New Spanish REIT to invest €250m in senior homes
Azora Group, an independent asset manager in Spain, with more than €5.3 billion ($6 billion) of assets under management, together with Indosuez Wealth Management Spain and Banca March, has launched a new REIT with €120 million ($135 million) of equity, Adriano Care, to invest €250 million ($281 million) in the senior living market.
The funds come from private banking clients of Indosuez Wealth Management Spain and Banca March, who also co-invests along with Azora in the venture.
The main strategy is the acquisition of senior homes, which will be operated by tier one operators under long-term triple-net contracts.
Following Azora’s DNA, Adriano Care will focus on acquiring senior homes that have potential to improve through repositioning and refurbishment, being able to offer a better product for its clients.
The company will operate under the SOCIMI regime (Spanish REIT) and will trade in the Spanish alternative stock exchange.