INVESTMENT VOLUME WELL ABOVE PREVIOUS YEAR, AND SLIGHTLY BELOW AVERAGE
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The transaction volume on the healthcare investment market amounted to €943 million after the first six months. While the result is approximately 18% below the long-term average, it significantly exceeded the half-year result from the previous year by 66%. The nursing care real estate segment continues to be significantly impacted by the high operator risk and the persistently low level of new construction activity.
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In the first half of 2025, however, the healthcare investment market demonstrated a recovery, particularly in comparison to the results of the two prior years, which were particularly weak. However, the substantial growth seen in the first quarter (€580 million) experienced a slight decline in volume during the second quarter (€363 million). The first quarter's results were primarily influenced by the sale of the P&W Care & Living portfolio in Hamburg, which proceeds in the triple-digit million-euro range. Conversely, the Q2 recorded an increase in the number of small transactions compared to the first one.
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In contrast to Q1, no major transactions over €100 million were recorded in the second quarter. However, three deals between €50 million and €100 million were concluded. The sale of a senior housing complex in Erftstadt near Cologne was the largest transaction in the second quarter at €83 million.
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Considering the largely completed valuation adjustments and financing conditions, the prime yield remains stable at 4.90% in the first half of the year: