莱坊+2023医疗资本市场报告

Healthcare

CapitalMarkets

2023

Despiteeconomicuncertainty,theUKhealthcaresector

remainsbuoyantandtheoveralloutlookispositive

/research

Offices

Hotelsandleisure

Retail

Logistics

Industrial

Developmentland

Residentialprivate

rentedsector(PRS)

Studenthousing

Healthcare

Agricultural

Retirement

Datacentres

Lifesciences

Education

Other(pleasespecify)

Fig1:Whichsectorsdoyourclientscurrentlyinvestin?

%respondents

20212022

50%

40%

30%

20%

10%

0%

Source:KnightFrank

Introduction

Thisyear’sreportfocusesonthehealthcareinvestmentmarketin

2022,lookingatemergingtrendsfrombothanoperationalandreal

estateperspective,aswellasourinsightsfortheyearahead.

RYANRICHARDS,SENIORANALYST

UKhealthcaremarketshaveremainedrobustandcontinuetodrawtheattentionofbothdomesticandglobalcapital.Aswithpreviousyears,thefundamentaldrivers–demographics,long-termincomeandESGcredentials–haveplayedakeyroleinpushingthecaseforhealthcare.

With2022ayearofheadwindsintheformofinflation,risinginterestratesandpoliticaluncertainty,we

sawsignificanttransactionvolumesclosingatcirca£2.4bn.This,inlinewithimprovedoperatortrading,ashighlightedinourCareHomesTradingPerformanceReview2022,suggestsamaintainedconfidenceinthesector.

Despitetheabsenceofmajoroutlierdeals,thetrendofincreasedtransactionsslightlyupontheyearistestamenttothehealthcaresector’spullingpower.Overseascapitalwasonceagainakeyfactor,accountingfor31%oftransactionvolume.ThisstemsfromamixofbothEuropeanandNorthAmericancapitalcontinuingtofindvalueinthesector.Itisworthnotingthat,whileitremainsthelargestcontributortotransactionvolumes,overseascapitalwasnotasprominentin2022,withoccupiersanddomesticREITs/listedinvestors

takingbacksomesharevolume.With2022volumesmoreorganicthanpreviousyears,domesticcapitalisalsoshowinginterest.

Averageannualisedreturnssatat3.50%attheendofQ422.Whenconsideredwiththewidershocksfeltbyothercommercialrealestateclassesoverthepastyear,thesector’sstabilityandreturnpotentialisevenmoreapparent.

Theoveralloutlookforthehealthcaresectorcanbeconsideredpositive,andwepredictanactivemarketforcareassetsin2023.Thatbeingsaid,duetotheoperationalnatureofthesector,itisbecomingincreasinglyimportantthatoperators,investors,developersandlenderspaycloseattentiontotheimpactthecurrenteconomicenvironmenthas,orwillhave,ontheircapital.

2022SUMMARY

£2.4bn

Totaltransactionvolume

72%

Portfoliotransactions

31%

Percentageofdemandfrom

overseascapital

£200m

Largestsingleassettransaction

3.50%

Averageannualisedreturns

£2.17bn

Five-yearaveragetransactionvolume

Source:PropertyData,MSCI.*AsatendofQ422

2HEALTHCARECAPITALMARKETS2023

Continuedprivate

investorsectorfocus

Forthesecondyearinarow,thehealthcare

sectorhasexperiencedafundamental

shiftintheattitudesofprivateinvestors.

Inthe2023editionofTheWealthReport,

healthcaretoppedinvestors’wishlists

forasecondyearinarow.OurAttitudes

Surveyhighlightedthatjustoverathirdof

respondentsgloballywerelookingtoinvest

inhealthcare-relatedassetsin2023.

Figure1presentsacompellingview

ofthegrowingrecognitionofhealthcare

asaleadingsectorwithinrealestate.As

illustrated,therehasbeenasubstantial

riseinprivatecapitalallocatedtothe

sector,andthe24%sharein2021grewto

approximately33%in2022.Thiscomesat

atimewhenwehaveseenthepercentage

ofcapitalallocatedtomoreconventional

classes,suchasoffices,dip.Whilethismay

simplybeanindicatorofdiversification,

weareultimatelyexperiencingashifting

ofsentimenttowardsdefensivesectorsas

investorsseekcertaintyandconsistency.

Thecaseforhealthcare

asaninvestment

Demographicshift

TheUK’sover-85populationissettoincreasefrom1.7millionto3.7millionin2050.

