Real estate investor NREP has acquired a €420m care home portfolio on behalf of its European value-add real estate fund.
The manager said its €3.6bn NSF V fund has completed the acquisition of the portfolio of 22 properties across Sweden from Vectura.
The 99,500sqm portfolio comprises 20 care homes and two pre-schools. The portfolio will be managed by NREP’s social infrastructure platform Altura.
Jani Nokkanen, NREP’s CIO, said: “This acquisition provides a major boost to our aim to not only become a leading provider of high-quality social infrastructure buildings in Sweden, but to expand our portfolio which we ultimately seek to grow in further target markets with similar fundamentals and pressing challenges.
“The share of the Nordic population over 80 years of age is forecast to grow significantly in the coming years, leading to an increase in the demand for care home apartments, and we see similar needs for more high-quality schools and pre-schools, which confirms our strategy to solve real issues through customer-oriented social infrastructure buildings.”
Dorotea Stellmach, the head of Altura, Sweden, said: “It was a rare opportunity to acquire this well-managed portfolio which offers a similar level of resident-focused care as our existing offer, whilst still having scope for us to further enhance.
“The human aspect is crucial when providing care homes and pre-schools, and with our team being experienced in healthcare and educational facilities, we are managing a portfolio characterised by high quality, well-tailored environments for the people living, studying, visiting or working in the facilities.”
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