Azora has entered the French market with the acquisition of Emeis Group’s senior independent living business, a portfolio which comprises 17 properties and 1,850 apartments located in major cities including Paris, Marseille, Bordeaux, Amiens and Reims.
“The acquisition of this portfolio represents another important milestone in Azora’s international expansion, extending its activities to one of the most significant markets in Europe”, said Carlos Fernández de Araoz, Partner at Azora and head of the transaction.
The acquisition, which adds to the Spanish group’s existing senior independent living portfolio, was made by a joint venture between Azora Capital and Twentytwo Real Estate Fund III and the portfolio will be managed by Jardins D’Arcadie, a leading operator with 120 properties and 11,000 senior living apartments under management.
The residences are designed to meet the needs of older adults who are able to live independently but seek a safe and community-oriented environment. They offer a wide range of services aimed at the well-being of residents, including landscaped gardens, a restaurant, a café, TV and meeting lounges, as well as physiotherapy and spa facilities.
The acquired portfolio is one of the highest quality in the independent living segment in France, with assets strategically located in major cities. France has been a pioneer in senior independent living, a segment which began developing 25 years ago and which today has 1,100 establishments and 95,000 homes.
“This investment reinforces our commitment to meeting the growing social infrastructure needs – in this case, within the senior living segment driven by Europe’s aging population – through the development of high-quality real estate”, said Javier Rodríguez-Heredia, managing partner, Azora. “At the same time, it opens up new investment opportunities in France, a country which, with 69 million inhabitants, is the third largest market in Europe by GDP and also the third largest for institutional real estate investment.”
The transaction brings Azora’s senior living assets under management to €800 million, with 53 assets and a total of 5,000 beds and 3,000 independent living apartments, making it the leader in the Spanish senior real estate investment market, both in the nursing home segment and in the independent living segment.
Azora is also delivering on its international expansion strategy, adding a presence in France to its geographical footprint which already spans 12 countries. In addition to Spain, the firm has a significant presence in key markets such as the United States, Italy, Germany, Ireland, Greece, and Portugal.
Author: Nicol Dynes, Real Asset Insight