Healthcare investment market with best half-year results since 2022

The distribution of the investment volume by size class shows a clear concentration on transactions above € 100 million. This segment was significantly influenced by three of the four registered portfolio deals and achieved a very high volume of just over €1.3 billion. Apart from these large transactions, the market structure is much more fragmented. Particularly noteworthy is the size class between €10 million and €25 million, which recorded the highest transaction volume since 2022 at around €210 million.

The exceptionally high participation of international investors is striking, reaching a new high with a market share of 87%. Two of the three large-volume portfolio deals attributable to US investors played a major role in this. This illustrates the return of foreign capital to the German healthcare investment market.

"The strong market activity in the first half of the year and the return of large-volume portfolio transactions indicate a progressive recovery of the German healthcare investment market. In particular, the high level of interest from international investors indicates that the market recovery is likely to continue in the further course of the year," predicts Christoph Meszelinsky.

Due to the current often difficult economic feasibility, high construction costs and operator risks, there are currently only a few new construction projects. The resulting supply-side bottleneck often makes it difficult for investors to find suitable products. However, the fundamentals of the healthcare market remain attractive. Against the backdrop of a weak macroeconomic environment, the asset class is comparatively independent of the economic cycle. At the same time, the ageing of society is causing an increasing demand for care and health facilities.

In view of a stable financing environment and the consolidation phase that has largely been completed, the market recovery is likely to gain further momentum. Against this backdrop, an investment volume above the long-term average of around €2.5 billion seems realistic. If the major transactions currently being marketed or prepared are successfully completed, the €3 billion mark will also be within reach again.