Brussels-listed Cofinimmo is to develop a new care and nursing facility in the Valencia region of Spain. The company has acquired a development site in Castellón de la Plana, where it is planning a home with 136 beds.
The development cost of the 5,600 sq m building is expected to be about €11 million, including the cost of the site.
Cofinimmo has pre-let the facility to Solimar, part of the French Vivalto Group. Solimar has taken a 25-year, triple net lease of the Castellón de la Plana facility.
Sustainable materials with a long lifecycle and high thermal performance will be used. Cofinimmo is aiming for an A-level energy performance and BREEAM Excellent certification.
Works are expected to start in March 2022 and handover is scheduled for April 2024.
Vivalto Vie acquired Solimar in February 2020. Solimar, which was founded in 2006 in the Valencia region, owns and manages seven nursing and care homes with approximately 1,000 beds.
Cofinimmo and Vivalto Group have been partners in Belgium since 2017, where Vivalto Group manages more than 30 healthcare sites, including Cofinimmo’s healthcare portfolio.
“With the construction of this new nursing and care home in Castellón de la Plana, we reiterate our commitment to actively participate in the expansion and renewal of the healthcare property portfolio in Europe in general, and in Spain in particular,” said Jean-Pierre Hanin, CEO of Cofinimmo.