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

Socimi Almagro to Increase its Capital to Buy New Assets in Madrid

27 March 2019 – La Vanguardia

The Socimi Almagro Capital, which specialises in residential properties for the elderly, has approved a €15 million capital increase to finance new acquisitions and consolidate its growth in the Spanish capital.

Almagro Capital, which is managed by the Spanish firm Ofila Management, owns 24 assets in the centre of Madrid, located in the Chamartín, Goya, Chamberí, Princesa, Chopera, Lavapiés, Recoletos, Palacio, Salamanca, Viso, Chueca, Retiro and Tetuán areas.

The Socimi made its debut on the MAB in January, with an initial share price of €1.07, which represented a company valuation of €10 million. That figure is set to rise to around €50 million over the short to medium term.

Original story: La Vanguardia 

Translation/Summary: Carmel Drake