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To access over 4,000 articles you need to be an HBI Deals+Insights member. This gives you up-to date news, case studies of new business models, interviews with business leaders and investors and a record of recent private equity investments. To get access, contact us on 00 44 207 183 3779 or memberships@healthcarebusinessinternational.comemeis (Orpea) emphasises non-financial metric improvement in 2023 results
Pan-European French nursing home group emeis (formerly Orpea) has emphasised non-financial metrics such as reduced accident rates and increased satisfaction rates in its 2023 results. The company also reported 11% revenue growth for the year, although EBITDA decreased. [+]
Luz Saude IPO to finally go ahead
Luz Saude, Portugal’s second largest private hospital group by revenue, will become a listed company once again, six years after it was taken private by its insurer-owner, Fidelidade. The company has confirmed an IPO on Portugal’s Euronext Lisbon exchange will go ahead, almost a year after reports of plans to relist initially began circulating. [+]
Clariane exploring French homecare business disposal options
Pan-European listed French nursing home group Clariane is exploring disposal options for its Hospitalisation à Domicile and Services de Soins Infirmiers à Domicile (HAD/SSIAD) business in France with the members of the Comité Social et Economique Central d'Entreprise (CSEC). [+]
UK care home sector reaches strongest position in years
Whilst the care home market across much of continental Europe is still reeling from the triple hangover from Covid, the Orpea scandal and inflation, the UK’s care home sector is currently in the best state it's been in for years. [+]
European Healthcare Property Webinar: Unlocking Opportunities in the Cure Sector
This week we held the second webinar in a two-part HBI webinar series on Europe’s healthcare real estate investment landscape - European Healthcare Property Webinar: Unlocking Opportunities in the Cure Sector. The recording of the webinar is now available to watch for all HBI members. [+]
The best of both worlds for property investors?
Property investors are increasingly attracted to healthcare, in large part because tenants with government-backed income are a safe bet and 25-year leases are the norm. But when it comes to green or brownfield healthcare development it is generally the private sector, not the public sector with the most projects. As demand rises the private sector across Europe is taking up some of the slack with either an increased PMI or out-of-pocket spend or through public-private joint ventures. The combination of these two gusty tailwinds could prove very lucrative for property investors. [+]
European Healthcare Property Webinar: How Can Real Estate Investors Improve Care?
Last week we held the first webinar in a two-part HBI webinar series on Europe's healthcare real estate investment landscape: European Healthcare Property Webinar - How Can Real Estate Investors Improve Care?
The recording of the webinar is now available to watch for all HBI members: [+]
Clariane exits the UK and makes progress on Dutch and Belgium sale
Pan-European listed French nursing home group Clariane has successfully exited the UK with the sale of its Berkley Care subsidiary. The group has also made progress on the sale of its Belgian and Dutch branches, but has not yet secured a buyer for these. [+]
How does revenue per bed compare across Europe's largest care home groups? - Infographic
How does revenue per bed compare across different nursing home providers? In this infographic we compare average revenue per bed for Europe's top for-profit nursing home groups. [+]
Property investors’ role in rebuilding trust in the care sector
Reputational risk scares investors. So when a scandal over quality of care of a magnitude greater than any before hit the French nursing home sector in 2022, it sent shockwaves throughout Europe, and scared away many investors. [+]
DomusVi to sell 37 Spanish and Portuguese nursing homes
Pan-European French elderly care group DomusVi is selling 37 care homes in Spain and Portugal to help shore up its finances. The portfolio is reportedly being valued at €350m+. [+]
Real estate matters for health care
This week we published our Healthcare Property Report 2024, an HBI Special Report delving deep into the challenges and opportunities facing real estate investors with a focus on the health care sector. [+]
Clariane sells in the Netherlands
French nursing home operator Clariane (formerly Korian) is selling half of its stake in its joint venture with European real estate investor Aedifica. The sale of the real estate for six Dutch homes for €25m follows Clariane’s plans to reduce its debt and also mirrors rival operator Orpea’s attempts to pull back from the country. [+]
HBI Special Report: Healthcare Property Report 2024
HBI’s Healthcare Property Report 2024 delves into the dynamics and opportunities in Europe’s increasingly exciting health care real estate investment market. The report includes deep dives into elderly care, acute care and primary care, as well as case studies where we interview specialist health care real estate investors who tell us about their investment strategy and share their understanding of the market. [+]
The case for renovating and expanding the UK's old care homes
Two weeks ago we wrote about the dire state of most of the real estate in the UK's elderly care sector, and laid out the case for investing in new builds. But another - cheaper - option for real estate investors is renovating and expanding existing buildings. [+]
Vamed and Median could merge to create rehab giant
Two of the largest rehab groups in Germany could be merged in what looks set to be one of 2024's biggest European health care services deals. Dutch PE firm Waterland Private Equity, which has owned Median Kliniken since 2014, is reportedly the front runner in the sale of Fresenius Vamed's rehab facilities. [+]
Who are Europe's biggest health care real estate investors? - Infographic
Who are the biggest health care real estate investors in Europe? As part of our deep-dive into Europe's health care real estate investment landscape we've put together a list of investors with over €500m health care assets under management. [+]
New entrants could disrupt "tough" fertility market
The cost-of-living crisis is having a huge impact on fertility patients, making the sector ripe for disruption. A fertility expert tells HBI cunning new entrants will be the winners while established PE could well be the losers. [+]
The dire state of (most) UK care homes
The UK's elderly care sector lags behind other major European countries when it comes to the quality of its real estate. Most of its care homes are old converted houses; purpose-built facilities built this millennium account for only around a quarter of care homes. [+]
Bankruptcies of German care homes "will force reform"
As the threat of mass bankruptcies hits the headlines in Germany, HBI hears that residents are beginning to feel the sting of the country’s dwindling supply of nursing homes, and that 2024 could prove to be the tipping point when public pressure actually triggers political change - but things may get even worse before before they get better. [+]
The falling risk premium for investing in care properties - Infographic
Yields for elderly care properties have risen substantially since 2021 across major European markets, as property valuations have been pushed downwards due to falling demand from investors. But yields for government bonds have risen faster, meaning the risk premium for investing in elderly care real estate is now much lower than it was two years ago. [+]
German prospects in 2024: Twice the bankruptcies, half the investment
Between stark drops in investment, the prospect of mass nursing home bankruptcies, and the German Hospital Association warning insolvencies could double in 2024, Germany’s healthcare market is becoming the sick man of Europe. HBI asks a cohort of market experts how the patient is doing, and whether there is a cure. [+]
Threestones buys Spanish care homes from DomusVi
Spanish nursing home operator DomusVi has sold five of its Spanish homes to Luxembourg-based fund manager Threestones Capital Management for around €35m through its TSC Eurocare IV fund, marking Threestones largest acquisition in Spain to date. DomusVi will continue to manage the residences. [+]
The importance of ESG for health care real estate investors
ESG (Environmental, Social and Governance) is a somewhat nebulous concept, encompassing a broad range of feel-good notions. In the health care sphere, it is often emphasised that this involves more than just reducing emissions. Whilst the 'S' part is perhaps the most poorly-defined of the three concepts, saving lives must surely come under it! [+]
For-profit hospital stock in major European markets - Infographic
In last week's infographic we looked at the for-profit nursing home stock in major European markets. This week we look at the for-profit (as well as not-for-profit and public) hospital stock in the UK, France, Germany, Italy, Spain, Portugal, Poland and Ireland. [+]
Orpea's Refoundation Plan - one year on
One year ago Laurent Guillot, the new CEO of French nursing home operator Orpea, presented ‘ORPEA CHANGE! WITH YOU AND FOR YOU’ to shareholders. After a turbulent time, HBI speaks to two market experts asking - is the recovery plan on track? [+]
For-profit care home stock in Europe's four biggest care home markets - Infographic
Care homes comprise the majority of investment volumes within health care real estate in Europe. There are tens of thousands of care homes across Europe, but it is typically only those in the for-profit sector that are available to be acquired by real estate investors. In this infographic we look at the care home stock in Europe's four major markets for health care real estate investment - Germany, France, Spain and the UK - and provide estimates of how much are operated by for-profits. [+]
Propco deal activity has been as muted as opco in 2023
We’ve written a lot about the slowdown in M&A activity over the past year or two. But rising interest rates haven’t only adversely impacted opco acquisitions. They’ve had a similarly negative impact on propco investment. [+]
The tricky Belgian nursing home market: Why Orpea is staying, and Clariane likely to leave
Last week French nursing home group Clariane (formerly Korian) announced the sale of assets totaling €1bn, with its Belgian assets tipped to be top of that list. Within days, the Belgian CEO of rival operator Orpea revealed that - contrary to some expert predictions - Orpea will remain in the region. What does this mean for the market? [+]
The declining profitability of UK care homes - Infographic
Profitability in the UK's care home sector has been declining pretty consistently over the past 15 years. This trend has continued over the past four years - although not as dramatically as you might expect given cost increases - according to data collected by real estate consultancy Knight Frank. [+]
Clariane to sell €1bn of assets and possibly exit Belgium and The Netherlands
Pan-European French elderly care giant Clariane (formerly Korian) plans to sell over €1bn worth of assets to help shore up its finances and get its debt-to-equity leverage ratio under 3x by 2025. Its Belgian and Dutch nursing homes are top of the list of potential assets to sell. A real estate investor with close connections to the company tells us this will involve the sale of the opco as well as the propco, but a Clariane spokesperson declined to confirm this for us. [+]
Eugin sells for €500m
Healthcare conglomerate Fresenius has sold Eugin, its Spain-based fertility business, to KKR-owned fertility group IVI RMA and Spain-based asset management firm GED for €500m including earn-outs. [+]
Orpea’s PR push in the Netherlands
As French nursing home operator Orpea polishes its public image in the Netherlands, HBI catches up with Rune Aresvik, founder of Vardetun consultancy, to hear how the operator is proactively stepping out of the shadows to promote itself, and why its subsidiary Dagelijks Leven is emerging as something of a success story. [+]
Three things we learned at Global Health, Riyadh
HBI attended the Global Health Exhibition in Riyadh, Saudi Arabia, and saw first-hand how the country is changing ahead of its 2030 transformation plan. Here are our three key takeaways from the event. [+]
Bankruptcies, closures, and scandals: the bleak state of European nursing homes
Across Europe, nursing homes are in crisis. Between scandals in France, insolvencies in Germany, the threat of regulation in Spain, and fair fee woes in the UK, HBI hears that the nursing home sector is the least attractive healthcare services sector for investors. Are things really that bad - and is the threat of mass bankruptcies real? [+]
Key takeaways from 'Saudi Health Transformation - The Real Opportunity'
On Wednesday HBI hosted a webinar on the huge opportunities for health care services providers and investors in Saudi Arabia, as the country privatises large swathes of its health care system as part of its Vision 2030 plan to reform and diversify its economy. What were the key takeaways? [+]
Should new Slovakian government worry investors?
Robert Fico has formed a government in Slovakia. The former prime minister, who leads the centre-left populist party SMER, has formed a coalition with Hlas and the nationalist SNS Party. Given his track record, this could worry investors. Should it? [+]
Healthcare Activos rediscovers its appetite for M&A, targets Germany
Madrid-based REIT Healthcare Activos has rediscovered its appetite for M&A. HBI speaks to the group to find out why now was the right time for it to reenter the M&A arena - and why Germany is the market it plans to target next. [+]
Four Seasons revives portfolio sale, selling 11 homes
After a dragged-out sales process lasting over a year, UK care home operator Four Seasons Health Care (FSHC) has finally confirmed the conditional sale of some of its remaining homes. Eleven are due to sell for a total of £41.3m in cash. The deal is expected to be completed later this year. [+]
Post Covid regulations in Spain could lead to care home closures
New regulations designed to protect an aging Spanish population post-Covid could see older, outdated care homes forced to close. HBI speaks to Alberto Fernandez, CEO of Madrid-based REIT Healthcare Activos to find out more about the risks and opportunities this presents. [+]
Orpea sells 22 Dutch homes
This week, French nursing home operator Orpea announced the sale of 22 nursing home facilities in the Netherlands to Amvest Living & Care for €85m. [+]
Hot summer may thaw M&A ice age fast
The M&A ice age may thaw after the summer, with sources saying a flood of deals could be on the horizon. [+]
Orpea likely looking to sell in Belgium
Orpea Belgium’s 2022 results are public, and it doesn’t look good. Having suffered a historic loss approaching €400 million last year and with Orpea looking to sell its non core business, we ask a market expert whether and when divestment there looks likely. [+]
Interview: Andrew Cowley, Impact Healthcare REIT
HBI speaks to Andrew Cowley, investment manager at Impact Healthcare REIT, a listed real estate investor that invests in UK nursing homes. [+]
Four Seasons filing for dissolution, takes some homes off the market
Troubled UK care home operator Four Seasons Health Care Limited has filed notice at Companies House to move from administration to dissolution, but neither its administrators nor its PR representatives are willing to comment on this. HBI hears the lengthy sale of most - but not all - of its remaining business is still ongoing. [+]
UK nursing home sector "still viable"
Despite their travails, good nursing home groups in the UK are still making decent money, according to OakNorth, a bank which has some half dozen on its books, and Impact Healthcare REIT, a listed UK-based nursing home real estate investment firm with 14 operators as tenants. The government deserves some of the credit for this, having increased fees above inflation and made it easier for foreign care workers to get visas. [+]
Aedifica finds buyers for Orpea's Brussels homes
Belgium-based real estate specialist Aedifica has confirmed the sale of five of its nine Orpea homes, all located in Brussels. The news confirms previous speculation that Belgium was next on the French nursing home’s divestment list from a €1.2bn chunk of its real estate portfolio. [+]
Orpea sells in Austria and the Netherlands
The ongoing sale of significant parts of French nursing home operator Orpea’s €1.2bn real estate portfolio has expanded to Austria and the Netherlands. As newly released H1 figures show low occupancy rates in France, HBI speaks to three market experts to gauge the current state of affairs for the French giant looking to bounce back from its recent troubled history. [+]
HBI 2023: Saudi opportunity "best you could get"
The scepticism which used to exist about whether the Saudi government would follow through on its ambitious moonshot projects appears to be dissipating. Investors are now increasingly confident - and enthusiastic - about the opportunities presented by one of the most rapidly developing economies in the world. This was the overwhelming message from speakers on the ‘Investing in MENA’ panel at HBI 2023. [+]
Is Orpea set to sell up in Belgium?
Multiple sources tell HBI that French nursing home operator Orpea is looking to sell up in Belgium, as it looks to sell off a chunk of its 1.2bn real estate portfolio. HBI also hears more speculation on the ongoing country-by-country review. [+]
Flagler seeks European investments
US-based healthcare real estate investment company Flagler Healthcare Investments is eyeing up opportunities in the big five European markets. Undeterred by high levels of regulation and hyper fragmentation, the German market is of particular interest. [+]
Health care real estate investors focusing on small all-equity acquisitions
High borrowing costs are making large scale health care real estate acquisitions funded by debt unprofitable in Europe, according to a consultant we spoke to at HBI 2023. Instead, investors are concentrating on smaller acquisitions financed purely by cash. [+]
Why assisted living growth has stalled
Growth in the assisted living sector has stalled in the last year, as the cost of new developments has become prohibitively expensive. A delegate at HBI 2023 told us that many projects across Europe have been left half built. [+]
Orpea-tunity in Italian nursing homes?
As French nursing home operator Orpea considers which countries it might exit, sources are speculating that Italy could be on its hitlist. If that happens, opportunities could open up for middle size players to make their mark. HBI speaks to two market experts to find out more. [+]
AXA IM Alts enters nursing home market in Italy
Global asset manager AXA's investment arm, AXA IM Alts, has entered the Italian market with the forward-purchase of a six-asset portfolio from real estate management company Namira. [+]
Orpea draws €200m from new financing
Headline grabbing French nursing home giant Orpea has made a drawdown of €200m from new financing, as it tries to restructure after a difficult 18 months. [+]
Low key Latvia sale kicks off Orpea refocusing
Last week, French nursing home operator Orpea initiated the start of the partial sale of its €1.2bn real estate portfolio, commencing with its Latvian presence - a singular retirement home in Riva. This low key sale marks the first small step in a major three-year plan to refocus its geographies. HBI speaks to a market expert to find out more. [+]
China's new elderly care guidance will create opportunities
China has announced guidance for all provinces to establish a basic elderly care system by the year 2025, according to state-run news channel Xinhua. As the government works to address the impending demographic crisis born largely out of the country's 'one-child policy', HBI speaks to two experts from global strategy firm L.E.K. Consulting to learn more. [+]
Interview: Stephane Pichon, Your Care Consult
HBI catches up with Stephane Pichon ahead of the Investing in Health Care Property panel at HBI 2023, to discuss the dramatic changes of the past year and how this has impacted health care real estate investment, and the long term outlook for the health care sector. [+]
Orpea restructuring: What will it look to sell?
