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Case study Cushman Wakefield advita Pflegedienst GmbH Case study Cushman Wakefield advita Pflegedienst GmbH

Success Stories

advita Pflegedienst GmbH

Advita is shaping the future of care, relying on the capital from the sale & leaseback of its own care properties. And for several years now, also on our sales and negotiation expertise.

01 The opportunity

Assisted living is considered the future of care provision - because it is by far the most popular form of housing among German senior citizens. And this is precisely what advita Pflegedienst GmbH has dedicated itself to. As the market leader in the field of outpatient care services, advita combines outpatient care services with assisted living and day care - a unique and enormously sustainable model throughout Germany, for which advita was already awarded Operator of the Year in 2017. Because it is oriented to the trend of constantly increasing demand for age-appropriate - and above all dignified - living with full care for all care levels at the same time.

At the same time, the care service was faced with the problem of lack of suitable properties, especially in the smaller and medium-sized towns. And so, together with its sister company Senioren-Wohnen GmbH, it decided to renovate a large number of existing buildings, to convert them into advita homes and also to develop new customised properties. With a high financial outlay of their own. And the subsequent question: how to recoup the capital for new investments? The solution: sale & leaseback. But how and where can the right buyers be found? How can the best possible price be achieved? And how do you organise the whole process from the intention to sell to the watertight "lease back" contract?

These were the questions advita approached our health care team with in 2018. In concrete terms, the first step was to sell a package of twelve properties with subsequent leaseback. The goal: to achieve the highest possible sales price while at the same time ensuring a high level of transaction security. An interesting assignment with the special challenge that it was not just about an everyday real estate sale, but about a special mix of existing buildings and new developments at various locations, about the "co-sale" of an entire operator and care concept and the negotiation of a lease at the most favourable conditions possible.
Case study Cushman Wakefield advita Pflegedienst GmbH

02 The solution

The beginning and basis of our cooperation with advita was first of all the deep "digging" into the content of the extraordinary operator concept. With this knowledge, we were then able to use our contacts with national and international investors to approach potential buyers in a concrete way. In a Europe-wide roadshow - for example in London - we presented the portfolio and all individual properties in detail, as well as advita's recipe for success, its business model and expansion strategy. 

In the subsequent structured, multi-stage bidding process, we then quickly engaged with the suitable investors. In parallel with the purchase contract negotiations, we drafted a lease and also took over the negotiations on behalf of our client.

03 THE RESULT

We were able to sell the entire package of twelve advita houses to the pan-European real estate investment and wealth manager Primonial as planned. This was a worthwhile outcome for our client, who once again had new liquidity for operational expansion and the opportunity to operate profitably in the properties on a sustainable basis. Thanks to this success, the cooperation continued after this mandate: the following year, we sold a further portfolio of seven advita homes. The successful bidder was Patrizia AG

These two major sale & leaseback deals attracted the attention of the industry. In the meantime, properties leased by advita Pflegedienst GmbH are considered "investor's favourites" and an absolute core investment in the market. advita has established itself as one of the favourite operators in the outpatient assisted living segment and, thanks to the two real estate transactions, has also made its mark on the German real estate market. 
Case study Cushman Wakefield advita Pflegedienst GmbH Case study Cushman Wakefield advita Pflegedienst GmbH

"All in all, a very good experience  also because it was personally very enjoyable and pleasant working together."

Dr. med. Dipl.-Psych. Matthias Faensen
Shareholder and Chairman of the Advisory Board of advita Pflegedienst GmbH as well as managing partner of Senioren-Wohnen Holding GmbH.

 
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CONTACT

Jan Bastian Knod

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