Thisageingpopulationwillresultinincreasingdemandforresidentialcare,primarycareandacutehospitalservices.

Investmentperformance

Totalreturnsmeasured3.5%in2022,higherthanmanycorepropertysectors.

Returnsarehistoricallystable,offeringinvestorsprotectionanddiversification.

Demandforsafehavens

BroaderUKrealestateofferssecurityandliquidityinaglobaldownturn.

TheUKhealthcaresector’slong-termandoftengovernment-supportedincomeoffersfurtherdefence.

Long-termincome

Weightedaverageunexpiredleaseterms(WAULT)average25to30yearsintheresidentialcareandhospitalsectors.

Leasesarecommonlyindexlinkedtoinflation.

Secureincome

Operatorrevenueisreinforcedbyahealthymixofself-andpublicly-fundedcare.

Incomeissupportedbyhighoccupancyandpatientdemandacrossthehealthcarearena.

Structuralchangeinrealestate

Realestateinvestorsarealreadyde-riskingfromtraditionalsectorssuchasretailintoalternativesincludinghealthcare.

Socialimpact

TheinfluenceofESGinvestinginrealestateisgrowingatafasterpacethanever.

Arangeofinvestorsarenowfocusingonsocialinfrastructureinvestments,withhealthcarepartofthis.

TheAttitudesSurvey:The2023instalmentisbasedonresponsesprovidedduringNovember2022bymorethan500privatebankers,wealthadvisors,intermediariesandfamilyoffices,whobetweenthemmanageoverUS$2.5trillionofwealthforUHNWIclients.

HEALTHCARECAPITALMARKETS20233

90%

36+months0%

10yrs–15yrs

15yrs–20yrs

20yrs–25yrs

25yrs–30yrs

Over30yrs

Little/no

MildModerateSignificantimpact

Marketview

Aswithlastyear’sreport,giventhevariousfactorsimpactingthesector,itisextremely

importanttodrilldownintoinvestorsentimenttotrulyunderstandthestateofthe

market.Whileextensiveresourcesandin-housedataprovideastrongoverallview

ofthemarket,thefirst-handinvestmentexperienceandstrategiesutilisedbythose

involvedprovideinvaluableinsights.WehavethereforesurveyedmostofthekeyUK

marketplayersincludingmajorREITs,institutionalandoverseasinvestors.

Compositionofsurveyparticipants

38%

REITs&Listed43%

Institutional38%

ofparticipantsareclassifiedasoverseascapital

Privatepropertycompany19%

Source:KnightFrankResearch

4,113

Totalcareassets

£74bn

Approximatevalueofcare

assetsunderthemanagement

ofsurveyparticipantsglobally

£14bn

Theamountofcapitalcurrentlyavailableandcommittedforsurveyedinvestorstodeployoncareassets

Source:KnightFrankResearch

Whichareasofhealthcaredoyoucurrentlyhaveexposureto?(%ofrespondents)

Elderlycare

81%

Hospitalfacility

43%

Adultcare/supportedliving29%

Primarycare24%

Othermedical24%

Childcare19%

Source:KnightFrankResearch

99%4.2%37%4.631.81x91.1%24%

Averagepercentageofsurveyparticipants’debtthatishedged

Averagerentcollectionpercentageforparticipants’portfolios

Averageyearsremainingontermofsurveyparticipants’debtfacilities

Percentageofsurveyrespondentsthatreportnouseofdebt

Average

costof

debtamongsurveyparticipants

Average

loanto

valueamongsurveyparticipants

Averagerentcoveracrosssurveyparticipants’portfolios

Source:KnightFrankResearch

4HEALTHCARECAPITALMARKETS2023

MostimportantdriverofdemandforUKhealthcare

Demographicshift

65%

Secureincome

15%

Long-termincome

5%

Investment

performance

5%

Structuralchangeinrealestate

10%

Demandfor

safe-havens

0%

Socialimpact

0%

Howfaristhehealthcaresectorfromnormality,followingCovid-19?

6-12months

12-24months

5%

Primarylotsizesoughtbyrespondentsforacquisitions

55%

23%

9%9%

0%5%

Lessthan£10m£10m-£25m£25m-£50m£50m-£75m£75m-£100mAbove£100m

Source:KnightFrankResearch

HEALTHCARECAPITALMARKETS2023

CurrentWAULTofsurveyparticipants’

healthcareportfolios

13%13%27%7%40%

Source:KnightFrankResearch

Howwouldyoudescribetheimpact

ofcurrenteconomicconditionson

theperformanceofyourportfolio

ofcareassets?

