The EQT Infrastructure II fund has entered into a definitive agreement to sell Charleston Holding to KOS and the real estate associated with the operations of Charleston to Primovie, a healthcare and educational focused real estate fund managed by Primonial REIM respectively.

KOS is a leading Italian healthcare group generating EUR545 million (US$606 million) revenues by offering integrated care services with more than 8,150 beds. Primonial is a major European real estate investment manager with EUR17.2 billion (US$19 billion) assets under management.

Headquartered in Füssen, Germany, Charleston operates 47 care homes with 4,050 beds, four daycare centers, and seven ambulatory care locations. The Company generates more than EUR160 million (US$178 million) revenues and has around 3,400 employees.

EQT founded Charleston in 2014 with the vision to pursue a buy-and-build strategy in the German care home sector. Together with the management team and the advisory board, EQT has supported Charleston’s growth to become a leading care home operator in Germany.

During EQT’s ownership, Charleston has executed nine add-on acquisitions, opened several greenfield projects, grown revenues by 16 times, and built a strong growth platform with a high focus on quality care. As the add-on acquisitions have selectively included related real estate, high quality and diversified portfolio of 20 care homes operated by Charleston has been composed.

The transaction is subject to customary conditions and antitrust approval. It is expected to close in the second half of 2019.

Société Générale acted as financial advisor and Pöllath+Partner as legal advisor to EQT. Strategy&, EY, and JonesLangLaSalle assisted in preparing vendor due diligence materials.