European healthcare real estate manager Lifento has signed an agreement for the forward acquisition of a nursing home currently under construction in the Portuguese resort of Cascais.
The deal was struck on behalf of the manager's RAIF Lifento Care Pan-European SICAV.
Located 30 km west of Lisbon, this nursing home will be delivered within 24 months and will have a capacity of 120 beds, spread over a total gross floor area of 6,220 m2.
As the Cascais area is poorly equipped, this greenfield project will increase the number of beds available in the region by offering a high-quality solution in terms of construction standards, interior fittings and occupant comfort, close to the city centre. The exterior of the future ERPI residence will comprise 566 m2 of lawned gardens.
Developed by Greatflags Lda, a local Portuguese developer, and operated by Neurostate Home Lda (a subsidiary of the Spanish operator Neurostate Home), this project is part of a long-term partnership with a firm 29-year lease.
This 10th Portuguese acquisition made by the management company will join the portfolio of 20 assets of the RAIF Lifento Care Pan-European SICAV fund.
Maxime Clemenceau, Lifento's investment director, said: 'This forward acquisition represents a further strategic step in our commitment to provide high quality, sustainable infrastructure in Europe.
'The nursing home project in Cascais, located in one of Portugal's most popular seaside resorts, is a perfect example of our long-term investment approach, combining financial performance, environmental efficiency and quality of service.'
As part of the transaction, Lifento was advised by Garrigues on legal matters, and DDN as technical auditor.
