Category: Allgemein

Interview with Jussi Rouhento, Fund Manager, Managing Director in Finland, Northern Horizon.

What emerging trends do you see as having the greatest impact on the seniors housing and healthcare market, and how are you strategically positioning your investments to capitalise on these trends?

Over the recent years, we have seen a growing investor interest in responsible investing and creating long-term social value in the Nordics. We are very well positioned to create value for investors in this segment.

Northern Horizon was a true pioneer when we launched our first closed-end healthcare fund in 2007. In March this year, we successfully converted our third healthcare fund into an evergreen fund with the scope to invest not only in elderly care homes but also in other social infrastructure properties.  

Social infrastructure is an essential part of the welfare systems in the Nordic countries, and the assets are used for the provision of a broad range of social services from daycare through education to senior housing and care services.

We see significant opportunities for investments because while private ownership of social infra real estate is still limited in the Nordics, we are seeing increased privatization.

One of our biggest competitive advantages is our highly specialized healthcare team with longstanding relationships with developers and investors to municipalities and care providers and their ability to source an attractive pipeline that fits our investment strategy.

How do you assess the long-term financial viability and growth potential of seniors housing and healthcare investments?

Our healthcare and social infrastructure investment products are based on the demographic trend of a rapidly ageing population in the Nordics. This has led to a structural shortage of care beds and long-term estimates predict a need for 75,000 net new beds in the Nordics by 2030.

Another trend is the increased budgetary pressure. Welfare spending in the Nordics is high because the population is becoming older and more costly, and many municipalities are struggling with limited resources to fill their increasing social responsibilities. As a result, they do not have the financial ability to build and maintain social infrastructure assets as they did before, so they are looking for other ways to provide the buildings.

At the same time, we are seeing much more interest in social assets from institutional investors and international investors. Primarily because the segment has proven to be quite resilient to economic instability and, also because investors are increasingly focused on the social and environmental impact of their investments. Investing in social infrastructure assets offers the prospect of a stable return and at the same time helps to solve a growing societal challenge in the Nordics.

What do you see as the key challenges facing the seniors housing and healthcare sector in the coming years?

A trend that may impact the senior housing and care home sector in the Nordic region is the shortage of healthcare professionals. Governments are increasingly responding to the challenges through redefining how and where patients receive care, to implementing smarter workflows and increasing digitalisation and the use of AI.

What are your development plans for the coming years?

The main focus for us right now is of course to expand the seed portfolio of the new, evergreen fund. The fund currently has 63 assets and we expect the portfolio to grow continuously in all the target countries with capital from existing and new investors.

It is key for us to provide modern, high-quality properties that meet the needs and expectations of the citizens and the municipalities, as well as our tenants who provide the care services. So we continue to monitor the shifts in demand for new senior housing concepts across the Nordic countries. We are seeing a growing interest among seniors in the 55-75 age group who would like to leave their own individual home earlier in life and move into senior housing, even hybrid concepts with some services included and clinics nearby.

How do you balance social impact considerations with financial valuation metrics in your investments, and how do these factors influence your decision-making process (e.g., capital flow discussions)?

The value proposition of our healthcare investment products is a potential for long-term capital growth and a commitment to help solve a societal challenge. As such, social impact is embedded in the funds’ objectives.

Both our healthcare funds are aligned with SFDR Article 8, and ambitious sustainability targets have been set for the properties such as net zero operational carbon by 2030.

As a result, environmental responsibility and ESG measures are a key part of the decision-making process concerning a specific investment opportunity.

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Interview with Jan-Bastian Knod, International Partner, Head of Residential Investment Germany, Head of Healthcare Advisory, Capital Markets, Cushman & Wakefield

What emerging trends do you see as having the greatest impact on the seniors housing and healthcare market?

The senior housing and healthcare market in Europe is set for significant changes due to emerging trends, which are outlined as follows.

One key trend is the rise in interest rates, which has reduced investment volumes. In 2023, nursing home transaction volumes dropped to just over €4 billion, a 35% decline from the previous year and a 50% drop from 2021. This reduction is due to cautious investment attitudes and the gap between seller and buyer price expectations. Additionally, inflation has led to significant increases in operational costs for operators, further weakening the market. The prime yield of nursing home assets increased by 50 to 100 basis points in 2023, with transaction yields below 5.00% remaining rare, setting the prime yield for Q1 2024 above 5.00% in many European markets.

