Infracore SA announces its intention to float on the SIX Swiss Exchange

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Press release

Fribourg, June 16, 2026

Infracore SA announces its intention to float on the SIX Swiss Exchange

Infracore SA (the "Company" and, together with its consolidated subsidiaries, "Infracore" or the "Group"), Switzerland’s leading specialist in healthcare real estate, announces today its intention to conduct an initial public offering (the "IPO" or the "Offering") on the SIX Swiss Exchange.

• Founded in 1997, Infracore is Switzerland’s leading specialist in healthcare real estate. It owns, develops and manages a portfolio valued at approximately CHF 1.4 billion, comprising 47 high-quality properties across 19 prime locations in Switzerland, with a gross yield annuity of over 5.5% and a net yield annuity after capex of 4.5% in the financial year 2025.
• Infracore generates recurring and stable rental income from its portfolio, which amounted to CHF 66.1 million for the financial year 2025.
• Infracore’s assets are almost fully let under long-duration, inflation-indexed leases, predominantly to entities of Swiss Medical Network, the second-largest private hospital network in Switzerland.
• Infracore pursues growth through campus optimizations, extensions and selective developments, supported by a pipeline of 42,053 square metres development potential.
• A key growth path of the Group are sale-and-leaseback transactions with Swiss hospital operators, which are gaining importance in the Swiss healthcare landscape amid increasing financing pressure. The long-term infrastructure partnership with See-Spital in Horgen, Canton of Zurich, announced on March 30, 2026, exemplifies this development.
• The sale-and-leaseback model is well established internationally and provides significant balance sheet relief to hospitals, as it reduces capital intensity and allows operators to focus on their core competency, namely the provision of medical services.
• The IPO is intended to allow Infracore to access capital markets to support potential future growth initiatives and further enhance the Group’s market position and visibility.
• Infracore expects to use the majority of the proceeds from the Offering primarily to fund a sale-and-leaseback pipeline in the near future and to repay shareholder loans of approximately CHF 55.1 million. The Group expects to use the remainder of the proceeds from the Offering to fund its development pipeline, and to establish a capital structure that supports the Group’s growth strategy.
• The Company has received cornerstone commitments to subscribe for shares in the Offering for a guaranteed allocation for an aggregate amount of CHF 75 million to CHF 80 million upon completion of the Offering from the following investors:
  • Cohen & Steers UK Limited, acting for the account of certain funds and accounts managed by it, for an aggregate amount of CHF 40 million or CHF 35 million depending on the free float valuation upon completion of the Offering, and
  • Swiss Finance & Property Group AG, acting for the account of certain funds and accounts, including for the account of RoPAS (CH) Institutional Fund – Real Estate Securities, for an aggregate amount of CHF 40 million.
• These commitments are at the final offer price (up to a specific maximum offer price) and subject to customary conditions, including a minimum offering size, the successful completion of the IPO and a minimum free float valuation upon completion of the Offering. The cornerstone investors are not bound by any contractual lock-up restrictions.
• The Company expects the IPO to take place in the coming weeks, subject to market conditions.

Infracore is a key player in the Swiss healthcare market

Infracore is a Swiss healthcare real estate group. The Group’s portfolio comprises 47 properties across 19 locations in Switzerland, totaling 221,157 square metres of rental space and valued at approximately CHF 1.4 billion as of December 31, 2025. The assets are almost fully let under long-duration, inflation-indexed leases, predominantly to entities of Swiss Medical Network. Based on contractually agreed rent step-ups, rental income is expected to increase over the coming years. The vacancy rate stood at a low 1.3% as of December 31, 2025.

Infracore has a focused business model

Infracore operates a focused business model. The Company provides the infrastructure underpinning the delivery of medical services by its tenants but is not involved in medical operations. Infracore generates recurring income from its stable portfolio and pursues growth through campus optimizations, extensions and selective developments, supported by a pipeline of 42,053 square metres development potential. An additional growth track is sale-and-leaseback transactions. Many Swiss hospitals face significant investment needs while simultaneously encountering financing constraints, exacerbated by more limited access to the bond market. Against this backdrop, the sale-and-leaseback model, which is already established internationally, is expected to gain traction and, over time, broaden the tenant base to include additional healthcare providers.

