Franklin Real Asset Advisors has bought a nursing home in Spain for its social infrastructure fund.
The Franklin Templeton Social Infrastructure Fund has added the nursing home in Las Rozas, Madrid to its portfolio, the manager said.
The property comprises 13,000sqm and has been leased to La Saleta Care on a new 25-year triple net lease.
Raymond Jacobs, managing director at Franklin Real Asset Advisors, said: “We are pleased to add this asset to our social infrastructure portfolio providing a strong dual impact and financial return.
“By bringing in an aligned nursing home operator, we support quality healthcare services within an undersupplied market, and ensure that capacity is available to meet the growing demand from Spain’s ever ageing population.”
Michel Lim, vice president at Franklin Real Asset Advisors, said: “We were able to consolidate the ownership from a number of private owners, while putting in place a new long-term lease with a leading nursing home operator.
“This transaction provides us with exposure to one of the most affluent and fastest-growing municipalities in Madrid at an attractive pricing for our investors.”
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