Lease signed for new nursing home operator in Hohenlockstedt

The new operator has agreed to fully modernising the existing facility and expanding the operation by 40 beds. There is an additional investment required of €2.8 million which will be sourced using a combination of cash surplus within the company and bank finance.

Once the investment is in place and the expansion complete, the rent roll will increase from €480,000 p.a to €720,000 p.a. Architects work to seek planning permission will commence immediately once all operating licenses and state contracts have been transferred. The Directors are delighted to welcome Anderson Holding on board which is excellent news for the Fourth Augusta Syndicate.