Hospital property firms are making a push into the capital market

Infracore aims to raise around 200 million Swiss francs gross through its initial public offering on the SIX, thereby financing an acquisition pipeline comprising nine potential hospital properties. For the Swiss market, this signals that sale-and-leaseback is gaining ground in the healthcare sector.

Infracore is not using its IPO primarily to raise its profile, but rather to fund acquisitions. The property owner, which specialises in hospital and healthcare properties, aims to raise around 200 million Swiss francs gross on the SIX and use the proceeds to finance a pipeline of nine potential transactions across three Swiss regions. According to available information, the first day of trading is scheduled for 9 July 2026.

This brings to the fore a segment that has so far been addressed only sporadically in the Swiss property market. Infracore relies on sale-and-leaseback structures: hospitals sell their properties but remain as long-term tenants in the premises. For operators, this can free up capital for operations, refurbishment or refinancing. For owners, it creates a specialised market characterised by long-term contracts, but also by a high degree of dependence on a small number of major healthcare providers.

Capital for expansion and balance sheet
The existing portfolio comprises 47 properties across 19 locations with a market value of around 1.41 billion Swiss francs. Added to this are the previously announced properties of the See-Spital in Horgen and Kilchberg, valued at 110 million Swiss francs. Part of the proceeds from the share issue will initially be used to repay a shareholder loan of around 55 million Swiss francs, whilst the remainder is earmarked for acquisitions, as well as renovation and development projects. At the launch of the offering, the issue price was set at 54 Swiss francs per share, resulting in a market capitalisation of around 826 million Swiss francs.

For the property sector, the structure of the growth story is particularly relevant. Infracore does not simply purchase existing properties, but seeks out properties where operators wish to relieve pressure on their balance sheets and outsource property management. This can become particularly significant in the case of hospitals with a high need for refurbishment or upcoming refinancing. The move by the See-Spital in Horgen demonstrates how such transactions can be used in practice to secure larger financing packages.

Dependency remains the key issue
Nevertheless, the model is closely tied to the quality of the operators. The majority of rental income continues to come from Swiss Medical Network. Infracore therefore intends to broaden its tenant base and, according to its own statements, is also exploring arrangements with public hospitals. At the same time, the debt-to-equity ratio is set to fall from 44 per cent to around 40 per cent in the medium term, even though it may temporarily rise during acquisitions. The internal target remains below 50 per cent.

For the Swiss healthcare property market, the IPO is therefore more than just a financing event. It is a test of whether a specialised hospital portfolio with clear ties to operators can establish itself as a standalone asset class on the capital market. If this proves successful, pressure is likely to mount to explore further sale-and-leaseback solutions in the hospital sector.

Sources
, Infracore company profile
Infracore Investor Relations
Awp announcement on the launch of the IPO
Horgen Local Authority on its partnership with See-Spital
Aevis Victoria on the planned IPO