P+P advises EQT on sale of Charleston to KOS and a real estate portfolio to Primovie

August 2019

The EQT Infrastructure II fund ("EQT") sold Charleston Holding ("Charleston") to KOS and the real estate associated with the operations of Charleston to Primovie, managed by Primonial REIM ("Primonial") respectively. The transactions still require the approval of the antitrust authorities.

KOS is a leading Italian healthcare group generating EUR 545 million in revenue by offering integrated nursing care services with more than 8,150 beds.

Primonial is a major European real estate investment manager with EUR 17.2 billion in assets under management, focused on healthcare and education.

EQT founded Charleston in 2014. Headquartered in Füssen, Germany, Charleston operates 47 nursing homes with 4,050 beds and seven out-patient nursing locations. The company generates more than EUR 160 million in revenue and has around 3,400 employees. In the pursuit of a buy-and-build strategy in the German nursing home sector, Charleston has executed nine add-on acquisitions, which also encompass related real estate. Thus, a high-quality and diversified portfolio of 20 nursing homes was acquired.

P+P Pöllath + Partners advised EQT Infrastructure and Charleston on all legal matters with the following multidisciplinary team across all locations:

P+P has supported EQT and Charleston right from the start in their successful growth strategy and provided legal advice on all add-on transactions.