A purpose-built assisted-living campus of roughly 230 beds with an adjoining boutique hotel, on a substantial heritage estate in the Baltics. Held for a single tenant on a long, indexed, triple-net lease. The owner does not build and does not operate.
All operating cost, maintenance and operational risk sit with the operator. The owner receives a contractual, CPI-indexed rent over a long term — real-asset coupon income, not a development play held on hope.
A committed operator with skin in the game runs the house; a project lead is in place. The owner's role is landlord, not manager. The lease is structured operator-agnostic, with step-in rights and a funded rent reserve.
The Baltics carry a structural, growing shortage of care places, with state co-funding of care fees rising year on year. What fills the building is age cohorts that are already alive — not the property cycle.
Construction cost is roughly EUR 20M against existing senior debt of roughly EUR 14M. On an income basis at a Baltic care cap rate, the asset is worth materially more than it costs to build. There is real substance under the rent.
We are not selling full occupancy from day one, and we are not selling a self-financing equity-multiplication story. This is a development-stage, forward-funded opportunity with a newcomer operator whose risk is structured, priced and backstopped — not hidden. The buyers we want are the ones who de-risk for a living and prefer the honest version. The full risk memo is part of the protected documentation.
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