13.01.2025
Cureus is agile in 2024 – New construction, sales and new partnerships also promote successful growth in 2025
- Q4/24: Construction of 164 care and assisted living units begun
- Q4/24: 140 care places and 68 residential units completed
- Strategy expanded to include new construction as replacement buildings with new partner Vitanas
- Successful placement of two locations by the end of 2024
- Targeted property acquisition for new projects continues
Hamburg, 13 January 2025. Cureus, an integrated property company that specialises in developing and actively managing its own care home portfolio, brings 2024 to a successful close. In addition to further project starts and completions in the final quarter, the sale of individual care appartments, the sale of entire locations and the expansion of business activities to include new construction as replacement buildings with the new operator partner Vitanas were also achieved.
A total of 140 care places and 68 residential units were completed between October and December 2024. Work began on the construction of 140 new care places and 24 assisted living units. Over the course of 2024, Cureus even completed 1,047 units (979 care and assisted living units, 68 residential units). Several locations with a total of 925 care and assisted living units were started in 2024. All locations are managed together with different operator partners.
Management commentary on strategic development
Christian Möhrke, CEO of Cureus, is satisfied with the company's current development: ‘Our activities are picking up again in 2024 with the start of construction on 925 care and assisted living units. This puts us ahead of the 728 units started in 2023, a year characterised by economic uncertainties. The situation in Germany had made us even more cautious with construction starts at that time. Today, we can see that our unique concept of system care homes and, above all, our dedicated team and our partners are still securely positioned in the market despite everything. This also makes us optimistic for the coming year and beyond. With the new elections, we expect that politicians will now create planning certainty in order to finally give a boost to the construction of urgently needed care capacities.’ Möhrke also explains how Cureus is approaching the future: ‘We are successfully securing our endeavours through increased sales activities in various ways in order to use the resulting liquidity to invest in new locations. This is not just about developing completely new locations. We are now also expanding our focus to include replacement buildings at established locations for new, well-known operator partners. In this way, ageing locations are raised to a new level and usually also expanded, while the operator retains the necessary staff for operations on site.’
Strategy expansion to new construction as replacement buildings with new partner Vitanas
Cureus and Vitanas, one of the largest private care home operators in Germany, will be forging new paths together in future. The cooperation was concluded in the fourth quarter of 2024 and includes the development of new care locations as well as replacement buildings for existing properties in order to make them fit for the future. The Vitanas Senioren Centrum Am Schäfersee at Stargardtstraße 14 in 13407 Berlin-Reinickendorf marks the start of the project. The challenge at this location is to implement an innovative neighbourhood concept without interrupting operations. The property with the existing building has already been acquired by Cureus. The other contractually agreed locations for new buildings are in Lower Saxony, Schleswig-Holstein and Brandenburg. Full details of the respective projects will be published in due course. Details of the partnership...
Successful placement of two locations at the end of 2024
In addition to the successful sale of sites for individual sales, including with PECURIA - Green Care Invest, Cureus was also able to place two sites with an institutional investor at the end of the year. Details of this transaction will be announced in due course with the transfer of ownership.
Property acquisition and property sales are continued
Cureus continues to selectively sell sites from its portfolio to various market participants if opportunities arise in order to free up additional liquidity for the realisation of further projects.
In addition, the company continues to be active in acquiring land for new projects. The focus here is particularly on North Rhine-Westphalia; Hesse, Lower Saxony, Schleswig-Holstein and Berlin also remain interesting. The company is primarily looking for centrally located plots of land in residential or mixed-use areas of 3,000 square metres or more that are well developed in terms of infrastructure. To the acquisition profile...
Portfolio structure at the end of Q3/2024
Property portfolio
The portfolio now comprises 68 leased properties with 6,738 care places, 749 assisted living units and 249 other units.
Approx. 5,800 units at 39 locations under construction and in the pipeline
Cureus currently has 1,628 care places, 196 assisted living units and 2 other units under construction in 15 locations.
Cureus currently has approx. 2,930 care places, 1.040 assisted living units and 10 other units in 24 locations in planning. All projects in planning have already been notarised.
About the locations started and completed in the fourth quarter of 2024
Cureus continued to successfully complete further care places in the fourth quarter of 2024, including 140 care places and 68 residential units at two locations. Construction of 140 care places and 24 assisted living units at one location began in the fourth quarter of 2024.
The construction of a new senior residence in Halberstadt (Saxony-Anhalt) began in mid-October 2024. Two modern buildings with 140 single rooms for full inpatient care and short-term care as well as 24 assisted living flats will be constructed here for the operator compassio by early summer 2026. The residence will be built in accordance with the state quality seal for sustainable buildings (QNG) in KfW Efficiency House 40 construction and with the aim of achieving DGNB silver certification. Details of the project...
At the beginning of November 2024, 140 single rooms for full inpatient care and short-term care at the compassio Seniorenresidenz Rathenow (Brandenburg) went into operation immediately after completion. The modern new building meets KfW 40 requirements and provides around 80 new jobs. The J-shaped building has a gross floor area of around 7,400 square metres. Details on the project...
Also in November 2024, the final construction phases were completed in Cuxhaven (Lower Saxony) with 68 residential units in four buildings in the first row to the North Sea beach. A compassio senior residence with 110 care places opened on the site in summer 2024. The residential units are being sold via Mayer & Dau Immobilien as the sales partner. The condominiums range in size from 41.65 to 100.46 square metres, with purchase prices starting from 273,000 euros. All buildings are built to sustainable KfW Efficiency House standards, with DGNB Silver certification targeted in some cases. Information here...
Celebrations continued in the fourth quarter of 2024: topping-out ceremonies were held in October and December. Firstly in Uetersen (Schleswig-Holstein) for the new construction of 117 inpatient care places and secondly in Duisburg-Rheinhausen (North Rhine-Westphalia) for a two-part Belia residence complex with 135 care and assisted living units.
Planning and construction in accordance with the Cureus system approach
All Cureus new-build properties are designed and built in accordance with the Cureus standard for system care homes. This specifies uniform, high quality standards and is oriented, among other things, towards the requirements of care home operators, residents and caregivers. This systematic approach enables Cureus to optimise both structural processes and the properties themselves from the inside to the outside. This relates, for example, to the dimensions and arrangement of every room in order to maximise to space and walkways. Cureus care homes are also designed and equipped for maximum utility. Interior corridors benefit from as much daylight as possible, every room has floor-to-ceiling windows and attractive views of the surrounding area, while the modern bathrooms and window fronts always follow the same standardised system approach. The architecture and facade of each residence incorporate individual touches and are constructed to the highest quality standards, integrating seamlessly into their surroundings. The Cureus system approach also prioritises sustainability, both in terms of a care home’s long-term economic viability and its impact on the environment. All Cureus care homes are, for example, constructed in accordance with the ‘Effizienhaus 40 Standard’ of the KfW and target the DGNB silver certificate. Bulk procurement of floor coverings and elevator systems, for example, achieves significant cost synergies. Long-term maintenance contracts that cover several properties also reduce costs for care home operators. The constant review and optimisation of the Cureus system care home standard guarantees the construction of care homes that truly meet demand.
