beds: 114
Tenant: Phönix (Korian Group)
Type of rent: double net

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Threestones Capital

Mainaschaff
Region: Bavaria
Sqm: 5,377
Beds: 127
Tenant: Phönix (Korian Group)
Type of rent: double net

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Threestones Capital

Lehrte 1-2
Region: Lower Saxony
Sqm: 8,765
Beds: 134 + 10 Apts
Tenant: Procuritas
Type of rent: double net

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Threestones Capital

Bad Sooden
Region: Hesse
Sqm: 7,940
Beds: 132
Tenant: Senator
Type of rent: double net

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Threestones Capital

Berlin
Region: Berlin
Sqm: 6,867
Beds: 141
Tenant: Pro Seniore
Type of rent: double net

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Threestones Capital

Stemwede
Region: N.R. West Phalia
Sqm: 3,602
Beds: 80
Tenant: Procuritas
Type of rent: double net

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