We are delighted to announce that we have now signed a lease for a new nursing home operator in Hohenlockstedt for the Fourth Augusta Syndicate. As most of you are aware we have been searching for some time to replace the existing tenant who is of poor covenant. We have today signed a lease with Anderson Holding AG who are a multiple nursing operator in Germany. 

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. The Directors are delighted to welcome Anderson Holding on board which is excellent news for the Fourth Augusta Syndicate.