Oaktree-backed Spanish healthcare real estate investment manager Healthcare Activos has launched one of Europe’s first institutional real estate funds focused exclusively on private hospitals, with an initial investment target of €800m.

The new vehicle, Healthcare Activos Hospitals, will invest across the UK, Spain, Portugal, Ireland and Italy, targeting the acquisition, development, expansion and refurbishment of hospital assets. The strategy reflects growing investor interest in healthcare real estate, underpinned by ageing populations, rising demand for private healthcare and increasing pressure on public health systems.

The fund makes its debut with the acquisition of three private hospitals in Portugal for a total investment of €250m, including planned capital expenditure. The portfolio comprises hospitals in Lisbon, Porto and Albufeira, acquired from a fund managed by Praemia REIM on behalf of French investors, including Icade.

The 90,000sqm portfolio includes 350 beds and 255 consultation rooms. The hospitals will continue to be operated by Lusíadas Saúde, part of France’s Vivalto Santé, under long-term agreements.

Healthcare Activos said the fund has already identified a pipeline of additional investment opportunities with European healthcare operators, focusing on long-term triple-net leases with inflation-linked rents.


Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (m) Key facts
2 Snowhill Office Birmingham Forma Real Estate M&G Real Estate 310,000sqft £102 (€120) The asset is primarily leased to law firm Gowling WLG and HS2.
The Crowne Plaza Hotel, Holiday Inn Express Dublin Airport Hotel Dublin MHL Hotel Collection Tifco Hotel Group 423 rooms €95 The buyer plans to invest to upgrade the buildings.
Logistics portfolio Logistics Lisbon NA Blackstone 96,000sqm €90 The portfolio comprises eight properties used for storage and distribution activities.
Blue Duo Office Düsseldorf Indigo Next Income Fund II 31,200sqm €60 The main tenant is the auditing and consulting firm KPMG.
Defence-supported business park Logistics Fulda, Germany Sirius NA 57,771sqm €50 The purchase price (including acquisition costs) reflects an EPRA Net Initial Yield of 7.8%.
Last-mile logistics estate Logistics Cologne Bowery Europe, Grosvenor NA 25,700sqm €40 The off-market deal marks the first German investment under Bowery’s venture with Grosvenor’s Diversified Property Investments business.
Sky Office Center Office Warsaw Polish private investor Hines 4,800sqm NA The asset is multi let with tenants including New Balance, PKO Bank Polski, Fabet, Totalizator Sportowy.
Three residential properties Living Espoo, Finland Genesta NA 8,600sqm NA The acquisition was made on behalf of the GNRE Core Plus Open-Ended Fund

 

 

Assets on the market       
Asset Asset type Location Vendor Size Price (m) Broker Key facts
Ambassador hotel Hotel Paris State General Reserve Fund of Oman and Westmont Hospitality 297 rooms €300 NA Oman’s State General Reserve Fund acquired a 90% controlling stake in the Paris Marriott Opera Ambassador Hotel in August 2015.
hotel portfolio Hotel Paris, Dublin, Glasgow GIC, APG NA €250 NA The hotels are operated under the Marriott brand.
Central Coach Station Mixed Munich Wealthcap 36,500sqm €75 NA Located at Hackerbrücke 4, the asset serves as the city’s primary hub for long-distance coaches, featuring 29 bus platforms, daily-open shops, eateries, and S-Bahn connection.
Dukes Court Office Woking, UK Woking Council 224,320sqft £40 (€47) NA Dukes Court houses tenants such as McLaren and Q8Aviation.
Moorgate Hall, 155 Moorgate Office London Landsec 84,000sqft NA NA Best bids are being called this week for this office development.

 

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (m) Key facts
Citi, Societe Generale and Natixis CIB, SMBC and ABN Amro Pure DC Finnish data centre project - Seinäjoki AI campus €1,300 Phase I is already fully leased – reportedly to Microsoft.
Bond investors Covivio Unsecured €500 The seven-year green bond bears a cost of 2.8%.
CACIB, FAB, NBK, Societe Generale Adia, Petra Spanish hotels €500 The portfolio comprises 13 hotels acquired in 2023.
Crédit Agricole CIB DeA Capital Real Estate Four Seasons Hotel in Rome €280 The new green financing with a five-year term, extendable by two years, will support the redevelopment project for the building located in Piazza San Silvestro in Rome.
Schroders Capital, Kinnerton Credit Management NA Two residential developments in Denmark DKK362 (€48.4) The whole loan will finance a 104-townhouse project in Hasselager, near Aarhus, and a 100-unit residential scheme near Nyborg.
Maslow Capital ConceptHomes Residential scheme in Marbella €44 The financing will support the construction of a project comprising 88 apartments across 11 blocks, as well as 203 parking spaces and 88 storage rooms.

 

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
Healthcare Activos Healthcare Activos Hospitals Investing in hospital real estate in the UK, Spain, Portugal, Ireland and Italy The fund targets investments of €800m and has completed its first acquisition with the purchase of three hospitals in Portugal.
Hines Hines European Real Estate Partners IV Investing with a value-add strategy across Europe’s main markets The vehicle secured more than €500m at first close and is targeting a total of €1.5bn.
Mercia Asset Management plc UK Real Estate Development Debt Fund The fund will focus on opportunities within UK industrial and logistics, targeting developments supported by strong occupier demand The fund is seeking commitments for up to £500m.
Invesco Invesco Commercial Mortgage Income - Europe Fund Investing in senior loans secured against real estate in the UK and continental Europe. LGPS Central has committed an undisclosed amount to the fund.
Balbec Commercial and resi debt fund Investing in residential and commercial mortgage debt in the US and Western Europe Balbec Capital held its first close for its latest flagship fund with $930m in commitments

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