Adriano Care buys two assets and closes on €265m target

Spanish senior home REIT Adriano Care, which is managed by Azora, is investing €35 million in two new nursing home assets in Santander and Sant Cugat.

The Santander asset, located in the central district of Puerto Chico, has 118 beds and is leased to Orpea. The home in Sant Cugat, which has 180 beds, is leased to Amavir. Both have mandatory long-term rental contracts.

Including these acquisitions Adriano, a Spanish socimi listed on the BME Growth, has invested more than €100 million in 2022. Its portfolio is now worth over €235 million including committed investment in developments, and comprises 22 assets with 2,875 beds. About 82% of the portfolio comprises traditional nursing homes and 18% is in the emerging senior living segment.

Adriano’s target is to invest €265 million.

Operators who have leased the assets include Colisee, DomusVi, Amavir, Orpea, Vivalto and Clece.

“Adriano Care remains committed to addressing the growing need for housing solutions associated with an ageing population, adapted to the needs of our seniors and to new real estate trends,” said Concha Osácar, founding partner of Azora.

“With these two new acquisitions, the socimi is making progress in consolidating its portfolio with the aim of completing its investment commitment in the coming months, in line with its objectives.”

Author: Paul Strohm

Source: Real Asset Insight