Infracore has competitive advantages

1. Specialization in Swiss hospital infrastructure

Infracore specializes in the ownership and development of hospital real estate in Switzerland. The assets consist primarily of acute-care hospitals, specialized hospitals and rehabilitation facilities. Operating in an environment characterized by high barriers to entry and complex regulation, the Company acts as a partner to Swiss hospitals and differentiates itself through its proven track record, highly specialized know-how and an experienced management team.

2. Long-duration, inflation-indexed leases

As of December 31, 2025, the portfolio is 98.7% occupied (vacancy rate: 1.3%) and has a weighted average unexpired lease term (WAULT) of 28.7 years. Lease agreements are long-term and include indexation mechanisms. Income visibility is further supported by Switzerland’s healthcare funding model in which cantons and mandatory health insurers share the costs of inpatient and outpatient treatments, creating a diversified, public–private payer base that underpins tenant revenues and reduces counterparty risk.

3. Strategic anchor tenant relationships and national footprint

In 2025, lease agreements with individual hospitals of Swiss Medical Network account for 89.4% of rental income, while a further 3.6% is generated by other tenants affiliated with AEVIS VICTORIA. Considering the announced sale-and-leaseback transaction with the See-Spital in Horgen and the planned change of tenant at the Lindberg Clinic, Swiss Medical Network’s share of total rental income is expected to decline to approximately 77.5%. The portfolio is geographically diversified, with the largest exposure to the Cantons of Vaud, Zurich, Geneva and Ticino, enabling campus-based development and optimization across major Swiss healthcare markets.

4. Growth opportunities from sale-and-leaseback transactions

A development pipeline of 42,053 square metres provides for substantial organic growth opportunities. In addition, attractive sale-and-leaseback transactions are gaining importance in the Swiss healthcare landscape and are a key growth track, as Swiss hospitals are facing increasing financing pressure. The long-term infrastructure partnership with See-Spital in Horgen, Canton of Zurich, announced on March 30, 2026, exemplifies this development. Sale-and-leaseback is a proven model, established in many countries, including the United States, the United Kingdom and Belgium. The model allows hospitals to significantly reduce the capital tied up in their operations and focus on their core competency of healthcare delivery, while a specialized real estate company assumes responsibility for providing the infrastructure.

5. Cash generation and balance sheet

The portfolio provides a compelling CHF‑denominated cash yield with a funds from operations (FFO) yield of approximately 6.1% and an EBITDA margin around 91.3% (excl. revaluations), supported by a robust balance sheet and conservative leverage with a Net LTV of around 44%. In addition, the Company targets a sustainable and attractive dividend policy with a gross payout ratio of at least 80.0% of the FFO per annum. For the 2026 fiscal year, Infracore expects to pay a dividend of approximately CHF 45 million.

Infracore has a strong track record as a specialist in hospital infrastructure

Infracore’s portfolio has delivered a compound annual growth rate (CAGR) of 11.8% over the past nearly twenty years. It has proven to be resilient and value-stable both during economic cycles and throughout the COVID-19 pandemic. In addition to well-known flagship properties such as Privatklinik Bethanien in Zurich and Clinique Générale Beaulieu in Geneva, Infracore owns the Genolier Innovation Hub, a flagship site for medical innovation, education and research. The Company not only has a strong track record in the long-term value-preserving management of hospital real estate, but also in value-creating development. Since 2006, Infracore completed more than 35 development, renovation and expansion projects on hospitals across Switzerland and expanded its portfolio to 47 properties across 19 locations. Infracore plans to allocate approximately CHF 20 million in refurbishment and maintenance capex over the medium term in relation to its current perimeter of renovation and construction projects on investment properties (to be capitalized following completion) and to deploy more than CHF 300 million of acquisition capex over the medium term of for future growth, at an average gross yield on cost of approximately 5.0% for such acquisition capex.

