AP Ejendomme, the property arm of Danish pension fund AP Pension, has sold a DKK500m (€67m) portfolio of aged care homes to Northern Horizon.
Real estate manager Northern Horizon is acquiring the portfolio in Denmark through its fifth care home fund, the Aged Care and Social Infrastructure Fund. The evergreen fund has a total asset value of around €750m and targets modern care homes, senior housing and similar social infrastructure.
An aged care home (sometimes known as a nursing home or residential aged care facility) is for older people who can no longer live at home and need ongoing help with everyday tasks or health care.
Northern Horizon has acquired the portfolio comprising 182 care beds across three private care homes in Nyborg, Nørager and Horsens, all operated by care provider Danske Diakonhjem.
Kasper Wehner, co-fund manager at Northern Horizon and responsible for investments in the Danish market, said: “We are very excited about this transaction, which is one of the largest care home deals in the Danish market.
“The new assets fit well into our portfolio because the buildings are of very high quality, they have a strong ESG performance – and they are located in areas where the need is both great and growing, as the number of elderly people will increase significantly in the coming years.”
Peter Olsson, CEO of AP Ejendomme, said: “With the development and construction of the three private care homes, we have combined our special expertise within real estate development with the financial strength of AP Pension to create modern care beds for our elderly citizens, while also securing pension customers an attractive return on their investments.
“We are pleased to be able to transfer ownership to Northern Horizon, a highly qualified owner with the experience, competencies, and ambitions required in this field.”
To read the latest IPE Real Assets magazine click here.
