# Healthcare Activos

> Pan-European healthcare real estate investment platform. €1.3B AUM, 84 assets across 7 countries, investing in nursing homes and hospitals with an operator mindset.

## About the company

Healthcare Activos Management, S.L. is a Madrid-based investment manager specialised in healthcare real estate across Europe.

- Legal name: Healthcare Activos Management, S.L.
- Tax ID (NIF): B66871500
- Founded: 2016
- Headquarters: Calle Serrano 21, 6º B, 28001 Madrid, Spain
- Additional offices: Barcelona, plus presence in France, Germany and Ireland
- Mercantile Registry: M-657858 (Tomo 36701, Folio 22), Madrid

The company built a pan-European platform focused on long-term, sustainable healthcare real estate investment. Its philosophy combines disciplined asset selection with hands-on facility management — an "operator mindset" that prioritises long-term value creation over short-term yield.

Healthcare Activos invests across the care continuum:

- Nursing homes (typically 100–150 beds, sectorised units, mostly single rooms with outdoor space)
- Hospitals operated by top European healthcare groups
- Specialised care facilities (e.g. neurological rehabilitation)

## Investment approach

Six investment fundamentals frame every transaction:

1. **Asset Value** — resilient and adaptable real estate
2. **Impact on Society** — addressing the structural demand for senior and specialised care
3. **First-Class European Operators** — partnerships with sector leaders
4. **Conservative Lease Agreements** — long-duration, inflation-linked, predictable cash flows
5. **Focus on Operating Performance** — active asset value management, not just bricks and mortar
6. **Tier 1 Assets** — consolidated urban areas with public transport, demographic depth and limited supply

Healthcare Activos has secured more than €500 million in financing since 2021, with a Social Financing Framework rated "Very Good" by Moody's. The company invests across seven European countries, with €1.3 billion in assets under management, 84 healthcare assets and 579,000 sqm of total surface, serving an estimated 1.5 million patients and residents.

## Operator mindset

Healthcare Activos manages its real estate beyond traditional landlord activity. The team works as a strategic partner of operators, with two distinct focus areas:

- **Asset Value**: financial resilience and functional alignment of the asset to the operator's clinical and operational needs
- **Facility Management**: physical maintenance, energy efficiency and continuous modernisation

This proactive approach includes monitoring of operational, regulatory and market risks; dialogue with public administrations and sector associations; energy retrofits with solar generation and water consumption reduction; and stable, quality local employment generation.

Key operational metrics:

- 51.7% effort rate in nursing homes
- ~17.2% average coverage ratio for elderly care in operating areas
- Approximately 5,700 indirect jobs generated across the portfolio

## ESG and impact

Healthcare Activos measures impact across three dimensions: **Affordability, Quality, Accessibility and Availability (AAAQ)**. Concrete metrics include:

- 1.52 million patients cared for in hospitals (2024)
- 5,658 residents in nursing homes (2024)
- ~5,700 indirect jobs generated (2024)
- 9% reduction in carbon intensity to 26.2 kg CO₂eq/m²
- 2.5% reduction in energy intensity to 158 kWh/m²
- 3.7% reduction in water intensity to 1.28 m³/m²
- 58% increase in on-site renewable energy to 2.4 GWh
- 2.3% reduction in waste intensity to 9.97 kg/m²

**2050 long-term commitments:**

- 25% reduction in carbon and energy intensity
- 70% renewable energy share
- 10% reduction in water and waste intensity

**Certifications and frameworks:**

- UN Global Compact signatory (since 2021)
- Moody's "Very Good" (SQS2) rating for Social Financing Framework
- GRESB Sector Leader recognised at MIPIM 2025
- Member of PRI (Principles for Responsible Investment)
- Independent audits under ISAE 3402 Type II standard

## Governance, accountability and transparency

The governance framework is built on three pillars:

