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PATRIZIA has acquired an assisted living complex and medical centre in Amsterdam, the Netherlands, on behalf of PATRIZIA Social Care Fund III. The transaction marks the Fund’s first investment outside Germany.
The acquisition follows significant investment in 2020 by PATRIZIA into the healthcare sector on behalf of PATRIZIA Social Care Fund III. The Fund was launched in Q1 2019 to invest in pan-European healthcare assets, including modern and future proof assets in the nursing home and assisted living sectors. PATRIZIA invested c. EUR 250 million into 13 properties in Germany last year on behalf of the Fund, bringing the total portfolio value to c. EUR 360 million across 19 assets.
This momentum has continued into 2021, with a further EUR 200 million of equity raised up to the end of the first quarter, including commitments from existing but also new institutional investors. As a result, the Fund has met its initial EUR 350 million equity target, providing the Fund with EUR 700 million of firepower including leverage. In Germany and across Europe, strong growth is expected in all segments of age-appropriate housing over the coming years and there is a significant pipeline of potential transactions in place.
The newly acquired c. 5,000 sq m property was built in 2011. It is close to the centre of Amsterdam and benefits from exceptional transport links, as well as a wealth of local amenities. A number of tenants, including local care provider Stichting Amsta, currently occupy the property, which has a WALT of over 10 years.
PATRIZIA is an experienced, conscientious and leading investment manager in the healthcare sector with 73 assets under management worth more than EUR 1.4 billion within its healthcare funds.
Source : PATRIZIA