Infracore targets $1 billion valuation in Swiss IPO

Infracore, a Swiss healthcare-property specialist, launched an IPO on SIX Swiss Exchange targeting a valuation of 826 million francs ($1.02 billion), joining a niche corner of European real estate capital markets.

"As a specialized owner and developer of hospital properties in Switzerland, we have a strong market position in an environment characterized by stable, long-term demand," Chief Executive Eric Frey said.

The Fribourg-based company plans to raise about 200 million francs through the issue of new shares, with the offering consisting of up to 5.6 million shares at 54 francs each. Of those, 3.7 million will be newly issued while a subsidiary of Medical Properties Trust, Infracore's largest shareholder, plans to sell up to 1.9 million shares. The company also secured commitments from Cohen & Steers and Swiss Finance & Property Group to invest a combined 75 million to 80 million francs.

Infracore manages a portfolio of 47 properties valued at about 1.4 billion francs. The company plans to use IPO proceeds to develop its pipeline, support its growth strategy and repay shareholder loans. The offer period ends July 7, with trading on SIX Swiss Exchange scheduled to start July 9.

The IPO comes as European real estate capital markets show renewed appetite for specialized listings, particularly in defensive sectors such as healthcare. Infracore, founded in 1997, owns and develops hospital properties across Switzerland, a market where demand for medical infrastructure is supported by the country's aging population and regulated healthcare system.

Medical Properties Trust, the U.S.-based hospital REIT that controls Infracore through a subsidiary, will reduce its stake via the secondary share sale. The Birmingham, Alabama-based landlord has been trimming its European exposure in recent years as it navigates its own portfolio restructuring.

The 54-franc offer price implies a valuation multiple that positions Infracore between pure-play European healthcare REITs and broader Swiss real estate companies. The company's portfolio of 47 properties, valued at roughly 1.4 billion francs, gives it a loan-to-value ratio that will be closely watched by investors assessing the balance sheet post-IPO.

Cohen & Steers, a U.S. asset manager specializing in real estate securities, and Swiss Finance & Property Group, a domestic investment firm, have committed to anchor the deal with a combined 75 million to 80 million francs — a signal of institutional confidence in the niche.

This article is for informational purposes only and does not constitute investment advice.