Particular interest in private residential care and intramural healthcare real estate
In the first half of 2025, 35% of the total investment volume in healthcare real estate was allocated to private residential care. This continues the trend seen in 2024, when private residential care accounted for the largest share of total transaction volume. At the same time, a more balanced investment picture emerged in H1 2025, with 36% of the total volume invested in intramural healthcare real estate. Notably, new-build complexes were acquired again in H1 2025—something that in recent years was often deemed financially unfeasible. The feasibility of intramural new-build projects has come under pressure in recent years due to rising construction costs and interest rates, while investor returns did not sufficiently grow in line with the NHC (Normatieve Huisvestingscomponent) compensation. In the first half of 2025, four intramural new-build transactions were completed, totaling over 38 million euros.
Absence of international buyers
In the first half of 2025, institutional investors, private investors, and real estate funds were the most active buyers of Dutch healthcare real estate. Together, they acquired approximately 232 million euros in assets, accounting for around 86% of the total investment volume in H1 2025. In monetary terms, this is comparable to H1 2024. Remarkably, international investors were entirely absent on the buyer side during H1 2025. Meanwhile, international listed real estate funds were notably present as sellers of healthcare real estate. These funds were responsible for approximately 47.5 million euros in disposals, making up around 18% of the total transaction volume. Among the selling parties were Aedifica, Cofinimmo, and Emeis. The main reasons for selling were related to their stock prices and leverage ratios—not sentiment about the healthcare real estate market. Falling share prices are forcing these funds to divest assets.
More capital available at healthcare real estate funds
The first half of 2025 saw a significant increase in activity among Dutch healthcare real estate funds. Institutional investors committed 250 million euros in pension capital to the Amvest ‘Living & Care Fund’, while Bouwinvest raised 130 million euros for its newly launched ‘Dutch Senior Living Impact Fund’. Private healthcare real estate funds also showed growing activity. Holland Immo Group invested over 36 million euros through its ‘IMMO Zorgwoningfonds 9’, Capitalisers launched both the ‘Care III’ fund and the umbrella fund ‘Grow with Care’, and Cortese expanded its portfolio by acquiring two healthcare centers for its ‘HealthCare XIV’ fund. Listed healthcare real estate funds limited themselves to selling assets in the Netherlands in H1 2025. Although the planned merger between Aedifica and Cofinimmo could lead to more market dynamics in the future, this has not yet materialized.
Dirk Adriaanse, Associate Director at Capital Value:
“The Dutch healthcare real estate market is recovering from the weaker years of 2023 and 2024. Investor interest is rising, yields are compressing, and new capital is being allocated with the intention to commit to this sector. Recent transactions involving newly built nursing homes with intramural financing show that the feasibility of this segment has improved. While more nursing homes will definitely be needed in the coming years, the real focus must be on the development of independent senior housing. There is an urgent shortage in this segment, at a time when a great deal of capital is available. We therefore call on developers to seize this opportunity and help meet the growing demand for senior housing.”
