Threestones Capital, the Luxembourg-based investment manager, has acquired a nursing home site in Catalonia, Spain from a private individual for an undisclosed sum.
Representing the investment manager's debut Spanish deal, the asset in Cambrils will be leased to MutuaTerrassa, a healthcare operator, which will operate the facility.
'This acquisition underlines our commitment to growing a strong presence in Spain where we perceive considerable opportunities to create value and deliver robust returns for our investors,' said Giovanni Perin, partner, Threestones Capital.
'While continuing to invest in our core markets such as Germany, Threestones will leverage its decade of experience to respond to the ongoing acceleration of ageing populations across Europe and other parts of the world,' Perin added.
The nursing home comprises a complex of buildings covering over 3,400 m2, with an adjoining park and gardens of 43,000 m2. It has space for 119 permanent residents, together with a day centre for an additional 40 people. Located 20 kilometres south of Tarragona on the Mediterranean coast, it includes a swimming pool, gym and state-of-the-art recreation provision.
The acquisition was made by Threestones Capital’s TSC Eurocare Real Estate Fund, which targets senior housing properties in Europe and has a target volume of € 600 mln. Launched in 2016, the fund is Threestones Capital’s fourth private equity real estate fund and its third fund focused on senior residential care.