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

Trust is marking its first foray into Europe with acquisition of 11 nursing homes in France

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Navene Elangovan

Navene Elangovan

Published Thu, Oct 24, 2024 · 05:07 PM
    • Parkway Life Reit, which owns Mount Elizabeth Hospital, has grown its portfolio to 64 properties, of which about 60% by gross revenue is in Singapore.
    • Parkway Life Reit, which owns Mount Elizabeth Hospital, has grown its portfolio to 64 properties, of which about 60% by gross revenue is in Singapore. PHOTO: BT FILE

    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.

    parkway life reitHealthcare

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