Italian asset manager Kryalos Sgr is joining forces with French senior living and nursing home specialist Euryale to invest in the Italian healthcare property sector.
To this end, Kryalos has set up a new dedicated closed-end real estate investment fund, Euryale Healthcare Italia 1. The new fund, which is fully subscribed by Pierval Santé, managed by Euryale Asset Management and active across Europe, has a core risk / return profile and a 20 year life term.
In a statement, Kryalos said that the agreement is part of its strategy of strengthening investments in the ESG sector and comes in response to the needs emerging from the progressive aging of the national population and the health emergency linked to the Covid-19 pandemic. ‘These two factors highlighted a lack of health and care facilities in Italy, whose population has an average age among the highest in the world, and at the same time it is among the European countries with the lowest number of beds in facilities for the elderly,’ the company said.
The investors have identified a large investment pipeline which is expected to materialize in part already in 2022. The portfolio includes private medical activities and services managed by specialized clinics, intensive care centers, diagnostic centers, hospitalization facilities, services outpatient clinics, medical operating units, nursing homes, to be built from scratch, already built or to be redeveloped.
David Finck, CEO of Euryale, said: ‘Euryale wants to invest and expand its business in the healthcare sector in Italy. The Italian market shows a great need for new health facilities and beds, necessary to accompany the aging of the population.’
‘This new partnership in Italy represents a unique opportunity for us to further pursue the investment strategy underway in Europe and create significant value. We also believe that the integration of environmental and social criteria will lead to long-term financial outperformance,’ he added.
Paolo Bottelli, CEO of Kryalos Sgr, added: ‘The healthcare sector requires a professional and competent approach to real estate investment aimed at creating realities that meet the needs of the market, according to the highest standards of sustainability and efficiency.’
He added: ‘For Kryalos - concluded Paolo Bottelli - this new fund is of significant significance as it allows us on the one hand to expand our clientele, including a new important international player, and on the other hand it allows us to enter a market that is not very covered today. can see us play a role of reference and at the same time contribute to the health needs of our society.’