It has been almost six months since under-fire French nursing home giant Orpea announced plans to get its core business back on track, restructure its debt, and sell around €1.2bn worth of real estate over the next three years. As discussions separating the wheat from the chaff go on behind closed doors, HBI asks three experts where, and what it might sell, and reviews what other French operators like Korian are doing to repair reputation. [+]
UK healthcare property market healthy, despite headwinds
According to global property consultant Knight Frank, the UK healthcare property market saw significant transaction volumes closing at circa £2.4bn in 2022 despite political instability, with overseas capital accounting for 31% of transaction volume due to a mix of European and American capital being deployed into various care assets. [+]
German property group selling off €1.3bn portfolio
It has been almost two years since listed Germany-based healthcare property specialist Vonovia acquired its former rival Deutsche Wohnen. We speak to three Germany-based experts to find about more about the ongoing sale of its £1.3bn property portfolio. [+]
The secret to REIT success: Be picky
As inflation and energy costs spiral out of control, traditional brick and mortar investments in elderly care are increasingly being perceived as potentially risky business. An award-winning Madrid-based REIT tells HBI its formula success in a difficult climate. [+]
Orpea shareholders try to avoid mass dilution
French nursing home giant Orpea’s snubbed shareholders group Concert’O has teamed up with other unsecured lenders in a last-ditch attempt to avoid mass share dilution. Protesting at the operator’s restructuring deal, the group has presented an alternative plan. [+]
Icade reaches agreement to sell healthcare real estate to Primonial REIM
French real estate investment trust Icade has signed an exclusivity agreement on the sale of its minority stake in Icade Santé, part of its healthcare real estate portfolio, to France-based pan-European real estate investment firm Primonial REIM, and is arranging the sale of the asset portfolio owned by Icade Healthcare Europe (IHE). [+]
Europe's biggest health care real estate deals in 2022 - Infographic
Real estate consultancy Knight Frank has released its 2022/23 UK Healthcare Property Market Overview. But don't let the name fool you - the report includes some great data from across the whole of Europe! In this week's infographic we look at major health and care real estate transactions. [+]
Private sector price increases likely as budget offers no reprieve for UK NHS
The UK budget on Thursday, March 16, offered no reprieve for a cash-starved NHS, meaning for-profit demand is here to stay. HBI speaks to a UK-based consultant to find out more. [+]
Could Orpea's creditors derail a 'done deal'?
Orpea is trying to put a year of scandal, scrutiny, and scathing headlines behind it, but disgrunteld creditors worried about share dilution are attempting to derail its carefully crafted transformational plan. HBI speaks to a market expert to weigh up their prospects for success, and find out more. [+]
Interview: Tony Veverka, Y1 Capital and Transform
UK-based Transform Hospital Group has gone through its own transformation recently. Historically a medical aesthetics, cosmetic and weight loss surgery-focused business, the group went into administration last year and was bought by a team including former CEO Tony Veverka who is reshaping it into a leaner, broader healthcare services provider. HBI catches up with him to find out more. [+]
Spire returns to profit, but shares still fall
Shareholders did not give UK hospital group Spire’s full year results a warm reception, despite a return to profit, generally strong financials, and the continued viability of the UK market. HBI talks to market experts to find out why. [+]
Korian share price plummets after release of 2022 results
Korian, Europe’s largest nursing home operator by revenue, has seen its share price plummet 23% after it published its full-year results on Wednesday, February 22. The results revealed a 62% fall in net profit for 2022, due largely to inflation, but analysts tell us the company faces bigger problems related to the French elderly care sector's scandal, and debt refinancing. [+]
Four Seasons - still for sale, still unsold
The sales process for the remaining bulk of financially troubled UK care home operator Four Seasons' assets has not been quick. HBI speaks to a market expert and to the group's property advisors to ask why the sale is taking so long. [+]
Fleeing freelancers cause headache for Dutch elderly care groups
Nursing home employees in the Netherlands are fleeing full-time, permanent jobs in droves in pursuit of more lucrative and flexible alternatives. As operators facing stiff competition from digital freelance platforms poaching their labourforce, HBI speaks to three Dutch market experts to better understand the threat. [+]
AXA IM debuts in Spain with ESG nursing home deal
Global investment manager AXA IM Alts (the alternative investment arm of AXA IM) has joined forces with Spanish real estate investor Grupo Lar to invest in Spanish health care real estate assets, marking its launch into the Spanish health care market. [+]
Eight predictions for for-profit health care in 2023
2022 was a tumultuous year for for-profit health care. The year began with a sense of things returning to a new normal, after the major disruption of the Covid pandemic throughout 2020 and 2021. But then, not even two months in, Russia invaded Ukraine, and this quickly led to an energy and economic crisis throughout Europe. For the first time in decades inflation reached double-digit figures across almost every OECD country and the era of near-zero interest rates came to an abrupt end. The second half of the year saw major worries about a looming recession and a potential debt crisis, rapidly falling investment and M&A deal volumes slowing to almost a standstill. [+]
Orpea rescue plan meets opposition
Under-fire French elderly care operator Orpea could have a shareholder revolt on its hands. Unhappy with plans for massive share price dilution as the group looks to meet its debts, a group of disillusioned shareholders has suggested an alternative and is looking for support. HBI speaks to two French health care experts to learn more. [+]
Opportunity for Spanish REITs to cash in on elderly care
Spain is facing a serious shortage of nursing home beds, and appetite to invest in Spanish healthcare property is on the rise. With REITS looking to plug the long-term housing gap, HBI speaks to Alberto Fernandez of Madrid-based REIT Healthcare Activos to find out more. [+]
Pressure piles on Dutch government to act as elderly care groups risk bankruptcy
Elderly care in the Netherlands is at breaking point - fending off high costs, low margins, and perilously poor staff retention. HBI speaks to a market expert who is confident the government will act to stave off bankruptcies. [+]
Interview: Ryan Richards, Knight Frank
UK property consultancy and estate agency Knight Frank has released its annual report on the state of the UK’s elderly care sector. We speak to lead author, senior analyst Ryan Richards, about the sector’s recovery from Covid, the impact of the cost of living crisis and inflation, and reputational risk. [+]
Bill Gates-backed Evercare sells Kenyan hospital stake
US PE Evercare Health Fund has sold its 1bn Kenyan shilling (€7.8m) stake in the Metropolitan and Ladnan hospitals in Nairobi. The PE fund is owned by the Bill & Melinda Gates Foundation and the International Finance Corporation (IFC). [+]
Is Orpea's bold plan enough to save the business?
Plagued with well documented allegations and investigations, and saddled with €9bn+ debt, on Tuesday Orpea presented its plan for recovery to the creditors who last month gave it just four months to clean up its finances. Has it done enough? We speak to a range of market experts to find out if it can weather the storm. [+]
Orpea forced to take drastic steps to fix finances
Orpea has four months to clean up its finances and reach a new agreement with its creditors on debt restructuring. The conciliation period which it has agreed with the courts has bought it time to consider its options in the face of rising costs and interest rates, and a cooling real estate market. The main proposal under discussion is a debt/equity swap which would result in a drastic dilution of existing shares, but it is hard to see how the numbers could add up. HBI hears from analysts about the tough decisions facing the group. [+]
Four Seasons facing breakup, final portfolio sales may not conclude until H2 2023
HBI understands a portfolio of homes owned by troubled UK elderly care operator Four Seasons will likely have to be split for sale, and some of these homes are not expected to sell until H2 2023. [+]
PMI premiums set to spike as medical costs soar
PMI premiums are set to spike in 2023 according to a new report. HBI speaks to contacts around Europe to find out more. [+]
Dollar Investors are ready and waiting to buy cheap European healthcare firms
The slump in healthcare listed stocks and downward valuations of private businesses are encouraging potential buyers to examine enticing European healthcare enterprises. [+]
Orpea CEO blames “unethical” former managers following €269m H1 loss
Laurent Guillot, CEO of French multinational elderly care group Orpea, has partially blamed the company's net loss of €269m in the first half of 2022 on "unethical behaviour" by the company’s former managers. But the company's finances appear to be in better shape than the headline figure suggests. [+]
First round bids for Four Seasons’ 110 care homes due by "early autumn"
HBI catches up with Christie & Co, the business broker in charge of the sale of UK-based Four Seasons’ 110 care home, to find out more about the timescale of and interest in the sale. [+]
Health care real estate investors in ‘wait and see mode’
Health care real estate has become an increasingly attractive asset class for investors in recent years. But will this continue in the face of rising inflation and interest rates? [+]
Domitys tempts residents with promise of exotic holidays abroad
French elderly care and assisted living specialist Domitys is set to offer residents the promise of exotic holidays abroad, jumping onto a bandwagon already embraced by the likes of rival Korian. [+]
Tik Tok’s owner buys Chinese hospital chain
The Chinese owner of social media giant Tik Tok, ByteDance, has bought a hospital chain in China which specialises in women and children’s care, for $1.5bn. [+]
Orpea selling 32 Dutch nursing homes and paying back €55.8m to French government
Orpea is selling 32 of its nursing homes in The Netherlands to Syntrus Achmea Real Estate & Finance (a REIT) for approximately €125m, as part of the asset disposal part of its plan to clean up its finances. The company, which is also trying to clean up its reputation in light of accusations of malpractice, has agreed to pay back €55.8m to the French government after public investigations following the suggestion it misappropriated public funds. [+]
Icade Santé buys in Spain, and sells in France
French REIT Icade Santé is on a buying and selling spree. On June 30, the company finalised the purchase of Spanish care facilities for €60 million. Two days before it sold four healthcare facilities in France for €78 million. [+]
Vivalto Sante goes international with expansion into Portugal and Switzerland
Vivalto Sante, the third largest for-profit hospital group in France, is joining the likes of Fresenius, Ramsay and Mediclinic as it becomes the latest member of the highly select club of multinational hospital groups. As well as having bought a chain of three clinics in Switzerland, it is buying Lusiadas Saude, the third largest hospital group in Portugal. CEO Daniel Caille tells HBI that the decision to go international has nothing to do with opportunities for consolidation within the French market drying up. [+]
HBI 2022: ESG important for property investors as well
Property investors have become increasingly attracted to healthcare assets in recent years, driven by a juicy combination of low risk and high yields. But recent scandals have highlighted the reputational risks of the sector, which property investors are not entirely immune from, and so a focus on ESG that goes beyond energy efficiency requirements for buildings has become essential. [+]
Rutherford Health to go into liquidation
The for-profit oncology group which holds roughly half the UK's proton beam capacity and has invested over £240m in capex is to go into liquidation, thanks to the pandemic and NHS indifference. In the UK just 1% of acute cancer patients get proton compared to 10% in Europe and 20% in the USA. What is likely to happen next? [+]
Orpea share price plummet could make it a bigger takeover target
French elderly care group Orpea saw its shares fall to a new low on Wednesday after new accusations regarding its financial structure, alleging irregularities, were made against the company. The current share price of around €24 makes the company ever more likely to be subject to a takeover bid. Orpea says those "likely to be involved in these frauds" were "immediately" removed - and points out the allegations do not relate to patient care. [+]
Interview: Stéphane Pichon, founding managing partner, Your Care Consult
HBI catches up with Stéphane Pichon, founding managing partner, Your Care Consult, and chair of the Investing in Healthcare Property session at HBI 2022 on June 21, to find out how the healthcare property market fared last year, and prospects for the future. [+]
Octopus Real Estate enters specialist care market
Healthcare property investor Octopus Real Estate is entering the specialist care market, spending £100m on a deal to purchase two sites from and finance the construction of a further four sites for UK care provider The Hamberley Care Group. Four of these sites will be rehab centres and two will be care homes. [+]
Dutch government looks to pull funding from nursing homes
Dutch elderly care is seeing a very definite government-backed shift away from nursing homes and towards care at home, with increasing reluctance for the public purse to pay for the 'hotel' component of care. HBI speaks to advisor Rune Aresvik from Vardetun, who has just completed a detailed review of the sector, to find out if this is a problem or an opportunity [+]
Spanish nursing home bed boom forecast
According to new research, the Spanish nursing home market is forecast to grow by 6.5%, increasing to over 400,000 beds over the next 18 months to two years. HBI speaks with Alberto Fernandez, CEO at Healthcare Activos, a Madrid-based health and long-term care real estate investor, who questions whether the report goes far enough. [+]
Interview: Andrew Cowley, Impact Healthcare REIT
Listed UK nursing home REIT Impact Healthcare achieved strong 2021 financial results. We speak to managing partner Andrew Cowley to find out about the strategy behind this success. [+]
Doctolib France's biggest Unicorn
Now the largest unicorn in France, Doctolib is valued at €5.8b, three years after it reached unicorn status, despite still making a loss. HBI speaks to a French healthcare consultant and expert to find out how. [+]
IHH Healthcare shows growth
Malaysia and Singapore based Asia-focussed IHH Healthcare’s 2021 results show dynamic growth. Turkish groups are being impacted by the depreciation of the lira, but while revenue from domestic patients in Turkish subsidiary Acibadem shrank between 2017 and 2020, it grew in 2021, up 16.9% year-on-year. [+]
Attendo’s 2021 growth not enough to halt long term downward share price trend
Pan-Nordic care group Attendo achieved modest revenue growth in 2021, whilst its occupancy level almost recovered to pre-pandemic levels. But it made a slight loss after taxes and its share price at SEK30.17 is down 70% from the 2017 peak. [+]
Amanat targets post-acute care
Amanat, the listed, Dubai-based healthcare and education investor, sees big opportunities in post acute care as it reveals strong 2021 results. [+]
Is Orpea a bid target?
Rumours are swirling of a bid for Orpea, the scandal-hit pan-European care group. According to the rumours, another large French care home group is preparing a bid for Orpea. We hear this from a UK advisory source who named the buyer. [+]
Korian shares drop as it faces group lawsuit
French elderly care giant Korian has been dragged into the controversy surrounding the French nursing home sector. A lawyer is launching a group lawsuit against the company based on the experiences of some of the residents at its nursing homes. HBI speaks to financial analysts to find out what the potential long term impact on the sector might be of this, and the ongoing Orpea crisis. [+]
New Dutch cabinet looks to shift elderly out of care homes
Elections in the Netherlands last year saw Mark Rutte, the Liberal prime minister, return for a fourth term, and belatedly we now have a new cabinet. Could we see a new direction for healthcare following this new mandate? [+]
Will Orpea scandal hit care home prices?
Luxembourg-based REIT Threestones Capital has just acquired three nursing homes in Germany. HBI catches up with Threestones Capital co-founder, Giovanni Perin, and talks to Xavier Cheval, head of healthcare property at major European REIT Icade, to find out what impact the Orpea scandal is having on elderly care real estate as an asset class. [+]
Orpea and Korian shares plummet, as book alleges malpractice at Orpea
The share prices of Europe’s two nursing home giants, Orpea and Korian, both plummeted on Monday, after extracts from a book about Orpea containing allegations of malpractice were published in French newspaper Le Monde. Orpea, whose shares have halved in value, strongly rejects the allegations. [+]
What is behind Korian property deals?
