Round Hill Capital and Auxenia RE have acquired Pflege-Residenz-Beuren, a senior living facility in Beuren, Germany.

The transaction was part of Round Hill Capital's investment strategy, which includes the creation of a portfolio of nursing homes in Germany, capitalizing on opportunities created by a shortage of quality nursing homes and an aging population. The cost of the improvement of the proposed equipment, the increase in the number of beds by adding an extension and the development of the service offer is about EUR32 million (US$35 million). Pflege-Residenz-Beuren has 132 care departments located in two buildings. With the refurbishment of these buildings, the offer will expand to include a total of 166 single beds and a serviced living area. After reconstruction, the complex will include 9,845 sq. m of household premises designed to maintain the health and well-being of residents.

The senior living facility will be managed by Cosiq. As part of the deal, Cosiq acquired the operating company that manages the asset and signed a new 20-year lease for the existing facilities and the new building.