Swiss Life healthcare fund diversifies into Spain and Italy

Nursing home at Paseo del Deleite, Aranjuez.

Swiss Life Asset Managers France is acquiring assets in France, Spain and Italy, aiming to diversify the strategy of its pan- European healthcare-focused fund.

The Luxembourg-based fund, SL REF (LUX) European Healthcare SCS, focuses on high-quality assets with a focus on nursing homes and seniors’ residences.

Among the latest assets which it has bought is a former royal palace in Aranjuez, close to Madrid, which was converted into a Catholic seminary, then into a nursing home. The building, which is currently being renovated, occupies a 12,000 sq m site and has 251 residents. The operator is DomusVi which has a remaining term of 16 years.

The asset acquired in France, located in Trélazé, near Angers, comprises 108 apartments and is operated by Heurus.

And in Italy the fund is to acquire a senior care residence under construction in Milan and due for completion in 2023. The home will have 128 units operated by Domitys.

Acquisitions spread fund’s reach into southern Europe

“These acquisitions enable SL REF (LUX) European Healthcare SCS, SICAV-SIF to diversify its strategy by combining regions in northern and southern Europe into highly sought-after quality assets,” said Swiss Life Asset Managers’ head of residential and care Valérie Maréchal.

The fund was created in 2018 and is managed by Swiss Life Asset Managers Luxembourg, with Swiss Life Asset Managers France acting as advisor.

To date, it has acquired 27 properties including nine senior residences in France, 16 nursing homes in Germany, as well as the latest Italian and Spanish acquisitions.