Care group giant Korian has signed a second property deal with another big institutional investor, in this case, BAE Systems Pension Funds. This partnership leaves Korian in control of its property whilst giving the investor protection from the volatility of the stock market and guarantees on minimum returns. [+]
Icade Sante makes first acute care acquisition in Italy
REIT Icade Sante has purchased acute care real estate in Italy for the first time, with the acquisition of four hospitals from Gruppo Villa Maria for €85m. The company has also signed contracts for the purchase of four new nursing homes in Germany, for €71m. [+]
Penta buying big into Alzheimer's care in Czechia
Penta Hospitals in Czechia is buying a large network of Alzheimer's clinics from specialist for-profit provider Creditas. [+]
Ramsay buys Elysium
International hospital operator Ramsay Healthcare is entering the UK mental health hospital market with the £775m (€907m) acquisition of Elysium Healthcare. [+]
Dutch elderly care group goes bust
Dutch nursing home group Ontzorgd Wonen Groep has gone into administration. We speak to a consultant to find out what led to this failure - and what it tells us about the Netherland’s elderly care sector. [+]
Labs could be next on property block
Life science properties that incorporate some laboratories in one form or another could be the next property boom says Piers Scrimshaw-Wright, who has just joined Knight Frank as Life Science and Innovation partner. So has anything been sold in Europe so far? [+]
Relax investment rules to avert German care crisis, says report
Private investors are an essential component in tackling the shortage of nursing home beds and carers in Germany over the next decade – and strict investment rules should be relaxed to make investment more appealing. [+]
Cofinimmo sweeps up more assets across Europe
Belgian REIT Cofinnimo continues to spend across Europe making its latest acquisitions in Germany and France and building a new nursing and care home in Andalusia. [+]
Colisee to close €1bn deal next week
Colisee, the fourth largest French care home group backed by EQT, will finalise a major deal extending its French coverage. [+]
Excess deaths force cost cutting at Fresenius Medical Care
Dialysis patients are dying from COVID at increasingly high rates at Fresenius Medical Care, forcing the provider to slash 5,000 jobs and target €500m cost savings annually by 2025. The group has seen 18,200 more patients die than expected since the beginning of the pandemic, representing over 5% of its total base. [+]
DomusVi consolidates position in the South-East of France
DomusVi, the third largest French nursing home group in France by revenue, has consolidated its position in the South-East of France and Corsica through the acquisition of the Medeos group. We speak to a consultant to find out what this means for the group in the region. [+]
Icade Sante book 'not hugely oversubscribed'
REIT Icade had only covered the book of Icade Sante by 1.25x the €800m it was hoping to raise, HBI is told. Earlier this week it permanently postponed an IPO citing volatile markets. [+]
Icade Sante delays IPO due to market uncertainty
French healthcare property group Icade Sante said yesterday (Thursday, September 30) that it was delaying its IPO due to volatile market conditions, putting back one of the biggest healthcare property transactions this year. HBI talks to a market expert to find out more. [+]
HBI 2021: Pandemic drives up to 40% more cash payments in LatAm
Increasing demand and rising costs are putting pressure on LatAm’s healthcare system. A regional session at HBI 2021 heard that out-of-pocket payments are on the increase, especially in Mexico. [+]
HBI 2021: Assisted living attracting institutional investors
Institutional investors are snapping up half of all new assisted living projects as they collectively up their stakes in the sector. An expert panel at HBI 2021 said that they are recognising the market as a long-term and steady investment. [+]
Icade Sante sets IPO price with value of up to €6.4bn
French real estate investor Icade, has set a price range of €115-135 per share for the upcoming IPO of Icade Sante, its healthcare property business. This values it at up to €6.4bn. [+]
Domidep expands in Germany
Domidep, one of the top 10 for-profit care home operators in France by revenue, has expanded in the German market which it entered last year. It has acquired Römergarten Senioren-Residenzen GmbH (Römergarten) which comprises eight care homes providing a total of 660 beds. [+]
Amanat Holdings experiments with real estate investment
GCC healthcare and education investment group Amanat Holdings has bought the property of one of its portfolio companies, Dubai-based rehab clinic Cambridge Medical and Rehabilitation Centre (CMRC), for 46m AED ($12.5m). We talk to the company and ask why. [+]
NMC sells Aspen opco to NorthWest
Canadian REIT NorthWest Healthcare Properties has acquired hospital operator Aspen Healthcare UK Limited from NMC Health, a year after it bought the bulk of its real estate. It mirrors what happened to larger UK chain BMI Healthcare three years ago. [+]
Octopus Real Estate adds £314m to UK care home fund
Property investor Octopus Real Estate has raised an extra £314 million for its UK care home focused fund, bringing its total value to over £1bn. [+]
Kuwait sovereign fund in for Almaviva
Wren House, the investment subsidiary owned by the Kuwait Sovereign Fund, is about to buy French hospital group Almaviva Santé from Antin, reports say. [+]
Pan-European nursing home groups expand as sector recovers from Covid
The three big pan-European nursing home players have all announced big acquisitions - and Orpea has boosted its growth forecast. Is this a sign that the tide is turning for nursing home operators, as vaccines roll out across the continent and pandemic restrictions continue to lift? [+]
Aedifica almost quadruples its residential care ownership in Sweden
Belgian real estate investment trust Aedifica has acquired 16 newly-built specialist residential care centres for people with disabilities in Sweden in a €52m deal. 85% of the acquired sites will be operated by for-profit operators. [+]
Mubadala and GIC in talks to buy Spanish REIT
Mubadala and GIC, the sovereign wealth funds of Abu Dhabi and Singapore, are in talks for a joint takeover of Spanish REIT Healthcare Activos Yield just nine months after it listed in Paris. [+]
Korian further consolidates French mental health
Korian, the major pan-European elder care group, continues its consolidation of the mental health sector in France. It has just entered exclusive negotiations to acquire the Osny psychotherapy centre based in the Paris region. HBI looks at this, and other recent acquisitions. [+]
Interview: Ray Berglund and Dominic Orchard, Alvarez and Marsal
The pandemic is causing many businesses and their investors to reassess their plans - and their portfolios. HBI speaks to Ray Berglund, Head of European Healthcare and Life Sciences at management consultants Alvarez & Marsal, and his colleague and Managing Director Dominic Orchard, about why they have never been busier, and the clear trend they are seeing towards carve-outs. [+]
Icade Santé plans IPO as REITs bulk up healthcare
Icade will separately list its healthcare division Icade Santé on the Euronext by the end of this year, becoming Europe's largest healthcare-only REITs. The news comes as Aedifica singles out healthcare as the main spending target of a new €287m raise. [+]
Billions set to be written off as creditors take charge of NMC
NMC's creditors are now in the driving seat, after a take-it-or-leave it ultimatum from joint administrators Alvarez and Marsal left them with little option other than to accept a financial restructuring plan which wipes out billions of dollars owed to them, in return for ownership of the business. [+]
Domitys hoping to enter three new markets with sale
Domitys, the largest player in assisted living in France, is in the process of being sold and has ambitious international plans. [+]
Swiss Medical to integrate Pyramide after buyout
Listed Swiss Investment company Aevis Victoria has agreed to buy out the remaining physician shareholders of Zurich-based Klinik Pyramide and integrate it into its hospital subsidiary Swiss Medical Network. [+]
Interview: Marc Saillon, CEO, Almage Alzheimer Centers
The French nursing home sector has produced some of the largest consolidators in Europe, such as Orpea and Korian. But even small groups are looking at international expansion. Almage, a group with just six homes and 530 beds dedicated to Alzheimer care, plans to hit Spain in the next few months and is looking at other European markets. Marc Saillon, the CEO of Almage Alzheimer Centers, also tells us that the group has expanded into consultancy in China. [+]
HC-One gets new majority owner with £540m refinancing
Private equity firm Safanad now owns a majority stake in HC-One after the UK nursing home group went through a £540m (€620m) refinancing. [+]
Cofinimmo continues Belgian expansion
Belgian REIT Cofinimmo has acquired five care home sites in Belgium. [+]
First of EQT's new Italian care homes likely to go to local operators
Following EQT announcing its €300m investment in care homes in Northern Italy, HBI talks to a local expert on the market. [+]
EQT Real Estate invests in Italian care home sector
EQT Real Estate has announced a €300m joint venture with Italian construction company Arco Lavori, to build high quality care homes in Northern Italy. [+]
Russia debates ban on spending public funds on capex
Russia has put forward draft proposals that forbid private providers from spending compulsory insurance funds on capital expenditure, the acquisition of property and the repayment of loans. Operators say it will likely halt all investment in the sector. [+]
NMC Health's Aspen disposal could end with propco takeover
In-administration GCC group NMC Health's attempt to offload UK hospital chain Aspen Healthcare looks to have stalled. An advisor says the opco could be taken over by propco owner NorthWest Healthcare Properties, echoing what happened to the largest operator BMI Healthcare just two years ago. [+]
Swiss Life buys German care home portfolio
Luxembourg-based private equity firm Threestones Capital has sold its portfolio of 27 German care home properties to real estate manager Swiss Life Asset Managers for €425m. [+]
Aedifica invests heavily in nursing home property - Infographic
Aedifica invested in 117 sites in the past year, growing the value of its real estate 62% to €3.7bn. This week HBI looks at where and how the Belgian REIT invested over €1.2bn since the beginning of 2020. [+]
Ameos sale/refinancing: Speculation mounts as group denies discussions
Despite emphatic denials from the company itself that it is for sale, multiple sources continue to tell HBI that DACH psychiatry and acute hospital group Ameos is in discussion with potential suitors and that documentation preparing for refinancing and/or sale has been drawn up. HBI speaks to an operator source, a consultant, and the company to find out more. [+]
Aedifica takes first step into Ireland
Aedifica has acquired its first asset in Ireland. The Belgian REIT has taken ownership of an operational purpose-built care home in Mallow, County Cork in a deal worth approximately €25m. [+]
Cofinimmo expands in Normandy
Cofinimmo has acquired five new healthcare sites in Normandy for approximately €44m further extending its French portfolio. The Belgian-based real estate company's new assets comprise four nursing and care homes, one of which is currently under construction, and one assisted-living facility. [+]
State led investor consortium buys into Vietnamese hospital group
Singaporean sovereign wealth fund GIC is leading a consortium buying into Vinmec, a not-for-profit hospital operator in Vietnam. This is the state investor's first investment into healthcare. [+]
Spanish imaging consolidation resumes while French national player grows
Pan-European imaging operator Affidea and Andalusia-based group HT Medica have resumed their consolidation of Spain's imaging market with single-centre deals in January. Meanwhile, France's third-largest consolidator has grown to 300 radiologists with private equity backing. [+]
Orpea to build universities across world after academy acquisition
Pan-European nursing home group Orpea has acquired a training academy in Austria, HBI can reveal. It signals a new wave for the group, which tells HBI that it wants to be known in five to ten years as a school, alongside its care and property arms. It will use the licence to build a university campus, doubling the number of people trained locally, and then duplicate this model across all its markets. [+]
Korian enters long-term real estate partnership
France-based pan-European Care group Korian has entered into a 15-year-partnership with BNP Paribas Cardif and EDF Invest, creating a real estate vehicle with Korian at the helm. [+]
Waterland buys Priory, plans €2bn Median merger after propco sale
PE firm Waterland is buying UK mental health and adult specialist care operator The Priory Group from American Acadia Healthcare for €1.2bn and will merge it with existing portfolio company German rehab chain Median to create a c.€2bn revenue group, the sixth-largest for-profit acute operator in Europe by revenue. We talk to Waterland partner Dr Carsten Rahlfs and Median CEO Dr Andre Schmidt on the deal, plans with Priory and whether selling off the majority of its real estate to MPT is sensible. [+]
HBI 2020: Propco deals to pick up in 2021
Healthcare property deals will accelerate in 2021 after refrain from sellers during a year of perceived depressed valuations. That is according to US REIT Medical Properties Trust (MPT), one of three investors who sat on HBI's 'Investing in Health Care Property' panel. [+]
HBI 2020: Korian aims to make homecare 20% of revenue
Pan-European care group Korian aims to double homecare revenues from 10% of its business today, train 6,000 nurses a year and use 60% of capex to transform its care homes, CEO Sophie Boissard tells us in an interview at HBI 2020. [+]
Interview: John Gladstone, Head of Healthcare Investment, International Capital Markets, EMEA, JLL
Health care looks like the promised land to property investors hit hard by the collapse of retail and office and deal flow is picking up, says John Gladstone at global real estate advisors. [+]
UK care specialist Heathcotes sells
Care services provider Envivo Group has bought the opco of Heathcotes, while social impact investor Civitas Investment Management (CIM) has acquired the real estate. [+]
Carlyle buys UK developer specialising in for-sale senior housing
Multinational PE firm The Carlyle Group has acquired Beechcroft, which runs a portfolio of UK retirement homes, from British PE firm Alchemy Partners. [+]
Analysis: which listed care providers are recovering best?
Why are listed Nordic care providers' share prices seeing a faster recovery than other European counter parts? And how has each operator weathered the storm? HBI takes a deep dive into the financials to deliver an exclusive analysis as providers prepare their Q3 results. [+]
UBS, EQT, TPG and Icade discuss COVID investment climate
Valuations in the healthcare services sector will roughly stay the same post-COVID, according to a panel of investors from UBS, EQT, Icade Sante and TPG at a HBI-365 panel. That's despite the fact that HBI-365 delegates do not think that deal flow will return to pre-pandemic levels until the second half of next year. [+]
Korian shares dive 10% as it announces capital raise for Inicea deal
Shares in pan-European elderly care group Korian dived by 10% after it announced a €400m capital raise to fund the acquisition of France's third-largest psychiatry provider Inicea from infrastructure investor Antin. But did it pay over-the-odds and do all shareholders support the capital raise? We talk to an analyst from Bryan, Garnier & Co. [+]
Mediclinic shareholder invests in low-end primary care triage platform
Invenfin, the venture capital arm of Mediclinc investor Remgro, has taken a stake in a primary care provider that aims to serve the 40% of South Africans that are employed, but uninsured. National HealthCare Group says its Whatsapp triage solution can cut the cost of primary care by up to two thirds and that Remgro will now encourage roll out in its portfolio companies. [+]
Healthcare Activos internationalises with Portuguese acquisition and French listing
REIT Healthcare Activos Yield has listed on the Euronext Access Paris, while its sister company Healthcare Activos has made its first acquisition outside of Spain, CEO of the management company for both tells HBI. He talks us through the listing and the long-term impact of COVID-19 on the development of the Spanish care home sector. [+]
PWC on M&A drivers in Spanish healthcare sector
The Spanish private healthcare market has been one of Europe's most attractive for institutional investors of late with strong organic and inorganic growth opportunities. PWC Spain's deals leader for Healthcare & Pharma Jose Zarzalejos talks us through the drivers, movers and shakers in the six main sub-sectors: hospitals, imaging, oncology, care homes, IVF and dentistry. [+]
IK Investments to sell Colisée to EQT Infrastructure
French nursing home operator Colisée is changing hands as IK Investments sells its majority stake to Sweden-based PE firm EQT's infrastructure arm. This is the first large transaction the sector has seen all year. [+]
Macquarie in talks to buy middle market Spanish hospital player
Macquarie Infrastructure and Real Assets (MIRA) is reportedly in talks to buy a majority stake in Viamed Salud, Spain's ninth-largest for-profit hospital operator by revenue. Why is a top 50 global asset manager buying a middle-market operator? [+]
Max India expands into new elderly care services
Max India, the conglomerate that recently sold a large stake in hospital chain Max Healthcare, has announced it will expand its elderly care business in India by moving into mid-market independent living, medicalised nursing homes and homecare. [+]
France's regional hospital groups consolidate as multiples increase
France's regional for-profit hospital operators have spent the last 12 months aggressively consolidating the c.65% of the sector not held by Ramsay Sante and Elsan who have been notably quiet on home turf. Vivalto, C2S and Doctegestio have added a collective €500m in sales while the larger pair have done as much selling as buying. Why? HBI talks to a Paris-based M&A advisor, who says deal pricing has improved as shown by the recent Elsan deal. [+]
Biogroup makes first acquisition outside of France - and plans more
Biogroup, France's largest lab group by revenue, has new Belgian shareholders after it acquired family-owned CMA-Medina, its first move outside of the home market. CEO Stephane Eimer tells HBI that the new Franco-Belgian group will make more acquisitions there and abroad. [+]
Swiss Medical Network 'open to new shareholders' as it seeks HMO model
Conglomerate Aevis Victoria is open to selling a stake in its hospital chain Swiss Medical Network to an insurer to help it move towards an integrated payor-provider model, co-founder and delegate of the board Antoine Hubert tells HBI. We catch up on pre- and post-COVID developments in the Swiss hospital sector. [+]
Orpea kickstarts €1.5bn propco sell-off with Icade deal
Europe's largest elderly care operator Orpea is preparing to strike more sale-and-leaseback deals with big REITs after concluding a €145m deal with Icade in Germany. HBI expects a flurry of deals may follow as part of a £1.5bn propco sell-off which will fuel further acquisitions. We talk to property investment sources about where else it might sell, potential buyers and the yields they can expect. [+]
Market welcomes Attendo's H1 figures as it turns the COVID corner
Attendo's H1 results saw improvement as COVID's impact lessened. And while the effects of the pandemic clearly have had a negative impact on the listed Nordic care group, the market reacted positively. A share price which at the start of July was down over 35% on it's mid-February price rallied, and it is now just 10% down compared to its pre-COVID position. [+]
From homecare to hotels
In Argentina a domiciliary homecare group has taken over three hotels to offer accommodation to Covid-symptomatic patients. What does this say about the wider links between hotels and care homes in Emerging Markets? [+]
PATRIZIA deal suggests healthcare real estate remains resilient, despite COVID
Global real-estate investor PATRIZIA AG has acquired a portfolio of seven healthcare assets in Germany specialising in assisted living and specialist care in a sale & leaseback deal. Is this a good time to be investing in this sector in the light of the coronavirus pandemic? How is it affecting prices? HBI looks further at the deal and speaks to a consultant to find out more. [+]
Unprecedented European NHS rationing post-COVID could spur self-pay
NHS systems across Europe are likely to ration care at unprecedented levels in the aftermath of COVID-19 because of infection control measures. This may funnel more work to private hospitals, but it is not clear whether they will be in better shape to pick up the slack. NHS waiting lists will have more than doubled, with big hikes in waiting lists for private pay as well. [+]
COVID-19 to open up property markets
COVID-19 is likely to accelerate the trend of hospital and care home operators selling off real estate, investors tell HBI, and the pandemic may significantly alter how care homes are designed in future. [+]
Interview: Rodolphe Eurin, CEO, La Tour Medical Group
How do you grow 5-10% year-on-year in the flat Swiss hospital market? We talk to the CEO of La Tour Medical Group, a large for-profit hospital in Geneva. Eurin claims it is the only one to put value-based healthcare at the top of its strategy and has unique payment-for-outcomes agreements with the medtech industry. [+]
Who is raising money?
Making sense of the money markets isn't easy right now. But some big players - Ramsay, Zur Rose and TPG are still raising money and some sectors such as German outpatient are still seeing M&A consolidation. [+]
Who is raising money?
Making sense of the money markets isn't easy right now. But some big players - Ramsay, Zur Rose and TPG are still raising money and some sectors such as German outpatient are still seeing M&A consolidation. [+]
San Donato raises €265m loan for new Milan hospital
Italy's largest private hospital operator Gruppo San Donato (GSD) has raised a €265m loan from five Italian banks to go towards the construction of its new 16-story hospital in Milan. [+]
Exclusive Prediction: Pandemic Turning Point in European Countries and the U.S. is Expected to Arrive This Week / Early April
Press Release: Exclusive Prediction: Pandemic Turning Point in European Countries and the U.S. is Expected to Arrive This Week / Early April [+]
"Green Hospitals": marketing spiel or strategic advantage?
