The owner of the Retirement Villages Group Ltd has bought a portfolio of care homes in Paris in France for an undisclosed sum.
The eight nursing homes, which are valued at €250m (£220m), were acquired by AXA Investment Managers – Real Assets (AXA IM) from real estate manager GDP VENDOME Group. The homes span over 40,600 sqm and have 815 bedrooms.
The global real assets investor said the care homes are run by one of Europe’s largest private operators, but would not disclose the name of the provider.
The deal extends the company’s portfolio in the French retirement housing market, taking its total assets to €1bn (£882m) across Europe. It bought Retirement Villages Group Ltd in 2017.
Andrew Ovey (pictured), head of healthcare at AXA IM, said: ‘In line with the majority of Western Europe, the dependent population in France continues to expand, with 7.5% growth forecast by 2020, increasing the need for dedicated care facilities.
‘These demographic trends, against a backdrop of constrained supply and increasing demands on public spending, leave us well placed to generate potential sustainable returns from our penetration of this sector for our investors.’