Transactions - DECEMBER 22, 2016

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AXA acquires €310m German healthcare portfolio

by Andrea Waitrovich

AXA Investment Managers – Real Assets has completed the acquisition of a portfolio of 17 healthcare assets in Germany from real estate funds managed by The Blackstone Group for a total consideration of approximately €310 million ($325 million).

The transaction has been made on behalf of an investor consortium comprising AXA Insurance Cos. as well as two funds, AXA Selectiv’ Immo and AXA Selectiv’ Immoservice, both dedicated to retail investors, mainly through life insurance contracts distributed by AXA France.

The 1.9 million-square-foot portfolio comprises 16 freehold nursing homes and one rehabilitation center and contains 2,788 beds for clients and patients in aggregate. The assets are operated under lease contracts with five separate operators. The majority of the portfolio is located in North Rhine–Westphalia, while two properties are in Baden-Württemberg, two properties in Bavaria and one asset is situated in Hesse.

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