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Thanks to the local transaction team’s excellent knowledge of the market, BNP Paribas Real Estate Investment Management (REIM) managed to acquire a second asset for its Healthcare Property Fund Europe (HPF Europe) just shortly after the recently announced acquisition of the fund’s initial portfolio of five German nursing homes. The asset involved in the acquisition is VAMED Klinik hospital in Hattingen, North Rhine-Westphalia. The facility specialises in the treatment of children and adults suffering from neurological illnesses as well as in treatment following neurological surgery. The seller is a vehicle managed by AXA Investment Managers-Real Assets.
“Demand for healthcare properties has been exceeding supply for years. The COVID-19 pandemic and the increased awareness of the healthcare sector we have seen as a result have particularly served to further spur this trend,” explains Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany. “Competition among investors for healthcare properties has intensified due to the pandemic, making specific sector expertise indispensable for property owners. That’s why BNP Paribas REIM’s track record in the healthcare sector continues to open doors for us.” “This transaction further establishes HPF Europe on the highly attractive German healthcare market, particularly in the segment of medium-stay rehabilitation facilities, which is HPF Europe’s main investment focus in addition to nursing homes and acute care facilities,” says Paul Darribère, Fund Advisor at HPF Europe.
The high-end clinic asset in Hattingen comprises two buildings with a total rental area of just over 20,000 sqm. Built in 1993 and extended in 1996 and 2001, the rehabilitation facility features 270 beds, 60 of which are allocated to the children’s ward. The facility is a leading centre for robot-assisted treatment and was awarded the FOCUS title of “Top rehabilitation clinic” for the fifth time in 2020. The property is let to VAMED under long-term lease. The company, a subsidiary of healthcare group Fresenius, is a global leader in prevention, acute care, rehabilitation and general care practices.
HPF Europe is a SICAV-SIF based in Luxembourg. This core open-end fund managed by BNP Paribas REIM Luxembourg offers international institutional investors the opportunity to benefit from a long-term, recurring distribution yield through diversified investment across all segments of the European healthcare sector (short stay, medium stay & long stay). HPF Europe successfully raised roughly €350m in equity commitments in the first nine months alone following its inception. Investor interest in HPF Europe is very high and further commitments are expected in the near future. The fund’s management is constantly on the lookout for potential assets that match the fund’s investment requirements.
Clifford Chance LLP acted as legal advisor and X-Project AG as technical advisor to the buyer.