AXA Investment Managers - Real Assets (AXA IMRA) has acquired a portfolio of eight care homes in Paris valued at around €250 mln, the French asset manager announced on Wednesday.
The fully occupied portfolio was purchased on behalf of clients from developer and asset manager GDP Vendome Group via financial lease agreements. The transaction price was not disclosed.
The eight nursing homes total over 40,600 m2 and provide a combined 815 beds, located in the first Parisian ring including Asnières, Maisons-Laffitte, St Cloud, and Sèvres.
The acquisition expands AXA IMRA’s managed healthcare portfolio in the French senior housing sector, bringing it to well over €1 bn of assets across Europe following investment acquisitions on behalf of clients in Germany, Italy, Finland, Spain and in the UK, where it bought the Retirement Villages Group platform in October last year.
Commenting on the deal, Andrew Ovey, head of healthcare at AXA IMRA, said: ‘In line with the majority of Western Europe, the dependent population in France continues to expand, with 7.5% 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.’
AXA IMRA has €76 bn in assets under management, including €58.1 bn in direct property and infrastructure and €14.5 bn in real asset finance as of end-March 2018.