As climate concern grows and the business world responds, energy-efficiency and sustainability have become strategic priorities for some private hospital operators, helping them win business, cut costs and arguably increase quality through "green hospitals", they claim. But internationally, incentives are a very mixed picture and those cutting emissions fastest are not where you might think. [+]
Germany to reform financing of long-term care
Germany is on the brink of reforming the financing of long-term care insurance (LTC) which funds elderly care. The industrious Federal Minister of Health Jens Spahn could produce a draft law by the summer, and private insurers are proposing revolutionary ways of bringing fresh capital to the system. [+]
Ameos acquires Swiss non-profit hospital
PE backed Swiss hospital and psychiatric group Ameos has acquired a majority stake in a not-for-profit hospital, its second facility in the country. The group, predominantly present in Germany and Austria, is taking advantage of a challenging climate in the Swiss hospital sector which is putting many small hospitals in financial trouble. [+]
The rise of the retirement village: Benjamin Davis, CEO, Octopus Real Estate
Healthcare property investor Octopus Real Estate is betting big on UK retirement villages, investing £400m in a joint venture with operator Audley and asset manager Schroders to build 500 apartments across four UK locations. CEO Benjamin Davis tells HBI why he sees such large opportunity in this growing sub-sector. [+]
Bergman Clinics mulling sale with "very high" €1bn price tag
Dutch and Nordic ambulatory and ophthalmology clinic chain Bergman Clinics is considering a €1bn sale, according to reports. A sceptical market source agrees that is a "very high" asking price, which may be equivalent to 25-30x EBITDA. [+]
HBI Deals+Insights briefing March 2020: Intelligence members
This month there’s no escaping the dramatic decline of NMC. We take a deep dive, alongside a highly probable IPO for Synlab, into Esperi’s takeover by creditors and Schoen Klinik’s rumoured bid for the Priory. Exclusives include Bergman Clinics mulling a sale, IFC’s new holding company buying AAR and the Medipass sale inching closer. We also interview Octopus Real Estate, McKinsey, Darzalas Capital and Planerio and visualise where different start-ups sit within the typical patient pathway, the ranking of UK private hospitals by patient feedback, how specialised ophtha groups are taking market share from hospitals and the drop of Nordic care shares. [+]
Why German nursing home operators won't be rattled by a single regulation
The first month of 2020 has already seen a couple of deals go through in Germany's most competitive healthcare market. Even a new regulation which came into force in September last year which stipulated that at least 80% of rooms in all facilities must be singles appears not to be dampening market enthusiasm for already established homes. Why is it so buoyant? [+]
Property investor says it's "time to go to Portugal"
After its first acquisition in the country in the second half of 2019, French healthcare real-estate investor Pierval Santé, subsidiary of Euryale Asset Management, tells us now is the time to invest in the Portuguese nursing home property market. We interview the director of Euryale on the acquisition and market. [+]
Orpea's Russian projects to take off in 2020
European nursing home giant Orpea, through its rehabilitation arm Clinea, signed MOUs in 2018 to build three clinics in Russia. This year, construction will start on two of these facilities and Orpea will also build a nursing home, its first entry into senior residential care in the country. We interview the CEO of Clinea, Emmanuel Masson. [+]
Private equity grabs France's third-largest homecare group
French private equity firm Ardian has acquired a majority stake in Santé Cie, the parent company of medicalised homecare specialists Elivie and Asdia. We discuss Santé Cie's plans and the wider market with an expert in the respiratory sector from advisors Candesic. [+]
Healthcare Activos Yield starts the year with hospital acquisition
Spanish REIT in the making Healthcare Activos Yield (HAY) has acquired a hospital and five polyclinic buildings in Cartagena, Murcia. [+]
How do you solve the Belgian bed problem?
Belgium's three regions have vastly different occupancy rates when it comes to nursing home beds. Would pan-European policy favouring the free movement of retirees be a way to lessen waiting lists by funnelling them toward markets more able to house them? We ponder the question with founder and managing director of Belgian real-estate advisory firm Anixton. [+]
Aedifica acquires UK portfolio
Belgian REIT Aedifica has acquired five assets in the UK, its second deal in the country since it entered the market for the first time last January. [+]
Icade eyeing Spanish investment
French property investor Icade Santé is looking to enter Spain this year, while growing its business in Germany and Italy. We discuss strategy with the company's head of healthcare. [+]
Circle and MPT take over BMI Healthcare
UK hospital group Circle Health is acquiring competitor BMI Healthcare, confirming HBI's earlier exclusive report, while international healthcare REIT Medical Properties Trust (MPT) is buying the bulk of the real estate. We talk to UK advisors and crunch the numbers of the deal. [+]
Aedifica bags majority stake in Finnish healthcare REIT
Belgian REIT Aedifica has secured a majority stake in Finnish healthcare property developer Hoivatilat this week, spelling its first ever move into the country. HBI speaks to a Nordic investor. [+]
IMs for The Priory in Q1 - but who will buy?
Advisors tell HBI that US-listed group Acadia's sale of UK psychiatry provider The Priory is certain to go ahead this quarter - with investment memorandums (IMs) possibly out in the next few weeks. [+]
Tertianum sells to Swiss PE
Assisted living opco Tertianum, Switzerland's largest nursing home provider by revenue, has been sold to a Swiss private equity company, its owner, listed real estate investor Swiss Prime Site (SPS), has announced. [+]
Healthcare REIT interest ever stronger and unswayed by operator woes
Long leases and attractive yields are the cornerstones of healthcare real-estate which have greased the wheels of investments over the last 10-15 years. More healthcare-specialised funds are emerging now as laws open markets up to foreign capital and fund managers look to decrease investor risk. [+]
Is a Finnish care crisis on the cards?
This year has seen capacity growth in Finnish elderly care "collapse" after the sector was shaken by scandals at some of the country's largest operators. With an increasingly elderly population in need of more accommodation and a public system unable to fund them, is the Finnish system facing a crisis in care? [+]
Swiss Prime Site's Tertianum for sale
Listed real-estate investor Swiss Prime Site (SPS) has put its assisted living opco Tertianum for sale. We speak to an advisor following this space and hear from Credit Suisse, appointed to advise on the deal, about the Swiss residential care market. [+]
Brazilian investor to construct hospitals for Rede d'Or and UnitedHealth
Brazilian hospital operator and holding company Evipar (Eustácio Vieira Participações) is investing R $400m (US $96m) into the construction of two new hospitals to be rented out to the country's largest healthcare providers. [+]
REIT buys NMC hospital in Saudi Arabia
A real estate investment trust (REIT) has acquired a hospital building in Riyadh, Saudi Arabia, operated by London-listed EMEA group NMC Health. [+]
Italian nursing home group buys non-profit facility
Italian nursing home group Edos, subsidiary of listed holding company Eukedos, is to acquire a non-profit nursing home facility run by a religious order. We speak to a local advisor about whether the market might see a growing trend of acquisitions in the non-profit sector. [+]
UK real-estate investor acquires five nursing home sites
UK real-estate investor Barwood Capital has acquired five sites on which it intends to build nursing homes with a total of around 347 beds, which it claims will deliver over £55m (€64m) Gross Development Value (GDV). [+]
Irish nursing home group for sale
Privately owned Irish nursing home group TLC Nursing Homes is looking for a buyer and has reportedly attracted bids from at least four different parties. We speak to a market source to find out more and look at both price and likely multiple. [+]
Interview: Carlos Fernández de Araoz, partner and head of senior housing at Azora
Spanish real-estate investor Azora created a listed healthcare investment arm, Adriano Care, this summer. The REIT has just acquired its first assets and plans to invest €250m in Spanish senior residential care. We speak to Azora's head of senior housing, Carlos Fernández de Araoz, about the market, business strategy and future plans for Adriano. [+]
New Spanish REIT acquires seven nursing homes
New Spanish REIT Adriano Care, created by real-estate investor Azora, has acquired six nursing home facilities and a plot for a seventh as part of the deployment of its €250m fund which will invest in the Spanish residential care sector. We speak to the head of senior housing at Azora. [+]
French REIT enters Germany
French REIT Icade Santé has entered Germany for the first time with the acquisition of a portfolio of nursing homes for €266m. [+]
Interview: Charles-Antoine van Aelst, Chief Investment Officer, Aedifica
European REIT Aedifica has been expanding aggressively in Germany and is planning its first acquisition in the Finnish market. We speak to the group's chief investment officer about its strategy and what makes an attractive market. [+]
Aedifica gears up in Germany and makes first bid in Finland
Since the end of October, healthcare real-estate investor Aedifica has acquired five sites in Germany and put in a public tender offer to acquire 100% of Finnish healthcare property developer Hoivatilat. We speak to the company's chief investment officer about the details. [+]
Spotlight on European healthcare real-estate investors
The consolidation of healthcare services is driving demand for healthcare property investment, especially in nursing homes, hospitals and clinics. [+]
Moroccan pension fund agrees $500m hospital sale & leaseback deal with government
Morrocco's state pension fund CMR has acquired five public university hospital properties from the national government for nearly $500m in a sale & leaseback deal. [+]
Exclusive: We name strategic buyer in talks to acquire BMI Healthcare
Independent sources tell HBI that UK hospital chain BMI Healthcare could soon be sold to another hospital operator by its landlord-turned-majority shareholder, just a year after it took over the business. We reveal the likely buyer, give the reaction of advisors and investors, and adjust BMI's likelihood of an imminent sale on HBI Intelligence Deals Pipeline tool to 95%. [+]
Notre Dame Intermedica acquires in South Brazil
Brazilian vertically integrated payor-provider Grupo Notre Dame Intermédica (GNDI) has acquired Clinipam, an operator in the South of Brazil, as it attempts to keep pace with rival Hapvida. The two are battling it out for market share on the most competitive part of the market. [+]
Waterland-backed Schönes Leben acquires in Germany
German nursing home operator Schönes Leben, backed by private equity house Waterland, has acquired bolt-on Mediko in the North. We ask a market expert what this means for the market and get estimated multiples. [+]
Four Seasons sale failure leaves long term future in doubt
The UK's largest nursing home group by revenue Four Seasons was set to sell 185 freehold properties to its creditor H/2 Capital Partners, but the sale fell through last week. If the US hedge fund doesn't take over, what does this mean for the future of the business, and where does it leave the operator? We speak to sources close to the deal. [+]
Columbia Pacific Management sells Southeast Asian business and targets Africa
Seattle-based Columbia Pacific Management has agreed to sell Columbia Asia's Southeast Asia hospitals for $1.2bn cash and has kicked off a separate sale process for the Indian hospitals, sources familiar with the matter tell us. It is also planning to replicate its Asian success story in Africa, starting in Kenya, HBI can exclusively reveal. [+]
Hirslanden offloads hospital to rival
Mediclinic-owned Swiss hospital group Hirslanden is selling a small hospital to rival Swiss Medical Network (SMN) in an opco-propco deal. We are told that most of the transaction value is in the real estate. [+]
Big deal in Spanish healthcare property as REIT listing looms
Oaktree-backed Spanish healthcare property investor Healthcare Activos has sold 20 assets to company backed by Spanish investors and eyeing REIT listing in Spain in the next two years. We talk to Activos founder and minority shareholder in both companies, Jorge Guarner, about the deal and the Spanish market. [+]
Italian KOS Charlestons into Germany
Italy's second-largest nursing home group by revenue, Gruppo KOS, has entered Germany for the first time with the acquisition of fast-growing residential care group Charleston. We discuss multiples and market dynamics with a sector expert. [+]
Four Seasons attracts bidders - but is the price right?
UK nursing home provider Four Seasons, one of a number of care home assets failing to sell in the UK, is beginning to attract bidders within a £400-600m price band. We discuss pricing, bidders, multiples and views on the market. [+]
Consolidation of the nursing home sector - Infographic
This week we visualise how consolidated nursing home markets are across Europe, based on HBI's Intelligence report. [+]
Falck pays for breaching competition rules and could still face prosecution
Danish ambulance provider Falck has reached a settlement to pay compensation for breaching competition rules at home. Although this has curtailed any civil proceedings, it may still be facing criminal proceedings and a fine. Looking increasingly abroad for profit in its core business, the company is buying back a 100% share in Slovakian emergency medical services firm Falck Záchranná. [+]
€3bn Barchester deal collapses
Macquarie has pulled out of the process to buy UK nursing home group Barchester due to volatile exchange rates triggered by Brexit, independent sources confirm. We look at the bid price and analyse why and when it failed. What will be the impact on the slew of other deals expected in the sector? [+]
Primonial buys in Italy
French real-estate investor Primonial REIM continues to make inroads into the European senior living market, with a sale and leaseback deal to acquire a portfolio of senior residences in Italy. [+]
"Two bidders left" for $2bn Columbia Asia
The sale process of pan-Asian hospital group Columbia Asia could have just two bidders left, we are told, while the Wall Street Journal lists three. [+]
Cofinimmo acquires large Belgian portfolio
Belgian REIT Cofinimmo has bought a large portfolio of care home beds at an agreed rent. We speak to a market source who advises on real-estate deals who questions the level of rent. [+]
Indian hospitals building fewer beds
India's hospitals have all but stopped building beds in Tier I cities in the past two years, instead investing in smaller cities. HBI explores new bed growth data. [+]
Vivalto Sante bags Confluent and gets B2 rating from Moody's
Credit rating agency Moody's has assigned a B2 rating to the loans and credit facilities of Vivalto Sante, France's third-largest private hospital group which looks set to acquire the country largest independent private hospital. [+]
Dutch psychiatric tariffs swing back to payment by activity
Dutch psychiatric outpatient tariffs have gone from DRG-based payments to activity-based reimbursement, in a move which one local advisor describes as a "step backwards in time". We analyse what this means for the sector. [+]
Strong top-line growth as Aster DM shifts to leased hospital model in India
Aster DM has reported strong top-line growth in its FY19 results and plans more asset-light projects in India going forward. We speak to the company's head of investor relations and take a look at how the company faired. [+]
Singaporean group IPOs as it targets digital solutions
Alliance Healthcare Group, provider of primary care and specialist clinics, has joined around 16 Singaporean healthcare services companies listed in Singapore, in preparation for a digital overhaul of its healthcare services. We speak to a finance expert and the CEO of a digital healthcare platform about the move. [+]
New nursing home law opens Danish for-profit sector
Danish operators are getting to grips with new legislation which for the first time allows non-municipal entities to both run a nursing home business and own its premises. We speak to the Nordic's fourth largest nursing home provider Ambea about the change. [+]
Almaviva in exclusive talks to acquire private medical clinic in Paris
France’s fourth largest domestic hospital operator by revenue, Almaviva Santé, is reportedly in exclusive talks to buy Paris-based 130-bed Parc Monceau International Clinic. [+]
UK hospital market new entrant plans two new-builds a year
We talk to the founder of One Healthcare, the newest entrant to the UK's non-London private hospital market with ambitious organic growth plans. [+]
Can Americans at TPG understand Emerging Market health care?
Private equity giant TPG Capital has signed a definitive agreement to manage now-defunct Abraaj's $1bn healthcare fund. Some investors may want a re-pivot towards greenfield projects in countries like Pakistan and Nigeria, we are told, while existing portfolio and fund staff may be growing frustrated at the Americans' slow decision-making. [+]
Korian enters the Dutch market
Europe's largest nursing home group by revenue has expanded into the Netherlands with the acquisition of a small, high-end Alzheimer's specialist. We speak to a Dutch adviser about the move. [+]
PE injects funds into Estonian nursing home sector
Baltic private equity firm BaltCap is investing €3m of growth capital to expand an Estonian chain of nursing homes. We speak to the firm's associate director. [+]
What is the emerging markets landscape like post-Abraaj?
With several significant withdrawals by developed markets operators and the collapse of Abraaj in 2018, what does the emerging markets investment landscape look like? Investors focusing on Asia and Latin America discussed the challenges and opportunities at HBI 2019. [+]
"Flexible building" provokes debate at HBI 2019 Property session
Pan-European investors on HBI 2019's Investing in Property panel discussed the sector - but it was one speaker's "flexible design" concept prompting criticism from an operator in the audience which provoked the biggest discussion. [+]
Healthcare services remain resilient to economic downturn
Credit funds and whopping piles of dry powder ($1.8trn in 2018) should save the sector from a valuation crash despite general market underperformance and a dire macro economic backdrop, said Hedley Goldberg, partner at Rothschild at HBI 2019. [+]
Primonial outpaces German competition with further acquisition
French real-estate investor Primonial REIM has become "one of the biggest senior living investors in Germany" according to German investment consultancy Terranus. We speak to Terranus' CEO about the deal. [+]
South African consolidator picks up Netcare hospitals
Black-owned South African investor RH Bophelo has acquired two hospitals from Netcare for what looks like a very low price. [+]
Orpea advances in Latin America
Orpea, Europe's second-largest nursing home operator by revenue, has made big strides in Latin America, with acquisitions in Chile, Brazil and Uruguay in 2018. We speak to a market expert about its expansion, with a focus on Brazil, and its full-year results published this week. [+]
UK hospitals could get cheaper medical materials post-Brexit
A consultant surgeon at a newly opened private hospital in northern England says that hospital operators could see lower procurement costs through access to new markets after Brexit. We caught up with Dr Vasu Karri. [+]
DomusVi in talks to acquire top ten French nursing home group
DomusVi is in exclusive talks to acquire a top ten French player in a bid to keep pace with rivals Orpea and Korian. We speak to a market expert about the deal and give a likely price multiple. [+]
BMI Healthcare starts disposing of non-performing hospitals
UK hospital chain BMI Healthcare is closing two hospitals and looks set to hand another back to the public sector, six months after the business was taken over by its landlord finalising South African Netcare's exit from the UK. [+]
Four Seasons secures more funding as search for buyer drags on
Four Seasons, the UK's third largest care home group by revenue, has secured further funding from its creditor, US hedge fund H/2 Capital, to tide it over until a sale. We speak to a market adviser about the issues investors will be encountering when looking at this asset. It has been officially up for sale since November last year. [+]
Magnificent seven plan to consolidate Hungarian healthcare
We talk to Dr Lajos Fabian, chairman of MedAlliance Holding, a grouping of seven investors which has been busy buying healthcare providers in the fragmented Hungarian healthcare market through its buy-and-build platform Tritonlife, which it launched in late 2018. The aim is to replicate the achievements of Medigroup in Serbia and Regina Maria in Romania with eventual sale or IPO, but not for at least 5-7 years. [+]
HC-One reportedly in talks with property investor for £1bn deal
HC-One, the UK's fourth largest nursing home provider by revenue, could finally be closing in on a buyer after eight months on the market. A well-placed fund manager tells us prospects are looking good for a sale and we name a potential buyer. [+]
French hospital tariffs to increase in 2019, and reward quality
France's health minister has announced that tariffs to acute hospitals will rise in 2019 for the first time in eight years, and reward quality for the first time ever, while rehab and psychiatry for-profits will be "stable". We talk to LEK's Paris-based co-head of European Healthcare Practice about the news and the for-profit hospital sector's prospects in France generally. [+]
EXCLUSIVE: Advinia "looking for investor to grow company" say sources
HBI understands from sources that UK nursing home Advinia has hired Macquarie to advise on options for the company going forward, including looking for a strategic investor to grow the company. We speculate on who any such investor could be with the help of a market source. [+]
Armonea-Colisee merger creates fourth largest nursing home group
Belgian nursing home group Armonea has merged with French rival Colisee after months of preparing for a sale, creating Europe's fourth largest nursing home group. We hear from a reliable source that this is effectively a takeover by the French player. [+]
Black-owned investor continues consolidation in South Africa
RH Bophelo, a black-owned Special Purpose Acquisition Company listed in South Africa, has acquired another hospital as it continues consolidating the market outside the grip of the Big Three. We talk to CEO Quinton Zunga. [+]
A new European healthcare-specialised REIT in the making
Spanish real-estate investor and financial healthcare specialist Healthcare Activos has appointed a new CEO in preparation for its European expansion next year. We speak to the founder and former CEO about the company's plans, which include becoming Europe's newest healthcare-only REIT.
