Principal Core European Series

German Healthcare Strategy

The German Healthcare Strategy will invest in a diversified real estate portfolio of specialist healthcare assets throughout Germany.

The German Healthcare Strategy is to invest in a balanced, regionally diversified portfolio with long-term value stability, benefitting from favourable demographic trends and the contiued strength of the German economy.

The strategic focus is on health care, assisted living and other specialist health-related asset types, including rehabilitation clinics, psychology units, outpatient healthcare properties, encompassing gerontology and oncology, and medical care centres.

The lot sizes of the target properties will range between €7 – €20 million for care home and assisted housing, and between €10 – €30 million for rehabilitation clinics and medical care centres. The strategy will favour the residential care sector, with a 60% weighting, developing a secure, long term income profile.

Principal believe the yield spread for health care assets, in comparison to other sectors, as well as the existing competitive financing terms available, make this strategy particularly attractive. Principal Real Estate Europe is already well-established with long-term expertise in the German health care real estate sector and our market presence and experience enable us to make targeted acquisitions in this specialist sector.


  • Core / Core+ 80% 80%
  • Value-added 20% 20%
  • Opportunistic 0% 0%

Principal Real Estate Spezialfondsgesellschaft mbH


Real Estate AIF according to KAGB for institutional investors


Sector fund with the focus on real estate health care in Germany




Core / Core + / value-added


Launch in 2018 with an indefinite term


€150 million


Up to €300 million


Max: 50%


€10 – €25 million


6 % cash flow yield p.a. (10-year average), 6 % IRR


1.2 %


Mathias Staudt - Fund Manager - Biography and contact details

Mathias Staudt

Fund Manager

As Manager of the Principal Care Invest I Fund, Mathias Staudt is responsible for the fund management of the vehicle as well as for transactions, asset management and external fundraising. Prior to Principal Real Estate Europe, Mathias worked at OPC, a specialist healthcare advisor for care homes, rehabilitation clinics and hospitals. At OPC, Mathias worked as a consultant advising one of Germany’s largest care home funds with 46 properties and a portfolio volume of €460m – in parallel he acted as interim manager to two rehabilitation clinics and a care home in the ownership of international and national institutional clients.

Mathias studied law at Bonn University. Post University he commenced legal clerkship at the court of Bonn with secondments to the tax office in Leverkusen, financial court in Cologne and a law firm in Verona, Italy. Following clerkship, Mathias joined a specialist healthcare investor in Dusseldorf.

Phone: +49 (0) 69 50 50 66 90


Principal Real Estate Spezialfondsgesellschaft mbH
Phone: +49 (0) 69 50 50 66 90 Fax : +49 (0) 69 50 50 66 929

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