Italian asset manager Kryalos' Euryale Healthcare Italia 1 fund has completed the purchase of a healthcare asset in Torrazza Piemonte near Turin and agreed to acquire a further four nursing homes in Italy.
The Torrazza Piemonte asset was sold by the Sereni Orizzonti Group, which will continue to manage the asset. Completed in 2022, the property provides a total of 120 beds and an area of 6,800 m2.
The other facilities comprise one completed asset and three currently under construction to provide 530 beds across the Piedmont, Friuli-Venezia Giulia and Lombardy regions of Italy. The acquisition is due to close only after completion of the works and after obtaining the necessary health authorisations. All the residences will be managed by the Sereni Orizzonti Group.
The Euryale Healthcare Italia 1 fund is fully subscribed by Pierval Santé, managed by Euryale, a French group with over €3.1 bn of assets under management in the healthcare, senior living and nursing home sectors.
'Healthcare is a sector that has great development potential for the Italian market connected to the need to increase the number of beds that are decidedly lower than the European average,' said Paolo Bottelli, CEO of Kryalos SGR. 'Our goal is to invest in the north of the country with a specialized partner and with an important pipeline of operations.'
'Sereni Orizzonti builds and manages nursing homes for the elderly in Italy and Spain and has an important development plan underway for a further 2,500 beds,' added Gabriele Meluzzi, Chief Executive Officer of Sereni Orizzonti Holding.
