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AXA IM - Real Assets completes acquisition of Paris care homes portfolio valued at circa EUR250m


AXA Investment Managers - Real Assets (AXA IM - Real Assets) has completed, on behalf of its clients, the acquisition, via financial lease agreements, of a portfolio of care homes in Paris, France in a transaction that values the portfolio at circa EUR250 million.

The fully occupied portfolio, which was acquired from GDP VENDOME Group, comprises eight high quality and modern nursing homes totalling over 40,600 sq m and providing 815 care beds in aggregate, located in the first Parisian ring including Asnières, Maisons-Laffitte, St Cloud, and Sèvres. All eight properties are exclusively tenanted and operated by one of the largest private nursing home operators in Europe.
 
This transaction extends AXA IM - Real Assets’ managed healthcare portfolio into the French senior housing sector and brings it to well over EUR1 billion of assets across Europe following investment acquisitions on behalf of clients in Germany, Italy, Finland, Spain and in the UK, with the acquisition of the Retirement Villages Group Ltd platform.
 
Andrew Ovey, Head of Healthcare at AXA IM - Real Assets, says: “In line with the majority of Western Europe, the dependent population in France continues to expand, with 7.5 per cent growth forecast by 2020, increasing the need for dedicated care facilities. These demographic trends, against a backdrop of constrained supply and increasing demands on public spending, leave us well placed to generate potential sustainable returns from our penetration of this sector for our investors.”
 
John O’Driscoll, European Head of Transactions at AXA IM - Real Assets, adds: “This acquisition aims to build on a strong track record of transaction activity in the French market, and is a further example of our ability to source and secure unique investment opportunities in fast-growing niche sectors on behalf of our clients.”
 

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