CVC and Portobello to Invest €141 Million in Vitalia

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

Healthcare Activos Adds Nursing Home in Salamanca to Portfolio

8 February 2019

The investment fund, which specialises in real estate assets in the health and dependency sector, recently finalised the acquisition of the Sauvia residence.

Healthcare Activos, a Spanish investment fund specialising in real estate assets in the health and dependence sector, has just started 2019 with a  new acquisition in Salamanca. The asset is the group’s fourth in the region, according to a report today by PlantaDoce.

The company, led by the former CEO of Sarquavitae, Jorge Guarner, has finalised the acquisition of the Sauvia residence in the town of Villares de la Reina, six kilometres from Salamanca. The geriatric centre has 219 beds and an area of ​​11,646 square meters, according to sources at the company, which, however, declined to reveal the amount it paid for the asset.

Healthcare Activos takes over ownership of such residences and subsequently leases the properties to one of the principal nursing home operators in Spain, such as La Saleta Care, DomusVi, Amavir and Orpea, among others.

Healthcare Activos has a network of 23 nursing homes in Spain

The current tenant of the Sauvia centre is the La Saleta Care group, which acquired eight nursing homes in Salamanca last September from another operator, Esgra. One of those residences is Villares de la Reina, which opened in mid-2017.

The nursing home has private and public spaces (the latter arranged with the Regional Government of Castilla y León), for indefinite and temporary (holidays, weekends, specific stays) stays, including patient recoveries (postoperative, convalescence and injury).

Since its creation at the end of 2016, Guarner’s firm has already acquired 23 assets, 19 of which are currently operational and four are under construction or rehabilitation, with a total committed investment of 205 million euros.

Original Story: EjePrime – A. Escobar

Translation: Richard Turner

Healthcare Activos: Jorge Guarner’s Investment Vehicle Continues its Spending Spree

8 October 2018 – Eje Prime

Jorge Guarner (pictured below), formerly the head of Sarquavitae, is raising his commitment to the purchase of healthcare real estate assets. Healthcare Activos, the investment fund that he manages, has an ambitious plan underway to compete with other residential care operators in the sector. The firm expects to conclude the year with more than 22 assets in its portfolio and will exceed the investment barrier of €205 million.

Last week, Healthcare Activos entered the Spanish hospital sector with the acquisition of Hospital Campo de Gibraltar in Palmones (Cadiz) from the Quirón group. In this way, it closed the purchase of its 18th asset in Spain.

In a statement to PlantaDoce, Guarner said, “the company’s objective is to exceed 22 assets this year”, whilst noting that, for the time being, “none of its purchases are going to be conducted beyond the Iberian Peninsula”. To date, Healthcare Activos has invested almost €110 million this year. Looking ahead to 2019, the firm will invest another €200 million.

Two weeks earlier, the company conquered the centre of Madrid with the opening of a commercial office on Paseo de la Castellana. That site, which is located at number 45, will respond to the expansion plans that the company is preparing for the whole of the domestic territory. The facility comes in addition to the central offices that the group has on Calle Pau Casals in Barcelona.

The next steps for Guarner’s company involve two projects in Cataluña. Healthcare Activos has already started to renovate two residential centres, one located in Cerdanyola del Vallès and the other in Igualada. Both will be fully operational as of next year.

After the Catalan centres, the company is going to launch the Amézola residence, during the second half of 2020, with capacity for 140 beds and with a surface area of 8,315 m2, which will be located in Bilbao.

Healthcare Activos has scheduled its debut on the stock market for 2020. The investment arm of the former Sarquavitae CEO plans to debut on the Alternative Investment Market (MAB) within two years (…).

In the words of Guarner, the sector for the care of the elderly has a lot of potential in Spain. “We need to focus on people aged over 85 years because 15% of them are having to be admitted to hospital or specialised care centres”, recognises the CEO of Healthcare Activos.

Original story: Eje Prime (by Alberto Escobar)

Translation: Carmel Drake

Resa’s Former CEO Creates 12 Investment Vehicles & Finalises the Purchase of Land for Tertiary Use

27 June 2018 – Eje Prime

Jorge Guarner (pictured below) used to be the boss of the student hall sector in Spain and now he is looking to do the same in the nursing home sector. The director, formerly the CEO of Resa from 1996 to 2002, is guiding the path of Healthcare Activos, a real estate asset manager operating in the healthcare segment, which is pushing ahead with financial support from the fund Oaktree and one aim: to debut on the stock market in 2020. In its process of becoming a Socimi, the company is going to create twelve vehicles to purchase tertiary land throughout Spain.

During the first half of the year, the company has constituted the seventh and eighth of its series of vehicles, whose aim is “the performance, both in Spain and overseas, of property development and construction activities for all kinds of real estate developments, urban planning and land development projects, be they for industrial, commercial or residential purposes”, as noted yesterday in the Official Gazette of the Mercantile Registry (Borme).

