Institution set to invest in offshore residential care homes
LOS ANGELES: An investment institution is set to now go offshore to start acquiring residential care homes.
AXA IM Alts has announced its plan to purchase a portfolio of six Italian care homes.
Part of AXA’s investment arm, AXA IM, AXA IM Alts specialises in alternative investments and has €185 billion in assets under its management.
The forward-purchase is on behalf of clients marks AXA IM Alts’ first entry into the Italian care sector.
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 the care homes.
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.
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.”