Nordic infrastructure specialist Infranode and independent fund manager DIF have joined forces to acquire a portfolio of healthcare and pre-school facilities in Norway from Scandinavian Property Group (SPG).
Financial details were not disclosed.
The portfolio consists of four rehabilitation centres, 41 care homes and seven pre-schools predominantly located in the Greater Oslo Region. The facilities are operated by private health and care service providers under public procurement service agreements with Norwegian municipalities and regional health authorities.
Akershus Eiendom advised SPG on the transaction.
'We are very happy to close our third investment in Norway within a year, which is also our first investment in the social infrastructure sector,' said Philip Ajina, co-founding partner of Infranode, which is taking a 60% stake in the investment.
'DIF is excited to enter the growing Norwegian private health and care market. We have established a strong partnership with Infranode and are looking forward to growing the platform in the future,' said Willem Jansonius, partner at DIF.
Following the sale, SPG will focus on the development of new senior living projects.
'We strongly believe that Infranode and DIF will be the perfect owner of this portfolio in the future and we want to assist them to grow the platform further,' added Knut Holte, managing partner in SPG.
Infranode is a long-term infrastructure investor with a focus on the Nordics across the energy, transport, telecom and social infrastructure sectors. It currently has €450 mln of capital under management with clients including the Swedish state’s pension fund 4th AP Fund, Swedish municipal pension fund KPA Pension, and the European Investment Bank. Infranode is an affiliate of Nordic real estate fund manager and adviser Areim.
DIF is an independent infrastructure fund management company, managing funds of approximately €5.1 bn across seven closed-end investment funds and several co-investment vehicles. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.