La Saleta Invests €60M in its Expansion Across Spain

2 May 2018 – Eje Prime

La Saleta is committed to becoming one of the leading operators of nursing homes in Spain. The Valencian company, which has been owned by the Belgian firm Armonea for the last two years, has completed the acquisition of six nursing homes so far this year in operations worth €60 million.

La Saleta already owns its first centres in Valladolid, Burgos and Asturias, which it integrated with the purchase of the company Bau Gestión at the beginning of the year. To that, it has added the acquisition of a new property in Álava, the Albertiaetxea home, and it is now negotiating new purchases in the País Vasco. La Saleta has also added two centres in the province of Alicante, one in El Vergel and the other in the capital, with a management agreement, according to Expansión.

These six additions contain 935 beds and increase La Saleta’s total capacity to 4,500 beds. Moreover, the firm has started work on the construction of two new nursing homes in Tomares (Sevilla) and Lugo, which involve €16 million of investment and 310 additional beds.

La Saleta transferred the ownership of three properties acquired from Bau Gestión to the fund Healthcare Activos and also sold another six properties in the Community of Valencia to the French fund Primonial Reim for €35 million. “The aim of La Saleta is to expand (capacity) by 2,000 beds and so we are already halfway there”, said Fernando Ruiz Castillo, CEO of the group. La Saleta closed 2017 with turnover of €58.1 million.

Original story: Eje Prime

Translation: Carmel Drake

Veracruz Acquires 2 Nursing Homes Whilst it Prepares its MAB Debut

30 April 2018 – Planta Doce

Veracruz is growing its portfolio whilst it prepares to debut on the stock market. The Socimi, which is looking to become the first Valencian manager to debut on the Alternative Investment Market (MAB), has purchased two nursing homes in its home autonomous region from the French group Omega, which specialises in nursing homes for the elderly. The company will continue as the tenant of both assets.

Located in Valencia, the two properties allow Verazcruz to diversify its real estate portfolio, which until now has comprised four shopping centres, worth €92 million in total. The Socimi is the owner of the Plaza Mayor retail parks in Xátiva and Gandía, according to Expansión.

This operation follows another signed recently between La Saleta and Primonial Reim, also in the Community of Valencia. The French fund purchased six nursing homes for the elderly from the local operator. Those assets are going to be managed by BNP Real Estate.

Veracruz was created in 2014 by a group of Latin American investors and is currently led by Salvador Fonduer, a businessman linked to the Dominican company Agilant. Besides the Plaza Mayor shopping centres in Gandía and Xátiva,the Socimi owns two other assets in Spain: Parla Natura, in Madrid, and El Arcángel, in Córdoba.

Original story: Planta Doce

Translation: Carmel Drake

French Fund Primonial Makes First Purchase In Spain

4 September 2017 – Expansión

The Spanish real estate market has a new investor: Primonial Reim, a French real estate fund manager that, with a portfolio of more than €10,700 million under management, has just completed its first purchase in Spain.

Primonial has acquired the Sant Antoni nursing home and clinic in Barcelona. The centre, located in La Marina del Port, has 300 beds, with a total surface area of 16,000 m2. For this asset, Primonial Reim has disbursed €20 million, in an operation that has been advised by Cuatrecasas, JLL and Grant Thornton, which has performed the financial due diligence.

The Sant Antoni centre, owned until now by the firm Hucasve, will be incorporated into the portfolio of its subsidiary SCPI Primovie, whilst the management of the centre (engaged to the Catalan Health Service) will remain unchanged, under the terms of the long-term contract in place.

Alternative assets

The Spanish real estate sector has been on the radar of all overseas investors for several months now, given the expectations of a macroeconomic recovery and the affordable prices of assets compared with those in other similar locations. Due to this high demand, the assets most favoured by investors (such as offices and commercial assets) are scarce, and so properties known as alternative assets are becoming a highly attractive option. These properties include medical centres, nursing homes and halls of residence.

According to Deloitte, investment in alternative assets in Europe accounts for 14% of the total, although that figure is much lower in Spain. As such, the segment in Spain offers significant potential, with returns of 6% on average, well above those of other real estate assets.

The most high profile transactions in this market in recent times include a purchase by another French group, the investment fund Eurosic Lagune – owner of the Socimi Eurosic – which bought 16 nursing homes from the SARquavitae Group for €116 million.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake