Aedifica invests heavily in nursing home property
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.
The €1.2bn is made up of €554m in Germany, €192m in the Netherlands, €177m in Finland, €174m in the UK, €82m in Belgium and €5m in Sweden. The vast majority of investments continue to be between €10m-€20m in nursing home sites although we are seeing a trend in Germany and the Netherlands towards mixed residential care.
The value of its nursing home portfolio has risen 47% to €2.5bn, assisted living 25% to €0.2bn, and mixed living also 25% €0.5bn. Low occupancy rates among operating companies, which dropped 5-10% in some countries, likely forced many to look to property sales for capital raises.
2020 saw the company’s first foray into Finland after it acquired rival REIT Hoivatilat in January and more recently it made its first acquisition in Ireland.
The total portfolio share of nursing homes has dropped from 75% to 67% but this is largely because it acquired a high number of child day-care centres with the Finnish acquisition.
The map shows that the company has the biggest strength and pipeline along the Belgian, Dutch and German border. Its recent investments in Germany barely dip into the south of the country although there is less of an opco market here.
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