AXA IM Alts has marked its entry into the Italian elderly care home market with the acquisition of six assets.

The €185bn global asset manager has invested an undisclosed amount on behalf of clients to acquire the portfolio in a forward purchase from a Namira-managed real estate fund.

AXA IM Alts said the portfolio, spread across the Northern Italian regions of Lombardy, Tuscany and Piedmont, will total 1,440 beds upon completion.

Two assets, located in the provinces of Brescia and Milan, are due to be operational by early 2025 with the remaining anticipated to be operational by early 2026.

Nicola Cardani, the head of transactions in Italy at AXA IM Alts, said: “This portfolio offers a meaningful opportunity to gain exposure to the Italian care home sector, fulfilling an evident gap in the market for purpose-built, high quality and ESG compliant solutions for the country’s leading operators.

“Drawing from AXA IM Alts’ global experience of healthcare real estate, we recognise the attractiveness of this undersupplied sector in Italy, where the ageing population continues to expand increasing the need for dedicated care facilities.”

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