Berlin, 17 July 2018 – Berlin-based Capital Bay GmbH (CapitalBAY) has acquired the “Albert-Schweitzer-Haus” nursing home in Mannheim from the German Red Cross (DRK) for a mid-seven-figure sum.
The retirement home, located on Viehhofstrasse in the Schwetzinger Vorstadt quarter, currently has over 100 beds and a total usable floor space of just under 5,000 sq.m. Built in 1985 and last renovated in 2003, it is scheduled for extensive modernisation in the next two years. In a first step, a dementia ward currently disused is being redesigned.
George Salden, CEO of CapitalBAY, says: “We are going to spend an initial EUR 2m or so on the building’s modernisation, which enables us to reopen a disused floor, which in turn enhances the value for our investors. Generally, the German nursing and retirement home real estate market is still very attractive. We are planning further growth in this asset class.”
CURATA Care Holding GmbH, CapitalBAY’s cooperation partner for nursing home properties, has taken over operations of the facility as well as all of its employees with effect from 1 July 2018. Dieter Wopen, managing director of CURATA, explains the modification: “With the building measures, we are going to improve living quality and create more space for every single resident of the nursing home.”
The home is close to local recreation area Luisenpark and offers good shopping facilities as well as very good public transport connections via bus and tram.