However, other trends are continuously driving innovation and strategic investments, shaping a more resilient and attractive market. Sustainability is pushing for green building practices and energy efficiency. Developers are adopting sustainable materials and systems to meet regulatory demands and attract eco-conscious investors, leading to long-term savings and increased property values. Regulatory changes are also mandating improved accessibility and inclusivity, requiring design modifications such as ramps and wider doorways to accommodate individuals with disabilities.

The integration of healthcare services within senior living environments is becoming more common, with facilities incorporating spaces for medical offices, telehealth and on-site clinics. This enhances property value by offering comprehensive care options on-site. There is also a growing emphasis on wellness and preventative care, with communities integrating wellness programmes and fitness facilities to promote healthy ageing and improve resident well-being.

In summary, while rising interest rates and inflation pose challenges, trends in sustainability, regulatory compliance, healthcare integration, and wellness initiatives are driving the transformation of the senior housing and healthcare market in Europe, making it more resilient and attractive for future investments.

How do you assess the long-term financial viability and growth potential of senior housing and healthcare investments?

Nursing care is one of the most significant growing markets and serves as essential social infrastructure, forming the backbone of each economy. Due to demographic changes and the resulting ageing population, the senior living market is becoming increasingly important in property investment. With a significant rise in the number of people over 65, this demographic shift creates sustained demand for senior housing and healthcare services. As life expectancy increases, the need for long-term care and healthcare services also rises, supporting long-term demand. Senior housing and healthcare facilities often have long-term leases and stable occupancy rates, providing reliable income streams. Particularly, nursing homes benefit from government programmes that ensure income for operators.

Following the re-pricing that occurred in 2023, the market is expected to become dynamic again in 2024. We anticipate ongoing stabilization of the market, particularly in operational performance of healthcare operators.

What do you see as the key challenges facing the senior housing and healthcare sector in the coming years?

The senior housing and healthcare sector faces several challenges in the coming years that impact its overall stability and growth. One primary issue is the increasing demand for skilled healthcare professionals, including nurses, caregivers and administrative staff. The supply of qualified personnel is not keeping pace with this demand, leading to high turnover rates and the necessity for continuous training, which exacerbates operational challenges and strains resources. Another significant challenge is the constantly evolving landscape of healthcare regulations. Facilities must remain compliant with federal, state and local laws, which include patient care standards, privacy laws, and safety regulations. These regulatory changes often result in substantial cost increases for operators, directly impacting profitability and necessitating ongoing adjustments to operational practices.

Additionally, integrating new technologies such as electronic health records, telemedicine, and advanced care monitoring systems is crucial. Both operators and users must adopt and effectively utilize these technologies to enhance care quality and operational efficiency, requiring significant investment and training. Moreover, seniors and their families are increasingly demanding higher standards of living, including improved amenities, personalized care, and more lifestyle opportunities. Meeting these evolving expectations necessitates operators to innovate and invest in enhancing their service offerings and facility standards. Addressing these challenges requires a comprehensive approach that includes strategic planning, investment in workforce development, embracing technological advancements, maintaining regulatory compliance, and focusing on delivering high-quality, personalised care. Successfully navigating these issues will be essential for the long-term viability and growth of the seniors housing and healthcare sector.

Do you expect more capital to come into the sector?

There is a lot of capital available for investments in nursing homes Europe-wide. Demographically driven demand, sustainable cahflow and therefore great return stability are key attractions for nursing home investors. The nursing care sector is experiencing significant growth and is considered essential social infrastructure, playing a crucial role in supporting every economy. There are many green shoots of optimism. We leave behind a difficult 2023 for nursing homes, but we are expecting investment to recover in 2024.

What attracts investors to this asset class? 

Investors are increasingly drawn to the senior living and healthcare market for several reasons. Firstly these facilities often provide stable cash flows due to long-term leases and consistent occupancy rates. Moreover, healthcare is deemed an essential service, making investments in this sector resilient to economic downturns. Government support further stabilises revenues for operators and investors. Ageing facilities offer value-add opportunities, enticing investors to improve and upgrade properties. Furthermore, there’s a growing investor interest in environmental, social, and governance (ESG) factors, with investments in sustainable senior living and healthcare facilities aligning with these principles. Lastly, the long-term growth potential of the sector, fueled by the continuous ageing of the population, makes it an attractive investment option for those seeking stable returns over time.

