莱坊+2023医疗资本市场报告

Healthcare Capital Markets knightfrank.com/research2023Despite economic uncertainty, the UK healthcare sector remains buoyant and the overall outlook is positiveHEALTHCARE CAPITAL MARKETS 2023HEALTHCARE CAPITAL MARKETS 202323For the second year in a row, the healthcare sector has experienced a fundamental shift in the attitudes of private investors. In the 2023 edition of The Wealth Report, healthcare topped investors’ wish lists for a second year in a row. Our Attitudes Survey highlighted that just over a third of respondents globally were looking to invest in healthcare-related assets in 2023. Figure 1 presents a compelling view of the growing recognition of healthcare as a leading sector within real estate. As illustrated, there has been a substantial rise in private capital allocated to the sector, and the 24% share in 2021 grew to approximately 33% in 2022. This comes at a time when we have seen the percentage of capital allocated to more conventional classes, such as offices, dip. While this may simply be an indicator of diversification, we are ultimately experiencing a shifting of sentiment towards defensive sectors as investors seek certainty and consistency.2022 SUMMARY3.50%Average annualised returns72%Portfolio transactions£2.17bnFive-year average transaction volume £2.4bnTotal transaction volumeContinued private investor sector focusLong-term incomeWeighted average unexpired lease terms (WAULT) average 25 to 30 years in the residential care and hospital sectors.Leases are commonly index linked to inflation.The case for healthcare as an investmentDemographic shiftThe UK’s over-85 population is set to increase from 1.7 million to 3.7 million in 2050.This ageing population will result in increasing demand for residential care, primary care and acute hospital services.Secure incomeOperator revenue is reinforced by a healthy mix of self- and publicly-funded care.Income is supported by high occupancy and patient demand across the healthcare arena.Investment performanceTotal returns measured 3.5% in 2022, higher than many core property sectors.Returns are historically stable, offering investors protection and diversification.Structural change in real estateReal estate investors are already de-risking from traditional sectors such as retail into alternatives including healthcare.Demand for safe havensBroader UK real estate offers security and liquidity in a global downturn.The UK healthcare sector’s long-term and often government-supported income offers further defence.Social impactThe influence of ESG investing in real estate is growing at a faster pace than ever. A range of investors are now focusing on social infrastructure investments, with healthcare part of this.Fig 1: Which sectors do your clients currently invest in? % respondents 202120220%10%20%30%40%50%Other (please specify)EducationLifesciencesData centresRetirementAgriculturalHealthcareStudent housingResidential private rented sector (PRS)Development landIndustrialLogisticsR