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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.
March 11, 2016

Bupa smiles despite write offs

What looks at first sight like dismal results from Bupa, the international insurer and healthcare operator, with a fall in pre-tax profits of 39% to £374m on sales of £9.8bn is actually much brighter than they first appear. Exclude most write offs and currency fluctuations, and pre-tax profits fell 2%, exclude all write offs and they rose 7% on sales up 6% in constant currencies. That is despite a 5% drop in sales at Bupa Global, the international insurance arm as Bupa dropped unprofitable business. We talk to CEO Stuart Fletcher about how apps and ehealth are helping sales, new insurance offers and acquisitions.
March 3, 2016

€100m secondary market deal in German nursing homes

A portfolio of 12 nursing homes operated by Korian-owned Casa Reha has been sold by the asset manager, Corpus Sireo, to its competitor E&G Funds & Asset Management. The secondary market transaction between two German funds is worth over €100m, reports the German press. Another 20 assets left in Corpus Sireo’s Health Care I fund should be sold this year, says fund manager Marc-Phillip Martins Kuenzel.
February 29, 2016

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.
February 19, 2016

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.
February 12, 2016

Quiron to spin off propco

The private equity group, CVC Capital Partners, which owns Spain’s largest healthcare provider, Quiron, wants to hive off its 50 or so hospitals in a separate company. It then wants to sell 49% of the equity. We look at what it will fetch and why it adopted this approach. The deal, if it comes off, will be by far the largest property transaction in private healthcare in Spain.
December 23, 2015

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%.
December 18, 2015

UK care home market – sunny after 2020?

Wage hikes, old buildings and low tariffs spell disaster. But there could be a silver lining after 2020 – if anyone is left alive in the publicly paid for residential care sector.
November 19, 2015

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.
November 19, 2015
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