European Healthcare Real Estate Interface

Key Country Demographics

What is the relative scale and nature of demand across Europe?

Rising elderly populations and growing healthcare expenditure are both core demand drivers for healthcare services and healthcare real estate, including long-term residential care facilities. Explore which markets have the strongest fundamentals using the map below. Click on a country to see more details relating to population and health expenditure.

Care Home Investment Yields

How do these compare to other sectors? Understand pricing levels across mature and growing markets.

Compare prime net investment yields for care homes across Europe in the following visualisation. Prime yields relate to well-located, modern quality stock, let on long-term institutional leases to high quality operators.

Selected Care Home Transactions

What are the key transactions in each market and who do they involve? See the deals and key players influencing this growing market.

European healthcare investment fell marginally in 2023 compared to other commercial sectors, dropping 28% year-on-year to €9.8bn. Annual investment was 15% below the previous five-year average, following a 10-year CAGR of 7%. 

Historical care home dominance was disrupted by several clinics and hospital transactions in 2023. This includes the €1.4bn Icade Sante purchase from Primonial REIM and PureHealth €1.1bn purchase of UK hospital operator Circle. The UK attracted almost half of all investment in European healthcare, followed by France overtaking Germany, both driven by large M&A deals. 

Deals over €500m accounted for 41% of total transactional volumes, reflecting a 151% climb against the longer-term average for this transaction size bracket. These larger deals have attracted more globally active funds. As domestic REITs have slowed activity, transactions from investment managers have risen 50% from the five-year average.

Key Care Home Operators

Who is operating care homes? Recognise which companies are market and European leaders.

Care home operations can be fragmented in many European countries, though there are major players operating across markets. The table below identifies some of the major care home operators by geography and their ‘in-country’ revenues from the last two years. Use the search function to see which operate across geographies, or to focus on a specific country.

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Nick Whitten

Head of EMEA & UK Living Research

Emma Rosser

Associate UK Living Research and Strategy

Harry Clarke-Williams

Director, EMEA Healthcare Capital Markets

John Gladstone

Lead Director, EMEA Healthcare Capital Markets

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