Romano Senior has acquired 11 care home assets out of 16 operated by Spanish operator, DomusVi, in a sale and leaseback deal for €92 mln.
The assets have a total surface area of 60,000 m2 and 1,400 beds.
Romano Senior is the new socimi recently established by Azora with Banca March and Indosuez Wealth Management.
The agreement with DomusVi includes a commitment to invest in furthing improving elements of the assets in line with the latest industry standards and sustainability criteria, and a major upgrade of the Ribera care home in Bilbao to position it as one of the best residences in the city.
The care homes are located mainly in urban areas with a high population density and demand for quality care homes. Four of the care homes are newly built in Seville, Gerona, Murcia and Vitoria, and the rest in Bilbao (Ribera, Miraflores, Arbidea and Aperribai), Galicia (Narón and Vigo) and Madrid.
Javier Picón, partner at Azora, said: 'With Romano Senior we continue with our commitment to contribute to responding to the growing deficit of quality assets for the elderly in the face of the ageing population trend. This strategic commitment has resulted in an investment, between the different companies managed by Azora, of close to €500 mln in assets in the senior category, making us one of the main players in the market.'
The transaction was advised by Savills and Bird & Bird for DomusVi and Perez Llorca and Almar consulting for Romano Senior.