[+]
Capio makes first acquisition since buyout
Capio has made its first acquisition since Ramsay bought it in October last year, signalling confidence in the new brand. [+]
Are Barchester sale rumours the real deal this time?
Rumours that UK care home operator Barchester is about to sell abound, but we've heard it all before and it's been on the market for over six months. Could this be the real deal? [+]
Axa enters Irish nursing home market
French insurance and financial services company AXA has entered the Irish nursing home market for the first time by investing in a relatively large portfolio of homes operated by the country's biggest group, Mowlam Healthcare. We speak to JLL which brokered the deal. [+]
Cofinimmo acquires in the Netherlands
Belgian real-estate investor Cofinimmo is expanding its operations in the Netherlands, the smaller of its four markets, with the acquisition of a nursing home. We speak to a market expert about the acquisition. [+]
Aedifica buys stepping stones into Dutch market
Belgium-based REIT Aedifica is expanding its portfolio in the Netherlands with the construction of an elderly care facility in an opco-propco deal with Dutch assisted living operator Stepping Stones. We speak to the chief investment officer at Aedifica about opportunities opening up in Dutch elderly care. [+]
Top three Portuguese hospital group set to sell?
We hear there has been overseas interest in the Portuguese hospital market, and take a take a deep-dive into the sector amid rumours of a sale of one of the "big three". [+]
Mandatory insurance in Bahrain could cause problems for large hospitals
Bahrain is due to follow its richer neighbour, the UAE, by implementing a mandatory insurance programme this year. Yet its far lower GDP and population could make it difficult for large hospitals to flourish in the region. HBI speaks to two GCC experts about how legislation will change the healthcare landscape. [+]
Staffing issues a "ticking time-bomb" for German nursing homes
German elderly care is in a process of rapid consolidation, with acquisitions happening at a rate of around two or three a month. But the CEO of a real-estate investor keeping a close eye on the market says major staffing issues are compromising the attractiveness of the market. [+]
When will Finland's Sote be finished?
Finnish social care reform has been on the cards for the last decade without resolution, yet there's a possibility it could finally make some headway through Parliament this year. We speak to nursing home provider Esperi and real-estate fund Northern Horizon Capital for an update on the reform's progress. [+]
10% of Russian nursing home beds to be private by 2020
Russia has begun the long task of overhauling its Soviet-style nursing home stock by inviting private operators to build new homes. The sector has also begun to pilot regulatory reform that would require all homes to reach Western European standards of care. We speak to Senior Group, one of Russia's (comparatively) biggest high-end operators, about how the changes are opening up a market. [+]
Elsan unlikely to trade before 2020
Despite rumours last year that CVC Capital Partners might be set to exit its large French hospital asset, we look at why this now seems unlikely - and reveal which hospitals are performing the best and the group's EBITDA, together with a potential valuation. [+]
European REIT buys big in UK care market
Belgian real-estate investor Aedifica SA has acquired a large portfolio of UK care homes and entered the market for the first time. At a time when margins are being squeezed and groups in this sector have proved slow to sell generally, is this a wise move? We ask three experts for their views. [+]
Interview: Steve Grobet, Orpea
Nursing home giant Orpea turns 30 this year, and has a portfolio of 854 facilities and 86,757 beds across 13 different countries. We talk markets and strategy with Steve Grobet, head of Orpea's investor relations. [+]
Barchester sale imminent
We hear that the sale of UK care home group Barchester is imminent - perhaps even before Christmas - and have the name of the likely buyer. [+]
US real-estate investor enters Dutch elderly care
US real-estate investor Heitman has entered the Dutch elderly care market with the acquisition of De Leyhoeve, a high-end assisted living facility for the elderly. We speak to a Dutch market expert about its business model, which takes a luxurious approach to assisted living. [+]
Assisted living boom predicted in Italian cities
The head of Korian Italy says assisted living is the next big opportunity in Italian elderly care. We speak to her, and an Italian healthcare consultant to find out more. [+]
UK nursing home real-estate proving attractive to investors
According to a report by real-estate investor Octopus Healthcare, both current and new investors in UK elderly care will be allocating increasing resources to the sector, despite the market experiencing significant financial challenges. We speak to the company's CEO, Benjamin Davis, about why UK elderly care remains a hotspot for investment. [+]
Serbia prepares wholesale rehab sell-off
The Serbian government is preparing to sell off 4,000 rehabilitation beds. We talk to a consultant familiar with the process. [+]
Korian makes domiciliary care acquisition
Korian, Europe's largest nursing home operator by revenue, has bought a fast-growing domiciliary care provider. [+]
Primonial study highlights European opportunities in elderly care
Nursing home real estate specialist Primonial REIM has released a study highlighting where opportunities lie for European investors in elderly care. We speak to Primonial about its findings. [+]
Waterland expands German elderly care through buy and build
Private equity firm Waterland is expanding elderly care provider Schönes Leben (SL) through buy and build projects across Germany. We speak to partner at Waterland Carsten Rahlfs about the market and the firm's strategy. [+]
Retreating NHS leads to growth in private dermatology market
The medical dermatological market in the UK is worth £2bn and growing 10% annually. Demand is high, but we hear stretched NHS resources have been reducing supply. Earlier in the year, the NHS announced it would stop funding some procedures including the removal of benign skin lesions, and waiting lists for dermatological treatments are growing. We speak to a UK-based PE firm about resulting growth in the UK private dermatological market. [+]
Could Dutch hospital bankrupcies herald the death of a market?
Two major for-profit Dutch hospitals went bankrupt last month after insurance companies refused to shoulder their economic woes. Both hospitals were part of MC Groep - a Dutch group which privatises failing public hospitals. What does this mean to the wider Dutch market? We speak to a Dutch healthcare expert to find out more. [+]
Korian makes deal with Primonial to expand across France
Korian, France's largest nursing home operator by revenue, has made a deal with its main property owner to build at least seven new facilities in the country. We speak to French healthcare real estate expert Stéphane Pichon about the deal. [+]
Schoen opens London clinic and makes further plans for the UK - and elsewhere
German hospital group Schoen Kliniken has opened its 39-bed orthopaedic clinic in Central London. We talk to executive director Andreas Ludowig about how the group is positioning itself in the UK market. [+]
Elaj Group buys hospital in Saudi
Healthcare Nova hears that MENA hospital operator Elaj Group has acquired a large hospital in Jeddah, Saudi Arabia, giving it a nine-figure valuation. [+]
New Nigerian hospital project looks for investors
A new hospital to be built in Lagos as part of an urban development project is looking for investors. We speak to the broker of the deal at real-estate brokerage firm Coldwell Banker Netherland (CBN). [+]
What's really happened with the UK's largest hospital chain?
With BMI Healthcare announcing on Monday that it had agreed a rent reduction with its major landlord, we talk to sources and discuss what really happened at the UK's largest hospital chain. [+]
Record real estate deal as Primonial invest in Median
HBI speaks exclusively to the broker behind a record real estate deal in Europe, after Medical Properties Trust (MPT) sold a 50% stake in its Median Kliniken portfolio in Germany for over €800m. [+]
Property developer enters elderly care market with plans for 3,500 beds
Newly founded property developer Perseus, who specialises in managing elderly care homes, has received backing from Northampton real-estate investors Barwood Capital to develop a large number of care homes across the UK. We ask CEO Duncan Ford about his plans. [+]
Finishing touches being put to first Saudi hospital PPP contract
Healthcare Nova hears that Dr. Soliman Fakeeh Hospital's acquisition of Saudi Airlines' hospital in Jeddah is in the final stages of completion, and once done will be the country's first hospital PPP project. The group beat other bidders that included a European contingent, although a source says the final signature could come tomorrow or just as easily on year from now: "It's by royal decree." [+]
German real-estate investor doubles its nursing home portfolio
German propco investor Deutsche Wohnen is set to almost double its portfolio of nursing homes. [+]
NMC Health's UK entry and H1 results
We talk to NMC Health's CFO about the shockingly low price it has paid to enter the UK market along with the group's positive H1 results. [+]
Implementation of Saudi PPP law expected by October
Healthcare Nova hears that Saudi Arabia's PPP law should be implemented within three months. [+]
Assisted living shortage in Netherlands
There is a growing shortage of assisted living housing and the Netherlands according to a new report. Healthcare Europa speaks to a Netherlands-based healthcare expert to find out why more groups are not stepping in to take advantage of this. [+]
For-profit US operator sets its sights on Europe
We hear that USA-based hospital giant Steward Health Care International has plans to extend its operations and become the number one player in a further seven or eight European markets. [+]
Median put up for sale with possible €1bn price tag
German rehabilitation giant Median is being put up for sale by its owners Waterland, according to sources. A local healthcare consultant says that, although this is line with a standard private equity exit timeline, a recent reform might make now a particularly good time to sell. [+]
The future of Penta following its CEO's departure to Capio
Eastern European hospital group Penta Hospitals' enterprising CEO Attila Vegh was the surprising choice to replace the soon-to-be-departing CEO of pan-European hospital group Capio, Thomas Beglund. But with Vegh's fingerprints all over Penta's plans for expansion - and his face still all over its website - where does the Czechia-based group go from here. Healthcare Europa speaks to a lawyer whose firm has advised the group in the past to find out more. [+]
Ukrainian free market "creating opportunities for investment"
Earlier this month, the Ukrainian government set in motion sweeping healthcare reforms that will allow citizens to sign contracts with private providers for the first time. Healthcare Europa speaks to Michael Amsel, CEO of Lissod, a private oncology hospital in the ex-Soviet state, about the investment opportunities this newly-created free market could engender. [+]
Ukrainian free market “creating opportunities for investment”
Earlier this month, the Ukrainian government set in motion sweeping healthcare reforms that will allow citizens to sign contracts with private providers for the first time. Healthcare Europa speaks to Michael Amsel, CEO of Lissod, a private oncology hospital in the ex-Soviet state, about the investment opportunities this newly-created free market could engender. [+]
Greek hospital opens floor to non-binding offers
Greek general hospital Henry Dunant (HD) will open the floor next week to non-binding offers. We speak to a well-placed Greek source to find out more. [+]
Saudi draft PPP law released
The Saudi Arabian government has released its draft PPP law. We look through the 50-page document which covers foreign ownership, labour laws and real estate, and speak to Colliers International's head of healthcare in MENA who tells us as far as the last of these is concerned, there is a pleasant surprise. [+]
MPT snags big profit in first big secondary deal in German hospital property market
Paris-based real estate investor Primonial has acquired half of listed American REIT Medical Properties Trust's German portfolio of 71 post-acute rehabilitation hospitals. What does the deal mean for the sector? [+]
At least six firms vying for Abraaj's US$1bn healthcare fund
At least six firms are reportedly in the running to take over management of embattled Abraaj's US$1bn healthcare fund, including TPG, Colony Capital and Cerberus Capital. We talk to contacts in the emerging markets investment community, one of whom says as much as half of the portfolio's EBITDA could be in one country. [+]
Hirslanden appoints new CFO
Hirslanden, the Swiss private clinic group owned by listed South African group Mediclinic, has appointed a new CFO. [+]
DocteGestio buys failing hospital and takes on its debt
French healthcare platform DocteGestio has bought the failing Saint-Jean-l’Ermitage hospital in Melun, south of Paris, promising to keep on its staff and pay off €10m in debt. We speak to a French healthcare expert to find out more. [+]
Axa enters French elderly care property market
French insurance giant Axa Investment Managers has made an entrance into the French elderly care sector by acquiring eight retirement homes on the outskirts of Paris. [+]
German nursing home market: Five things every new entrant should know
The German nursing homes market looks ripe for consolidation - 15,000 homes are run by 6,000 providers, but the market is heavily regulated. This is what every investor or operator looking at the market ought know according to Hermann Thiel, CEO of healthcare real estate consultancy Terranus. [+]
Alloheim makes first big acquisition since being sold in December
Germany's largest private equity-owned nursing home operator Alloheim has agreed to buy a competitor with six homes in western Germany. It comes six months after Nordic Capital agreed to buy the pan-German group for €1.1bn from Carlyle. [+]
Sale of France's biggest independent hospital looks likely
The 500-bed private Confluent Hospital in Nantes looks set for a real estate sale or a full opco-propco deal after its shareholders voted to reject a no-sale option. A final decision will be made at the end of June. [+]
New private hospital planned in Kuwait
We hear that a Qatari investment group is planning a new hospital in Kuwait. But a local contact questions the logic of adding capacity to a stagnant and oversaturated market. [+]
Six things we learnt at Himss 2018
Digital health players are morphing from app providers into health care service companies. Digital health is also a bridge which will enable big pharma and medtech to extend its reach far beyond pills and machinery and into services. And a mass market is opening up, as payors finally start paying for digital health apps and services. We report from Himss 2018, which brought together a giddy mix of venture capital, digital health entrepreneurs, academics, some payors and forward-thinking chief technology officers from public sector hospitals, mainly from the Nordics, Spain and the Netherlands. [+]
HC-One for sale
The UK's largest care home operator is seeking a buyer. We hear it is existing investors - and not chairman Dr Chai Patel - looking for an exit and that the listed Europeans are likely to steer clear. [+]
Nursing homes sold after cancellation of “European Las Vegas” project in Spain
Spanish real-estate specialist Grupo Urtinsa has left the nursing home market, selling the five facilities it had to an unnamed private investor. [+]
Opportunities in LATAM for those willing to think longer-term
Investors looking for medium- to long-term projects should look to Latam for opportunities according to a panel of healthcare experts at HBI 2018. A growing middle class across the continent, ageing populations and increasing stability in many countries, mean that it is ripe for investment. [+]
Six things you need to know about the Chinese healthcare market
The Chinese market has robust demand but has proved notoriously difficult for most foreign operators and investors to crack. HBI 2018 had a panel of experts who have successfully bucked the trend. [+]
Singaporean investor looks to build southeast Asian hospital network
Healthcare Nova talks to the CEO of a Singapore-based private equity group that has put US$100m towards building a hospital network spanning Vietnam, Malaysia, Indonesia, the Philippines, Cambodia and Vietnam, and is set to spend US$100-200m more. The network will encompass elements of a private-public-partnership by building on public land and cater to the middle-class. [+]
What do nursing home opportunities look like in China, India and Brazil?
