The Luxembourg fund manager AviaRent Capital Management S.à r.l. and its French cooperation partner, Primonial, have launched their first joint European fund for institutional investors. For a total investment volume of around € 60 million, a nursing home portfo-lio with seven properties in Austria has been acquired.
The European Social Infrastructure I (ESI I) will be the first fund of its kind and will focus exclusively on social infrastructure in Europe. The open fund will be realized in the SICAV-FIS special fund structure and is expected to reach an estimated volume of € 1 billion. The planned annual distribution is 5-6%.
“Thanks to our shared infrastructure with our Partner Primonial, we have excellent access to the international markets. It guarantees a rapid investment process, which is known from our company”, according to Mathias Giebken, CFO.
Strategically, the ESI I will initially focus on European countries such as – Germany, Austria, France, Belgium, Netherlands, Italy, Portugal, Spain and Ireland. The ESI I will invest not only in care homes, age-appropriate and assisted living but also in clinics, schools, kindergartens, family-friendly and affordable living, as well as small housing units.
“The request to expand to Europe has always been brought to us from our investors. With this product we will meet this demand. The interest of our investors in this new product has already been strengthened with capital commitments of € 80 million”, says Yenna Haack, Head of Acquisitions at AviaRent.
By acquiring the seven retirement homes in Austrian Styria, AviaRent has expanded its nursing home portfolio by 428 nursing beds to around 5,400 places.