AviaRent heading to €1.4bn in nursing home, micro-living AUM

Luxembourg-registered AviaRent Capital Management, which specialises in German nursing home and micro-apartment investing throughout Germany, said in a recent meeting with REFIRE that it had invested over €250m in the market in 2015, while launching two new funds at the end of the year.

CEO Dan-David Golla pointed to the increasing competition in the hunt for good-quality assets and the continued high demand for living accomodation in Germany's bigger cities. "Although we didn't fully match our expectations in investment volume terms, nor surpass the previous year's investment level, we're still happy with what we've achieved given the steep rise in prices in the market. We were able to hold on to our market share of about 20% in the nursing home market, along with our leading position in the micro-apartment sector despite many new market participants," he said.

Adding to earlier funds CareVision II and MikroQuartier I, which both closed to new investment early in 2016, the company launched CareVision III and MikroQuartier II at the end of the year. CFO and managing partner Mathias Giebken said, "Both funds pursue the same strategy as their predecessors and are already in the investment process. The first capital calls were already made in December.  We are processing our existing and secured pipeline of more than €400 million, which we have already secured in the previous year, and will thus increase our planned growth from €1 billion to around €1.4 billion in a constricting market year“.

The independent, non-listed fund manager's earlier fund, CareVision II, has already bought 25 nursing homes, bringing AviaRent's care and assisted living units up to 4,500, while the likewise closed MikroQuartier I has bought 16 micro-apartment buildings, bringing the group's holding up to about 2,500 apartments. It also owns children's day-care centres with up to 2,000 places in its Kinderwelten I fund.