What do nursing home opportunities look like in China, India and Brazil? All three countries have the usual driving forces behind an increased demand in residential elderly care: an ageing population, a growing middle class, and a shift in the disease burden. HBI 2018 explored the similarities and differences in these three markets. [+]
Why healthcare property is attracting investors with “no idea what they are doing"
Real estate is at the heart of many deals in healthcare services. It can be the key to premium pricing, and deals lost and won. David Batchelor, executive director, specialist markets, CBRE, told HBI 2018 that real estate re-pricing has seen a surge in interest and thereby a rise in opportunities for operators to raise funds – but is this a good thing? Opinions are divided. [+]
Healthcare Real Estate: Presentation, David Batchelor, CBRE - HBI 2018
Real estate is now at the heart of most deals in health care services. Often, it is the key to premium pricing and deals won and lost. In a data-driven presentation, David looks at valuations and forecasts across Europe and Emerging Markets. He then X-rays deals made or broken by property. [+]
Vamed enters first Chinese JV
Global outsourcing and healthcare services management giant Vamed tells Healthcare Nova it has entered a joint venture with HNA Holding to build and operate a private hospital in Hainan, South China. [+]
The five German nursing home groups that will trade this year
Healthcare Europa talks to a well-placed advisor about which German nursing home groups will trade in 2018 - five are cited but anything is possible in this market, he says. [+]
"Aggressive bidding" for Care UK in second round
We hear that several buyers are aggressively vying to acquire Bridgepoint's Care UK nursing home segment and that second round bids are in, valuing the business at a high multiple. [+]
Korian's FY 2017 revenue was flat in France but big in Belgium
European nursing home giant Korian saw revenue growth of 5% in 2017 of which half was organic. Growth was slow in France while the acquisition of 1,000 beds from Senior Assist Belgium helped its revenue grow 40% there - the same disparity was seen in organic growth. [+]
European healthcare property market 2017: UK and Italy boom while France and Germany slow
Overall activity in Western Europe's healthcare property market dropped last year. Though things were busier in the UK, Italy, Netherlands, Spain and Portugal, transactions were down in France, Germany and Belgium. [+]
Egyptian government approves health insurance bill and begins implementation
Healthcare Nova hears that the much-discussed reform that will allow the private sector to be part of the Egyptian national health insurance system has been approved by the government. Implementation is now being prepared in five states. [+]
Jack-of-all-trades French player plans €1bn in revenue by 2022
French healthcare platform Doctegestio has been buying heavily in health and social care over the last few years, reaching a revenue run-rate of €240m which makes it a top 20 player in the country. We talk to its healthcare COO Benjamin Vitre about the thread holding a seemingly disparate group of healthcare assets together, and where he hopes the company will be in five years time. [+]
Private equity positioning itself for longer-term investments in healthcare
Private equity is looking beyond the usual three to five year window of investment in healthcare, as the market creates longer-term opportunities. [+]
Why the Irish primary care and care home markets are attracting increasing interest
Investors are starting to look closely at the Irish primary care and nursing home markets, we hear, for two reasons - one specific and one more general. [+]
Bridgepoint launches Care UK nursing home sale
Private equity group Bridgepoint has launched the sale of Care UK's nursing home segment. It could fetch a multiple twice what it paid when acquiring and de-listing the company in 2010, having tripled revenues and increased EBITDA by a third since then. We talk to a healthcare real estate expert to find out more. [+]
French giant sells clinics to smaller rival
France's second-largest hospital group, Elsan, has sold three clinics totalling just over 200 beds to DocteGestio. The smaller group has been buying heavily in healthcare, social care and hotels in the capital region and Normandy, and is now in the top 20 health and social care operator's in France by revenue. [+]
Saudi group turning hotel into hospital in Egypt
GCC operator Elaj Group has reportedly paid US$10m for an unused luxury hospital in Egypt with a view to turning it into a multi-speciality hospital. We talk to a hospital design consultant who has done this in India and claims its 25% cheaper than a new build. [+]
Interview: Mansoor Ahmed, Director, Colliers International, on the Egyptian healthcare market
The Egyptian economy has been recovering from an economic downturn since 2011, and it’s been an uphill struggle to restore investor confidence. We talk to Mansoor Ahmed from Colliers International and ask him if Egypt has turned the corner. [+]
French nursing home real estate will be hot property in 2018
We hear from several industry players that real estate trading will pick up in French nursing homes in 2018 after 2017 saw more deals in the hospital sector. [+]
Nordic nursing home building boom to continue in 2018
More than half of healthcare real estate investor Northern Horizon’s aged care fund is in new build nursing homes and its manager Jussi Rouhento says that trend will continue in a wave of deals to be announced this spring. [+]
German states set to delay single-bed ratio deadlines
Healthcare Europa hears that authorities in Germany are granting exemptions to nursing home providers that allow them to temporarily continue operating with lower single bedroom ratios than required by new laws imposed at the state level. [+]
Rmb 1bn mother and child health fund launches in China, as births soar
An investment fund focusing on private maternity and paediatric healthcare in China launched in Shanghai earlier this month. [+]
The lucrative, luxurious post-birth care business in China
Professional postpartum care - luxury live-in care for both mother and child in the month following childbirth - has evolved into a lucrative business in China in less than a decade. Healthcare Nova speaks to John Yue Zhao, founder and CEO of the Xi Yue Ge care centre to find out more. [+]
Waterland buys German nursing home operator
Private equity firm Waterland has acquired a nursing home operator with 28 homes and 3,058 beds in southern Germany. We talk to Carsten Rahlfs, partner at Waterland. [+]
Thonburi Hospital Group goes public in Bangkok, and share price plummets in one week
Thonburi Hospital Group (THG) went public on the Bangkok stock exchange on Thursday, December 7. Market cap when trading opened on the first day suggested it was nearly a US$1bn company (32.3bn baht), but this has dropped to US$808m (26bn baht), at the time of writing, as shares have dropped 28% from the initial offer price. We talk to a source close to THG to find out more. [+]
Finnish nursing home group Hovi expands in Singapore
Family-owned Finnish nursing home group Hovi has made its first venture abroad. It has entered Southeast Asia by setting up an elderly day-care centre in Singapore. Group CEO Jussi Peltonen tells HBI of plans to further expand in the region. [+]
What does Saudi Arabia's "anti-corruption" purge mean for healthcare privatisation?
Crown Prince Mohammed bin Salman has made a show of detaining high-ranking officials and seizing assets as part of what he says is a plan to modernise Saudi Arabia. We ask well-placed contacts what this high-profile shakeup might mean for the healthcare privatisation drive, and foreign investment into the sector. [+]
Egyptian property developer launches new medical park near Cairo
Egyptian property developer Redcon is to build a medical park near the capital city Cairo following a flurry of foreign interest in the country over the past year. [+]
UK care home giant set to pass to creditor
Ownership of the UK’s second largest care home group, Four Seasons, looks set to pass from private equity owners Terra Firma to its key creditor, US hedge fund H/2 Capital, in a move that would see the former capping its losses at £450m (€510m). [+]
Indonesian group signs $1bn deal to build hospitals in China
Indonesia's fifth largest conglomerate has signed a deal with a Chinese state-owned investment group to spend $1bn building healthcare facilities in China. [+]
Ribera Salud buys stake in Slovakia’s largest diagnostics group
Spanish hospital management company Ribera Salud has taken a 34% stake in Slovakian diagnostics chain Pro Diagnostic Group, with a view to increasing their share in the coming months. [+]
Belgium nursing home group Senior Assist is for sale
Belgium’s third largest nursing home group is raising capital to fund its rapid 25% annual growth with all options on the table, CEO Bart Vanderschrick tells Healthcare Europa. [+]
MK-Kliniken offloads bulk of business to French PE firm
German nursing home operator MK-Kliniken has sold two-thirds of its nursing home operations to French private equity firm Chequers Capital for a reported €300m. Our source in Germany says now is an opportune time to sell. [+]
Do MENA's five major cities really "need 10,500 new hospital beds by 2022"?
A new report suggests the MENA region’s five major cities will need 10,500 new hospital beds over the next five years – the equivalent of 70 new hospitals. Healthcare Nova speaks to the report author and to a government adviser who thinks he is wrong. [+]
Do MENA's five major cities really "need 10,500 new hospital beds by 2022"?
A new report suggests the MENA region’s five major cities will need 10,500 new hospital beds over the next five years – the equivalent of 70 new hospitals. Healthcare Nova speaks to the report author and to a government adviser who thinks he is wrong. [+]
Wenzhou Kangning hospital group posts strong half-year figures and ups stake in Sichuan centre
HK-listed psychiatric hospital group Wenzhou Kangning has announced a half-year profit increase of 12.4% on revenue that is up 49.3%, while increasing its minority stake in a hospital in Sichuan. [+]
Interview: Stefaan Gieelens, CEO, Aedifica
The CEO of the Belgian and Pan-European property investor Aedifica reveals to Healthcare Europa the ace up his sleeve in Europe’s increasingly competitive healthcare property market.
[+]
European procession into Latam continues
European operators' interest in Latam continues apace, with French nursing behemoth Orpea announcing two joint ventures that will see 2,000 nursing home beds built in Brazil. With Belgian-based Senior Assist making a foray into Chilean healthcare, how viable is Latam expansion for the Europeans? [+]
Orpea entering Brazilian market with 2000-bed joint venture
French nursing home behemoth Orpea has announced two joint ventures with fellow countryman Philippe Austruy’s holding company, SIS Group, that will see 2,000 nursing home beds built in Brazil and 1,000 in Portugal over the next 2-3 years. We talk to Orpea and to its Brazilian rivals. [+]
Not-for-profits are where the opportunity lies in healthcare property, says Aedifica CEO
The dominant non-profit sectors in Holland, Belgium and Germany are beginning to open up to property deals with public subsidies on the wane, the manager of a Belgian healthcare REIT told Healthcare Europa today. [+]
Paris-based real estate company enters Spain
Primonial REIM, a real estate asset management company based in Paris, has continued its European expansion by acquiring a rehabilitation and elderly care clinic in Barcelona taking it south of the Pyrenees for the first time. [+]
Chilean property investors join nursing home party
Two groups have invested in nursing homes in fast-ageing-Chile, with returns reaching 6% and several operators to choose from.
[+]
Mayo and others close in on London hospitals
Moves are afoot in the London hospital market with developments in the Mayo Clinic, VPS Healthcare and Avon House deals. [+]
HC-One in race to secure funding for Bupa deal
UK care home group HC-One has a fortnight to secure around £250m in fresh capital to close a deal for 122 Bupa homes and create the UK’s largest care group, we heard today from a well-placed source. [+]
Interview: George Muchanya, deal manager, Growthpoint Properties
South Africa’s first healthcare REIT, Growthpoint Healthcare, will launch this month promoted by the investor Growthpoint. Deal manager George Muchanya talks to Healthcare Nova about the Big Three of Netcare, Mediclinic and Life, and who else might be in the market to sell some of their assets. [+]
Korian's group M&A director departing
Korian group M&A director is leaving the company – and says she prefers not to say why. [+]
Healthcare fund launched by South Africa’s largest REIT
South Africa’s largest REIT Growthpoint has launched a dedicated healthcare fund and plans to grow it to 10bn Rand ($750m) within five years, when it could get its own listing. [+]
Could Abraaj be ditching Kenya for Nigeria?
Private equity, venture capital and real estate investment firm Abraaj Group may be pulling out of a proposed partnership with Indian-based multi-speciality hospital chain Narayana, the IFC and local surgeons in Nairobi - and could have its sights set on two hospitals in Lagos. [+]
Portuguese group buys leased properties for €120m
The family owned José de Mello Saúde (JMS), the largest Portuguese hospital group, has bought four of the properties it was leasing in a €120m deal.
[+]
Interview: Luke Savage, from American REIT MPT, has "no ceiling" on funds for European acquisitions
American REIT Medical Properties Trust is entering new European markets, with “no ceiling” on funds and a new office in Luxembourg, the company's director of European operations and acquisitions tells Healthcare Europa. [+]
Irish care home chain attracts French buyer ahead of expansion
Ireland's second largest nursing home chain CareChoice has a new owner. Healthcare Europa speaks to Bruno Candes, partner at French investment firm and infrastructure specialist InfraVia, about why he thinks now is the right time to invest in the care home market in Ireland - and his plans for expansion. [+]
Private healthcare - shaken but unharmed after UK election shock?
The UK general election has unexpectedly returned a hung parliament, hitting shares at private hospital groups today, but the industry remains largely unfazed.
[+]
Sole contender emerges for Fortis as other interested groups bow out of the race
There appears to be only one contender to buy India’s second largest hospital chain, following reports that two interested groups have dropped out of the running citing “valuation differences”. [+]
Sereni Orizzonti continues expansion in Piedmont
The third largest elderly care group in Italy is consolidating in Piedmont, while looking for other opportunities to continue its expansion.
[+]
Interview: Ronald Van Kessel, Maron Healthcare
With Real Estate Investment Trusts (REITs) looking to tap into the Medical Office Building (MOB) market in Germany and the Netherlands in particular, Ronald Van Kessel, director at MOB manager Maron Healthcare, tells us about the advantages of investing into the Dutch primary care market. [+]
Dutch asset manager to invest at least €25m in Medical Office Buildings this year
Maron Healthcare, a Dutch asset manager and developer, is to invest a minimum of €25m into medical office buildings (MOBs) this year, according to director Ronald Van Kessel. [+]
Real estate costs too high in Brazil, suggests Senior Assist CEO
Real estate prices scared off the major elderly care group Senior Assist International from entering Lat-Am’s biggest market. In conversation at the IFC conference earlier this month, Bart Vanderschrick, CEO of Senior Assist, said his group had looked at expanding into Brazil last year but found the cost of real estate was too high to make its business model viable. [+]
Cofinimmo buys in the Netherlands
Belgian real estate investor Cofinimmo has spent €21m in four healthcare properties, including two Medical Office Buildings (MOBs), in the Netherlands over the past two months. [+]
Orpea becomes Czechia's largest nursing home operator
Europe’s second biggest elderly care chain Orpea is continuing its expansion in Central Europe after announcing two acquisitions. It becomes Czechia's largest operator in elderly care, and further penetrates the Austrian market. [+]
HBI 2017: The European Investment Landscape
The year 2017 should be a good one for the European healthcare services industry, with more money from more sources backing the best management teams and building international businesses, say panellists at HBI 2017. That is despite a fall in deal volume in 2016 and signs that 2017 may see lower levels.. [+]
HBI 2017: India: The challenges of building a business in elderly care
India is a country where there’s an expectation that the family will care for its senior citizens, the public health system is dysfunctional, and nursing homes are almost unheard of. How then can you build a business in elderly care? Krishnan Ganesh, founder and chairman of Portea Medical, in India, was at HBI 2017 to explain his idea of uberised healthcare on demand. [+]
HBI 2017: Top three obstacles in China
China is a much-coveted market, but it’s not easy to enter and or run a business there. At HBI 2017, three operators already in the country shared their views on the three key challenges they faced. [+]
HBI 2017: Indonesian conglomerate considers move into healthcare
PT Rajawali Corporation, one of Indonesia’s largest conglomerates, has confirmed to Healthcare Nova it is considering entering the healthcare industry. [+]
Bupa care home deal - prospective purchasers named
Bupa is selling 150 care homes - and multiple sources have told Healthcare Europa who they understand the prospective buyers are. [+]
How do you design a patient centric hospital?
The award-winning New Psychiatric Hospital (GAPS) in Denmark claims to turn the waffle of patient centricity into bricks and mortar. Healthcare Europa asks Søren Daugbjerg, CEO of Vilhelm Lauritzen Architects, one of the practices behind the project, about his take on hospital design - and asks whether there is any evidence that the design of a hospital can actually improve a patient's health. [+]
French care home group plans 4,000 beds network
Clineo, a French elderly care group based in southern France, is completing the acquisition of two nursing homes in Spain totalling 390 beds – and expects to own a network of 4,000 beds in the next three years. Its founder Hervé Le Bocq talks to Healthcare Europa. [+]
Columbia Asia sees potential in Indian nursing homes and plans aggressive rollout
American investor Columbia Pacific Management has bought a South Indian senior housing group and plans to build 4,000 residential care units in an aggressive rollout over the next four years. Healthcare Nova was told Indian society now accepts housing its elderly in nursing homes. [+]
The Philippines: a national survey
The Philippines has tremendous potential. It has one of the world’s fastest growing economies, and yet it doesn’t have many large healthcare service providers and it lacks a medical infrastructure sufficient to cope with all its residents’ needs. Healthcare Nova looks at the current market there, government policy, and how the private sector is changing. [+]
MPIC’s hospital arm to expand in primary care
MPHHI, Filipino conglomerate MPIC’s hospital arm, is to launch a network of primary care centres. The group, whose net income surged 41% to P1.8bn (US$40m) in 2016, also wants to add a minimum of 10 hospitals to its network in the next five years, some of them from scratch – a departure from its usual buy-and-build growth strategy. [+]
Who will win and who will lose in the GCC?
Who will win and who will lose in the GCC? To see what near unbridled private healthcare looks like nothing beats a trip to the GCC. Revenue is ballooning as mandatory PMI comes in for ex-pats. Meanwhile Abu Dhabi, Dubai and even Saudi Arabia are extremely willing to turn to the private sector for provision, functional outsourcing and even privatisation. [+]
Israeli elderly care providers buys UK group LRH Homes for over £70m
Israeli elderly care providers Golden House, which runs care homes and assisted living apartments in Israel and Europe, and real estate investor Ravad have bought LRH Homes in England for over £70m. [+]
Interview: Fredrik Gren, CEO, and Daniel Warnholtz, CFO, Ambea
Swedish disabled and elderly care services provider Ambea, the second largest in the country with 2015 revenue of SEK4.4bn (approximately €470m), wants to reinforce its presence in the disabled care segment, increase residential care and have a contract model less reliant on outsourcing. Healthcare Europa asks CEO Fredrik Gren and CFO Daniel Warnholtz why - and whether an IPO is on the cards.
[+]
Could TPG create Fortis-Manipal super group to rival Apollo?
Private equity group TPG hopes to follow its expected acquisition of the Indian hospital chain Fortis by merging the second biggest group in the country with the third largest, Manipal Health, reports the Indian press. That would create a 10,000-bed giant. What stands in its way? [+]
Orpea rises and Korian falls on sales figures
Combining over 145,000 beds across Europe, France’s two largest elderly care providers Korian and Orpea have released their 2016 revenue ahead of their full results later in March. But investors’ and analysts’ reactions couldn’t be more different, as Orpea’s share price soars and Korian’s tumbles. [+]
Vitanas "struggles to attract buyers"
German care home chain Vitanas, which has been for sale since late 2016, is struggling to find buyers, claim sources close to the group. [+]
Healthcare Europa Report: Can you make money in the UK in social care?
Despite increasing bureaucracy, spiralling costs, and local authority budget cuts, there is still money to be made in UK social care – but where and how? [+]
Hemsö buys nursing homes in Germany
Swedish property company Hemsö has acquired four nursing homes in Germany for €40m. A week later, it divested a portfolio of 35 properties in Sweden. CEO Nils Styf shares his views on both countries. [+]
More woe for care giants
The bigger the care home group, the worse its performance, is the broad rule from data we've sourced from the UK’s Care Quality Commission, which sheds light on the country’s on-going social care crisis. [+]
PAI finally grabs SAR
Private equity house PAI Partners is buying a 100% stake in Spain's largest care provider Sarquavitae for €500-550m, roughly a 15x EBITDA multiple.
