Care Property Invest has acquired a residential care centre with a group of assisted living apartments located in Carabanchel, Madrid. This project is its second acquisition in a short time on the Spanish market and will offer a total capacity of 179 residential places in the residential care centre and 11 assisted living apartments. Care Property Invest will acquire the real estate to be developed through its Spanish subsidiary.
Construction work is expected to start during the 3rd quarter of 2020. Provisional delivery of 'Emera Carabanchel' is scheduled for the 2nd quarter of 2022. This project will be operated by a subsidiary of Groupe Emera on the basis of the new long-term rental agreement of the ‘triple net’ type with a minimum duration of 15 years (renewable), which will be indexed annually. The total investment value for this project is estimated to be approximately €14.6m.
Peter Van Heukelom, CEO of Care Property Invest, commented: 'With the acquisition of our second project in the periphery of Madrid, we are proud to further anchor ourselves in our new target market Spain. 'Emera Carabanchel', like the previous acquisition 'Emera Mostoles', is a new construction project situated at a prime location. We are also excited to strengthen our partnership with healthcare operator Groupe Emera and to be a strategic partner for them in the development of our healthcare portfolios. As already mentioned, our ambition is to expand these within the foreseeable future in order to further strengthen our position as a European listed healthcare property player.'