Britain’s population is ageing, a trend Dutch insurer Aegon
believes offers an attractive investment opportunity in the field
of newly built care homes for the elderly. To this end it launched
Aegon Target Healthcare Property Fund in November 2009 with the
objective of raising up to £300m
($470m) from institutional investors.
Despite what appear to be
attractive prospects for the sector, progress has been slow with
the fund’s total assets standing at only £42m at the end of
September 2009. This total includes a £12.5m investment made in
September as well as a substantial initial commitment by Aegon
Asset Management.
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A member of Aegon Asset
Management’s property team said: “This latest investment comes at a
very challenging time for the property sector, which has seen many
of our peers struggling to secure funds for their newly launched
products.”
A minimum investment of
£5m is required in the fund which is targeting an annual internal
rate of a return of 14%. The fund has a life of five years plus a
three year winding down period. In the fifth year investors will
vote on extending the fund’s life or winding it up.
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