Swiss Life Asset Managers acquires healthcare assets in Spain and Italy
Swiss Life Asset Managers France is acquiring several assets in France, Spain and Italy on behalf of its pan-European fund SL REF (LUX) European Healthcare SCS, SICAV-SIF.
The Luxembourg-domiciled fund is managed by Swiss Life Asset Managers Luxembourg, with Swiss Life Asset Managers France acting as advisor.
“These acquisitions enable SL REF (LUX) European Healthcare SCS, SICAV-SIF to diversify its strategy by combining regions in northern and southern Europe into highly sought-after quality assets," says Valérie Maréchal, Head of Resi&Care.
The Spanish asset is located in Aranjuez, close to Madrid. The building is a former royal palace converted into a Catholic seminary, then into a nursing home. The renovation work is ongoing. The site covers 12,000 sq m with 251 residents. It is operated by DomusVi for a remaining term of 16 years.
The asset in France is located in the centre of Trélazé, a municipality bordering Angers, and comprises 108 apartments. Operated by Heurus, the residence benefits from the presence of nurses and caregivers, which is rare in the French market. This organisation offers an expanded range of services to the elderly.
The fund has also signed an undertaking to acquire an asset in Milan, Italy. It is a senior care residence under construction and will have 128 units. Operated by Domitys, it will be completed in 2023.
The SL REF (LUX) European Healthcare SCS, SICAV-SIF of Swiss Life Asset Managers created in 2018 aims to respond to structural challenges in the healthcare sector while offering attractive prospective returns to investors. With customised access to the European healthcare market and strong diversification by geographic zone, operator and sub-sector, the fund focuses on high-quality assets with a focus on nursing homes and seniors’ residences.
The fund's strategy proposes a global vision while maintaining a local approach: the choice of operator, management of the establishments, and regular meetings with the management are integral to the strategy. "We are implementing a partnership approach with the operators to create an environment of confidence and support them in their development. This belief in management responds to demographic trends and the residential problems of elderly people and people in situations of dependency. At Swiss Life Asset Managers, we look for solutions to enable our seniors to be self-determined in their life choices and maintain their independence," says Valérie Maréchal.
The portfolio of this European fund consists of 27 properties to date: nine senior residences in France, 16 nursing homes in Germany, one undertaking for a senior residence in Italy and one Nursing Home in Spain. Further acquisitions are planned in the near future.
These recent acquisitions confirm the ability and pan-European real estate platform of Swiss Life Asset Managers for selecting quality assets and operators.