VOLUMEN SLIGHTLY ABOVE PREVIOUS YEAR, BUT STILL BELOW AVERAGE
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The healthcare investment market recorded a transaction volume of just under €1.2 billion in 2024. The result from the previous year was thus exceeded by 6%, although the year-end total was 51% below the long-term average. The challenging financing conditions, the increased operator risk and the low level of new construction activity continue to have a noticeable dampening effect on investment activity in the care property segment.
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There were signs of a moderate market recovery over the course of the year, which paused briefly in the third quarter but picked up significantly in the fourth quarter. At the end of the year, the highest quarterly volume since the end of 2022 was recorded at a good € 440 million.
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The only transaction registered in the segment over €100 million in the entire year played a significant role in this very good quarterly result. In this context, Civitas acquired the Katharinenhof Group with its 27 care facilities from the Vonovia subsidiary Deutsche Wohnen (around €300 million). Consolidation in the care facility sector is thus continuing.
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In view of the valuation adjustments that have largely already been completed and the gradual improvement in the financing environment, the prime yield is expected to remain constant at 4.90% in the second half of the year.