Tuesday, 2 June 2026
Investment activity in Germany’s outpatient healthcare real estate sector increased significantly in 2025, with transaction volumes exceeding €200 million, according to the latest Outpatient Healthcare Property Market Report published by Hauck Aufhäuser Lampe Real Estate Investment Management (HAL REIM) in cooperation with CBRE.
The report highlights growing investor interest in outpatient healthcare properties, supported by demographic trends, healthcare sector reforms and the continued shift from inpatient to outpatient care models.
Healthcare real estate transactions totalled approximately €1.2 billion in 2025, representing a 23 percent increase compared with €973 million in the previous year. Within the broader healthcare and care property sector, outpatient healthcare assets recorded particularly strong growth. Transaction volumes reached around €200 million, up from approximately €91 million in 2024, while CBRE forecasts further growth beyond €300 million in 2026.
Prime yields for outpatient healthcare properties remained stable at 4.7 percent during 2025, with market participants expecting limited movement in the near term.
According to the report, the market remains largely driven by single-asset transactions, typically valued below €50 million. Buyers increasingly include international institutional investors, such as open-ended real estate funds, specialist funds and private capital investors. Sellers are predominantly property owners and developers bringing newly completed or refurbished assets to the market.
Investment activity is not concentrated solely in Germany’s largest cities. Since 2016, approximately two-thirds of the €2.1 billion invested in outpatient healthcare properties has been directed towards locations outside the country’s seven largest urban centres.
The report also identifies substantial growth potential within the sector. An updated analysis by Rebmann Research and HAL REIM identified 4,336 outpatient healthcare properties across Germany, compared with 3,441 locations identified in the previous study. The increase reflects both a broader dataset and an expanded definition of healthcare-related tenants, including opticians, hearing aid specialists and medical supply providers.
Based on the number of potentially investable properties and average transaction values, the report estimates the total market value of Germany’s outpatient healthcare real estate sector at more than €37 billion.
Regional differences remain evident. The highest concentrations of outpatient healthcare facilities are found in eastern Germany and city-state markets such as Berlin and Hamburg. In contrast, parts of Bavaria, Baden-Württemberg and North Rhine-Westphalia continue to show gaps in provision outside major urban centres, creating opportunities for future development.
The report also highlights the relatively strong financial profile of outpatient healthcare tenants. Medical practices, medical care centres, pharmacies and physiotherapy providers generally demonstrate low default rates, supported by stable income streams linked to Germany’s statutory healthcare system. Default probabilities among outpatient healthcare tenants are substantially lower than those typically recorded in hospitals, care homes and other inpatient healthcare facilities.
Structural changes in Germany’s healthcare system are expected to further support demand. Recent hospital reform measures are designed to shift a greater share of healthcare services towards outpatient treatment and improve integration between inpatient and outpatient care. In support of these changes, the federal government has established a transformation fund expected to provide more than €50 billion between 2026 and 2035 to modernise healthcare infrastructure.
The report suggests that these reforms could increase demand for medical centres, healthcare centres and other outpatient treatment facilities, while also creating opportunities for cross-sector healthcare properties that combine outpatient and inpatient services.
Reflecting these trends, HAL REIM continues to expand its investments in the sector through its specialist fund, HAL Soziale Infrastruktur Deutschland II. The fund targets core and core-plus healthcare and social infrastructure assets and is seeking to reach a volume of between €200 million and €250 million.
Recent acquisitions include outpatient healthcare centres in Landshut and Mannheim, both featuring diversified tenant mixes across multiple medical specialisations.
