- Transaction volume in the healthcare sector reached around €1.23 billion in the first quarter of 2026, already exceeding the total annual volume for 2025 (€1.22 billion) after just three months
- Prime yields unchanged – 5.10 per cent for nursing homes and 4.50 per cent for sheltered housing, with outpatient medical care/medical care centres at 4.75 per cent
- Strong demand for care homes and outpatient medical care facilities
- Two large-scale transactions drive Q1 investment turnover – Aedifica acquires just under 80 per cent of Cofinimmo shares; Vital Infrastructure
- Property Trust sells 33 properties in its German-Dutch portfolio to TPG Real Estate for around €400 million
Cushman & Wakefield recorded a transaction volume of around €1.23 billion in the German healthcare property market in the first quarter of 2026. This represents an increase of around 78 per cent compared with the first quarter of 2025 (Q1 2025: around €690 million) and already exceeds the transaction level of the previous year after just three months.
Jan-Bastian Knod, Head of Healthcare Advisory at Cushman & Wakefield: “International investors are clearly focusing on German healthcare property in 2026. The high proportion of foreign capital, combined with large-scale portfolio transactions, demonstrates the growing confidence in established operator structures and sustainable revenue models. Outpatient medical care, in particular, is increasingly coming into focus – a trend that will continue to gain significance in light of demographic developments and the transformation of the healthcare system.”
Transaction volume rises significantly in Q1 2026
In the care property sector, the transaction volume in the first quarter of 2026 amounted to around €937 million. Of this, €880 million was attributable to care homes, whilst €57 million was attributable to the assisted living segment. In addition, the outpatient medical care facilities segment contributes around €294 million to the transaction volume of the healthcare property market.
Prime yields remain stable
Since 2023, prime yields for healthcare properties have remained at a stable level: nursing homes recorded 5.10 per cent, retirement homes in the assisted living segment 4.50 per cent, outpatient medical care facilities (MVZ) 4.75 per cent and inpatient medical care facilities (clinics) 5.75 per cent. Levels are expected to remain stable in the coming months.
International capital predominates
In the first quarter of 2026, international capital clearly dominated the healthcare property sector. Of the total transaction volume of €1.23 billion, around €1.08 billion was accounted for by buyers with international capital sources, whilst only around €150 million was provided by domestic capital. This means that foreign capital sources account for just under 90 per cent of the total volume we have recorded, underscoring the continued high attractiveness of German healthcare property for international investors.
The transaction volume is predominantly attributable to portfolio transactions, which, at around €1.05 billion, account for the lion’s share of the volume. Individual transactions played a significantly minor role over the course of the quarter, contributing only around €185 million to the total result.
Trend in healthcare continues
The trend observed in 2025 of increasing investor activity in the healthcare sector continued into the first quarter of 2026. With a transaction volume of €294 million in the first quarter of 2026, the volume significantly exceeds that of the fourth quarter of 2025 (€134 million). What is striking is the clear focus on outpatient healthcare, which accounted for the entire transaction volume in the first quarter.
Strategic portfolio transactions in the healthcare property sector
Aedifica is further expanding its position in the European healthcare property market. The share swap takeover bid for Cofinimmo was successfully completed in March 2026. Following completion on 10 March 2026, the company holds just under 80% of the shares in Cofinimmo. The transaction had previously been approved by the Belgian competition authority in January 2026, subject to the condition that assets worth around €300 million be divested. The legal merger of the two companies is scheduled for the second half of 2026.
Vital Infrastructure Property Trust (formerly Northwest Healthcare Properties REIT) agreed on 24 February 2026 to sell its German-Dutch portfolio to TPG Real Estate. The transaction comprises 33 healthcare properties with a value of around €400 million, of which just over half relates to the German portion of the property portfolio. Closing is expected in the second quarter of 2026, subject to customary conditions.
