16.09.2025

Industrial monument Salzmann in Bettenhausen – Cureus transfers units of senior living for individual sale to Pecuria – Sales launch to follow shortly

Assisted living and inpatient care units intended for sale to private investors
Sales of assisted living units in the listed building to start shortly – 96 units, 33 to 67 m², purchase prices from around EUR 215,000, attractive interest and depreciation options
Sales preparations also underway for care apartments in the new building
Preparatory construction measures started on the site for new construction and renovation
A new, vibrant centre for all generations is being created in Bettenhausen
Residential, care, small businesses, supermarket, restaurants, culture and space for leisure and recreation planned for the site
Completion of the entire Salzmann industrial monument residential complex expected in 2028
Investment of up to EUR 100 million planned for the entire project

Hamburg/Hanover/Kassel-Bettenhausen, 16 September 2025. Cureus, the project developer from the Lindhorst Group, has commissioned Pecuria, a specialist in the individual sale of sustainable care apartments, with the sale of the soon-to-be-built units for assisted living and inpatient care on the grounds of the Salzmann industrial monument in Kassel-Bettenhausen. Both properties will be transferred to Pecuria from the Cureus portfolio and divided into 96 apartments for assisted living and 163 care apartments for sale in accordance with land registry law.

Christian Möhrke, CEO of Cureus, comments: "We are delighted that the project involving the former Salzmann factory is now gathering pace and that preparatory construction work for the renovation and additional new buildings has been underway since the summer. With regard to the sale of the senior living units, it should be noted that Pecuria is a subsidiary of Cureus. Together, we have already successfully sold several residential and care facilities to private investors on an individual basis in order to generate liquidity for new projects. This also gives small investors from Kassel and the surrounding area a great opportunity to become part of the history of the Salzmann industrial monument and, at the same time, to make private provisions for their retirement through a capital investment. It should also be emphasised that we are very committed to the location, its history and its future significance. We are, of course, sticking to the renovation and new construction plans. The resulting social housing, commercial and cultural spaces will remain in the Lindhorst Group's portfolio. In this way, we are ensuring the planned development of the entire site into a new, vibrant centre for all generations in Bettenhausen for the city and its residents."

Pascal Kleine, Managing Director of Pecuria, provides an outlook on sales: "We will shortly begin marketing the various sizes of serviced living units in the south wing of the former factory building. Buyers can benefit from the fact that we have already secured loans for them in advance at favourable interest rates of 1.66 per cent from KfW's 261 subsidy programme, which can be transferred to them as part of the purchase. The initial nine per cent depreciation allowance on renovation costs is also particularly attractive for investors. Purchase prices start at around EUR 215,000. We also have a unique offer: on the one hand, we offer a sustainable investment solution with new buildings constructed to high KfW requirements or, in this case, a correspondingly renovated historic building. In addition, Pecuria's security against rent loss, which is unique on the market, offers buyers income security in economically turbulent times. And with our priority right of occupancy for a care place with one of our partners throughout Germany, the offer also includes an excellent social component for buyers. We have just started sales preparations for the inpatient care apartments in the planned new building on the site. Further information on this will follow in due course."

Advantages of an apartment for senior living as a capital investment

Buying an apartment for senior living is similar to buying a freehold flat, except that the purchaser has no claim to its future use. However, this is offset by the priority occupancy right integrated into the Pecuria offer. Buyers of Pecuria apartments can choose from over 200 senior living facilities with more than 14,500 care places and over 1,100 units for senior living in Germany to find the location that suits their lifestyle. This is because every purchaser of a Pecuria apartment is entitled to a unique pre-occupancy right by certificate. This applies exclusively to them and their close relatives in accordance with §15 AO and enables them to be given priority when care places are allocated in one of the partner residences.

The apartments also have a number of advantages over traditional condominiums: rental income is predictable and secure for many years thanks to long-term general rental agreements with solvent operating partners. Should an operator become insolvent, Pecuria's rental trust account steps in and continues to pay the owner the rent until a new lease agreement is signed.

There is also no administrative burden for the individual apartment owner, as the intermediary management company takes care of coordination with the operator. The operator is responsible for renting out the individual apartments, which means that the monthly rental income is secured regardless of the actual occupancy of the apartment. Expenses for new rentals, minor repairs or renovations do not usually affect the investor either, due to appropriately structured lease agreements with the operator.

