This new development will be an expansion of Pan-American investment manager Europa Capital’s presence in the residential market and their first move into the senior living market.
Hugo Black, a partner at Europa Capital, said: “This acquisition provides an excellent opportunity to convert a former hospital into state-of-the-art senior accommodation and it marks an exciting milestone for Europa Capital as we expand on our existing residential expertise through our first investment into the senior living sector.”
The project cost €45 million (£38 million) and is a joint venture with Keystone Investment Management and Ailon Group. Savills and Colliers assisted Europa Capital during the acquisition.
Morten Schultz, a partner at Keystone Investment Management, said: “We are delighted to be invited as partners for this joint venture and proud of the trust that Europa Capital and Ailon are putting in us to develop this interesting property. We are keen on making sure that this development becomes a highly valued addition to the local community.”
The former hospital is located in Helsingør, Denmark, and the project is expected to be concluded in Q1 of 2023.
The development will include 58 units that will be managed by Nordic Care provider, Attendo. The development will also include 108 build-to-rent units designed for senior living.
Beyond living units, the development will also include a commercial unit, which will likely be used for surgery.
Director at the Ailon Group, Lucy Jennings, said: “Senior living is an emerging asset class in Denmark with demand spurred by strong demographic trends. There is considerable opportunity for growth and innovation in the sector. This is a very exciting project and will be a building with character in Helsingør”.