Threestones Capital, a Luxembourg-based investment manager, has signed a deal to acquire a nursing home site in Cambrils, Catalonia, Spain.
The deal will see Threestones Capital acquire the property from a private individual while simultaneously agreeing to a rent agreement with MutuaTerrassa, a leading healthcare operator in Spain, which will operate the facility.
Occupying a complex of buildings covering more than 3,400 square meters (37,000 square feet), with an adjoining park and gardens of 43,000 square meters (463,000 square feet), the nursing home is one of the region’s most popular facilities with space for 119 permanent residents (together with a day center for an additional 40 people). Located just 20 kilometers (12 miles) south of Tarragona on the Mediterranean coast, it boasts 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 million ($683 million). Launched in 2016, the fund is Threestones Capital’s fourth private equity real estate fund and its third fund focused on senior residential care.
“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. There is an urgent need to create a care infrastructure of an appropriate quality and adequate volume to meet future requirements. We and the investors in our funds are focused on helping to deliver against this objective, though it clearly requires both private and public investment.”
All parties involved have agreed not to disclose the financial details of the deal.
