Stella Vitalis Nursing Homes, Germany

Germany’s ageing demographic profile, its state funding of healthcare provision and a fragmented nursing home market provide a favourable investment background
Stella Vitalis’ business plan has been to forward commit to and to directly develop new nursing homes in areas of under supply
The JV has generally saught to control both the properties and the operating business to provide very flexible exit optionality
Assets are individually financed at the property level leaving the operating business unleveraged

Revcap and its JV partners have committed to 20 nursing homes comprising over 1,800 beds

Stella Vitalis’ stabilised homes are operating at over 95% occupancy
The nursing home properties were sold in 2018 to an institutional acquirer at a level materially above underwriting. The operating platform was retained