Brussels-listed Care Property Invest has acquired a senior living complex in Spain for €35 mln from Spain's Grupo Goya.
Cushman & Wakefield and Savills Aguirre Newman advised on the sale of the Forum Mare Nostrum scheme on the Spanish Mediterranean coast.
This established retirement village for seniors is well-known in the region of Valencia and particularly to the international community living in the area of Alicante and the town of Alfaz de Pi. It is managed by Goya Real Estate.
The residential complex has been in operation for more than 20 years, and has 229 apartments with garages and storage rooms, gardens, swimming pools, other leisure activities and a central Club House with reception.
This includes a spa, gym, indoor heated pool, two restaurants, bar, theater, library, art studio, event venue, as well as an area dedicated to the health, beauty and wellness of its mainly northern European residents.
Care Property Invest is a public regulated real estate company, listed on Euronext Brussels for over 25 years, which invests in real estate for elderly people in the European market. The company has developed an international portfolio of 129 healthcare projects, spread across Belgium, The Netherlands and Spain.
Rupert Lea, international partner at Cushman & Wakefield, said that "the Mediterranean coast in Spain is already the Florida of Europe for the retired community and the demand for good quality retirement villages is very strong. The key is the operator and the ability to produce investment grade product – either on long term leases or enabling investors to buy into the operating net income".
For the operator of Forum Mare Nostrum, the sale is part of a bigger strategy to use the capital to invest in the extension of the existing property and to build a platform of similar assisted co-living complexes along the Mediterranean coast.
A representative on behalf of the vendor commented: 'We are very pleased to have teamed up with CPI on this transaction and look forward to a long-term relationship with our investor partner. This sector is very much in its early stages in Spain despite the significant growing international client demand for assisted living for active seniors along the coast.'
