Stella Vitalis Nursing Homes, Germany


Investment Date
Q2 2007

Exit Date
Properties – Q3 2018 Operations – TBC

Asset type
Nursing homes

Revcap strategy
Portfolio build up /
Niche investment category

Revcap Fund
Revcap I

Investment Type
JV Equity /
Platform Investment

Background and Opportunity

  • 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 is 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

Transaction Progress

  • Revcap and its JV partners have committed to 20 nursing homes comprising over 1,800 beds with a substantial number in the pipeline

Current Status

  • Stella Vitalis’ stabilised homes are operating at over 95% occupancy
  • 300 further beds are in the development process and other strategic opportunities are being pursued
  • The nursing home properties were sold in 2018 to an institutional acquirer at a level materially above underwriting. The operating platform was retained


  • Ark Data Centres, UK
  • Empiric Student Property, UK
  • Carisbrooke Recapitalisation, UK
  • Insite Poster Properties, UK