AXA to build Spanish hospital for U.S. investors
AXA Real Estate has acquired a healthcare development site in Valencia, Spain, for an undisclosed amount. The purchase was made on behalf of an undisclosed U.S. pension fund and U.S. REIT Medical Properties Trust.
This is AXA Real Estate’s first transaction on behalf of Medical Properties Trust. AXA Real Estate will target healthcare investments, primarily in Western Europe and the Nordic region, for the REIT.
AXA Real Estate will develop a full-service hospital of 387,500 square feet, which will treat 150,000 patients a year. It will be operated by Spanish hospital operator IMED Hospitales. The medical facility will have 210 private rooms, 15 intensive-care units, 87 outpatient surgeries and 15 general-operating theatres.
AXA Real Estate currently manages more than €2.5 billion ($TK billion) of alternative property assets, such as healthcare facilities, hotels, data centers and timber assets, primarily in Europe.