Gecina and Bami, the two real estate investment vehicles of Spanish businessman Joaquin Rivero, have bought a 25% stake in Union Sanyres, a group specialising in nursing home properties in Spain. Gecina, the French SIIC, is taking a 19.75% stake in Sanyres, with Bami buying the remaining 5.43%.
Gecina and Bami, the two real estate investment vehicles of Spanish businessman Joaquin Rivero, have bought a 25% stake in Union Sanyres, a group specialising in nursing home properties in Spain. Gecina, the French SIIC, is taking a 19.75% stake in Sanyres, with Bami buying the remaining 5.43%.
As a result of the operation, Sanyres' three existing shareholders - banks Cajasur, Caixa Catalunya and developer Prasa Group - have each decreased their stake in the company from 33-34% to 25%. Sanyres, headed by CEO Jose Romero, has a market capitalisation of EUR 100 mln, valuing Gecina and Bami's 25% interest at EUR 25 mln. Sanyres manages a total of 18 properties for dependent elderly residents across Spain. Its 2008 turnover was in the region of EUR 45 mln.
Gecina has been significantly expanding in the care home business in recent years. Last week, the French SIIC said it was to launch a mandatory public offering for the shares of its former majority-owned medical property subsidiary Gecimed after GE Real Estate sold its 20% stake.
