Spanish senior living specialist Adriano Care has revealed it has acquired six assets this year in the cities of Madrid, Valencia, Terrassa, Lugo and León.
Managed by Azora, SOCIMI Adriano Care has committed more than €45 mln in the acquisition, repositioning and development of the six properties.
Following these acquisitions, the REIT currently manages a portfolio of 14 senior living assets with close to 1,800 beds.
Concha Osácar, founding partner of Azora, said: 'The good progress of Adriano Care's investment strategy is the confirmation of our commitment to the senior living sector, in which we will continue to invest in high-quality products to respond to a real need of our seniors.'
The acquired assets include five operational senior homes in four cities, in which improvement capex is planned (Valencia, with 122 beds; León, 2 homes with 140 beds in total; and Lugo, with 191 beds) and a recently opened home in Terrassa, with 72 beds. All of them are operated by specialised operators. Additionally, land has been acquired for the development of a new 115-bed home in the north of Madrid.
The company plans to continue with its expansion plan, both in assets that are already in operation and in the purchase of land, for the construction of new homes which incorporate the latest sustainability trends and people-centered management models. To carry this out, and following the latest acquisitions, the company still retains more than €100 mln of investment capacity.
