Infracore: Hospital Investor Launches IPO
The company, which holds a portfolio of Swiss hospital properties worth 1.4 billion francs, is offering shares held by its major shareholder and plans a capital increase of 200 million francs.
Infracore SA, which specializes in Swiss hospitals, has announced the launch of its initial public offering on the SIX Swiss Exchange. Through the issuance of new shares, the company aims to raise gross proceeds of approximately 200 million CHF. The offering price of CHF 54 per share represents a discount of approximately 5% to the net asset value as of the end of Q1 2026, adjusted for deferred taxes and after the 2025 dividend payment. If all shares offered are taken up, the offering price would correspond to a market capitalization of CHF 826 million for the company. Upon closing, a free float of approximately 32.1% is expected; if the over-allotment option is exercised in full, the free float would be a maximum of 36.9%.
The net proceeds are to be used primarily to finance sale-and-leaseback transactions and development projects. In addition, according to the announcement, the company intends to align its capital structure with further growth and repay shareholder loans totaling approximately CHF 55.2 million. Several investors have committed to participating in the capital increases. These include Cohen & Steers UK Limited and Swiss Finance & Property Group AG on behalf of their funds and clients. The company’s largest shareholder, Medical Properties Trust (MPT), intends to sell existing shares, which would reduce its stake from 70% to 22.6 %. Aevis, which holds all remaining shares, intends to retain its entire position. MPT has also announced that it will remain a «significant» shareholder. The offer period runs through July 7.
Infracore was founded in 1997 and, according to the company, is the leading Swiss specialist in hospital real estate. The company owns, develops, and manages a portfolio valued at approximately CHF 1.4 billion, consisting of 47 properties at 19 locations in Switzerland. The gross yield is reported at over 5.5%, and the current net yield after capex at 4.5%. The majority shareholder, Medical Properties Trust, Inc., is a U.S. REIT founded in 2003 to acquire and develop hospital real estate; it is considered the world’s largest owner of such properties. Aevis Victoria invests in healthcare, lifestyle, and infrastructure. Aevis’s most significant holdings include Swiss Medical Network Holding AG (76.3%), Switzerland’s only private hospital group; MRH Switzerland AG, a hotel chain with eleven hotels in Switzerland and abroad; and Infracore AG (30.0%).
