AXA IM Alts makes first investment in Spanish healthcare market

AXA IM Alts makes first investment in Spanish healthcare market

AXA IM Alts has entered the Spanish healthcare market by investing in a healthcare asset development in Zaragoza, Spain.

As part of AXA IM Alts’ longer-term strategy targeting the sector, the first investment will see the development of a 12,600 sqm state-of-the-art health facility in Zaragoza, the capital of Spain’s Aragon region, and will include 270-beds in total across a nursing home and mental health clinic, alongside a separate day care centre on site.

Grupo Lar has been retained as developer and will also support in sourcing suitable land for further opportunities, as well as pre-leasing approved schemes to leading operators and managing the completed developments.

The asset is due to be delivered in Q4 2025 and has been pre-let on a long-term lease to Grupo Mimara, an experienced elderly care home operator with 13 residences across Spain. The centrally located and well-connected plot benefits from a strong local catchment with limited competing offerings.

The company will focus on the development of best-in-class ESG-compliant care home assets.   

AXA IM Alts aims to build a Spanish healthcare portfolio, responding to a clear gap in the incipient market for quality purpose-built specialist care assets delivered to the highest sustainability standards.

This transaction enables AXA IM Alts to expand its real estate exposure in Spain into the healthcare sector whilst building on the business’ existing healthcare expertise and portfolio of €2.6 billion of assets under management globally .

Esther Escapa, Head of Transactions & Development Iberia at AXA IM Alts commented: “The healthcare asset class in Spain is highly fragmented with low volumes of institutional participation and acute undersupply. We see an opportunity for AXA IM Alts to leverage its track record in the sector to become a leading investor in this market. We hold a strong conviction in healthcare real estate given the demographic trends underpinning it, which have become increasingly pronounced in Spain as the aging population expands, without the supply to accommodate it. Through our dedicated new strategy we will aim to fulfil a clear gap in the market and provide purpose-built, high quality and ESG compliant real estate solutions for healthcare operators across Spain.”