PATRIZIA, an internationally active real assets investment manager, has established a partnership with Sixth Street, a global investment firm. This cooperation serves to recapitalise a portfolio of rehabilitation clinics in Germany. Legal advice for PATRIZIA was provided by the global law firm Clifford Chance. The facilities involved are classified as systemically relevant.
As part of this transaction, PATRIZIA will continue to manage the portfolio through its existing closed-end fund. Responsibility for investment management remains with PATRIZIA, thereby ensuring continuity in portfolio steering and development. Sixth Street provides long-term capital for the subsequent ownership phase of the portfolio, without assuming operational responsibility.
Operational and Asset Management Structure
The daily operations and asset management of the portfolio will in future be handled by K2MB Capital. K2MB Capital is an investment and asset manager specialising in social infrastructure and healthcare properties. This division of tasks underscores a structure in which investment and operational management expertise are combined to preserve and increase the value of the portfolio.
The transaction reflects the continuously positive development of the rehabilitation sector. Market demand for healthcare properties in this segment receives constant support. Primary drivers of this development include demographic changes, the continuously increasing demand for healthcare services, and the fundamental importance of these facilities for the German healthcare system.
Advisory Team Involved
Clifford Chance's advice was significantly provided by a team led by Partner Dr. Fabian Böhm. Further members of the real estate law team included Senior Associates Sabrina Tenebruso and Tatjana Bougargour, as well as Senior Transaction Lawyer Birgit Seyfert, all from the Frankfurt office. Additionally, Senior Counsel Dr. Alexandra Margarete Uhl from the funds sector, also based in Frankfurt, contributed to the advice.
- —PATRIZIA: Continues to undertake the investment management of the portfolio.
- —Sixth Street: Provides long-term capital for the next ownership phase.
- —K2MB Capital: Responsible for daily operations and asset management.
- —Clifford Chance: Advised PATRIZIA on legal aspects of the transaction.
