Sweden’s EQT agrees £300m Italy care home venture
Swedish private equity giant EQT has agreed a £300m joint venture to deliver senior care homes in northern Italy.
EQT has partnered with Italian construction company Arco Lavori to create a portfolio of homes, on behalf of the €1bn EQT Real Estate II fund.
The jv has secured five initial sites with capacity for 1,100 bedrooms. The first two schemes will be completed in late 2022 and early 2023.
Swedish private equity giant EQT has agreed a £300m joint venture to deliver senior care homes in northern Italy.
EQT has partnered with Italian construction company Arco Lavori to create a portfolio of homes, on behalf of the €1bn EQT Real Estate II fund.
The jv has secured five initial sites with capacity for 1,100 bedrooms. The first two schemes will be completed in late 2022 and early 2023.
The deal is the latest is a string of major partnerships and acquisitions for EQT.
Earlier this year, the Stockholm-based firm with headquarters in London agreed a $1.9bn (£1.39bn) deal to acquire Exeter Property Group, adding some $10bn in logistics, office and life science assets to its portfolio.
Last year, it made the leap into UK BTR through a £1bn tie-up with Sigma Capital. EQT Real Estate II is focused on beds and sheds across Europe. The fund will see it expand on existing commitments in Sweden, France and the UK, including delivering 7,000 homes in five years.
Rob Rackind, head of EQT Real Estate, said: “This is another prime example of using EQT’s ‘local-with-locals’ approach to source attractive opportunities in order to invest with thematic trends, and we are proud to back a strategy that should deliver significant social impact by providing defensive, socially responsible assets to the regions of Italy most in need.”
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