Spanish senior living focused SOCIMI (Spanish REIT) Adriano Care has committed more than €45 million on six senior living assets in the first five months of the year.
Adriano Care, which is managed by Azora, bought five operational senior homes in four cities – Valencia (122 beds); León, two homes (140 beds in total); and Lugo (191 beds) where it is planning additional capital expenditure. It has also recently opened a home in Terrassa (72 beds). Land has also been acquired north of Madrid for the development of a 115-bed home.
Adriano Care now has a portfolio of 14 assets and close to 1,800 beds. The company’s strategy is intended to provide geographical balance and operator diversification.
The company still retains more than €100 million with which to continue its expansion.
Measured against the World Health Organisation’s objectives, Spain currently has a deficit of more than 70,000 beds in senior homes and the deficit is expected to continue to grow by 11,000 places per year.
Adriano Care was launched in 2019 with an investment objective of €265 million and through a collaboration of Azora with Indosuez Wealth Management Spain and Banca March.