AXA acquires Italian care homes
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The alternative investments unit of French insurer AXA has agreed to buy a care home portfolio consisting of six assets in Italy on behalf of clients, in what it calls the “undersupplied” market for a growing elderly population.
The assets were purchased from a real estate investment fund managed by Namira SGR for an undisclosed sum. Numeria Servizi Generali Real Estate covered the role of vendor’s adviser and will continue to assist on this project during the construction and administrative phases.
“We recognise the attractiveness of this undersupplied sector in Italy, where the aging population continues to expand, increasing the need for dedicated care facilities,” said Nicola Cardani, head of transactions for Italy at AXA IM Alts.
The portfolio is spread across the Italian regions of Lombardy, Tuscany and Piedmont and will have a total of 1,440 beds upon completion. Two assets within the portfolio, located in what AXA IM Alts called “the affluent provinces” of Brescia and Milan, are due to be operational by early 2025, with the remaining assets anticipated to be in operation by early 2026.
AXA IM Alts said each asset will provide care facilities with sustainability credentials, targeting “very good” certifications under the Building Research Establishment Environmental Assessment Method.
Cardani added: “This portfolio offers a meaningful opportunity to gain exposure to the Italian care home sector, filling an evident gap in the market for purpose-built, high quality and ESG-compliant solutions for the country’s leading operators.”
AXA has been investing in the elderly care sector outside Italy. In April, it made its second healthcare investment in Japan with the acquisition of two nursing homes, in Kyoto City and Nishinomiya City, following the purchase of a portfolio of 15 nursing homes in December across Tokyo, Osaka and Aichi for €156m.
Apart from Japan and Italy, in which markets can insurers find opportunities for elderly care?