30%40%25%5%

Source:KnightFrankResearch

5

HEALTHCARECAPITALMARKETS2023

6

7

HEALTHCARECAPITALMARKETS2023

NorthernIreland5%

DoyouseedemandfromoverseascapitalforUKcareassetsincreasing,decreasingorstabilising?

Increasing

57%

Size

10%

Lackofen-suite

10%

Lackoffullwetroom

30%

ESGcredentials

20%

Scopeforrepurposing

5%

Other

25%

Regionleastsought

afterbysurveyedinvestors

Stabilising38%

NorthernIreland15%

Decreasing5%

Scotland5%

Location

0%

YorkshireandtheHumber15%

Source:KnightFrankResearch

Source:KnightFrankResearch

NorthWest5%

Hospitalfacility

Areaofhealthcarethatpresentsthegreatestinvestmentopportunity

67%

Elderlycare

19%

Adultcare/supportedliving

14%

Childcare0%lPrimarycare0%lOthermedical0%

Source:KnightFrankResearch

Wales10%

13%13%

London5%

6%

SouthWest15%

Nopreference30%

opportunities

guidelines

amongoperators

LackofESG

20%

LackofESG

understanding

15%

Lackofsetstandards/

25%

Difficultyinenforcing

25%

Other

15%

45%

Elderlycare67%

Decreased43%

Nochange38%

1.1bn

20%

15%15%

Increased19%

10%-30%30%-50%50%-70%Over70%

Whatareyourthoughtsonthegeneralpricingtoneofthemarket?

Regionmostsoughtafterbysurveyedinvestors

Whatwouldyousuggestisamajorissuewiththecurrentqualityofstock?

Correct50%

Overpriced

45%

Nopreference25%

London25%

95%

SouthEast25%

ofsurveyparticipantshavebeguntoimplementESGintotheircurrentstrategy

WestMidlands10%

Underpriced

5%

Typeofdebt

SouthWest10%

Source:KnightFrankResearch

56%

Conventionalbankfinance

Corporate

bond

Sustainable/greenfinance

Private

placement

Source:KnightFrankResearch

Source:KnightFrankResearch

Whatwouldyousuggestisthegreatestcostpressureonoperatorsatpresent?

Howhasthecurrentclimateimpactedyourcurrentappetiteforrisk?

Percentageofsurveyparticipants’currentstrategyattributedtodevelopment

Whathasbeenthegreatestobstacleintheabilityofinvestors

toimplementESGintotheirstrategy?

71%

Staffingcosts

19%

Utilitycosts

10%

Agencycosts

Source:KnightFrankResearch

Source:KnightFrankResearch

Source:KnightFrankResearch

Source:KnightFrankResearch

HEALTHCARECAPITALMARKETS2023

7

6HEALTHCARECAPITALMARKETS2023

2014

2015

2016

2017

2018

2019

2020

2021

2022

Q12013

Q32013

Q12014

Q32014

Q12015

Q32015

Q12016

Q32016

Q12017

Q32017

Q12018

Q32018

Q12019

Q32019

Q12020

Q32020

Q12021

Q32021

Q12022

Q32022

Fig3:Percentagechangeinpropertyinvestmentvolumes

HEALTHCAREPROPERTY

ALLCOMMERCIALPROPERTY

200%

150%

100%

50%

0%

-50%

-100%

Source:PropertyData

placedandhowthisdiffersfromhistoricinvestingtrends.Figure5presentstheshareoftransactionvolumeattributedtoeachcaresectorin2022,aswellasthepastfiveyears.

Thestandoutfactorfromthechartisthecontinuedinterestinelderlycare,whichaccountedfor61%ofvolume.Inadditiontothis,adultcareandprivatehospitalspacesregainedsomeshareofvolume,accountingfor35%collectively,duetonotableportfoliodeals.

“Onetrendhighlightedbythisyear’sdataisthelackofspikesduetostandouttransactions.”

Marketvolume

2022wasayearofpromisingvolumes,andhealthcareremained

stable,despiteavolumedipinotherpropertyclasses.

