The high number of deaths in nursing homes due to coronavirus in Spain has called the current model into question; a new medicalised system is being requested.
The Association of Companies providing Services for Dependents (Aeste), which groups together large operators of nursing homes in Spain, such as DomusVi, Sanitas and Ballesol, wants the Government to consider a move from the current residential model towards a more medicalised system. The high number of deaths in nursing homes due to coronavirus in Spain has called into question the continuity of the current model. Although around a hundred lawsuits opened by the Prosecutor’s Office still remain open, the large operators are thinking about the future.
The transformation of the sector would involve a significant cost for the public coffers, especially those of the autonomous communities, which is the administrative level responsible for these centres. However, “in reality, the pressure in hospitals would be alleviated, which is why it would mean transferring funds from one sector to another”, explains the Secretary General of Aeste, Jesús Cubero.
20 August 2019
CVC and Portobello are planning to invest €141 million over the next four years in Vitalia, a firm that builds and manages geriatric centres. The firm plans on building a portfolio of 10,000 beds, becoming the second-largest operator in Spain, behind Sarquavitae (owned by DomusVi).
Vitalia will build 19 new residences in Madrid, Catalonia, Castilla y León, the Valencian Community and Murcia. The investments will add another 3,175 residential beds and 536 daycare places to the Vitalia’s existing portfolio.
Original Story: Eje Prime
Adaptation/Translation: Richard D. K. Turner
20 July 2019 – Richard D. K. Turner
The French geriatric residence and services provider DomusVi acquired 90% of the Basque company Residencias Nostem from Talde and the Basque construction company Cycasa Construcciones. Domusvi already owned the other 10%, stemming from its acquisition of Casta Salud in 2017.
The acquisition will give Domusvi control over a total of 1,200 beds in the Basque Country. The two geriatrics centres are located in Vizcaínas de Arrigorriaga (Arandia, with 132 beds and 30 day-time stays) and Balmaseda (Las Laceras, with 88 residential stays and 35 day-time stays).
Original Story: Alimarket
5 December 2017 – Eje Prime
The Ruggieri family is continuing to back Spain. A month after announcing the stock market debut of its Socimi Elaia Investment Spain (EIS), which has been trading on the Alternative Investment Market (MAB) since 2 November, the French family has acquired a hotel in Mallorca for €70 million. The operation has been carried out through Lagune, an investment vehicle specialising in tourist and healthcare real estate assets, which is owned by the clan’s holding company, Grupo Batipart.
The hotel, located in the Mallorcan area of Cala Romántica, has 267 rooms and will be operated by the chain Iberostar. The intention of Lagune is to completely remodel the establishment to increase its category rating and turn it into a four-star property.
The establishment is the first that the investment vehicle has acquired in the hotel sector in Spain, although it already owns 16 healthcare residencies in the country. It purchased those properties at the beginning of this year and entrusts their management to the nursing home firm DomusVi.
Currently, the Ruggieri family controls other assets in Spain, through EIS (in which it holds a 66% stake) in Madrid, Barcelona, the Costa del Sol, Mallorca and the Costa Brava. In Europe, the family office owns a real estate portfolio worth around €1 billion, located in France, Italy, Germany and Spain.
Original story: Eje Prime
Translation: Carmel Drake