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An interview with Raoul Thomassen, Chief Operating Officer at Aedifica

What emerging trends do you see as having the greatest impact on the seniors housing and healthcare market, and how are you strategically positioning your investments to capitalise on these trends?

As occupancy rates and margins are improving across the continent, we also see a return of waiting lists. In order to improve access to care for a rapidly ageing population, both the need for additional staff and infrastructure will increase.

There are innovative real estate solutions that can help address both issues, such as the development of care campuses that combine different types of care in a single-care campus, provided regulatory barriers are addressed.

Aedifica is already developing such innovative care campuses in Finland through its local subsidiary Hoivatilat.

How do you assess the long-term financial viability and growth potential of seniors housing and healthcare investments?

The post-Covid period has been difficult for healthcare providers as subsidies have fallen and their costs have risen. However, we see signs that the tide is turning. In recent quarters, their margins have started to recover on the back of strongly growing occupancy rates and increased care tariffs. Moreover, this trend is not only evident in strong markets such as the UK, but we also see positive signs in markets that have been struggling, such as Germany.

Since the beginning of the year, Aedifica has cautiously resumed its investment policy. Approx. €46 million in new investments have been announced in the healthcare real estate sector, which will continue to need additional capacity in the years to come.

What do you see as the key challenges facing the seniors housing and healthcare sector in the coming years?

The key challenge for the sector remains how to maintain or even improve access to care for a rapidly ageing population. This will require the sector (including regulators) to think about innovation, as the need for staff and infrastructure will continue to grow.

What are your development plans for the coming years?

Backed by a healthy balance sheet, improving operator performance and an improving macroeconomic environment in which short-term interest rates seem to have reached their peak and inflation has fallen, Aedifica has cautiously resumed its investment policy in 2024.

Population ageing across Europe is gaining speed. More people are ageing, living longer and experiencing diseases associated with old age that require specific care. This will drive demand for additional capacity in the second half of the 2020s.

Once market sentiment turns, the cost of capital will cool down and the investment climate will rebound, and we will be ready to seize the opportunities. The question is when the tipping point will be.

How do you balance social-impact considerations with financial valuation metrics in your investments, and how do these factors influence your decision-making process (e.g., capital flow discussions)?

While this may seem like a strategic paradox, our investment considerations when developing new care homes include a range of metrics and these are not just financial. In fact, developing care homes without considering energy performance, location criteria and services for the wider community will ultimately determine whether such an asset is considered future-proof and able to retain its value.

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Romano Senior, a SOCIMI (Spanish REIT) established by Azora with Banca March and Indosuez Wealth Management, has acquired 11 care homes, in a sale and leaseback deal with Spain’s largest care home operator, DomusVi group.

Four of the care homes are newly built in Seville, Gerona (pictured above), Murcia and Vitoria, and the rest are in Bilbao (Ribera, Miraflores, Arbidea and Aperribai), Galicia (Narón and Vigo) and Madrid. The portfolio provides a total of 1,400 beds.

DomusVi will continue to operate the homes on long-term leases. The agreement includes a commitment to invest in the adaptation of the homes to the sector’s latest standards and to sustainability criteria. There will also be a major upgrade of the Ribera care home to position it as one of the best residences in the city.

Following the transaction, Romano Senior has a portfolio of 16 assets and 96.000 sq m and has become one of the leading investors in real estate assets for the elderly. It also has long-term rental contracts with operators including Colisee, Amavir and Emeis, as well as DomusVi.

“With Romano Senior we continue with our commitment to contribute to responding to the growing deficit of quality assets for the elderly in the face of the ageing population trend,” Azora partner Javier Picón said. “This strategic commitment has resulted in an investment, between the different companies managed by Azora, of close to €500 million in assets in the senior category, making us one of the main players in the market.”

Savills and Bird & Bird advised DomusVi while Perez Llorca and Almar acted for Romano Senior.

Author: Paul Strohm
Source: Real Asset Insight by Real Asset Media

PGIM Real Estate is acquiring the real estate and operations of Signature Senior Lifestyle which develops and operates senior housing in the UK.

Signature’s portfolio comprises 13 senior living communities, including 10 operating properties and three consented development projects in and around Greater London. Signature’s established management team will continue to operate the homes.

