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BNP REIM nursing home buy kicks off healthcare fund

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BNP Paribas Real Estate Investment Management (REIM) has acquired the first nursing home assets for the Healthcare Property Fund Europe –HPF Europe – which is a SICAV-SIF based in Luxembourg and was launched earlier this year.

The five asset portfolio in Germany comprises more than 500 beds and was acquired from a partnership vehicle belonging to AG Real Estate and Cardif Lux Vie which owns nursing homes all over Germany.

The properties are primarily nursing homes with 435 rooms and 19 assisted living units. The portfolio is geographically spread through Germany with assets located in the states of North-Rhine Westphalia, Lower Saxony, Saxony and Hesse.

The fund is targeting € 1bn of investment. A core open-end fund, managed by BNP Paribas REIM Luxembourg, it raised close to € 200mn of equity commitments in the first half of the year.

 “The European healthcare sector is characterised by above-average growth opportunities and considerable stability,” said BNP Paribas REIM Germany chief investment officer Chacón Troidl. “This well-positioned portfolio will give the fund access to the particularly interesting German healthcare market.”

The off-market deal was brokered by Cushman & Wakefield.