AXA IM - Real Assets has completed the acquisition of a portfolio of care homes in Paris, France for c. €250m.
The fully occupied portfolio, which was acquired from GDP VENDOME Group, comprises eight high quality and modern nursing homes totalling over 40,600 m² and providing 815 care beds. The properties are located in Asnieres, Maisons-Laffitte, St Cloud, and Sevres. All eight assets are exclusively leased and operated by one of the largest private nursing home operators in Europe.
Andrew Ovey, Head of Healthcare at AXA IM - Real Assets, commented: “In line with the majority of Western Europe, the dependent population in France continues to expand, with 7.5% growth forecast by 2020, increasing the need for dedicated care facilities. These demographic trends, against a backdrop of constrained supply and increasing demands on public spending, leave us well placed to generate potential sustainable returns from our penetration of this sector for our investors.”
John O’Driscoll, European Head of Transactions at AXA IM - Real Assets, added: “This acquisition aims to build on a strong track record of transaction activity in the French market, and is a further example of our ability to source and secure unique investment opportunities in fast-growing niche sectors on behalf of our clients.”