[+]
Orpea continues to buy in Spain
Pan-European care provider Orpea has bought Residencia Reyes de Aragón and Centro Residencial Erit, two nursing home standalones in Zaragoza and Barcelona, respectively. We look at Orpea's prospects for expansion following the Sanyres acquisition. [+]
Paris-based real estate company adds to its healthcare portfolio
Paris-based real estate company Primonial REIM has acquired 68 healthcare assets in Germany – a portfolio which includes nursing homes, assisted living centres, and hybrid and rehabilitation facilities. [+]
Korian's five-year plan leaves analysts cold
Europe's largest care group Korian presented underwhelming five-year targets last week. Shares dropped 7% to €30.75 on the news on Thursday and are currently trading below €30. [+]
The perils of international property investing
Many healthcare property investors have moved beyond their domestic markets looking for product and yield. We’ve documented the international ventures of real estate investment trusts Cofinimmo, Aedifica, Medical Properties Trust and more. But Corpus Sireo, which manages German funds, urges caution. [+]
Singapore-listed company acquires 49% share in Shanghai elderly care services operator
Perennial Real Estate Holdings, which is Singapore-listed, has acquired a 49.9% share in the largest integrated elderly care services operator in Shanghai - Shanghai RST Chinese Medical (Renshoutang). The deal is reported to be worth around S$149m (€97m). [+]
Thompson Medical considers Singapore listing
Maternal health and gynaecology specialist Thompson Medical is considering a listing on the Singapore Stock Exchange –targeting a S$5bn (US$3.7bn) market cap, according to local reports. [+]
Bridgepoint-backed French hospital network C2S buys regional operator Avenir Santé
Groupe C2S, a large hospital network based in Eastern France backed by private equity house Bridgepoint, has bought 500-bed operator Avenir Santé. We speak to Olivier Nemsguern, Partner at Bridgepoint Development Capital (BDC), the investment vehicle controlling C2S. [+]
Capio grabs eye specialist under Sweden's new public-private regime
Capio's Specialist Clinics arm is buying Swedish ophthalmology group Scanloc Healthcare AB and adding it to its Medocular network. BA manager Peter Holm says that the country's freedom of choice reform is driving consolidation in ophthalmology.
[+]
Latam countries thriving despite recession
Despite, or perhaps because of the recession, prospects for private healthcare services in Latin America are good. The financial crisis in public healthcare is forcing governments to rethink attitudes to the private sector and to open up the sector to external investors. And new, innovative models are emerging.
In this 6,000 word report we give a detailed analysis of the six main markets – Brazil, Mexico, Argentina, Chile, Peru and Colombia, and over the next few days we'll be profiling those major players, country by country. [+]
Cofinimmo gets personal
Belgian healthcare REIT Cofinimmo deepened its investments into the medical office building (MOB) space with a €4.5m acquisition in Goirle, Holland. The investment offers a gross initial yield of 7.48% on a double net lease contract indexed annually. The agreement has a weighted average of seven years shared between multiple tenants. [+]
Harty news for Spire in London
Bryan Harty has left the Irish private hospital Blackrock Clinic after 16 years as CEO, and will start a new role at Spire Healthcare on the 12th August, managing a new hospital development in London. [+]
Armonea enters Spain and Germany
Belgium's largest care group Armonea has bought care operations Deutsche Pflege und Wohnen (DPUW) in Germany and La Saleta in Spain. These are Armonea's first international deals, which add up to a network of 125 nursing homes with 14,000 beds and sales of €420m in total. The plan is to expand nationally upon these platforms, CEO Chris Cools says.
[+]
UK healthcare faces up to Brexit
The UK has voted to leave the EU unleashing economic and political turmoil that has taken the legs out from under Sterling, ignited press hysteria and will likely see the leaders of both major parties replaced. As always, the NHS was front and centre during the campaign. But concerns for healthcare more broadly, including the private sector, are numerous. We talk to investors, operators and advisors. [+]
Norlandia moves into new markets
Elderly care and child care player Norlandia is looking to expand to new markets, including north Germany and the UK, in an aggressive roll-out strategy. It says it is also considering launching elderly care platforms in Finland and the Netherlands – where it currently only operates pre-schools. We speak to CEO Hilde-Britt Mellbye. [+]
French hospital operator Avenir Santé for sale
French private equity firm Montefiore is exiting its six-year investment with regional hospital operator Avenir Santé and wants to sell its 72% stake in the group. Expect the buyer to be announced in the next two months. [+]
Nordics open up for property deals
A new €250m fund - rising to €500m with leverage - managed by Northern Horizon will target care homes across the Nordics. The Nordic Aged Care fund is targeting triple net yields of 5-7% and has already raised €121m from cornerstone investors including Aviva. CEO, Michael Schönach also said regulation and culture was opening up the Danish care home market. [+]
Fosun Property eyes elderly care JVs
As Western companies are starting to doubt the promises of China's elderly care market, we hear Fosun Property, the real estate division of conglomerate Fosun, is looking to invest into European nursing homes. [+]
New opportunities in real estate
The influx of capital into European healthcare estate, which has forced down yields to record lows, will find new inlets claimed panellists at the HBI 2016 conference. German hospitals will come on stream, predicts Frank Williams, from the Medical Properties Trust. But public healthcare in the UK is a mixed bag. [+]
Look to real estate investors for capital
The longer time horizons of real estate investors mean they are more likely than private equity to fund healthcare services in the near future. BREXIT uncertainty is slowing the British market, but Julian Evans from Knight Frank estimates that $1bn of Asian money is looking to invest in the EU and Middle Eastern investors also like the sharia compliant sector. [+]
Asia "healthcare bubble" set to burst?
The Asia Pacific region is home to four of the ten largest acute care operators in the world, trading at an average EV/EBITDA multiple of 22x. APAC now has 58 listed healthcare services groups for an aggregate market cap of $158bn. But has it passed its peak? At the Healthcare Business International conference in London, private equity firms spoke of 2016 as a ‘crash year’, marked by political uncertainty and financial instability. [+]
China - a fabled land for elderly care?
We are hearing grunts of disillusionment with the Chinese elderly care market from European operators who have examined it seriously. They say there is no goldrush. [+]
Asklepios "may bid for Rhoen"
Sources from Germany's second largest hospital group Asklepios insist on rumours of taking over competitor Rhoen-Klinikum: "The plans are in the drawer; it is only a question of timing". Rhoen's investor relations Kai Klinger denies any plans to sell and talks about new developments in the Bad Neustadt branch. [+]
Northwest REIT buys Berlin MOBs
The Canadian REIT, Northwest Healthcare Properties, purchased two medical office buildings (MOBs) in Berlin for €13.5m. The Mehrower Allee Complex will pay a 6.8% yield with an average lease expiry of four years. [+]
Spanish bidding hots up
The bid for Spanish elderly care group Sanyres is coming to a close. As we wait for an official announcement, it appears that Paris-listed pan-European provider Orpea will pip Spain's top care group SARquavitae. Our sources expect the price to be an EBITDA multiple higher than twelve. Meanwhile, the bidding process for Spain's fifth largest group Amma has taken off. We look at the bidders and consider the sector. [+]
Property investors fret over healthcare risks
Even as investors pour into this year’s sexiest asset class hunting attractive risk-adjusted yields, the backlash against healthcare property is beginning. “The operator risk in healthcare is so high that yields can’t fall much further,” Natalie Palladitcheff, executive vice-president and CFO of Ivanhoé Cambridge, told an audience at MIPIM, the world’s largest property conference. But operators insist the opposite is the case. [+]
Bain buys Chinese hospital group
Private equity house Bain Capital has bought Chinese hospital group Asia Pacific Medical (APM) for $150m, according to press reports. The deal marks Bain's entry to China after raising $3bn for its Asia fund in December 2015. [+]
Property, let the good times roll - for now
The annual MIPIM conference in Cannes provides an opportunity take the pulse of the real estate industry. Nowhere else will you find so many investors and sellers in one place, eying each other up over champagne, mussels and the gangway of 72ft, custom made superyachts – something has to make up for two-hour presentations about covenants! This year healthcare property was a core theme, and to the eyes of a MIPIM virgin, at least, the sector was abuzz. [+]
Caretech and Alpha go shopping
London-listed UK disability care group Caretech Holdings has acquired Oakleaf Care, a Northampton-based 102-bed provider in acquired brain injury (ABI) for £20.3m. We talk to CFO Michael Hill about Caretech's partnership with real estate developers, Cambian's flop and the NHS's steps to consolidate the sector. [+]
Healthcare real estate investors break barriers
The internationalisation of healthcare real estate is gathering pace, according to all the signs at MIPIM, the world’s largest property conference. Numerous investors told Healthcare Europa they were looking beyond their core markets. This follows recent foreign ventures by the healthcare REITs Aedifica, Cofinimmo, Primary Health Properties (PHP) and Medical Properties Trust (MPT). We look at why. [+]
Aedifica buys Dutch care homes
The Belgian REIT, Aedifica, has paid Dutch nursing home operator, Domus Magnus, €30m for four nursing homes. Aedifica’s first acquisition in Holland was driven by strong yields and the potential to fund the growth of a market consolidator. We investigate. [+]
Spain's elderly care sell off
Amma, Spain's fifth largest group is for sale. Meanwhile, French pan-European group Orpea and Spain's largest group SARquavitae are bidding for the sixth largest, Sanyres. Analysts expect 10x EBITDA multiples after Geriatros' sale in 2015 to PAI. Smaller care operations like La Saleta and Vitalia are also on the block. Sources close to SAR are denying that it, too, is for sale. [+]
Finland’s largest ever healthcare property deal
Finland’s largest ever healthcare transaction has moved the property spotlight to the Nordics. Fund manager, Northern Horizon, sold 27 care homes with more than 1,000 beds for €155m to a fund managed by local investor eQ. Northern Horizon’s head of Finland, Jussi Rouhento, told us multiple institutional investors from central Europe made enquiries. [+]
Primary Health Properties targets Ireland
The UK primary care REIT, Primary Health Properties (PHP), plans to invest between €100-150m in Irish primary care real estate beginning this spring. Managing director Harry Hyman told us that yields are higher than the UK and the statutory payer covering 60-75% of rent reduced risk. PHP’s total pipeline is £140m with £41m in Ireland. [+]
Report: Russian national survey - weak go to the wall
The oil crisis is smashing up public sector healthcare in Russia and many private operators are strangling on dollar-denominated debt. A third could disappear. Many cash-strapped consumers are turning to the grey market of gifts and bribes, rather than paying private operators. The next few years should bring a wave of consolidation as the strong in the private sector, which still enjoys huge tax breaks and strong demand, take control. We name the top 20 players and look at market forces. [+]
Rival Filipino conglomerates Ayala Corp. and MPIC pour millions into healthcare
Ayala Corp., one of the largest conglomerates in the Philippines, is to launch a network of 100 outpatient clinics in the next three years. Called FamilyDoc, these facilities will contain a pharmacy as well as diagnostics and lab units – even a shop, aiming to cater for the primary care needs of a growing middle class. And it is not the only one looking into healthcare. [+]
The demise of not-for-profit providers in Italy
The Italian healthcare system is going under severe budgetary constraints. In light of the cuts, small not-for-profit operators, many of Catholic ownership, struggle to stay afloat and are selling off assets. Large for-profit players, like San Donato, Humanitas and Korian, are jumping on the opportunity. [+]
Bergman still in talks with bank
After more than six months Bergman Clinics, the largest Dutch private clinic chain, is still in talks with its lender Rabobank after ambitious expansion plans went awry. [+]
Abraaj puts the jewel in its crown
Global private equity house, Abraaj, which has US$9bn under management, has just bought a 76% stake in CARE Hospitals in a deal which sources say values the enterprise at 1850 Crore INR (around US$273m), capping an offer of around 1800 Crore INR (US$266m) from Temasek. Analysts say that Abraaj is paying around 17 times trailing EBITDA, which is less than the multiples of the large quoted groups. But what are its plans? [+]
SPS builds Swiss nursing home arm
Swiss real estate group Swiss Prime Site (SPS) is buying nursing home operator Senior Care from property and hotel operator Boas-Yakhin, in French-speaking Switzerland, for an undisclosed amount. That allows Tertianum Group, SPS’s operating arm in the assisted living sector that claims to be the largest Swiss elderly care provider by revenue, to expand its network nationally. [+]
Confinimmo spends €60m in Germany and the Netherlands
Belgian REIT Cofinimmo, which owns a portfolio worth over €3.3bn, has bought several medical offices in the Netherlands for €29.5m with yields ranging between 7% and 8.3%. Earlier this week, it also acquired the Kaiser Karl rehabilitation clinic in Bonn, Germany for €30m as well, to be rented to 800-bed German operator Eifelhöhen-Klinik AG under a 25-year double net lease, for an initial yield of 7.32%. [+]
Hospital groups expand aggressively in the Philippines
Filipino developers Metro Pacific, Ayala Land and the Villar Group have all set five-year targets to expand their hospital operations that includes thousands of beds. [+]
Report: Private healthcare in India
India’s healthcare sector has come a long way in a short time. Total healthcare expenditure (public and private) is $70bn and growing at astonishing rates - perhaps as high as 17% CAGR. In this 4,000 word report, we look in-depth at the booming inpatient and outpatient sectors and the prospects for broadening access to private healthcare. [+]
Interview: Jonathan Le Henry, senior manager at PwC Strategy, Morocco
We speak to Jonathan Le Henry, senior manager at PwC Strategy, Morocco, about the country’s future as medical hub. Total healthcare spending has risen by 7.7% CAGR for the past four years to $6bn. [+]
It’s official: MPT and AXA buy Policlinico di Monza real estate
As reported here last month, American REIT Medical Properties Trust (MPT) and AXA Insurance Companies have bought eight hospitals off the Italian chain, Policlinico di Monza, for €180m. This is a 50/50 deal transacted through AXA IM – Real Assets. [+]
Spanish elderly care group Sanyres for sale
Banks Kutxa and BBVA have stated that they will sell Spanish elderly care group Sanyres in 2016. Sales were a mere €57m in 2014, but frenzy in the market has built up after Geriatros sold to PAI Partners at 10-12 times EBITDA in July 2015. Analysts anticipate similar rates for Sanyres. The next groups in line are La Caixa-owned Amma and private equity-owned SARquavitae. [+]
Report: Private Healthcare in Mexico – Hotting Up
Mexico boasts a large, innovative and vibrant private healthcare sector, which sits alongside a developing, but somewhat chaotic public sector. We look at the major players in the private sector, as well as at new innovators seeking to cut the cost of treatment to reach the masses. [+]
Report: Reforming healthcare - trends and trajectories
European countries are undergoing rapid and substantial demographic and technological changes. Yet, healthcare systems are still mainly state-funded and acute-focused, as they have been for the past 70 years. This is starting to change. [+]
Ribera Salud sheds half of its management team at Alzira hospital
Ribera Salud has reduced from 22 to 13 the number of directors in Hospital de la Ribera, Alzira, in the Spanish region of Valencia. Trade unions say they were forced to report on the issue due to increasing unrest among workers. They estimate that shareholders Centene and Sabadell will be sparing “a million euros” in management payrolls. [+]
Retirement communities and health insurance to boom among China’s wealthy
No fewer than 70% of richest Chinese are interested in retirement communities, 80% have health insurance, but they still shun private hospitals, according to a new study commissioned by Taikang Life Insurance from Hurun Report which specialises in researching China’s new wealthy. Taikang itself plans to establish a chain of elderly care communities nation-wide. [+]
MPT and AXA scoop Policlinico di Monza
We hear that the American healthcare REIT Medical Properties Trust (MPT) is buying the real estate of the Italian hospital group Policlinico di Monza. The deal is for eight hospitals with an estimated value of €175m. The Italian daily Il Sore 24 Ore reports that a major French investor is purchasing the property, which is likely to be AXA REIM who is involved in a partnership with MPT. [+]
MPT and AXA Italian joint venture underway
The US REIT Medical Properties Trust’s (MPT’s) Italian JV with the French asset manager AXA REIM is making good progress, says Hideki Kurata, head of alternative and special situations at AXA real estate. The deal is for several acute care hospitals and a freestanding clinic. Meanwhile, Spanish sources say that one of the largest hospital chains is considering a sale and leaseback deal. [+]
Report: Healthcare Europa Property Survey 2015
There is intense investor interest in healthcare services property across Europe. Fund manager Marc Phillip Martins-Kuenzel, at German real estate investor Corpus Sireo claims that he had 400 approaches from prospective buyers in a single year. This reflects the global search for high yielding investments. But healthcare property also carries risks.
Some sectors such as the French hospital market, where major deals have been done, look risky as the government cuts tariffs. And the sector remains opaque and poorly segmented. There are plenty of traps for the unwary. It is also far from clear how much new capacity will come on stream for investors over the next decade.
