Acquisition of Paris care homes portfolio
AXA Investment Managers - Real Assets completes acquisition of Paris care homes portfolio valued at c. €250 million
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed, on behalf of its clients, the acquisition, via financial lease agreements, of a portfolio of care homes in Paris, France in a transaction that values the portfolio at c. €250 million.
The fully occupied portfolio, which was acquired from GDP VENDOME Group, comprises eight high quality and modern nursing homes totaling over 40,600 sqm and providing 815 care beds in aggregate, located in the first Parisian ring including Asnières, Maisons-Laffitte, St Cloud, and Sèvres. All eight properties are exclusively tenanted and operated by one of the largest private nursing home operators in Europe.
This transaction extends AXA IM - Real Assets’ managed healthcare portfolio into the French senior housing sector and brings it to well over €1 billion of assets across Europe(2) following investment acquisitions on behalf of clients in Germany, Italy, Finland, Spain and in the UK, with the acquisition of the Retirement Villages Group Ltd platform.
Andrew Ovey, Head of Healthcare at AXA IM - Real Assets, commented: “In line with the majority of Western Europe, the dependent population in France continues to expand, with 7.5% growth forecast by 2020, increasing the need for dedicated care facilities. These demographic trends, against a backdrop of constrained supply and increasing demands on public spending, leave us well placed to generate potential sustainable returns from our penetration of this sector for our investors.”
John O’Driscoll, European Head of Transactions at AXA IM - Real Assets, added: “This acquisition aims to build on a strong track record of transaction activity in the French market, and is a further example of our ability to source and secure unique investment opportunities in fast-growing niche sectors on behalf of our clients.”
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1 Source: INREV/ANREV Fund Manager Survey – May 2018 – in terms of assets under management
2 Source: AXA IM - Real Assets’ data unaudited
AXA Investment Managers – Real Assets
Charline Coué, Media Relations Manager
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Note to editors
AXA Investment Managers (AXA IM) is an active, long-term, global, multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €745 billion(1) in assets under management as at end of March 2018, AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries. AXA IM is part of the AXA Group, a world leader in financial protection and wealth management.
AXA Investment Managers - Real Assets has over €76 billion in assets under management, including €58.1 billion in direct property & infrastructure and €14.5 billion in real asset finance as of end of March 2018 (2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private and listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe (3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 650 people in 15 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.
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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2018 in terms of assets under management
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