JLL advised eQ on the sale of 15 healthcare properties to a fund managed by Northern Horizon

eQ Community Properties Fund has sold a portfolio of 15 healthcare properties to a fund managed by Northern Horizon. The purchase price of the portfolio is approximately EUR 75 million. The assets are leased to market leading private tenants and are located in Helsinki area and in large cities. The portfolio has a total leasable area of nearly 20,000 sq m.

Jennifer Eloheimo, Investment Director, eQ Community Properties Fund: “This transaction is a good indicator of the liquidity of the Social Infrastructure Property market and interest towards the segment. After the transaction, 55% of the 120 assets owned by eQ Community Properties Fund are located in Helsinki Metropolitan area and 13% in Tampere. Over 60% of the lettable area is leased to public counterparties and, with the transaction, the Fund further strengthens its position as a partner for the public sector. The number of properties in the portfolio will decrease and, at the same time, the unit size will increase, making the Fund's operations more efficient. Northern Horizon, as a buyer, is a respected player as an owner of care home properties.”

Jannika Kankare, Investment Director, Northern Horizon: ”We are very satisfied with this deal which aligns perfectly with our core investment strategy. The current market environment has provided us with a unique opportunity to acquire prime assets which in previous years would not have been available. In addition, the portfolio‘s sustainability performance and the green building certifications have enabled us to obtain green financing with favourable terms. This is the third major portfolio acquisition for the fund, and we are pleased to be able to report to our investors that the fund is almost fully invested after having the final close for Aged Care Fund IV just one year ago.”

Antti Pelli, Senior Director, Capital Markets, JLL Finland: “We are extremely happy to continue our successful cooperation with eQ in this transaction. The deal shows that healthcare properties are a defensive and liquid asset class even in challenging market conditions. JLL’s deep expertise in the healthcare sector and investor relationships were key in securing a successful transaction for both the seller and buyer and we are pleased to continue building our strong track record. We want to thank eQ and Northern Horizon for a smooth process.”

JLL acted as commercial advisor to eQ in the transaction. Avance Attorneys acted as legal advisor to eQ.