The acquisition, in partnership with Elevation Advisors, is being made on behalf of PGIM Real Estate’s European value-add strategy and the deal is expected to close by the end of H1, 2024.

Elevation is a specialist investment manager in the European healthcare real estate sector with approximately £2 billion of assets under management.

“This is a landmark deal for the UK senior living sector and a hugely attractive growth opportunity for us, which strengthens our European value-add portfolio,” said Nabil Mabed, senior portfolio manager of European value-add strategy at PGIM Real Estate. “Working with Elevation, we are confident we can add value to Signature on behalf of our investors.”

He added that PGIM is seeing real estate markets stabilise and that the company maintains its conviction to the UK following value reset of the last two years.

Signature will prioritise future-proofing assets by using the latest technologies and standards and the portfolio is currently achieving or targeting BREEAM New Construction ratings of Excellent or Very Good.

Author: Paul Strohm

A new public-private partnership will create a senior housing development in Rome with 300 apartments in nine separate buildings aimed at self-sufficient residents of 65 years of age or more. The initial investment of €130 million will create Spazio Blu, a pilot project, with a plan to build more in future in a very under-served market.

INPS (Italy’s National Institute for Social Security) has teamed up for the first time with CDP Real Asset (Italy’s development bank), Investire Sgr, a private asset manager, and Policlinico Gemelli, the largest hospital in Rome.

“With this project we add another ‘S’, senior housing, to our involvement in student accommodation and social housing,” said Giancarlo Scotti, CEO, CDP Real Asset. “Our strategy now is to push ahead with senior housing, an asset class that needs to be strengthened in Italy. Demand for independent accommodation for over-65s that caters to their needs is growing fast across the country.”

The existing cluster of residential buildings, owned by INPS and managed by Investire Sgr, will be repurposed to be suitable for older people and many amenities will be added, such as areas for socialising and exercising, a cinema, a library and an infirmary in every apartment block.

The complex in the Camilluccia area of Rome is situated less than a kilometre from the Policlinico Gemelli, and the hospital’s doctors and specialised nurses will be on hand to provide home care to residents. High-tech telemedicine and remote consultations will also be available. The aim is to prevent and avoid the need to go to hospital, reducing the pressure on the health system.

Crucially, the nine buildings will be surrounded by other apartment blocks where families and young professionals live, which will ensure the neighbourhood remains intergenerational and that seniors will be able to interact and socialise with people of different ages and will not become lonely and isolated. Local residents have agreed to the scheme.

“This innovative initiative sees seniors as a resource to be valued rather than marginalised and aims to improve their quality of life, offering activities and exercise, social interaction, medical care and spaces specifically designed for them,” said Valeria Vittimberga, director general, INPS. “The cooperation with other institutions will allow us to exchange best practice.”

After this first pilot project, the plan is to roll out the Spazio Blu model across Rome and across Italy.

“This public-private partnership puts together financial capital and expertise, an established track record in residential assets and social care and the best medical care available,” said Dario Valentino, CEO, Investire Sgr. “The package of services available will improve older people’s daily lives.”

The name Spazio Blu is the Italian for “blue zone”, a term used in gerontology to indicate areas of the world where life expectancy is significantly higher than the average. These areas are currently in Okinawa, Japan; Ogliastra, Sardinia; Icaria, Greece and Nicoya, Costa Rica.

Author: Nicol Dynes

England’s planning regime is currently one of the major challenges for the country’s seniors housing market according to research from consultant Knight Frank and law firm Irwin Mitchell. Nearly a third of local authorities remain unprepared to provide suitable housing for the ageing population.

The report, Unlocking Potential for Seniors Housing Development, concludes that this “significant shortcoming in the level of planning for seniors housing” is particularly worrying given the UK’s demographic profile. Forecasts indicate that the number of people aged over 65 will increase to over 15 million by 2043 – or one in four of the population.

Similar research carried out in 2017, 2020 and 2022 ranked local authorities between A and D according to the provisions in their local plans towards seniors housing. Authorities with an A rating had clear policies indicating details of the required number of dwellings and care home beds and how to achieve that, together with specific site allocations for development. D-rated authorities had neither a clear policy nor site allocation. 

This year only 75 local authorities out of 326 local authorities (23 %) were graded A, while 100 (33.7%) were graded B, 47 (14.4%) were graded C and 104 (31.9%) were graded D.

