2024 was a transformative year for Healthcare Activos, marked by accelerated European expansion, organizational strengthening, and a sharper focus on specialized healthcare asset classes. The firm launched Fund HAY II, its first vehicle fully dedicated to nursing homes, targeting mature continental markets such as France, Belgium, Ireland, and Germany. During the year, Healthcare Activos also entered three new countries: Ireland, France, and Germany.
Strong institutional confidence underpinned this growth, with many investors from HAY I reinvesting in HAY II, alongside new long‑term partners. Internally, the appointment of a new Co‑CEO reinforced the company’s international growth ambitions, while the creation of two new strategic areas — Asset Value and ESG — strengthened long‑term value creation and sustainability integration across the platform.

In 2023, Healthcare Activos made major strides in sustainability. The company developed its first Social Financing Framework, which received a “Very Good” Sustainability Quality Score from Moody’s Investors Service, recognizing our leadership in linking financing to social ESG criteria under the 2023 ICMA Social Bond Principles. It was also the first year that Fund HAY I reported to GRESB, achieving a one-star rating — a foundational step for continuous ESG improvement. From an investment perspective, the focus remained on further expanding its European footprint with new acquisitions in Portugal and Belgium

2022 was the year Healthcare Activos became a truly pan-European healthcare real-estate platform. Two landmark investments defined this transformation: the acquisition of two hospitals in Portugal, reinforcing the company’s presence alongside a top-three national operator, and the acquisition of six nursing homes in Belgium, proving the robustness of the Healthcare Activos model in mature markets. During our vehicle Yield SOCIMI S.A. received the award “Financing Deal of the Year 2022: Southern Europe” by Real Estate Capital Europe.

A pivotal year marked by the entry of new long-term institutional investors acquiring Fund HAY I, with a target to deploy over €600M. This milestone aligned the company’s strategic vision with investors’ long-term horizon, creating a stronger foundation for growth. Healthcare Activos also expanded into new asset classes — including mental health facilities — and signed numerous Greenfield agreements that reinforced its role as a partner of choice for healthcare operators.

The COVID-19 crisis served as a real-world stress test, validating the strength of Healthcare Activos’ investment model. Despite unprecedented disruption, the company maintained 100% rent collection, highlighting the resilience of its operator partnerships and lease structures. 2020 also stood out by the listing of Fund HAY on Euronext Access Paris.

2019 marked the institutionalization of Healthcare Activos through the creation of Healthcare Activos Yield (HAY I), a core vehicle for stabilized, income-producing assets. Around 20 mature assets were transferred into this structure raising new capital from Spanish institutional investors, while development and value-add projects remained under the original platform. The company also secured its first corporate financing package, strengthening its financial independence and scalability. That same year, Healthcare Activos opened Spain’s first BREEAM-certified nursing home and formalized its commitment to sustainability by joining both the UN Global Compact and the Principles for Responsible Investment (PRI).

A year of exponential growth in which the company multiplied its AUM by 3.5, driven by the launch of Healthcare Activos 2 S.A., a second investment vehicle created with Oaktree Capital — and the first financed through a dedicated debt structure. This step marked the beginning of Healthcare Activos’ evolution from a local player into a scalable investment platform.

In 2017, Healthcare Activos consolidated its early steps with new acquisitions and the creation of a multidisciplinary management team combining operational, technical, and investment expertise. This year also marked the first tangible validation of the PropCo–OpCo structure, which would become the company’s hallmark for aligning long-term interests between operators and investors.

After more than two decades leading Spain’s largest elderly-care operator an one of the largest in Europe, SARquavitae, Jorge Guarner identified the opportunity to create a new kind of investment platform — one dedicated exclusively to healthcare real estate with a long-term operational focus. Founded in late 2016 alongside Oaktree Capital, Healthcare Activos set a €500M investment target and became Spain’s first healthcare-specialized investment platform, pioneering the PropCo–OpCo model that continues to define the company’s DNA.