AXA IM Alts has entered the Spanish healthcare market, focusing on the development of best-in-class ESG-compliant care home assets. The debut investment, on behalf of clients, comprises the development of a healthcare complex in Zaragoza, Spain.
As part of AXA IM Alts’ longer-term strategy targeting the sector, the first investment will see the development of a 12,600m² state-of-the-art health facility in Zaragoza, the capital of Spain's Aragon region, and will include 270-beds in total across a nursing home and mental health clinic, alongside a separate day care centre on-site. Grupo Lar has been retained as developer and will also support in sourcing suitable land for further opportunities, as well as pre-leasing approved schemes to leading operators and managing the completed developments.
The asset is due to be delivered in Q4 2025 and has been pre-let on a long-term lease to Grupo Mimara, an experienced elderly care home operator with 13 residences across Spain. The centrally located and well-connected plot benefits from a strong local catchment with limited competing offerings.
Esther Escapa, Head of Transactions & Development Iberia at AXA IM Alts commented: “The healthcare asset class in Spain is highly fragmented with low volumes of institutional participation and acute undersupply. We see an opportunity for AXA IM Alts to leverage its track record in the sector to become a leading investor in this market. We hold a strong conviction in healthcare real estate given the demographic trends underpinning it, which have become increasingly pronounced in Spain as the aging population expands, without the supply to accommodate it. Through our dedicated new strategy we will aim to fulfil a clear gap in the market and provide purpose-built, high quality and ESG-compliant real estate solutions for healthcare operators across Spain.”