Guarner, as the sole representative of the company, has created the companies with the minimum required share capital (€3,000) and he has domiciled them all at the manager’s Madrilenian headquarters, number 26 Calle Raimundo Fernández Villaverde.

Over the next two years, until it debuts on the stock market, a priori, on the Alternative Investment Market (MAB), Healthcare Activos plans to invest almost €500 million in properties in Spain, primarily in nursing homes for the elderly.

The group’s first investment came in December 2016, when Guarner’s firm purchased four buildings that are today leased to the nursing home operator Amavir. Since the first acquisition to date, the group has invested €107 million in eleven assets, of which €62 million were disbursed in 2017 and the remaining €45 million have been spent since 1 January 2018.

The future Socimi also has €14 million committed for the creation of a portfolio of more than forty properties, in different degrees of progress, such as nursing homes, hospitals and clinics, be they fully operational, ready for renovation and launch, or as land development projects.

Guarnar has funds to invest up to €150 million per year until 2021 in the acquisition of assets and development of new nursing homes for the elderly across the country. The latest operation that the manager carried out was the purchase, a month ago, of a property in Vitoria from the specialist operator Abertia-Etxea, for which it paid €5 million.

In addition, in April, Healthcare Activos spent €40 million on three nursing homes in Gijón, Burgos and Valladolid. For that project, the company joined forces with La Saleta Care, owner of the buildings until then, which will continue to manage the properties for the next 25 years.

Guarnar, who was also the CEO of Sarquavitae for twelve years, the main Spanish company in the nursing home sector, has his company central headquarters in Barcelona, where last summer, he invested €15.5 million in the purchase of the Los Tilos nursing home (…).

Original story: Eje Prime (by Jabier Izquierdo)

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

Healthcare Activos Buys Nursing Home In Barcelona

2 August 2017 – Expansión 

Healthcare Activos is pushing ahead with the construction of a portfolio of buildings to be used as hospitals and nursing homes for the elderly. The investment vehicle led by Jorge Guarner (pictured above) – former CEO at SARquavitae– and Oaktree Capital has just acquired a nursing home in Barcelona for €16 million, which until now belonged to a Goldman Sachs fund.

It is the Los Tilos nursing home, located in the neighbourhood of Gracia, and it has a surface area of 16,000 m2 – 7,000 m2 allocated to parking – and 258 beds. The facilities, located in a very sought-after area, are managed by Grupo Bastón de Oro and residents pay between €2,200 and €2,500 per month to live there.


Healthcare Activos has financed 60% of the operation through a loan granted by CaixaBank. The nursing home formed part of a package of assets that Goldman Sachs purchased at the beginning of 2015, through B Capital Partners, from the Barcelona-based property developer La Llave de Oro, in a deal worth €90 million that included 18 buildings. The fund owned by Guarner and Oaktree has invested €62 million since December on the purchase of seven healthcare assets, containing 1,263 beds, across Spain.

Original story: Expansión (by S. Saborit)

Translation: Carmel Drake

ICG Buys Spanish Nursing Home Leader From PAI Partners

16 June 2017 – Expansión

Intermediate Capital Group (ICG) is holding exclusive negotiations with PAI Partners to purchase the majority of the capital in HomeVi, a company that owns more than 300 nursing homes in Spain and France.

The British investment fund ICG already holds a minority stake in HomeVi, in which the French businessman Yves Journel also owns shares. The operation, which would value the group at around €2,000 million, would see ICG buy the French private equity firm PAI Partners’ majority stake. Journel would continue as a minority shareholder.

HomeVi is the leader in the nursing home sector in Spain through Geriatros-SARquavitae, which groups together 135 centres with 20,000 beds. PAI Partners bought Geriatros from Magnum Capital through HomeVi in 2015 for around €300 million; and in February this year, it acquired SARquavitae, which was previously controlled by the British fund Palamon, for €440 million. In that transaction, Euro Lagune acquired the real estate assets of SARquavitae for €110 million.

For the overall valuation of HomeVi in the negotiations with ICG, the Spanish activity accounts for almost half of the total. In France, the group operates under the DomusVi brand, and it also has several centres in China.

Two months ago, PAI Partners engaged the investment bank Rothschild to advise it on the possible sale of HomeVi. After analysing its debut on the stock market, it seems to have opted for a rapid sale process in the end, given the interest from ICG.

This fund, with assets worth €23,800 million, has traditionally invested in debt to finance private equity firms. Now it is diversifying to buy companies directly. Last year, ICG invested around €200 million to take control of the La Rioja-based industrial company Garnica.

Original story: Expansión (by Roberto Casado)

Translation: Carmel Drake

Alternative Assets: Investors In Spain Get More Adventurous

16 March 2017 – Expansión

Over the last two and a half years, investors’ appetite for real estate assets and the lack of investment alternatives have resulted in a compression in yields in Spain. Parking lots, storerooms, gas stations, student halls and nursing homes/hospitals have sparked interest from investors specialising in alternative assets.

