Northern Horizon is acquiring a portfolio of six care homes and linked assets from NREP in what will be Denmark’s largest care home transaction to date.
In addition to the care homes, the portfolio includes two kindergartens, 23 senior living units and the assets are a mix of new space and buildings under construction.
“The acquisition is a prime example of our investment strategy,” said Northern Horizon co-fund manager and investment director Denmark Kasper Wehner. “The assets are modern and well-located in Danish growth cities, long lease agreements ensure stable cash flows and, being new, the assets respond well to the high sustainability targets that we have set for the fund’s portfolio,” he added.
The acquisition was made on behalf of the Northern Horizon-managed Aged Care IV fund, which has a total investment capacity of €648 million and already has 17 care homes in the Nordics.
Its previous largest acquisition was a portfolio of aged care properties in Sweden, acquired from SBB in 2022. With this transaction, the fund is 75% deployed.
The latest assets are located in Holte (pictured above), Odense, Sorø, Greve, Helsinge, and Kolding and have a total lettable area of 39,502 sq m. Most of the assets will be taken over in 2023 but possession of the last asset is expected in May 2025.
Since 2007, Northern Horizon has acquired more than 130 care homes across the Nordics.
Author: Paul Strohm
Source: Real Asset Insight