Primonial has acquired three clinics in France on behalf of its newly created European social infrastructure real estate fund.
The manager said the open-ended ESI fund has acquired the clinics in a sale and leaseback deal with Vivalto Santé.
With these latest acquisitions, the ESI fund now has 26 real-estate assets in France, Germany and Austria, valued at more than €400m.
Laurent Flechet, deputy MD responsible for the Primonial group’s real-estate activities, said the goal for the ESI fund is to achieve managed assets of around €1bn by 2022.
Panagiota Roumoudi, manager of the ESI fund, said: “This acquisition is in line with the ESI fund’s strategy of investing at European level in assets with a strong social dimension: healthcare, education and affordable housing.
“We are continuing to develop the ESI fund by expanding the real-estate portfolio to include very high-quality assets generating attractive performance and long-term income visibility for our institutional investor clients.”
In June, Primonial launched the ESI fund to primarily invest in healthcare real estate as well as some educational and affordable housing properties. At the time, the fund’s portfolio consisted of 23 healthcare real estate assets in Germany and Austria with a value of €293m.
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