Foncière Siscare Acquires Three Senior Citizens’ Residences for €40 Million

28 October 2019 The French firm Foncière Siscare has acquired three senior citizens’ residences, two in Spain and one in Italy, for a total of 40 million euros.

The acquisition follows the firm’s strategy of consolidating its position in the Spanish healthcare market. Foncière Siscare acquires assets in conjunction with outside investors, concentrating on operations, while the real estate partner invests in the long-term repositioning of the asset.

Original Story: Eje Prime

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


Belgium’s Cofinimmo to Invest in Geriatric Residences in Spain

10 September 2019

Cofinimmo, a Belgian socimi specialised in developing and managing rental properties, is now investing in the healthcare market. The company has begun construction on its first residence for senior citizens in Spain, in Vigo. Cofinimmo will also invest in a second such residence in the province of A Coruña.

Cofinimmo’s subsidiary Gloria Health Care Properties is building the residence in Vigo, with a planned investment of eight million euros. The 8-floor building will have a total of 140 beds and is expected to be ready by November 2020. Clece Vitam, geriatric facility management group responsible for 145 residences and 92 daycare centres throughout Spain, will manage the facility.

Original Story: Planta Doce – A. Escobar

Adaptation/Translation: Richard D. K. Turner

Analysts See Potential Goldmine in Residences for Senior Citizens

4 September 2019

The world is ageing at a rapid pace as life expectancy increases, and birth rates decline. According to data from the WHO, the world’s population of people over 60 years of age will nearly double between 2015 and 2020. That fact, which may lead to a demographic crisis in large parts of the world, can be a boon to nice real estate operators.

Demand for beds in residences for senior citizens is growing inexorably, while supply remains tight. The WHO believes that the optimal number of beds in geriatric residences should account for  5% of the total population of senior citizens. Neither Europe as a whole nor Spain are anywhere near that figure.

Market analysts forecast that the principal actors in the sector could see their net earnings increase by 20% on average by 2020, compared to this year. In the year to date, European and American companies in the sector have seen their shares appreciate by 13%.

Original Story: – Letizia Aragüés Cortés

Photo: Getty

Adaptation/Translation: Richard D. K. Turner

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

DomusVi Acquires 100% of Residencias Nostem from Talde and Cycasa

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

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

Century 21: Buyers Aged 60+ Purchase 3 Out Of 4 Homes In Spain

27 September 2017 – Eje Prime

Senior citizens are responsible for reactivating the real estate sector in Spain. People aged over sixty years are accounting for three out of every four sale-and-purchase transaction in Spain. Madrid and Barcelona are the cities where they are undertaking the most operations, according to a study by the real estate company Century 21.

The main reason behind the real estate activity of this cohort is the departure of children from the family home, which is causing them to look for smaller properties, close to hospitals and retail areas. Specifically, the homes put up for sale by senior owners have an average surface area of 100 m2, with three or four bedrooms, and they are located in urban nuclei such as Madrid and Barcelona. Their average sales price exceeds €225,000.

According to this study, the cohort of people aged over sixty years is leading the sale and purchase of homes. Specifically, 75% of transactions are undertaken by married couples aged between 60 and 70 years old (…).

In terms of the type of transactions being undertaken by the older cohort, nine out of ten operations involve the sale of properties, with the main reason cited being the large size of their properties after their children leave home.

In the majority of cases, the sale of family homes implies the purchase of another property. Older buyers are primarily interested in acquiring homes with a surface area of 70 m2, with one or two bedrooms, which are located close to their families. The average purchase price ranges between €100,000 and €250,000.

Original story: Eje Prime

Translation: Carmel Drake