AviaRent acquires senior residence in North Rhine-Westphalia for its CareVision III fund

• 128 assisted living places in two properties in inner-city location
• Gross floor area of 9,800 square metres includes living space and communal areas

AviaRent has acquired an assisted living residence in Brühl, North Rhine-Westphalia for its CareVision III open-ended special AIF.

The 12-storey senior residence at Schillerstraße 2–4 was built in 1985 and comprises 116 assisted living units and a restaurant. The adjoining property, Schlösschen, was built in 1986 and contains an additional twelve apartments on two and a half floors. The two properties have undergone regular maintenance and renovation and have a combined gross floor area of over 9,800 square metres.

“This senior residence is the foremost address for assisted living in the centre of Brühl. We will be proceeding with the revitalisation of the property now that the acquisition has been concluded”, says Yenna Haack, CEO of AviaRent Invest AG. “We’ve already identified the measures and investments required to satisfy the highest standards for senior living and to enable the long-term integration of the residence into our portfolio”.

The senior residence is located in the centre of Brühl in the Rhein-Erft district of North Rhine-Westphalia within the Rhine-Ruhr metropolitan region. Within a radius of 500 metres, residents have convenient access to doctors, restaurants and public transport. The nearest hospital is a seven-minute walk away and a pharmacy is directly connected to the property.

CareVision III is an open-ended special AIF and invests in long-term care facilities with a geographic focus in Germany. The fund’s investment strategy targets the acquisition of inpatient care facilities and also includes investments in the development of future alternative forms of living in the “Assisted Living Plus” segment, such as senior citizens’ shared apartments and assisted living properties.