29 November 2018 – IPE Real Assets
Luxembourg-based Threestones Capital has made its debut Spanish investment with the acquisition of a nursing home.
The manager’s €600m TSC Eurocare Real Estate Fund is buying the property site in Cambrils, Cataluña from a private vendor for an undisclosed sum. It has also entered a rental agreement with Spanish healthcare operator MutuaTerrassa.
The asset comprises a complex of buildings covering over 3,400 m2, with an adjoining park and gardens spanning 43,000 m2.
Giovanni Perin, a partner at Threestones Capital, said: “This acquisition underlines our commitment to growing a strong presence in Spain where we perceive considerable opportunities to create value and deliver robust returns for our investors.”
While continuing to invest in core markets such as Germany, Threestones will leverage its experience to respond to the ongoing acceleration of ageing populations across Europe and other parts of the world, Perin said.
“There is an urgent need to create a care infrastructure of an appropriate quality and adequate volume to meet future requirements.
“We and the investors in our funds are focused on helping to deliver against this objective, though it clearly requires both private and public investment,” Perin said.
Launched in 2016, the TSC Eurocare Real Estate fund is the manager’s fourth private equity real estate fund and its third fund focused on senior residential care.
Original story: IPE Real Assets
Edited by: Carmel Drake