25 November 2019 – Adriano Care has agreed to acquire six homes for the elderly, with a total of 750 beds, and a plot of land in Madrid for building 350 more. Adriano Care, Azora’s investment vehicle, paid a total of 76 million euros for the assets.
Four of the assets are located in Vizcaya: the Olimpia and Kirikiño residences (Bilbao), Barrika Barri (Barrika) and Otxartaga (Ortuella). The other two are in A Coruña (Matogrande Residence – 150 beds) and the Residence Health Bath in Palencia, with 188 beds.
After the deal, Adriano Care will now be the fifth-largest private group in Vizcaya by number of beds while Clece and DomusVi will continue to operate the residences in A Coruña and Palencia, respectively.
The market for geriatric care in Spain is highly fragmented, where the ten largest operators control just 25% of the 375,000 available beds in 5,800 residences.
Original Story: El Economista – Alba Brualla
Adaptation/Translation: Richard D. K. Turner