AXA Investment Managers-Real Assets has bought its first healthcare properties in Italy.
The investment manager invested 鈧�180m ($192m) in a portfolio of eight acute care hospital facilities in northern Italy.
The 80,000sqm portfolio, in Piedmont and Lombardy, was sold by private hospital operator Policlinico Di Monza in a sale-and-leaseback deal.
AXA IM said it bought the portfolio for a 50/50 joint venture between AXA Insurance Companies and Medical Properties Trust (MPT), a US healthcare REIT with which AXA has .
Alessio Lucentini, head of asset management and transactions in Italy, said the investment manager was a firm believer in the long-term growth prospects of Italy鈥檚 healthcare sector and would 鈥渃ontinue to monitor further investment opportunities.鈥�
鈥淎s our first healthcare acquisition on behalf of clients in Italy,鈥� he said, 鈥渢he purchase of this portfolio is indicative of our confidence in the Italian healthcare sector, which is underpinned by a number of compelling socioeconomic factors, such as a growing elderly population.鈥�
AXA IM has agreed an option to expand its relationship with Policlinico Di Monza through further acquisitions.
The company is building a 36,000sqm Spanish hospital for a large US pension fund and MPT.
The manager bought a 4,300sqm development plot in Valencia to build the medical facility.
