Adriano Care Acquires Six Homes for the Elderly for €76 Million

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

Banca March & Crédit Agricole Create Adriano Care to Invest in Geriatric Homes

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

 

Azora, Banca March & Indosuez Behind Adriano Care Socimi

July 2019 – Richard D. K. Turner

Azora, Banca March and Indosuez have joined together to create a new socimi, Adriano Care. The socimi is forecast to invest approximately 250 million euros to acquire a portfolio of residences for senior citizens.

Adriano Care has already identified potential investment opportunities worth €600 million, and has nearly concluded negotiations for €100 million of those.

Original Story: Cinco Dias