It is striking how overlooked Northern Europe is by the big French care home consolidators. The UK is much more attractive and a lot cheaper than Spain. And investors and operators should also be looking hard at the Nordic region.

Despite its obvious drawbacks, a high minimum wage and cash-strapped municipalities, there are plenty of profitable UK nursing home groups. And many can be bought on very low EBITDAR multiples. We look at the market in more detail here.

The Nordic region offers 5-7% yields for investors in care homes. Denmark is opening up and as the big care groups like Attendo and Ambea build substantial operations so we will see a lot of new build homes. It says much about the insularity of investors that Michael Schönach at property investor Northern Horizon Capital says that foreign investors have tended to head to the UK and have yet to really discover Sweden, Finland, Norway and Denmark.