AXA IM Alts has marked its entry into the Spanish healthcare market with a care home development in Zaragoza.
The global alternative investments manager is investing an undisclosed sum on behalf of clients to develop the 12,600sqm health facility in the capital of Spain’s Aragon region.
The asset will be developed by Grupo Lar, AXA IM Alts said, adding that the Spanish developer will also support in sourcing “suitable land for further opportunities, as well as pre-leasing approved schemes to leading operators and managing the completed developments”.
The Zaragoza complex, due to be delivered in the fourth quarter of 2025, has been pre-let to elderly care home operator Grupo Mimara.
The Spanish care home deal expands AXA IM Alts’ real estate exposure in Spain into the healthcare sector and adds to the manager’s €2.6bn global existing healthcare portfolio.
Esther Escapa, the head of transactions and development Iberia at AXA IM Alts, said: “The healthcare asset class in Spain is highly fragmented with low volumes of institutional participation and acute undersupply. We see an opportunity for AXA IM Alts to leverage its track record in the sector to become a leading investor in this market.
”We hold a strong conviction in healthcare real estate given the demographic trends underpinning it, which have become increasingly pronounced in Spain as the ageing population expands, without the supply to accommodate it.
”Through our dedicated new strategy, we will aim to fulfil a clear gap in the market and provide purpose-built, high quality and ESG-compliant real estate solutions for healthcare operators across Spain.”
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