Pan-European real estate fund manager Europa Capital has entered the senior-living sector with the acquisition of a development project in Helsingør, Denmark.
The investment was made on behalf of its latest value-add fund, Europa Fund VI, and marks the company’s latest expansion into the broader ‘living sector’.
Europa, which has invested €1bn in private-rented housing and student accommodation in recent years, said 80% of the transactions it made in 2020 involved living assets.
The latest acquisition has been made through a joint venture Ailon Group and Keystone Investment Management, a Copenhagen-based company with which Europa has been investing in Danish private-rented housing for several years.
The 5,300sqm complex will have 58 assisted-living units let to Nordic care provider Attendo, and 108 private build-to-rent units that will be adapted specifically for seniors.
The wider 14,200sqm development site, which used to be the location of a hospital, will also include a commercial unit, which is expected to become a doctor’s surgery.
Hugo Black, partner at Europa Capital, said: “This acquisition provides an excellent opportunity to convert a former hospital into state-of-the-art senior accommodation and it marks an exciting milestone for Europa Capital as we expand on our existing residential expertise through our first investment into the senior-living sector.
“We draw on our significant experience in the living sector more broadly, having been an early mover in the residential space and have assembled a substantial portfolio across build-to-rent and student accommodation since 2013.
“The senior living sector is supported by strong fundamentals and, working alongside our trusted partners Keystone, with whom this is our fifth deal together, and Ailon, who are highly experienced in the space, we look forward to delivering robust returns to our investors.”