Aswecanseeinfigure2,recordedvolumesfor2022satat£2.36bn,comparedwith£2.34bnin2021.Althoughonlyaslightupwardsmovementonthepreviousyear,itisusefultonotethisvolumelackstheoutlierstyleofmajordealsthatskewedtransactionvolumesinthepast.

Figure3comparestheannualmovementinhealthcarevolumetothatofallpropertyclasses.Healthcare,whichaccountedforaround4%ofallcommercialpropertytransactions,wasup1%ontheyear,despiteaslightdipinvolumeexperiencedbyallpropertyclasses.Whileonlyaminorupward

trend,thiscanbeconsideredpositivedueto2021volumesbeingdown15%on2020volumes,andsignalsamoveintherightdirection.Thisfurtherillustratestheresilienceofthehealthcaresectoranditslackofsensitivitytowidereconomicshocks,whencomparedwithmoreconventionalrealestateclasses.

Figure4presentstransactionvolumeonaquarterlybasis,aswellasrollingfourquarters.Onetrendhighlightedbythisyear’sdataisthelackofspikesduetostandouttransactionsandaresultingsmoothnessinvolumesbetweenquarters.

“Healthcare,whichaccountedforaround4%ofallcommercialpropertytransactions,wasup1%ontheyear,despiteaslightdipinvolumeexperiencedbyallpropertyclasses.”

Investmentbysub-sectorisanotherareatoconsiderwhendiscussingmarketvolume.Itisusefultounderstandwherecapitalisbeing

Fig2:Recordedhealthcareinvestmentvolumes(£bn)

3.0

2.5

2.0

1.5

1.0

0.5

201220132014201520162017201820192020202120220

Source:KnightFrank,PropertyData

8HEALTHCARECAPITALMARKETS2023

Fig4:Recordedhealthcarepropertytransactions(£m)

VOLUMEOFDEALSVOLUME-4QUARTERROLLING

0

Source:KnightFrank,PropertyData.Includesrecordedtransactionsforelderlycare,adultcareandsupportedliving,primarycare,hospitalfacilitiesandchildcare

3,500

3,000

2,500

2,000

1,500

1,000

500

Fig5:Healthcarepropertyinvestmentbyassettype

1%

Elderlycare

Adultcare

Primarycare

Hospitalfacilities

Childcare

Othermedical

Lastfiveyears

2022

52%

7%

10%

15%

Source:KnightFrankResearch

1%1%

20%

29%

61%

3%

HEALTHCARECAPITALMARKETS20239

£2.4bn

inhealthcarepropertytransactionstookplacein2022

Followinglastyear’sanalysis,figure6illustratesastripoutofmajordeals(classifiedasanylargetransactionsover£500million).

Althoughtherearefewsuchtransactions(threewithinthelast

10years),theinclusionorexclusionofsuchdealscanpresentadifferentpictureorsentiment.Thelackofmajordealswithin2022’svolumesshouldbeconsideredpositivewherevolumesarenotskewed.Thishasseenvolumesmovingtowardsamoreorganic

state,builtonanumberofvariedtransactions,asopposedtoafewhigh-valueones.

Dealtype

Portfolio

Details

Sector

Adultcare/Supportedliving

Elderlycare

Price£m

Date

Dec-22

S&L

200

45

CarehomesacrossSomersetandDevon

FivecarehomesinEast

Angliawithasixthasset

locatedinDorset

Undisclosed

Portfolio

Jun-22

78.5

Elderlycare

Portfolio

Feb-22

70.2

Apr-22

Primarycare

Singleasset

58

Yorkshirecarehomes

Threecarehomes:

198bedsintotal

Undisclosed

Sep-22

Elderlycare

Portfolio

51.25

Sep-22

Portfolio

Elderlycare

45.5

Apr-22

Primarycare

31

Singleasset

Undisclosed

Elderlycare

Jul-22

8.5

Singleasset

Fortheyearahead,weanticipatethesectorwillmaintainitsmomentuminrelationtorecordedtransactions,particularlyasthesector’svolumeemergesasmoresustainable.Figure7showsforecastvolumesbasedonanaverage

five-yeargrowth,excludinganymajordeals(above£500million).Essentially,weanticipatethisfurthergrowthinvolumeswillbearesultofacombinationofthesectornormalising,moreorganicdemandandhigh-capitalinvestorsseekingtoopportunisticallydeployfunds.