About assisted living in a listed building – sales launch for 96 flats coming soon

The south-facing wing on the west side of the former Salzmann factory will be converted into 96 units for senior-friendly assisted living, comprising a total of approx. 8,630 square metres of living and usable space. As an experienced, professional operator, compassio will take over the letting of the apartments and the care of the residents once construction is complete. To this end, a 25-year lease agreement with indexation and renewal options has been concluded. The individual apartments are planned with one or two rooms for living and sleeping, as well as cooking facilities, a barrier-free shower room, hallway, balcony or terrace and storage room, ranging in size from 33 to 67 square metres. The purchase prices, including communal areas, start at around EUR 215,000 plus land transfer tax and notary fees. Buyers of this renovation property not only benefit from a five-year warranty period, but also from depreciation options through declining balance depreciation of initially five per cent and monument depreciation of initially nine per cent, as well as the transfer of KfW funds at a loan interest rate of 1.66 per cent as part of the financing. Interested investors can register their interest at info@pecuria.de or by calling 0511-400 80 99 0.

Access to the building and floors for the serviced apartments will be barrier-free and equipped with lifts. The basement of the factory building will also feature parking spaces for motor vehicles, some of which will be accessible for disabled persons and equipped with facilities for e-mobility, as well as spaces for bicycles.

The renovation of the existing building will be carried out in accordance with the special energy standards of the KfW 55-EE programme. New windows with a high degree of insulation will be installed, some of the facades will be insulated from the inside, and solar thermal systems will be installed on the roof surfaces. Heating will be provided by the municipal district heating network. This will make the former factory building climate-friendly and fit for the future.

The restoration and preservation of the factory building in accordance with conservation guidelines includes not only the typical clinker brick façades, the generous window areas on the façades and the architecturally and historically valuable skylight halls, which, contrary to earlier plans, will now be preserved in their entirety as cold rooms, but also the special roofs themselves and the traditional and distinctive ‘Salzmann & Comp.’ advertising lettering on the western gable end. on the western gable end.

The park-like outdoor facilities are available to all residents of the future Salzmann industrial monument residential complex for activities, relaxation and socialising. With green walking paths and benches, they invite residents to linger and enjoy each other's company.

The location in Kassel

The historically significant Salzmann site is located on Sandershäuser Straße, which leads directly into Leipziger Straße. It connects the Bettenhausen district with the city centre on the Fulda river, just two kilometres away, with the main railway station, the old town with its numerous shopping facilities, and many public, cultural and social institutions as well as churches. The nearby Fulda river is also home to the Karlsaue city park, the Auebad Kassel swimming pool, the Buga grounds and the Auestadion Kassel. Furthermore, tram and bus stops are available in the vicinity of the newly emerging Salzmann residential quarter, ensuring regular connections to the city centre and the green surrounding area. Another architectural monument, the Haferkakao factory, is also to be renovated by another investor within walking distance to create a lively place for living, services and commerce with extensive green spaces in accordance with monument preservation guidelines.

About the site of the former Salzmann factory

Detailed information about the planned Salzmann residential complex industrial monument, in which around EUR 100 million are being invested in the creation of living space for all sections of the population, a retirement home, small businesses, a supermarket, restaurants, cultural facilities and areas for leisure and recreation, can be found here in our press release from March 2025: Kassel Wohncarrée Industriedenkmal Salzmann – Cureus. Current visualisations of the historic factory building (south wing) can be found below this press release.

Construction of the approx. 36,500 square metre site began in 1876 with the brick building of the former ‘Salzmann & Comp.’ textile factory, which still stands today. By 1890, the production of tents and accessories was already going very well, so that further factory buildings were erected on the site in the following decades and a total of up to 5,000 employees worked there. When the factory closed in 1971, the site was initially converted into a business park before enriching the life of the city of Kassel as a cultural factory with a wide range of offerings from 1987 onwards. In 2007, the increasingly ageing property changed hands and the investor had plans to build an event arena and an administrative centre. Neither of these plans came to fruition, and in 2012, demolition of the production halls, which were not listed as historic buildings, began. When the Lindhorst Group became involved in the planning in the 2020s, the focus shifted to a mix of affordable housing, senior citizen accommodation, complementary commercial space, culture and sufficient parking space for the future use of the historic site. Now that the Lindhorst Group has taken over the project in its entirety, this new mix has been worked out in detail and is to be implemented from autumn 2025 onwards to revitalise the old Salzmann factory in the form of an attractive utilisation concept for the city and its residents as the new centre of the Bettenhausen district.