Infracore SA, a Swiss healthcare real estate group, has announced its intention to launch an Initial Public Offering (IPO) on the SIX Swiss Exchange. The company manages a portfolio of 47 properties across 19 locations in Switzerland, totaling 221,157 square meters of rental space and valued at approximately CHF 1.4 billion ($1.57 billion) as of December 31, 2025. The assets are nearly fully leased, primarily to entities of Swiss Medical Network, with a low vacancy rate of 1.3% as of the end of 2025. The leases are long-term and inflation-indexed, with rental income expected to increase due to contractually agreed step-ups.
The IPO is expected to take place in the coming weeks, subject to market conditions. Infracore aims to raise approximately CHF 200 million ($225 million) through the sale of new shares, with primary proceeds intended to finance a sale-and-leaseback pipeline, repay a shareholder loan of approximately CHF 55.1 million ($61.9 million), fund development projects, and bolster its capital structure for future growth. The company expects to pay a dividend of approximately CHF 45 million for the 2026 fiscal year, with a target gross payout ratio of at least 80.0% of its Funds From Operations (FFO) per annum. Its FFO yield is approximately 6.1%, and its EBITDA margin is around 91.3% (excluding revaluations).
Two institutional investors, Cohen & Steers UK Limited and Swiss Finance & Property Group AG, have committed to subscribe for shares totaling CHF 75 million to CHF 80 million ($84 million to $90 million) in the offering. The current main shareholders, AEVIS VICTORIA SA (30% stake) and Medical Properties Trust, Inc. (70% stake, through its subsidiary MPT Switzerland Holdings S.à r.l.), are expected to remain strategic investors and enter into customary lock-up agreements. Citigroup and Zürcher Kantonalbank are acting as joint global coordinators and bookrunners for the IPO.
Infracore's business model focuses on providing infrastructure for medical services without involvement in medical operations. The company generates recurring income from its stable portfolio and plans for growth through campus optimizations, extensions, and selective developments, supported by a pipeline of 42,053 square meters with development potential. An additional growth strategy involves sale-and-leaseback transactions, a model gaining traction in Switzerland as hospitals face investment needs and financing constraints.