Fig6:Recordedhealthcarepropertytransactions(£bn)

HEALTHCAREPROPERTYMAJORDEALS10-YEARAVERAGE

Source:PropertyData

3.0

2.5

2.0

1.5

1.0

0.5

201220132014201520162017201820192020202120220

Table1:Notabledealsin2022

Properties

Purchaser

CivitasSocialHousing

3

6

1

2

3

1

1

ImpactHealthcareREIT

PGIMRealEstate

AssuraPCPUKLtd

AnchorHousingGroup

AedificaNV/SA(Belgium)

PrimaryHealthProperties

MiddleEasterninvestor

PurchaserType

REITS&Listed

Reits&Listed

Institutional

REITS&Listed

Occupier

Overseas

REITS&Listed

Overseas

Source:KnightFrankResearch,PropertyData

10HEALTHCARECAPITALMARKETS2023

“Weanticipatethesectorwillmaintainitsmomentuminrelationtorecordedtransactions.”

Table3:Majorhealthcaredealsbyinvestortypeandsector

Hospitalfacility

Total

962

3,000

691

4,653

3,000

691

2,891

Overseas

Privatepropertycompany

Total

Elderlycare

962

Banks

1,762

Source:KnightFrankResearch,PropertyData

Table2:Majorhealthcaredeals(£500m+)2012–2022

Description

BMIhealthcareportfolio

SpireHealthcare

Priorysale&leaseback

Dealtype

Price(£m)

Date

Purchaser

Type

Portfolio

1,500

Jan12020

MedicalPropertiesTrust

Overseas

Portfolio

700

Jan12013

MalaysiaEmployees

ProvidentFund

Overseas

Portfolio

800

Jan12021

MedicalPropertiesTrust

Overseas

Category

Hospitalfacility

Hospitalfacility

Hospital/

mentalhealth

facility

Source:KnightFrankResearch,PropertyData

Fig7:Anticipatedtransactionvolumes

05001,0001,5002,0002,500

Source:KnightFrankResearch,PropertyData

2023(Predictedvolume)

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

HEALTHCARECAPITALMARKETS202311

Allcross-borderpropertycomposition

Cross-borderhealthcarecomposition

60%

70%

80%

90%

100%

0%

30%

40%

50%

EUTHEAMERICASMIDDLEEASTFAREASTOTHERS/UNDISCLOSED

10%

20%

Fig11:Cross-bordercomposition

Source:KnightFrankResearch,RealCapitalAnalytics

Transactioncomposition

Withsignificantvolumerecorded,wenowlooktotransaction

composition.Thisisvitaltounderstandingthesector’sdirection

intermsofcapitalflows,investortype,targetareasandmuchmore.

Figure8illustratesthatin2022,portfoliodealsaccountedfor72%oftransactions,incomparisontosingleassetsat28%.Thisisanincreaseof500bpsonlastyear’sfigure,owingtotransactingREITsandoverseascapital,intheircontinuedpursuittogrowassetsundermanagement.Singleassettransactionswillnodoubtremainprevalent,especiallyintheprivatehospitalsector,wherewehaveseennotablelargeacquisitions.

Fromfigure9,wecanseehowtransactionsbyoverseasinvestorsin2022compareswiththefive-yeartotal,wherebyovertime,overseascapitalhasbecomemoreprominent.However,2022alsoexperiencedadipintheshareoftransactionvolumeattributedtooverseascapital.Thisisnotowingto

alackofoverseasdemand,butmoreincreaseddomesticdemandeatingintotheoverseasshare,asREITsandprivatecapitaldemonstratemoreinterestinthesector.

Figure10providesaninsightintothetargetmarketareasfromoverseascapitaloverthelasttwodecades.Thisanalysisfocusesonthelocationofcapitalandthesub-sectorofhealthcarethatitflowsinto.WecanseethatUS-basedcapitalhashistoricallybeensplitbetweenelderlycareandprivatehospitalassets,whereasEuropean-basedcapitalhasbeenmoreelderlycare-focused.Wearealsowitnessinganinterestinspecialistandchildcarefacilities.However,thesearelessprominentwithintheanalysisduetoless

“InC0CC6doI才}oIiop?eIs

eoooun才?p}oILC%o}

才Ienseo才ionsinoomdeIison才osin8I?ess?才se才C8%.”

maturityinthespace,incomparisontoelderlycareandhospitalfacilities.

