AXA Investment Managers - Real Assets has purchased a portfolio of 11 Finnish healthcare assets for around €65 mln, on behalf of AXA Selectiv’ Immoservice. The vendor was not named.
All the assets have been developed since 2012, with two due to be completed in 2017. Nine of the properties focus on elderly care while the remaining two specialise in mental health provision.
'The positive demographics supporting the Finnish healthcare sector make this acquisition particularly attractive, enabling us to instantly gain a meaningful exposure to this growing market,' commented Fredrik Söderlund, head of asset management & transactions for the Nordic Region, AXA IM - Real Assets.
'The wider Nordic region has presented a number of compelling investment opportunities in recent years as the supportive underlying economic fundamentals have established the Nordics as one of Europe’s key real estate markets,' he added.
The portfolio, which is concentrated in southern Finland, the most densely populated part of the country, is let to five operators on long-term leases.
AXA Selectiv’ Immoservice is a fund dedicated to retail investors mainly through life insurance contracts distributed by AXA France. Its mandate includes a focus on healthcare, social care, student housing, hotel and residential investments across Europe, applying active asset management and a repositioning of assets.