Here we look at whether and when the boom will go bust. First, we run through the headlines and what has happened to prices. We then go on to look at supply and demand. Other articles profile the main US and European property investors and the main national markets. [+]
AXA Real Estate and MPT to develop hospital in Spain
A US REIT has invested in healthcare property in Spain for the first time. [+]
Interview: Marco Álvarez, founder, Grupo Dabvsa
Who better to talk about elderly care in Mexico than Marco Álvarez, who has been running medicalised homecare and day care in Mexico City for a decade? Harvard-educated, he founded Grupo Dabvsa on 2005. He expects huge growth as Mexico ages “alarmingly fast” over the next half century. We talk to him about markets, consumers and expansion plans. [+]
Senior Assist to triple beds in Chile
Senior Assist, the Belgian elderly care group, expects its nursing home business in Chile to triple to 1,500 beds by 2018. The group has also opened homes in Turkey and Uruguay and is looking at Colombia, Russia and Thailand. We talk to Roderick Peters, CEO of Senior Assist Latin America about the Latin America market. [+]
Italian care home chain Eukedos starts external growth phase
Eukedos's president, Carlo Iuculano, says he might merge quoted care home group Eukedos where he holds a majority stake with the larger La Villa chain, which he also controls. This would create a group with 38 nursing homes and 3,200 beds, the third largest after Korian and Kos. [+]
ICADE buys Vedici’s hospitals
The French REIT ICADE Santé is to purchase 17 hospitals off the operator Vedici for €651m. This single deal equals the total spend on French healthcare real estate on 2014, says Stéphane Pichon, managing partner at Your Care Consult. We hear from an analyst the net yield is 6.4%. [+]
Report: Bulgarian Healthcare Market - A private cure for a public problem
Bulgaria is the poorest and most corrupt country in the European Union. It also has a surprisingly large private hospital sector. As in Turkey and Finland, patients are free to use their National Health Insurance Funds to partly pay for private treatment. The public sector appears to be in terminal retreat. Here we profile the top ten players and talk to several CEOs on why and where they see expansion. [+]
Cofinimmo increases its German footprint
Belgian healthcare real estate investment trust Cofinimmo has tripled its investments in Germany with the purchase and leaseback of two high-end wellness and sport centres from the Aspria Group. We speak to Cofinimmo CEO, Jean-Edouard Carbonnelle about the deal. [+]
Why elderly care models vary wildly in Emerging Markets
Real estate developers, insurers, and increasingly private equity firms, are pouring capital into the elderly care market in Emerging Markets. But our detailed study of China, UAE, India and Brazil shows that business models vary wildly. [+]
Report: Elderly care in emerging markets
Across the world, people are living longer. But many emerging economies face a horrible question that is not posed in Europe: will too large a section of the population be old before the country is rich enough to provide for them? Here we look at the very different ways that elderly care is developing in China, India, the UAE and Brazil. [+]
Orpea acquires Germany’s third largest rehabilitation operator Celenus Kliniken
Orpea, Europe's second largest residential care group, has acquired Celenus Kliniken, Germany’s third largest provider of rehabilitation and psychiatric services. German brokers say that prices have soared with reha and care home opcos up from four times EBITDA in 2013 to a base line of six times with some bidders not flinching at 8-10 times. We speak to Bruno de la Rochebrochard, equity research analyst at investment bank Bryan Garnier, about the deal and the sector. [+]
UAE’s Tasweek books $3bn trip to Morocco
Abu Dhabi-based real estate developer Tasweek plans to invest close to $3bn in Morocco’s healthcare and tourism industry. [+]
Report: The investor landscape in the Emerging Markets
Here we name and categorise the major investors in private healthcare services in the Developing World and get their view on the opportunities and problems they face. Developing World healthcare services have suddenly become wildly popular. New listed investment vehicles, such as GCC-based Amanat and Asian Healthcare Group in Malaysia have raised hundreds of millions of dollars with the promise of investing in healthcare services. Meanwhile, established private equity houses are launching funds worth up to $1bn and large healthcare services operators from Indonesia to Egypt are carrying out heavily oversubscribed IPOs on very high multiples. [+]
Carlyle seeks $694m stake in Brazil’s Rede D’Or
Private equity house Carlyle is reportedly looking to pay as much as R$2bn ($694 million) for a stake in Rede D’Or, Brazil’s biggest private hospital group with forecast 2014 sales of R$5.5bn ($1.7bn), after the government opened up private healthcare to foreign investors in January 2015. [+]
European healthcare property market grew by 33% in 2014
The European sale and leaseback healthcare property market grew by 33% in 2014, a new study by Your Care Consult reveals. We speak to Stéphane Pichon, managing director at Your Care, about the market and its prospects. [+]
Morocco opens up to investors
Morocco is passing new legislation promoting private investment. The country is slowly opening up to foreign capital, in particular from emerging economies and the Gulf region. [+]
Interview: David Batchelor, Executive Director, Specialist Markets, CBRE
In the last six months there has been a transformation in investors in healthcare property in the UK and Europe. David looks at a new breed of player who is emerging and at how investors are now looking at southern Europe. Advisor CBRE has been very active in the European property sector, representing Waterland and RHM in their sale and leaseback of the property portfolio of German reha players RHM Kliniken to Medical Properties Trust, [+]
REITs are sweet on healthcare
Real estate investment trusts (REITs) are switching their portfolios from office to healthcare commercial properties. Lease terms of 25-30 years and yields of roughly 6% are an attractive offering in a growing market. Underlying growth drivers in healthcare ensure long-term demand for Opco, mitigating risk for the Propco. [+]
Move to community-based care looks risky for patients and operators
What impact will the Bubb report have on private operators? The government report, The Time for Change, published in late 2014 recommended that individuals with learning disabilities should be transferred from institutional settings to smaller houses in the community. We speak to private operators and consultants about the implications of this shift. [+]
Report: Brazilian private health care market: promising, but not all roses
Brazil’s healthcare system is fragmented, inefficient and underfunded. Still, this is Latin America’s largest private healthcare market and is consolidating fast. What are the characteristics of the Brazilian healthcare system? Here we look at the structure of the market and segments such as health insurance, acute care and diagnostics. [+]
José de Mello Saúde plans hospital in heart of Lisbon
Portugal’s largest private hospital group José de Mello Saúde (JMS) has announced its intent to build a multi-speciality hospital from scratch in central Lisbon. [+]
HC One buys profits with Meridian
HC One is to buy Meridian Healthcare, the 32nd biggest nursing home operator in the UK. Although the size of the sale has not been disclosed, it is estimated to be in excess of €135m. Barry Nickelson, dDirector of hHealthcare at real estate surveyors JLL, tells Healthcare Europa the deal is potentially profitable, but not necessarily sustainable. [+]
Interview: Lilly Donohue, CEO, Shanghai Starcastle Senior Living
Fortress Investment Group is a US-based and listed investment manager that happens to be invested in some of America’s largest operators of senior living facilities. But when it decided in 2012 to join forces with Shanghai-based Fosun International to become one of the first entrants into the Chinese retirement community market, with a “continuing care” facility in Shanghai, it came “with a very open mind” about what would and wouldn’t work, according to Lilly Donohue, the passionate and determinedly hands-on managing director of Fortress and chief executive of Shanghai Starcastle Senior Living, as the now-open facility is called. By Helen Burggraf [+]
From Around The World
Here is our weekly round up of private healthcare news from around the Developing World. This week, stories from China, India and the UAE. [+]
Thai hospital chain to invest €155m in Myanmar projects
The Thonburi Hospital Group (THG), Thailand’s third largest private hospital chain, is expanding in Myanmar and Vietnam. Dr Boon Vanasin, chairman of the group, explains why South East Asia is a growing market. [+]
Report: Global for-profit care home operators race into China
Healthcare Nova looks at the potential for residential care in China, names all the major foreign players active in the sector and talks to operators running homes today in China. How best can companies enter the market? And how large is it? What are the price points charged today for high-end care? By Helen Burgraff [+]
Private healthcare in Dubai can learn from education sector: Colliers
Private healthcare could learn some lessons from private education when investing in Dubai as most groups fail to do their homework before moving into the Gulf, Mansoor Ahmed, Director of Healthcare, Education and PPP at Colliers International told Healthcare Nova journalist Rhiannon Williams. [+]
Belgian REIT Cofinimmo moves into Germany
Belgian REIT Cofinimmo recently announced its first healthcare acquisition in Germany, a Celenus-operated rehabilitation centre in Baden-Baden. Head of healthcare investments at Cofinimmo, Sebastien Berden, explains why Confinimmo plans to focus entirely on healthcare. [+]
US med properties REIT to acquire, lease back Waterland’s Median Kliniken real estate assets
Medical Properties Trust, the NYSE-listed real estate investment trust, has agreed a deal to acquire and lease back “substantially all” of the real estate assets of Median Kliniken Group, in a deal worth an estimated €705m ($900m). [+]
Debt deadlock finally ending for Spanish care home groups
Life is changing for two highly-indebted Spanish care home groups. Sanyres says it will not be able to pay its debts from mid-August 2015 and one of its largest investors, Catalunya Bank, which owns a third of the company, is being auctioned off. Meanwhile, Grupo Amma has reduced its debt, which stood at €130m, by selling and leasing back its properties. [+]
WMO spells all change for Dutch elderly care
“It is the biggest reform in Dutch healthcare since 1963” says Bernadet Naber, spokeswoman at Actiz, the association which represents the Dutch nursing home sector. A new so-called WMO law, discussed in parliament this week, would give domiciliary care and day centres to local government, put medicalised homecare in the hands of the healthcare insurers and lead to a massive reduction in beds in the Dutch nursing home sector, as length of stay drops from over 2 years to closer to one year. [+]
Interview: Mark Hellowell, Lecturer, University of Edinburgh
Hellowell is a healthcare academic who specialises in PPPs, evaluating their performance around the world, consulting with development agencies and acting as a special adviser to the Health Select Committee in the British House of Commons. He also lectures on healthcare reform to a diverse group of postgraduate students, many of them from developing countries. We talk to him about the role private healthcare companies can, and are, playing in the developing and developed worlds, the future for PPPs, and whether they are “a good thing”. [+]
Russia paves the way for private care operators
Russia is moving forward with policies to allow private players to enter the Russian nursing care market, says managing partner at Senior Group Russia Alexei Sidnev, who is deep in talks with the state. Russia spends around 30% of its government budget on social care. On top of that, it is estimated that the population of over-80-year-olds will double by 2020. Right now, just 1% of long-term care beds in Russia are private. Sidnev outlines five policy changes to Healthcare Europa. [+]
Telki closes as Fidesz piles on pressure
Telki Privatklinik, the first and only private hospital in the Budapest region, has announced that it will close. The 100-bed hospital has claimed that Hungarian law changes legalising ‘envelope payments’ – informal payments to public-sector doctors for better and faster treatment – have essentially turned the public sector into a subsidised competitor to the private sector. But is the government to blame for Telki’s woes? [+]
Erbudak accused of embezzlement
Slotervaart Hospital, one of three privatised hospitals in the Netherlands, is in deep trouble. Minutes of a board meeting leaked to Dutch newspaper Parool reveal that bank ING has halved Slotervaart’s credit facility, from €52m to €28m, while the hospital is forecasting a net loss of €5m in 2013 after a €2.1m loss in 2012. Meanwhile, co-founder and entrepreneur Aysel Erbudak, still suspended from the board, has been accused of embezzling funds from the hospital. [+]
Inicea forms third-largest French psychiatry chain
French care home and rehabilitation group Korian has found a buyer in LFPI-backed Inicea for its psychiatric division. The sale will help to fund its German nursing home foray with Curanum. We take a look at the EBITDA multiple paid, Inicea’s plans and the psychiatry sector in France. [+]
Interview: Alexei Sidnev, General Manager, Senior Group Russia
The number of private nursing home and psychiatric beds in Russia should rise from 3,000 to 100,000 over the next decade. So says Alexei Sidnev, who, as well as heading up one of the largest care home groups, is also chairman of the Association of Private Russian Nursing Homes. We talk to him about how new laws will open up the market. [+]
Will American REITs really invade Europe?
We’ve been promised that the giant American REITs would move into the European health and social care space in a big way for quite some time now. Will the moment ever come? While UK consultants are bullish, American investment analyst James Sullivan of Cowen & Co. thinks there’s reason to be skeptical. [+]
Profits continue to rise at French hospitals
French property group Icade has snapped up more hospitals, as a French hospital group reveals an EBITDA rise in 2012, despite tariff disappointments. [+]
ECI targets medical compliance with Citation deal
Private equity house ECI Partners has purchased UK compliance consultancy Citation. The deal values Citation at £50m, over three times its 2011 sales of £15.4m and 15.15 times its 2011 EBITDA of £3.3m. Citation provides employment and health and safety compliance services to small- and medium-sized enterprises (SMEs) across the UK. We talk to Richard Chapman, Head of Business Services at ECI Partners, to find out more about the compliance space, and why Citation could be a promising platform for a host of new legal services. [+]
New image and strategy for French regional hospital group
Club de 15, the national association of regional French hospital groups, has changed its name to Cite Santé. Despite superficial appearances, association director general Jeremy Corbineau denies that its members plan to carry out a complete merger of their activities. Such a merger would create a business with sales of €3bn. Instead, Corbineau says that the plan is to make the association less of a talking shop, providing more concrete services to members. [+]
Interview: Valerie Michie, managing director of healthcare services, Serco
How much and how far will the different NHSs in the UK go in outsourcing services to the private sector? We talk to Valerie Michie, managing director of health services at Serco, which is running a pioneering community care project in Suffolk. Analysts reckon Serco has more than doubled its healthcare outsourcing since 2011, when it claimed a 5% share of a £2 billion market in health support services to the NHS in the UK. That market that is expected to double by 2015. [+]
Interview: Craig McNally, Head of Strategy and European Operations, Ramsay Health Care
Include dividends and rises in share price, and since September 1997 Ramsay Health Care has delivered a 2,000% return to shareholders. The company's shares are riding high, while management is indicating possible further expansions into Europe. We talk to Craig McNally about business cycles in the UK and France, as well as learning about the Ramsay Way. [+]
European healthcare fund plans abandoned
British real estate investment firm MedicX has indefinitely postponed plans to create a first European fund. German-Dutch fund manager Euro Ejendomme has decided to abandon healthcare altogether. We talk to the companies to find out why - and whether this bodes poorly for the healthcare real estate market. [+]
Icade plans to double fund and float France's first healthcare REIT
Icade, the big French REIT plans to launch a separate healthcare REIT. Meanwhile, BNP Real Estate Investments, an offshoot of France's largest bank, is buying some healthcare assets from Fonciere des Murs to start a dedicated healthcare fund.... [+]
Sale and leaseback anyone?
The cheapest way to finance the renovation of public hospitals may be sovereign debt. But increasingly that is no longer an option. And that is a huge opportunity for institutional investors... [+]
The best hospital website?
The use of full page images on the site manage to take you round its hospitals to a far greater extent than any other we know. This, of course, is not always a good thing... [+]
Interview: Karen Prosser, EC Harris, Partner, Health sector
Karen started her career as a radiographer in the British NHS before joining Siemens and then moving into consultancy with EC Harris, the international built asset consultancy. The practice works with both public and private sector organisations to assist in delivering best value for money from their health facilities. This not only includes development of new buildings but also assesses how facilities are managed over the long term, including looking at delivery of cleaning and catering services..... [+]
The shift from acute hospitals to nursing homes
Across much of Europe the next decade will see a massive shift from acute hospital beds to nursing home beds. A vast oversupply of hospital beds, often used to provide long-term care for the elderly, are being replaced by nursing beds. The shift will enable governments to greatly reduce costs. French nursing home group Korian claims that in Italy acute beds cost the state €500-1,000 a day, whilst nursing home beds cost just €25.... [+]
Black Death - coming to a country near you soon
The debt crisis feels like a slow motion version of the Black Death. Inexorably, it creeps across the continent and slowly the casualties mount. But even in Athens people haven’t started dying yet. Whilst the entire healthcare services sector is in suspended animation, no one has gone bust - yet. So what impact will the European debt crisis have on private equity and the healthcare services sector?... [+]
Can anyone rescue San Raffaele?
San Raffaele, the second largest hospital group in Italy, is days away from collapse, unless it can find a white knight. It is in talks with Gruppo San Donato, the largest group. Some reports put debts as high as €1bn.... [+]
How are European healthcare property markets faring?
Europeans often caste envious eyes across the Atlantic where the top five real estate investment trusts have a combined market cap of over $40bn... [+]
Healthcare property attracts crowds at MIPIM
There was huge interest in healthcare as an asset class at Mipim, the big international conference for institutional property investors held in Cannes, according to Stephane Pichon, CEO of French consultancy Your Care Consult, who ran a session on the subject, comparing yields on healthcare to retail and office.... [+]
Just how big are the debts at St Raffaele?
The heavily indebted Fondazione San Raffaele del Monte Tabor which controls the hospital empire run by 91 year priest Don Luigi Verze, is considering selling real estate to reduce debt levels. Some sources put debts as high as €1bn.... [+]
Portuguese private sector expands but what about 2011?
The Portuguese private healthcare sector expects sales of its 40 or so members to grow from €900m in 2009 to over €1bn in 2010. Teófilo Leite, head of the Association of Private Hospitals suggests that now is the time for Portugal to privatise statutory insurance as in the Netherlands. But the minority socialist government won't do that.... [+]
Interview: Nikolaos Tavridis, Axion Consult
We talk to Nikolaos Tavridis, managing partner of the Axion Consult, which advises investors on the German healthcare market. Axion also runs 1,400 beds in 8 care homes and manages 4,000 beds for real estate investors. Tavridis, 40, is also the sole shareholder in Elbschloss, the most expensive assisted living facility in Germany.... [+]
The future for Swiss private hospitals
We talk to Antoine Hubert, managing director of Genolier, the quoted private Swiss hospital group, about his acquisition strategy, how he works with doctors and the future of the private sector in Switzerland.... [+]
How important is brand in healthcare services?
Brand will become vital in healthcare services over the next decade. But most private healthcare operators, whether in care, ambulatory or hospitals, haven’t thought through their brand proposition and how it relates to the user experience. Even where they have, they aren't spending serious money on it. We've talked to a dozen operators on the subject... [+]
Will healthcare property boom go bust
We interview Wietse de Vries, head of ING's European Healthcare Property Fund... [+]
NETHERLANDS: Foundation hospitals forced to sell property in 2009
The 100 big not-for-profits hospitals, which deliver almost all hospital healthcare in the Netherlands, will be forced to sell off their property from January 1, 2009, according to Nanouk Leeflang, senior economist at ING.... [+]
