French asset manager Primonial has reportedly taken another big step in its strategy to create a pan-European healthcare property portfolio with the acquisition of 68 nursing homes in Germany for €994 mln.
The assets are located in various German cities including Munich, Hamburg and Dresden. Ten are operated by the Korian group and it is believed some, but not all, involve a medical component.
The transaction was first reported by French newspaper Le Figaro and was confirmed by Primonial to French property publication Business Immo and PropertyEU.
Nursing homes and healthcare account for about 30% of Primonial's portfolio as the asset manager has sought in recent years to become one of the biggest property owners in the sector, alongside institutional co-investors.
Last February, Primonial led a group of investors including asset manager Amundi and insurers Aviva and Suravenir, in the acquisition of Gecina’s entire healthcare property portfolio for €1.35 bn.
