BNP Paribas Real Estate Investment Management (REIM) has acquired a nursing home portfolio in Germany for its newly launched European healthcare property fund.

The manager has paid an undisclosed amount to buy the portfolio of more than 500 beds on behalf of Healthcare Property Fund (HPF) Europe, a fund launched in the first half of the year with an initial €200m of equity commitments. The five-asset portfolio was acquired from AG Real Estate and Cardif Lux Vie.

Isabella Chacón Troidl, the CIO of BNP Paribas REIM in Germany, said: “The European healthcare sector is characterised by above-average growth opportunities and considerable stability.

“This well-positioned portfolio will give the fund access to the particularly interesting German healthcare market.”

Paul Darribere, fund advisor of HPF Europe said this first acquisition is a significant milestone for HPF Europe as it fully fits the fund’s €1bn investment strategy.

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