Azora's new REIT inks €76m nursing home portfolio deal

Spanish group Azora said that its nursing home REIT Adriano Care has agreed to acquire a portfolio of six existing nursing homes and a development project for a price of €76 mln.

The portfolio of existing assets with 750 beds consists of the Residencia Olimpia and Kirikiño in Bilbao, Barrika Barri (Barrika) and Otxartaga (Ortuella), Residencia Matogrande in A Coruña, and Residencia Baño Salud in Palencia. The project has the potential to deliver an additional 350 beds in Madrid.

Adriano Care, launched in June 2019, is targeting €250 mln of investment in the nursing home sector, with equity provided by investors Indosuez Wealth Management España, Banca March and Azora.

'In line with Azora's ability to detect new opportunities that generate value for our shareholders, we have positioned ourselves in geographical areas with high demand and quality such as Madrid, La Coruña and the Basque Country,' says Concha Osácar, founding partner of Azora.

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