Wohn- und Pflegeeinrichtung Martha

You invest through this proposition in a residential care facility with adjoining assisted-living apartments in the German federal state of Thuringia. The intended term is 18 months and the fixed interest rate is 8.25% per year. As an investor you receive a second-ranking mortgage security on the property, with additional securities. The loan-to-value is a maximum of 64.1%.

The residential care facility is centrally located in Oldisleben, close to daily amenities such as a supermarket, a church and a childcare centre. The property is leased for a multi-year period to AWO (Arbeiterwohlfahrt), one of the six recognised organisations within the German Freie Wohlfahrtspflege and, with more than 300,000 employees, one of the largest and most stable care tenants in Germany. The building comprises 54 intramural care units and 6 independent assisted-living apartments, each with its own terrace.

The loan is provided to the project owner for the purpose of acquiring an interest in the property company. The collateral remains owned by the property company. In addition to this property, five other care locations form part of the same company. The initiator has an extensive track record and owns multiple commercial and residential (care) properties both domestically and abroad.

Key features of this proposition:

• Fixed interest rate of 8.25% per year
• Intended term of 18 months
• Second-ranking mortgage right
• Pledge of the shares
• Loan-to-value of 64.1%
• Leased for a multi-year period (100% occupancy rate)
• Reputable, nationwide care operator
• Stable rental income
• Addresses substantial demand for care
• Very good state of maintenance
• Experienced project owner
• Monthly payout
• Interest-bearing immediately upon deposit
• One-time brokerage fee of 0.45%
• Investing is possible from €2,500

Die Pflegeimmobilie, auch Haus Martha genannt, ist ein Pflegeheim mit betreuten Wohnungen in Oldisleben, einem Dorf, das seit 2019 Teil der Gemeinde An der Schmücke im deutschen Bundesland Thüringen ist. Die Gemeinde An der Schmücke zählt rund 6.000 Einwohner, verteilt auf eine Fläche von etwa 95 km². Die Region weist die für Thüringen typischen demografischen Merkmale auf: Überalterung, Bevölkerungsrückgang und ein wachsender Anteil älterer Menschen machen Pflegekapazitäten in der Umgebung strukturell relevant. Das Gebäude wurde im Februar 2016 als eines der modernsten Pflegeheime der Region eröffnet und ist seitdem als vollwertige Pflegeeinrichtung in Betrieb.

Die gesamte vermietbare Fläche beträgt 2.450 m². Haus Martha verfügt über 50 Zimmer und bietet insgesamt Platz für 54 Betten, aufgeteilt in 46 Betten in Einzelzimmern und 8 Betten in Doppelzimmern. Der Anteil an Einzelzimmern beträgt rund 92%. Darüber hinaus verfügt der Komplex über 6 betreute Wohnungen, die an das Hauptgebäude angrenzen. Das Objekt wird als Pflegeheim in Kombination mit Assisted Living genutzt.

The care real estate market around Oldisleben is strongly influenced by demographic developments in the federal state of Thuringia, and in particular in the Kyffhäuserkreis district. The share of the population aged 65 and over in Thuringia was nearly 27% in 2020, and is expected to rise to approximately 33% by 2040. Thuringia is therefore among the most aged federal states in Germany. This high share of elderly residents means that a relatively large part of the population belongs to the groups with an increased likelihood of requiring care.

This demographic development translates into structural demand for intramural elderly care, nursing home places and forms of assisted living. The number of people aged 80 and over in Thuringia will rise between 2028 and 2040 from approximately 170,000 to more than 225,000, a group with the highest likelihood of requiring care. For smaller settlements such as Oldisleben, which fulfil a caregiving function for the surrounding villages within the Kyffhäuserkreis, this means that care facilities are used not only by local residents but also by elderly people from the wider region.

Against this background, a stable market foundation for care real estate is emerging in Oldisleben. The combination of a strongly aged population, an already high care ratio in the region and a structurally increasing share of people aged 80 and over results in a sustainable and predictable operating climate for care facilities within this segment in Thuringia.

The property's rental income amounts to approximately €456,000 per year, corresponding to approximately €15.50 per m² per month. The weighted average remaining lease term (WALT) is currently 5.5 years, ensuring stable and predictable cash flows. The operating result provides ample coverage for the interest costs of the loan. The tenant of the care property is AWO AJS (Arbeiterwohlfahrt Alten-, Jugend- und Sozialhilfe gGmbH), the Thuringian regional entity of AWO. AWO is one of the six recognised organisations within the German Freie Wohlfahrtspflege and operates nationally with more than 300,000 employees and approximately 2,100 locations. AWO AJS manages 38 nursing homes in Thuringia and, over the period 2013 to 2023, has steadily expanded both the number of locations (+20%) and its workforce (+32%). Revenue and equity have risen consistently over the same period. The rental income of Haus Martha is covered by structural Pflegevergütung payments through long-term agreements with the Pflegekassen (care insurance funds), which ensures stable cash flows independent of market fluctuations.

The lease agreement is structured on the basis of a double net lease model. This means that, in addition to the rent, the costs of maintenance and insurance are also borne by the tenant, while the owner remains primarily responsible for the structural building components. This structure limits operational costs and risks for the owner, offers a balanced division of responsibilities, and contributes to stable and well-predictable net cash flows over the long term.

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