Sixth Street Recapitalizes German Healthcare Clinic Portfolio Managed by PATRIZIA, Appoints K2MB Capital as Asset Manager

Sixth Street has partnered with Patrizia to recapitalize a portfolio of post-acute healthcare clinics across Germany, the firms announced July 9, 2026. Under the transaction, Sixth Street has provided long-term capital to support the portfolio's next phase of ownership, while PATRIZIA will continue to manage the assets through its closed-end fund.

K2MB Capital, a pan-European investment and asset manager specializing in healthcare and social infrastructure real estate, has been appointed by Sixth Street to handle day-to-day operational and asset management of the portfolio. PATRIZIA will continue to provide investment management, ensuring continuity through the transition.

Deal Structure and Capital Stack

The transaction is structured as a recapitalization rather than an outright sale, with Sixth Street providing long-term capital into an existing portfolio while the current management framework remains in place. PATRIZIA was advised on the transaction by BNP Paribas Real Estate and Cushman & Wakefield.

Financial terms of the transaction, including deal size, loan amounts, and individual property metrics such as addresses, building sizes, and occupancy rates, were not disclosed as of the announcement.

Post-Acute Healthcare: Sector Fundamentals

The announcement describes the portfolio as comprising "mission-critical post-acute healthcare clinics" that play an essential role within Germany's healthcare system. Sixth Street cited structural demographic trends, increasing healthcare needs, and the essential role these facilities play within Germany's healthcare system as the rationale for the investment.

About the Parties

Sixth Street is a global investment firm with over $135 billion in assets under management and committed capital. The firm employs more than 750 team members, including approximately 300 investment professionals worldwide, and was founded in 2009.

PATRIZIA has operated as an investment manager in global real assets for more than 40 years, with a focus on real estate and infrastructure. The firm currently manages approximately EUR 56 billion in assets under management and employs around 800 professionals across 26 locations worldwide. PATRIZIA's investment strategies are organized around what the firm describes as "DUEL" megatrends — digital, urban, energy, and living transitions.

K2MB Capital is headquartered in Berlin and describes itself as a pan-European, owner-managed investment boutique specializing in healthcare and public social infrastructure real estate. The firm's four founding partners collectively bring more than 75 years of experience across investment, asset, and fund management.