1、Healthcare Capital Markets capital flows back into the healthcare sector.HEALTHCARE CAPITAL MARKETS 20252ContentsIntroduction 3UK Macroeconomic overview 4Back in good health 6All or nothing 8Healthcares steady pulse 10REITs in the spotlight 12Debt market update 14Q&A:Understanding social infrastruct

2、ure 16Healthy outlook 182025 predictions 19HEALTHCARE CAPITAL MARKETS 202532024 SUMMARYSource:Knight Frank,MSCI.While UK healthcare markets have felt the same pressures that many sectorshave experienced over the past years,2024 certainly saw investors confirmingtheir positive sentiment in the sector

3、.Global capital checks inRyan Richards,Knight Frank,AssociateDespite some conventional sectors still struggling to gain traction,healthcare seems to have picked up where the year 2022 left off.2023s c.50%dip in transaction volumes are now behind us and healthcare volumes for 2024 closed at above 3bn

4、.This has of course been a result of the aggressive re-entry of North American capital through REITs such as Welltower and their ability to capitalise on the RIDEA structures and as such WHOLECO deals were much more prominent than we have seen in previous years.If 2023 saw investors stepping back to

5、 gauge markets,2024 was the year of too good to miss opportunities for well capitalised investors.Average annualised returns sat at 5.8%at the end of Q4 2024,up from 4.4%in the previous period.This,as always,highlights the healthcare sectors strength in terms of stability of returns.We continue to s

6、ee strength in operator trading in our annual Care Homes Trading Performance Review,further solidifying sector confidence.Healthcares fundamental drivers,such as demographics,long-term income,and ESG credentials,have and continue to present an undeniable case.So with this,the overall outlook for the