Northern Horizon has acquired a property located in Frederikssund, a medium-sized town in the Greater Copenhagen region that will provide living accommodation for 100 or more senior residents. The more than €30m turnkey transaction is the seed acquisition for Northern Horizon’s latest Fund in the Aged Care series. The 72-bed care home, is operated by Attendo and the acquisition also includes 30 senior housing apartments, all of it completed in 2019. All buildings are built to meet the DGNB Gold Certificate standard.
“Care homes remains our core focus, but we see more opportunities arising where care facilities are combined with senior housing or another usage to create a strong local community. Such mixed senior living focused concepts are more commonplace abroad but are still relatively new to the Nordic region. The creation of larger communities targeting seniors challenges the traditional definition of healthcare assets, but also provides for important service synergies that can create additional value for both residents and operators,“ explained Kasper Wehner, Investment Manager and Country Director for Northern Horizon in Denmark.
The property was developed by SPD, a specialized care home developer in Denmark and Sweden with whom Northern Horizon has completed several successful transactions. Both parties look forward to continuing their collaboration.
“We welcome the opportunity to work with both existing and new partners with a strong track record and pipeline, who are able to meet the requirements of modern care operators and residents. Our commitment to the Nordic market remains strong as we continue to see demographically-driven demand for good quality residential elderly care facilities across the Nordics. Meanwhile, as investment managers, we are happy to have witnessed the resiliency of the Aged Care asset class in light of the current market turmoil. This confirms our opinion that the non-discretionary nature of residential care demand combined with a government-backed Nordic care system will continue to offer stable income going forward,” noted Riikka Moreau, Fund Manager in charge of Aged Care for Northern Horizon.