Swiss Life Asset Managers has expanded its pan-European healthcare property fund with the acquisition of several healthcare assets in France, Spain and Italy.
In Spain the fund, SL REF (LUX) European Healthcare SCS, has bought a nursing home under renovation in the Spanish town of Aranjuez, close to Madrid. The 12,000-m2 building is a former royal palace converted into a Catholic seminary, then into a nursing home with 251 units. The asset is operated by DomusVi with 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.
In Italy the fund has signed an agreement 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.
‘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,’ said Valérie Maréchal, head of Resi&Care.
The SL REF (LUX) European Healthcare SCS, SICAV-SIF launched in 2018 and currently owns a portfolio of 27 properties consisting of nine senior residences in France, 16 nursing homes in Germany, one undertaking for a senior residence in Italy and one nursing home in Spain.