1. **Governance structure**: committee-based system reporting to the Board of Directors, with an independent Compliance Officer
2. **Business ethics**: Code of Ethics and Good Practices, plus a zero-tolerance Anti-Corruption Policy covering conflicts of interest and gift policies
3. **Accountability**: confidential whistleblower channel with anti-retaliation protections, and external assessments by GRESB, PRI, UN Global Compact and ISAE 3402 Type II auditors

## The European demographic challenge

Healthcare Activos addresses a structural mismatch between Europe's ageing population and the existing healthcare infrastructure capacity. Key context:

- Europe faces an unprecedented demographic shift with rising life expectancy and declining birth rates
- Most European countries have nursing home coverage ratios below 20%, creating a structural supply gap
- Public budgets alone cannot close the infrastructure deficit
- Private investment, when aligned with quality standards and operator excellence, is critical to bridge the gap sustainably

The company's mission is to deliver appropriate infrastructure for healthcare and elderly care, partnering with top-tier operators to build long-term, high-quality assets.

## Leadership team

Executive committee (top 5):

1. **Jorge Guarner** — Founder and Executive Chairman. Previously CEO of SARquavitae and founder of RESA. Industrial Engineer (UPC), MBA (IESE).
2. **Albert Fernández** — Co-Chief Executive Officer. Ex-Managing Director at PJT Partners, 20+ years in investment banking. Industrial Engineer (UPC), MBA (Darden School of Business, University of Virginia).
3. **Andreu Huguet** — Co-Chief Executive Officer. Ex-DomusVi Group (Development Director and CEO for New Countries), founder of Optimal Hotels & Residences. BBA (UPF), MBA (ESADE).
4. **Gonzalo de Troya** — Chief Investment Officer. Ex-PJT Partners, The Blackstone Group and BBVA. BBA / MSc Finance (ESADE).
5. **Salvador Rodrigo** — Head of Capital Markets and Investor Relations. Ex-Managing Director Macquarie Spain, ex-JB Capital Markets, ex-Director Rothschild & Co. Civil Engineer (UCAB), MBA (Comillas).

Healthcare Activos operates with a team of approximately 42 professionals across 7 nationalities.

## Useful links

### Corporate

- Home: https://healthcareactivos.com/
- About Us: https://healthcareactivos.com/about-us/
- Our Approach: https://healthcareactivos.com/our-approach/
- Operator Mindset: https://healthcareactivos.com/operator-mindset/
- Impact: https://healthcareactivos.com/impact/
- Healthcare in Europe: https://healthcareactivos.com/healthcare-in-europe/

### ESG and governance

- ESG Performance and Perspectives: https://healthcareactivos.com/esg-performance-perspectives/
- Governance, Accountability and Transparency: https://healthcareactivos.com/governance-accountability-and-transparency/

### News and contact

- News & Insights: https://healthcareactivos.com/news-insights/
- Contact: https://healthcareactivos.com/contact/

### Legal

- Legal Disclaimer: https://healthcareactivos.com/legal-disclaimer/
- Privacy Policy: https://healthcareactivos.com/privacy-policy/
- Cookies Policy: https://healthcareactivos.com/cookies-policy/

### Spanish version (mirrors all the above under /es/)

- Inicio: https://healthcareactivos.com/es/
- Sobre Nosotros: https://healthcareactivos.com/es/sobre-nosotros/
- Nuestro Enfoque: https://healthcareactivos.com/es/nuestro-enfoque/
- Mentalidad de Operador: https://healthcareactivos.com/es/mentalidad-de-operador/
- Impacto: https://healthcareactivos.com/es/impacto/
- Reto Demográfico Europeo: https://healthcareactivos.com/es/reto-demografico-europeo/
- Desempeño y Perspectivas ESG: https://healthcareactivos.com/es/desempeno-y-perspectivas-esg/
- Gobernanza, Responsabilidad y Transparencia: https://healthcareactivos.com/es/gobernanza-responsabilidad-y-transparencia/
- Noticias y Análisis: https://healthcareactivos.com/es/news-insights/
- Contacto: https://healthcareactivos.com/es/contacto/

## External profiles

- LinkedIn: https://www.linkedin.com/company/healthcareactivos/