13 February 2017 – Expansión
The French Socimi Eurosic has reached an agreement with SARquavitae, one of the leading providers of care for the elderly in Spain, to transfer 16 establishments through a sale & leaseback operation, whereby the nursing home company will continue to operate the properties under a lease contract.
Eurosic has spent €116 million on the 16 nursing homes. The purchase has been made through Eurosic Lagune, the investment vehicle that the Group launched at the end of 2015 and through which it makes its purchases of assets linked to the health and leisure sectors.
The nursing homes that Eurosic has acquired contain 2,300 beds and more than 300 day places. They have rental contracts with an average maturity period of 25 years and an annual rental income of around €7 million.
This is the first investment that Eurosic Lagune has made in Spain. The firm held assets worth €1,000 million at the end of 2016.
Nevertheless, the Group has been investing in Spain for a year and a half, through the Socimi Eurosic Investment Spain.
In December 2015, Eurosic completed its first operation with the purchase of: a hotel in Fuengirola (Málaga); an estate covering more than 12,600 m2 in l’Estartit (Gerona); and another building, which needs to be renovated, located on Calle Bailén in Madrid. Since then, it has closed several other acquisitions, including two hotels in Sóller (Mallorca) and another building located on Calle Atocha in Madrid.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake