A healthcare and educational focused real estate fund managed by Primonial REIM has made a €110m investment in Italy.

Primonial, on behalf of its €3bn Primovie fund, has agreed to buy a 44,000sqm portfolio of 6 greenfield nursing home projects in Northern Italy from Italian real estate management firm Numeria.

The assets – located in Tuscany, Piedmont, Veneto and Lombardy – will provide more than 900 beds. The portfolio will be delivered by 2022 and operated under long-term leases by Gruppo Gheron, Primonial said.

Grégory Frapet, chairman of Primonial REIM’s management board, said: “We are delighted to sign this agreement with Gruppo Gheron. This investment underlines Primonial REIM’s ambition to contribute to the transformation of the healthcare sector at a time when the development of new structures and additional beds are a necessity to meet the current and future needs of patients, their families and healthcare professionals.

“This agreement also allows Primonial REIM to establish a partnership with a key Italian operator in the sector and to accompany its strong growth.”

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