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U.S. private equity firm TPG has triggered a second one-year extension on the loan secured against a €310M (£270M) portfolio of European life sciences properties, and it bought a significant portfolio in the medical real estate sector.
The maturity of a €189M senior loan has been extended to February 2027, a notice to investors who had bought CMBS bonds secured against the loan were told earlier this week. That is the last time the loan can be extended without bondholder consent.
There is also a €76M junior loan secured against the portfolio. The loans were first extended in 2022, at which point the portfolio was valued at €354M.
The portfolio comprises eight assets, six in Leiden, Netherlands, and two in Munich.
It generates €20M of rent a year and is about 3% vacant. The average weighted unexpired lease term is eight years. Of that income, €16M comes from the assets in the Netherlands, while €4M comes from the assets in Germany.
The European life sciences real estate sector is more nascent than that of the UK, which itself lags the U.S. TPG was one of the first large cross-border investors to enter the sector in Europe when it bought the portfolio in 2022, creating a life sciences platform called Physicus.
In January, TPG also bought a €400M portfolio of German and Dutch healthcare and medical office buildings from U.S. company NorthWest Healthcare Property REIT. The portfolio comprises 33 assets with 400 tenants.
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