Principal GI, through its real estate investment team, Principal Real Estate, has acquired a health center in Valencia for its European fund Principal Eurozone Durable Income Fund (Pedif).
The facility, located in the center of the city, has 3,171 sqm and is fully occupied by Sanitas, a subsidiary of the Bupa sanitation group, under a long-term indexed lease.
The newly built medical center offers a full range of services, from general medicine to pediatrics, gynecology and other specialty areas, including allergology and urology.
"Sanitas Centro Médico complements Pedif's broader portfolio, providing exposure to an attractive sector, through a long-term indexed leasing contract with one of the world leaders in health services. Seen in the current economic context, high inflation and rising interest rates, this is exactly the type of asset we are looking to invest in for this fund," said Giles Smith, head of fund management at Principal Real Estate.
In the operation Principal has been advised by Savills, CMS and EOS.
Pedif was created to facilitate institutional investors access to real estate investments with long-term lease contracts, aimed at real estate with lease contracts of at least 14 years located throughout the euro zone with a predominance of Germany, France and Benelux.
