EMEA Healthcare Capital Markets Q1 2026

• EMEA healthcare investment totalled €5.8bn in Q1 2026, up 189% year-on-year and 128% above the five-year average. Growth was driven by Aedifica’s acquisition of an 80% stake in Cofinimmo, accounting for 65% of Q1 investment volumes. The deal created Europe’s largest listed healthcare platform with around 1,000 healthcare assets worth over €12bn across Europe. Cofinimmo’s portfolio primarily included care homes across Germany, Belgium, France, causing activity in these markets to more than double. In contrast, the UK, typically the largest investment market, slowed with Q1 volumes down 64% year-on-year and transactions down 45%, reflecting a drop in care home activity.
• Excluding entity deals, investment showed a more normalised but still recovering performance, up 34% year-on-year but 9% below the Q1 five-year average. Overall, the number of transactions numbers grew 8% year-on-year, but remained below the five-year average. Clinics remained the fastest-growing sector, up 430% on the five-year average and 230% year-on-year, supported by TwentyTwo and Farallon Capital’s investment in Emeis clinics, and TPG’s portfolio acquisition in France, Germany, and the Netherlands.
• Nearly €17bn in entity transactions have closed over the past year – more than total the previous decade – demonstrating significant market consolidation. The average deal size rose from €35m five years ago to €84m last year and €105m in Q1 2026. Strong investment appetite has seen European care home yields tighten by 4 bps to 5.16%, led by compression in Sweden and Germany.
   

EMEA healthcare attracted a record €24.9bn in the last 12 months (entity deals: 67%), compared to €9.3bn in the previous 12 months. The UK represented over half of investment activity, driven by Welltower’s acquisitions of Barchester Healthcare and HC-One totalling £6.4bn , as well as PHP’s purchase of Assura in Q4.

Rising elderly populations and growing healthcare expenditure are both core demand drivers for healthcare services and healthcare real estate, including long-term residential care facilities. Explore which markets have the strongest fundamentals using the map below. Click on a country to see more details relating to population and health expenditure.