Berlin-based Capital Bay GmbH has acquired the Albert Schweitzer nursing home in Mannheim from the German Red Cross (DRK). The purchase price was in the mid single-digit million range.
The retirement home in Viehhofstrasse in Schwetzinger Vorstadt currently has more than 100 beds and a total usable area of almost 5,000 m². Built in 1985 and last renovated in 2003, the nursing home will be extensively modernised over the next two years. In a first step, a currently vacant dementia ward will be remodelled, among other things.
George Salden, CEO of Capital BAY, says: "We are initially providing around EUR 2 million for the modernisation of the building, allowing us to bring an empty floor back into use. This raises value for our investors. Overall, the retirement and care property market in Germany remains very attractive. We are planning further growth in this asset class."
CURATA Care Holding GmbH, CapitalBAY's cooperation partner for care properties, took over the operation of the facility and all employees on 1 July 2018. Dieter Wopen, Managing Director of CURATA, explains the remodelling: "With the structural measures, we will improve the quality of living and create more space for each individual resident."
The building is close to the popular Luisenpark recreational area, offers good shopping facilities and has excellent public transport connections via various bus and tram stops.