“While previous research has shown significant progress, our latest analysis suggests that over the last two years, the pace of change has stalled,” Knight Frank partner and head of residential research Oliver Knight said.

“Some 34 [local authorities] have moved backwards over the last two years. The appetite from investors and developers to deliver more age-appropriate housing is clear and growing. A more consistent and supportive policy environment will unlock more supply, more propositions, and more choice for seniors.”

Irwin Mitchell Planning partner Nicola Gooch stated that this policy inertia is disappointing, but not surprising. “We have seen a decline in the number of new local plans as several local authorities have either delayed or withdrawn their local plans as they try to get to grips with ever moving and changing government policy.”

Gooch said: “This year’s survey is released in the run up to a general election and at the end of a period of unprecedented political turmoil. Since the last report was published there have been two changes of Prime Minister, three Secretaries of State at DLUHC and six Housing Ministers. We have seen the Levelling-Up & Regeneration Act 2023 enter the statute books, major amendments made to the NPPF, and the publication of more than a dozen consultations on a wide variety of proposed reforms to the planning system.”

Despite the inertia a sense of urgency seems to be taking hold: The Older Person’s Housing Taskforce is due to report later this year; the Government’s support for senior housing has been recognised in the National Planning Policy Framework and also in the Levelling-Up & Regeneration Act 2024.

The introduction of National Development Management Policies – which sit alongside and, in some cases, override a Council’s Local Plan policies – also have the potential to make a substantial difference to the sector.

Author: Paul Strohm

Source: Real Asset Insight

Specialised healthcare real estate investor Northern Horizon’s fourth Nordic aged-care fund has been fully invested, deploying €648 million and bringing the portfolio to 47 top-tier assets across the Nordics, of which three are under construction.

Mariehjemmene Soro in Denmark, one of Northern Horizon’s assets
“We are pleased to have exceeded expectations since the fund’s final close in December 2022,” said Kasper Wehner, co-fund manager for Aged Care IV and investment director, Denmark, Northern Horizon. “While the real estate transaction volumes in general have been very low in the Nordics in 2023, we have seen many opportunities in the healthcare segment which have allowed us to be selective to fully benefit from the current market situation.”

Aged Care IV invests in modern, fit-for-purpose care homes and similar residential care assets in the Nordic countries. The fund’s strategy addresses the structural shortage of care homes and senior living concepts as a result of an ageing population in the Nordics, while at the same time helping to solve a societal challenge by providing good quality living conditions for the seniors. The buildings are leased to private and public care operators on long-term leases.

Among the fund’s most significant transactions are: the acquisition from eQ of a portfolio of 15 prime healthcare properties in Finland in December 2023; that of a portfolio of six care homes, two kindergartens, and 23 senior living units in Denmark from NREP in March 2023; and that of a portfolio of four Swedish aged-care properties from SBB in July 2022.

Following the fund’s last acquisition of a care home under construction in Hørsholm, Denmark, the fund’s portfolio is diversified across three countries, 31 municipalities, six segments, and 24 tenants. The fund has ambitious ESG requirements for its asset portfolio, and more than half of the assets already have, or are expected to achieve, BREEAM or similar certification.

As a pioneer in Nordic healthcare real estate, Northern Horizon has established itself as a manager of choice for institutional investors looking to invest in healthcare assets, the group said. Its healthcare real estate investment strategy has consistently delivered strong returns and successful portfolio exits, and the company sees further potential.

“We are very well positioned to create value for investors in this segment, and also in the future,” said Lars Ohnemus, chairman of the board, and acting CEO, Northern Horizon. “We have proven access to the best off-market opportunities. We are optimistic about the value proposition of investing in social assets going forward, and we continue to see a lot of opportunities.”

Author: Nicol Dynes

Source: Real Asset Insight

Paris-headquartered care specialist Clariane – formerly known as Korian – has sold its UK activities and assets to UK investment fund Elevation Healthcare Properties for £207 million (approximately €243 million).

Clariane’s UK interests comprised 805 beds in 12 care homes acquired between 2020 and 2022 and which, with one exception, it owned outright. The platform generated sales of £55 million in 2023 with an EBITDA of £12 million.