Swiss healthcare market continues to grow

Healthcare spending in Switzerland has persistently grown above GDP, supported by non-cyclical demand. Structural trends-including population growth, an aging society, and the rising prevalence of chronic diseases-are expected to drive higher healthcare utilization over time. These dynamics are anticipated to sustain healthcare spending and expand the need for modern, well-located healthcare infrastructure. Against the backdrop of high barriers to entry, including financial, regulatory and know-how-related constraints, Infracore is well positioned as a specialized real estate company to benefit from these market developments and to provide, manage and further develop the infrastructure required for one of the world’s leading healthcare systems.

Overview of the Offering

The Company believes that the Offering and the listing on SIX Swiss Exchange is a natural next step in the Group’s development and will further enhance its visibility and standing and potentially allow the Company to access capital markets in the future.

The Offering is expected to be conducted as (i) a public offering in Switzerland and (ii) private placements in certain jurisdictions outside the United States of America and Switzerland in accordance with applicable securities laws and in reliance on Regulation S under the U.S. Securities Act of 1933, as amended, on the basis of exemptions provided by Regulation EU 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC, and the UK Public Offers and Admissions to Trading Regulations 2024. Price range and size will be announced at a later stage, subject to market conditions.

The Offering is expected to comprise the sale of new shares issued by way of an ordinary capital increase targeting primary proceeds of approximately CHF 200 million as well as potentially existing shares offered by the Company’s largest shareholder, MPT Switzerland Holdings S.à r.l. (the "Selling Shareholder"), a subsidiary of Medical Properties Trust, Inc., and a customary over-allotment option. The participation certificates, currently held by the Selling Shareholder, are expected to be converted into shares immediately prior to the first day of trading. All shares, including the shares offered, will rank pari passu in all respects.

Citigroup and Zürcher Kantonalbank are acting as joint global coordinators and, together with Baader Bank, as joint bookrunners for the planned Offering, with Swiss Finance & Property AG serving as co-manager and Octavian as selling agent. Rothschild & Co is acting as financial advisor to AEVIS VICTORIA SA.

The Company’s current main shareholders, AEVIS VICTORIA SA and the Selling Shareholder, are expected to enter into lock-up undertakings in line with standard market practice and to benefit from a selective "opting-out" clause in the articles of association of the Company. As a result, certain holders of shares may not be required to make a mandatory tender offer pursuant to the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivates Trading.

For more information:  
Media and IR contact c/o Dynamics Group, Zurich
Alexandre Müller, amu@dynamicsgroup.ch, +41 79 635 64 13

About Infracore SA

Infracore SA is a Swiss healthcare real estate company that owns, develops and manages hospital and clinic properties under long-term leases. Headquartered in Fribourg, the Group’s portfolio comprises 47 properties across 19 prime locations in Switzerland, totaling 221,157 square metres and a market value of CHF 1.41 billion. The assets are almost fully let under long-duration, inflation-indexed leases, predominantly to entities of Swiss Medical Network. Infracore generates recurring income from its stabilized portfolio and pursues growth through campus optimizations, extensions and selective developments, supported by a pipeline of 42,053 square metres development potential. Infracore is jointly controlled by Medical Properties Trust, Inc. and AEVIS VICTORIA SA. www.infracore.ch

About Medical Properties Trust, Inc.

Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world’s largest owners of hospital real estate with 378 facilities and approximately 38,000 licensed beds in nine countries and across three continents as of March 31, 2026. MPT’s financing model facilitates acquisitions and recapitalizations, and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. www.mpt.com

About AEVIS VICTORIA SA

AEVIS VICTORIA SA (AEVIS) invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS′s main shareholdings are Swiss Medical Network Holding SA (76.3%, directly and indirectly), the only Swiss private network of hospitals present in the country’s three main language regions, MRH Switzerland AG, a luxury hotel group managing eleven hotels in Switzerland and abroad, Infracore SA (30.0%, directly and indirectly), a real estate company dedicated to healthcare-related infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, and NESCENS SA, a brand dedicated to better aging. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW). www.aevis.com

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