Primonial Group has created an open-ended real estate fund to invest in social infrastructure assets in Europe.

The European real estate asset manager has launched the ESI fund to primarily invest in healthcare real estate as well as some educational and affordable housing properties.

Primonial said the ESI fund’s portfolio already consists of 23 healthcare real estate assets in Germany and Austria with a value of €293m. It also has a €140m pipeline of two healthcare real estate portfolios in France and the Netherlands which it expects to acquire by September this year.

The fund expects to manage €1bn of assets by 2022, the manager said.

Laurent Fléchet, deputy MD responsible for the Primonial Group’s real estate activities, said: “This launch is testament to Primonial’s capacity to generate synergies between the group’s various real estate entities and offer our clients a comprehensive solution on the back of our robust and integrated European network.”

Stéphanie Lacroix, CEO of Primonial REIM, said: “Social infrastructure comprises real estate assets the purpose of which is to deliver a service of public interest to the community.

“The ESI fund will invest in healthcare, education and residential real estate and thus participate in fulfilling this major social goal with a long-term performance profile backed by structural-demographic trends.”

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