AXA IM Alts, a global leader in alternative investments with c. €185 billion of assets under management, announces its entry to the Italian elderly care home market with the forward-purchase, on behalf of clients, of a six-asset portfolio from a real estate investment fund managed by Namira SGR. Numeria Servizi Generali Real Estate covered the role of vendor’s advisor and will continue to assist on this project during the construction and administrative phases for the delivery of best-in-class ESG compliant care home assets.
The six-asset portfolio is spread across the Northern Italian regions of Lombardy, Tuscany and Piedmont and will total 1,440 beds upon completion. Two assets within the portfolio, located in the affluent provinces of Brescia and Milan, are due to be operational by early 2025 with the remaining assets anticipated to be operational by early 2026.
Each of the purpose-built assets will provide state-of-the-art modern care facilities with market-leading sustainability credentials, targeting at least BREEAM Very Good certifications. The well-connected sites are all strategically located to cater to a strong local catchment while each of the care homes will be operated by established national operators, who have pre-committed to the forthcoming schemes on a long-term lease basis.
This transaction represents an opportunity to address a clear gap in the undersupplied market for quality specialist assets delivered to the highest sustainability standards, catering to a growing elderly population.
Nicola Cardani, Head of Transactions, Italy at AXA IM Alts commented: “This portfolio offers a meaningful opportunity to gain exposure to the Italian care home sector, fulfilling an evident gap in the market for purpose-built, high quality and ESG compliant solutions for the country’s leading operators. Drawing from AXA IM Alts’ global experience of healthcare real estate, we recognise the attractiveness of this undersupplied sector in Italy, where the aging population continues to expand increasing the need for dedicated care facilities.”
