The Finnish healthcare real segment
Finland has approximately 5.5 million inhabitants, of whom 22% are 65 or older and approximately 10% are 75 or older. The proportion of inhabitants aged 65 and above is expected to reach over 26% by 2030. This current demographic situation will increase the need for high-quality healthcare services.
Through the years 2000, the importance of social and health services companies and associations has continually increased in Finland. Private service providers produce a quarter of all social and health services. The demand for social and health services continues to increase due to an ageing population. They usually include home service accommodation for older people, family and child care, physiotherapy services, medical doctor and dentist consultations, occupational health care. The growth of the private healthcare sector has created a high demand for state-of-the-art innovative medical centres for such use. The medical centre that is under construction in Vaasa is a fine example of this trend.
As a result, Finland offers interesting perspectives for Cofinimmo which has the ambition to contribute to catering the healthcare need of the Finnish population. The company is well positioned to fulfil that ambition through its deep knowledge of European healthcare real estate and its 35 years of experience in developing and improving high-quality real estate assets.
Cofinimmo entered the Finnish healthcare real estate sector in November 2020 with a construction project of a medical centre in Vaasa, the regional capital of Ostrobothnia on the west coast of Finland.
The site will bring all of Mehiläinen’s local services under one roof: medical center, occupational health services, Hospital Mehiläinen, Urheilu (Sports) Mehiläinen, Hammas (Dentistry) Mehiläinen. The building is ideally located in the city centre and is within walking distance of the train station of Vaasa. It also has a bus stop just across the street and offers parking spaces in sufficient number, which makes it easily accessible. The complex will have a surface area of 4,200 m² spread over a ground floor and five storeys. Works started in Q2 2020 and delivery is planned for Q3/Q4 2021. The building will have a B-level energy performance. Energy consumption will be limited thanks to LED lighting as well as mechanical supply and exhaust air ventilation system with heat recovery systems.
In January 2021, Cofinimmo has continued its expansion in the Finnish healthcare real estate sector with the acquisition of a nursing and care home under construction in Vantaa, a city of 230,000 inhabitants located in the Helsinki metropolitan area, the capital of Finland. Vantaa is the fourth largest city in Finland. The nursing and care home in Vantaa will offer 68 beds spread over a surface area of 2,600 m². Construction works started in Q3 2020 and the delivery of the complex is planned for Q4 2021. The building will have a B-level energy performance.