AXA buys healthcare development site in Spain

The investment is the first of two joint ventures that AXA will form with Medical Properties Trust.

European real estate asset manager AXA Real Estate has bought a property in Valencia, Spain for the development of a new hospital, PERE sister publication Private Healthcare Investor has reported.

AXA made the investment on behalf of a large US pension fund and US-based real estate investment trust Medical Properties Trust.

The joint venture made a pre-let agreement with Spanish hospital operator IMED Hospitales, which will operate out of the new facility. The new building will have 27,000 square metres of floor space with 250 private patient rooms, along with 15 intensive care units, 87 outpatient surgeries and 15 operating theaters.

To read more, visit PERE's sister website, Private Healthcare Investor.