Foreign investors stimulate market activity
Although the investment market for healthcare real estate was unable to build on the high momentum of the previous quarter in the second quarter, with a transaction volume of 690 million euros, there is still a good result on the books compared to the previous year (460 million euros). For the first half of the year, this results in sales of 1.8 billion euros, which is already more than in the same period of the previous year (1.4 billion euros).
In 14 transactions in the second quarter, 33 properties were traded. For the first half of the year, there were a total of 35 transactions and 145 properties traded.
The first quarter had been marked by two portfolio deals with foreign participation. Among other things, the US investor TPG acquired a portfolio of 31 medical centers and medical care centers from the Canadian Reit Northwest Healthcare Properties, 19 of which are located in Germany. On the other hand, Aedifica secured its share in a nursing home portfolio with 58 properties in Germany by acquiring 80 percent of Cofinimmo.
In quieter market phases, according to Peter Tölzel, Senior Director Healthcare Investment JLL Germany, it is often foreign investors who ensure a noticeable revival: "German capital, on the other hand, finds it difficult to be one of the first to dare to re-enter an asset class. However, international investors also demand corresponding returns, which they usually find in the value-add segment or when they buy core-plus properties at value-add prices."
