Parkway Life Reit’s five-year journey to the West

SIXTEEN years after it first expanded its portfolio beyond Singapore to Japan, healthcare-focused Parkway Life Real Estate Investment Trust (Reit) is finally making headway into a third key market.

The Reit announced on Tuesday (Oct 22) that it is acquiring 11 nursing homes in France for about 111.2 million euros (S$159.9 million), marking its maiden investment in Europe. The acquisition will be fully funded by a private placement to raise gross proceeds of about S$180 million.

On Wednesday, the trust closed its private placement at the issue price of S$3.80 per new unit. This represents the lowest end of the estimated issue price range of between S$3.80 and S$3.88 when the acquisition was first announced.