AXA Investment Managers completes €250m acquisition of Paris care homes portfolio
AXA Investment Managers – Real Assets has completed, on behalf of its clients, the acquisition, via financial lease agreements, of a portfolio of care homes in Paris in a transaction that values the portfolio at €250 million ($294 million).
The fully occupied portfolio, which was acquired from GDP VENDOME Group, comprises eight high-quality and modern nursing homes totaling more than 437,000 square feet 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 more than €1 billion ($1.2 billion) of assets across Europe following investment acquisitions on behalf of clients in Germany, Italy, Finland, Spain and in the United Ki