Figure11providesaninsightintothesourceofoverseascapitalin2022.Asinpreviousyears,capitalfromtheUSisalargecomponentoftransactionvolume;atrendnotonlyseenincarebutalsowithinallbroaderpropertycapitalflows.

However,healthcareseemstohaveamoreevensplitbetweenEuropeanandUScapital,whichisresponsiblefor39%and32%ofoverseasflowsrespectively.

Fig8:Portfoliovssingleassettransactions

PORTFOLIOSINGLEASSET

74%

40%

Source:KnightFrankResearch,PropertyData

81%

71%

100%

74%

2020

2022

30%

80%

90%

60%

50%

20%

70%

2018

2019

28%

85%

26%

29%

2021

33%

2017

10%

67%

72%

19%

15%

81%

71%

0%

12HEALTHCARECAPITALMARKETS2023

Fig10:PlacementofoverseascapitalintoUKhealthcare

Source:KnightFrankResearch,PropertyData*undisclosed

Canada

ChinaDenmark France IsraelKuwait

Malaysia

MiddleEast*

Undisclosed

Hospitalfacility

Primary

care

Elderly

care

UnitedStates

Belgium

Bahrain

Fig10:CrossBoarderComposition

HEALTHCARECAPITALMARKETS2023

Fig9:Overseasshareofhealthcarepropertyinvestment

2022

Domestic

49%

Overseas

51%

2018-2022

Domestic

56%

Overseas

44%

2022Healthcarevsallproperty

2022Allproperty

Domestic

49%

Overseas

51%

2022Healthcare

Domestic

69%

Overseas

31%

Source:PropertyData

13

Fig14:Sectorinvestmentbyinvestortype2019-2022

Commentary

HENRYELPHICK,DEPUTYCHAIR,EUROPEANHEALTHCAREPRIVATE

EQUITYASSOCIATION

Healthcareremainsacoresectorforinvestorsandreturnshaveremainedstrongthroughcycles.Thesectorisnotimmunetothehighercostofdebt,ortotheimpactofhigherinflationandstaffingcostpressures,buttheunderlyingdemandforhealthcare,diagnosticsandtherapyremains.Perhapsthebiggestchangeshavebeentheentryofstrategicbuyersinterestedinsocialinfrastructureandsovereignwealthfundsandfamilyofficeslookingforexposuretohealthcaremorebroadly.Oftenwithalowercostofcapital,thishasledprivateequityinvestorstolookforvalueinsectorsthatarelessasset-orpeople-intensive,suchascapex-lightclinicmodels,tech-enabledbusinessmodels,diagnosticsandpharmaservicesandmanufacturing,oftenpartneringwithrealestateinvestors.

Fig12:Healthcarepropertyinvestmentbybuyertype

20182019202020212022

80%

70%

60%

50%

40%

30%

20%

10%

0%

Source:KnightFrankResearch

Privatepropertycompany

Privateinvestor

REITs&Listed

Undisclosed

Institutional

Overseas

Occupier

Thetrendthatinstantlyemergesfromfigure12istheextenttowhichREITandgeneraldomesticdemandhaseatenintotheshareoftransactionsattributedtooverseascapital,showing9%growthincomparisonwiththepreviousyear.

Healthcareasasectorremainsdiverseinitsownright.Fromelderlycaretoprivatehospitals,investorcapitalhasthebenefitofoptions.Figure14showswhichtargetareashavechangedandwhichremainedconsistentforeachinvestortypeoverthepastfewyears.

Whileelderlycarehasemergedasatargetareafordomesticdemand,therehasalwaysbeenasubstantialinterestinprivatehospitalsfromoverseascapital.Thisyear,however,hasalsoseentheadultandspecialistcarespacegainmore,duetointerestfromREITinvestors.

Figure13presentsnetacquisitionsanddisposalsoverthepastfewyearsbyinvestortype.Despiteoccupiersbeingmoreactive,thereisstillatrendforoccupiersto

presentthemselvesasnetsellers,onceagainsupportingthenarrativeofexitinglonger-standing,family-ownedoperators.Thisalsohighlights

agrowingtrendforsaleandleasebacktransactionsbetweenoperatorsandinvestorsasacapitalreleasestrategy,asdebttermsbecomelessfavourable.

Fig13:Netacquisitionsordisposalsbyinvestortype

201720182019202020212022

2,500

2,000

1,500

1,000

500

0

-500

-1,000

-1,500

Overseas

REITS&listed

InstitutionalPri