The homes were operated by Berkley Care, a company acquired by Clariane in 2021. Berkley Care’s leadership has simultaneously acquired the company from Clariane and Elevation has leased back 11 of the properties to Berkley on inflation-linked, long-term leases.

Elevation said that the deal cements and expands EHP and Berkley Care’s existing relationship.  Berkley Care is a highly-regarded operator of 12 modern award-winning prime care homes across England comprising 805 high-quality beds.

“We carefully select operating partners who are proven to create best-in-class care home environments, have an excellent record in care and can evidence a positive impact on their respective local communities,” Elevation managing partner Andrea Auteri said. “We are delighted to extend our relationship with Berkley Care who are a certified top employer and are committed to continuously evolve and improve their environments and practices for staff, residents and communities.”

The deal, which will close within weeks, as part of Clariane’s plan to strengthen its financial structure and is part of a program of disposals of operating and real estate assets and capital partnerships intended to release €1 billion to reduce debt and leverage.

The full net proceeds from this sale, after repayment of the real estate debt lodged in the UK of £38 million and the €90 million of real estate partnership with Predica in form of bonds redeemable in shares, will be used for the repayment of approximately €100 million of the Group’s outstanding debt.

A provision of -€40 million for impairment has been recorded in the 2023 financial statements in corresponding to the difference between the sale price and the acquisition value of the assets

Clariane CEO Sophie Boissard said: “With this first transaction, and the sale of six property assets in the Netherlands announced on 5 February, we are demonstrating our ability to rapidly implement actions to reduce our debt in order to strengthen our financial structure.”

EHP, which owns 40 UK care home properties providing over 2,700 beds and operated by nine different operators, was advised by CBRE, Akin Gump, Pinsent Masons and Deloitte on this transaction.

Author: Paul Strohm

Source: Real Asset Insight

There is something very unusual about the retirement home sector, delegates heard at Real Asset Media’s SHHA In-Depth: Best Practice From the UK – Integrated Retirement Communities webinar, which took place online recently.

“We welcome competition in this sector,” said Honor Barratt, chief executive, Birchgrove. “We need more operators and we need more activity to persuade institutional capital to invest. We don’t deliver as many units as we should.”

Competitors are actively invited to join in, because the sector has to grow and acquire visibility in order to attract the investment it needs to meet current and future demand.

“We encourage other companies to create more product,” said Nick Sanderson, CEO, Audley Group. “We need to create more to attract more, and it helps us if there’s more than one offering in the same location.”

The fundamentals work in the sector’s favour: supply is low and demand is set to grow, as demographic trends are clear and the baby boom generation is joining the seniors’ ranks.

“Need is only going to grow in the next 10 or 15 years,” said Sanderson. “In the UK and elsewhere, people want to maintain control of their lives as they age, but want to be able to get support when they need it.”

The way forward is cross-border cooperation, exchanging views and experiences and learning from best practice.

“We need to be part of a global conversation, because this trend is happening all over the world,” said Michael Voges, executive director, ARCO. “Demand for this type of product is high everywhere, and every development is oversubscribed. The need is such that it’s an imperative to get it right.”

Demand is high everywhere, but local markets and conditions are varied across Europe. France is a very mature and well-developed market, while Italy is a nascent one and requires a lot of upfront investment. Denmark and other Nordic countries offer opportunities, especially at the premium end of the market, because more affluent people are not satisfied with the state-provided retirement homes and want an alternative.

“We will see the integrated retirement community model develop in many more countries in the next few years,” said Voges.

The UK market is based on sales and the rental market is almost non-existent, although that is now changing. In Europe it is the other way around.

M&G Real Estate is one of not many institutional investors that have taken the plunge. “Having a single tenure rental focus model works very well for us,” said Freddie Wonnacott, director, fund management, M&G Real Estate. “It feels like a resi block of flats, with a different management style. It is easy to leave, but our buildings are full because people like living there.”

Retirement communities match the needs of the customer for care on demand, for flexibility, companionship and a sense of community, with the needs of investors for steady returns.

“So far we have focused on the UK and on the for sale market,” said Domas Karsokas, investment director, Octopus Real Estate. “But now we are actively seeking opportunities in Continental Europe and having discussions with operators there. The vast majority of retirement homes in Europe are for rental, while in the UK the vast majority is for sale, but the product itself is very similar.”

Author: Nicol Dynes

Source: Real Asset Insight