Primonial REIM has acquired 14 senior housing assets in Italy through a sale and leaseback.
The €17.2bn Paris-based fund manager, which plans to become a major investor in Italian healthcare real estate, said the properties are, or will be, fully let with long minimum terms.
One of the assets will be operated by Sarafin and the other 13 will be operated by Zaffiro.
The properties are located in five regions in Northern Italy and will eventually include 2,083 beds and total floorspace of over 84,000sqm.
Seven are in operation and the rest are to be refurbished or redeveloped.
Primonial REIM said the Italian senior care market was “a promising one”, citing estimates by Your Care Consult of a shortfall of more than 80,000 beds by 2025-30 and doubling of the proportion of people aged over 80 by 2050.
Gabriele Ritossa, director and partner of Zaffiro and owner of Sarafin, said: “The agreement with Primonial REIM will enable the group to step up its growth plans, with the aim of having more than 5,000 beds in the next few years.”
Grégory Frapet, chairman of Primonial REIM’s executive board, said the transactions “shows Primonial REIM’s ambition to grow the real estate portfolio of one of its funds in Italy”.
He added: “The agreement also fits with our desire to support operators of healthcare establishments with their real estate development needs over the long term.”