• Transaction / Assets
    2 plots of land
  • Seller
  • Buyer
    Vitalia Plus
  • € MM

Vitalia Buys 2 Plots for the Construction of Private Nursing Homes

5 February 2019 – Alimarket

The nursing home management group Vitalia Plus has confirmed to Alimarket its intention to continue incorporating new projects and acquiring residences in operation in Spain. In recent days, Vitalia has signed agreements for the purchase of two plots of land in Valencia and Salamanca, cities where the firm has not had a presence until now. In the case of Salamanca, Vitalia is planning to build a private nursing home in the city with 130 beds and 30 day spaces. Meanwhile, in Valencia capital, the group will build 128 residential spaces and 30 day spaces. Two other plots are expected to be added to those two new projects, whose purchase the group is currently negotiating in two other Spanish cities.

The new projects form part of a second phase of investments planned by Vitalia, worth more than €100 million, which the group will finance with own funds (more than €50 million) and a €50 million loan, requested recently from the European Investment Bank (….).

Currently, besides the new homes announced in Valencia and Salamanca, Vitalia has 22 other nursing homes in different phases of completion – including the Vitalia Expo in Zaragoza, Vitalia Toledo and the expansion of one of its centres in Teruel (…) – which contain 3,443 beds in total (3,701 beds including the new projects in Valencia and Salamanca). These centres will be added to the 44 nursing homes that the group manages in Spain, with 6,461 beds (…).

Since March 2017, the group Vitalia Plus has been controlled by the investor CVC Capital Partners (which owns an 80% stake), whilst the investor Portobello Capital owns 10% and the executive President and founder José María Cosculluela Salina holds the remaining 10%. In 2017 – the most recent data available – Vitalia recorded a consolidated turnover of €91.05M with 2,850 workers.

Original story: Alimarket (by Eva de Frutos)

Translation: Carmel Drake

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