Although in some European countries, such as the UK, these business segments are already well established, the markets are not very mature in Spain. Nevertheless, they have potential for growth, according to the experts. “In Europe, total real estate investment volume amounted to around €254,000 million in 2016, of which 14% related to alternative assets. In Spain, that percentage was much lower”, explained Alberto Valls, Partner in Financial Advisory at Deloitte.

Nick Wride, Director of Alternative Investments at JLL, said that these sectors are consolidating in other countries, which means that the yields that investors can achieve in those countries are not as attractive anymore due to the (high level of) competition. “European markets such as Spain are becoming interesting again”, he said.

The Director of the Corporate Finance department at Aguirre Newman, Alfonso Aramendía Peralta, said that although it is a “relatively new” segment in Spain, it is sparking a lot of interest “given that it offers more attractive returns than those generated by more established products such as offices, residential assets and shopping centres, where there is more competition”. (…).

Valls highlights the advantages of these assets, which include, the high management component, as this leads to higher returns, albeit with higher risk, and the fact that these assets are less exposed to economic cycles than traditional properties. (…).

Sources at Knight Frank explain that these kinds of assets are known for their long-term lease contracts, which tend to last more than 10 years; moreover, they offer returns of around 6% or more in some cases. (…).

Fragmented market

The alternative real estate investment market includes assets ranging from parking lots to storerooms – a very fragmented segment – to health centres, nursing homes and student halls of residence, with a very significant management component. In this sense, Aramendía points out that they are assets that suffer more wear and tear, due to their intensive use and therefore, they require tenants that are able to commit CapEx to maintain them in good condition.

Whilst the volume of transactions involving alternative assets has been relatively low in recently years, if we consider the corporate operations undertaken by industrial groups that have a strong real estate component such as Quirón, Parkia, Vitalia and SARquavitae, then we see that 2016 was, in fact, a record year.


Experts think that the likely consolidation of these industrial groups will allow investors demanding higher volumes to enter Spain and may even lead to a boom in specialist Socimis, like has happened in other countries.

Moreover, according to the consultancy firms, one of the ways of financing the growth of these groups now involves the sale of properties to a fund specialisation in the real estate sector. (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Eurosic Buys 16 Nursing Homes From SARquavitae For €116M

13 February 2017 – Expansión

The French Socimi Eurosic has reached an agreement with SARquavitae, one of the leading providers of care for the elderly in Spain, to transfer 16 establishments through a sale & leaseback operation, whereby the nursing home company will continue to operate the properties under a lease contract.

Eurosic has spent €116 million on the 16 nursing homes. The purchase has been made through Eurosic Lagune, the investment vehicle that the Group launched at the end of 2015 and through which it makes its purchases of assets linked to the health and leisure sectors.

The nursing homes that Eurosic has acquired contain 2,300 beds and more than 300 day places. They have rental contracts with an average maturity period of 25 years and an annual rental income of around €7 million.


This is the first investment that Eurosic Lagune has made in Spain. The firm held assets worth €1,000 million at the end of 2016.

Nevertheless, the Group has been investing in Spain for a year and a half, through the Socimi Eurosic Investment Spain.

In December 2015, Eurosic completed its first operation with the purchase of: a hotel in Fuengirola (Málaga); an estate covering more than 12,600 m2 in l’Estartit (Gerona); and another building, which needs to be renovated, located on Calle Bailén in Madrid. Since then, it has closed several other acquisitions, including two hotels in Sóller (Mallorca) and another building located on Calle Atocha in Madrid.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Former SARquavitae Director Creates Fund With Oaktree

1 December 2016 – Expansión

The former CEO of SARquavitae, Jorge Guarner, has joined forces with Oaktree Capital to launch a new fund, Healthcare Activos, an investment vehicle specialising in real estate assets in the healthcare sector. The fund has a minimum size of €100 million, according to sources in the sector.

Healthcare Activos, which is headquartered in Barcelona, places its focus on acquiring real estate assets such as hospitals, clinics and other medical centres, both in Spain and overseas. The vehicle has not made any purchases to date.

The project is led by Guarner, who served as the CEO and Director General of the nursing home and services group between 2003 and 2015.

Guarner is an expert in the field of healthcare. He is currently a Director of the group Confide Correduría and a partner at the international consultancy firm Sphera Global Healthcare. At a more institutional level, he is a member of the Board of Directors of the Spanish Association of Directors and a member of the advisory board for Esade’s Health and Pharmacy Club. Meanwhile, Oaktree is a fund that has starred in several major operations in Spain, such as the sale of Panrico to Bimbo.

The Board of Directors of Healthcase Activos includes Guarner as the Chairman; Karim Khairallah as the Director General of the investor group; and Carlos Gila as the expert in business restructurings. Sergio Sánchez Solé, a lawyer from Garrigues, has been appointed as the Secretary to the Board.

Original story: Expansión (by G. Trindade)

Translation: Carmel Drake