17 September 2019 – Banca March and Crédit Agricole have agreed to a joint venture, incorporating a socimi dubbed Adriano Care. The socimi, which will focus its investments in the growing market for residences for senior citizens, will have an investment capacity of about 250 million euros, according to market sources.
Private equity funds controlled by the two banks are funding the socimi, which Azora will manage. Adriano Care intends to acquire geriatric residences and other services for senior citizens.
The sector is currently in vogue, offering relatively high yields compared to other types of assets, such as offices while providing stable, long-term income flows.
Original Story: La Información – Lucía Gómez
Adaptation/Translation: Richard D. K. Turner