AXA Investment Managers - Real Assets has completed the acquisition of a portfolio of eight hospital facilities in northern Italy for 鈧�180 mln.
AXA Investment Managers - Real Assets has completed the acquisition of a portfolio of eight hospital facilities in northern Italy for 鈧�180 mln.
AXA IM - Real Assets鈥� first healthcare acquisition in Italy was made on behalf of a 50/50 joint venture between AXA Insurance Companies and New York-listed Medical Properties Trust (MPT).
This transaction comprises a sale-and-leaseback with Policlinico Di Monza, one of Italy鈥檚 private hospital operators, which has committed to a long-term lease and will continue to run the facilities.
The portfolio comprises eight acute care facilities totalling over 80,000 m2 and 829 hospital beds, located across the Piedmont and Lombardy regions of northern Italy, and includes the largest hospital in the province of Monza-Brianza. The agreement also provides an option to expand the relationship with Policlinico Di Monza through further acquisitions.
'This transaction is significant as it underlines our ongoing strategy of extending AXA IM - Real Assets鈥� 鈧�2.7 bn alternatives platform by partnering with operating companies that are market leaders in their sector and/or local geography,' said Hideki Kurata, head of alternatives & special situations at AXA IM - Real Assets.
The transaction is the second AXA IM - Real Assets has undertaken, on behalf of its clients, in partnership with MPT. The first involved the acquisition of a healthcare development site in the Spanish city of Valencia on behalf of a joint venture between a large US Pension Fund and MPT.
The non-exclusive relationship with MPT targets healthcare investments in Western Europe and the Nordics.
