Swiss Life Asset Managers enters U.K. healthcare market

Swiss Life Asset Managers U.K., the U.K. arm of investor Swiss Life Asset Managers, acting on behalf of one of its Pan-European funds, has acquired Norfolk House, Weybridge, for £9.7 million (€11.27 million/$12.11 million).

The purchase represents the first of several planned investments on behalf of a Pan-European healthcare fund managed out of Paris. Swiss Life Asset Managers is supportive of investments in the healthcare sector owing to strong demographic demand drivers and limited suitable modern stock.

Norfolk House is leased to Care U.K. for a further 12 years and occupies a half-acre site in the town center close to high street amenities. The property was built in 1995 to hotel specification, providing 64 ensuite bedrooms, communal dining rooms and lounges, a garden, and hairdresser.

Weybridge scores highly from a thematic perspective in Swiss Life Asset Managers’ proprietary asset scoring model. With strong communication, consumer lifestyle and community scores owing to rapid multi-modal transport connections, an exceptionally affluent base of residents and a large population skewed towards greater longevity and age than the U.K. average.

“We are pleased to add Norfolk House to our U.K. portfolio of care home assets, especially as this acquisition was undertaken by a Pan-European Swiss Life Asset Managers’ fund which had not previously invested in the United Kingdom,” said Jos Seligman, investment director at Swiss Life Asset Managers U.K. “Norfolk House provides an optimum number of beds, modern specification and a flexible building fabric situated on a large site which could accommodate future improvements. The asset is well suited to the core to core-plus fund target returns. We intend to work with the tenant to undertake environmental improvements to the fabric of the building going beyond Swiss Life Asset Managers’ net zero pathway commitments.”