Care Property Invest has acquired Forum Mare Nostrum for c. €35m in what is considered to be one of Spain’s first major investments in senior living on the Spanish Mediterranean coast. Forum Mare Nostrum is an established and successful retirement village for seniors, well-known in the region of Valencia and particularly to the international community living in this area of Alicante and the town of Alfaz de Pi. The residential complex has been in operation for more than 20 years and has 229 apartments with garages and storage rooms, gardens, swimming pools, other leisure activities and a central Club House with reception. This includes a spa, gym, indoor heated pool, two restaurants, bar, theatre, library, art studio, event venue, as well as an area dedicated to the health, beauty and wellness of its mainly northern European residents. Forum Mare Nostrum is owned by Grupo Goya and managed by Goya Real Estate.
Rupert Lea, International Partner at Cushman & Wakefield commented that the Mediterranean coast in Spain is already the Florida of Europe for the retired community and the demand for good quality retirement villages is very strong. The key is the operator and the ability to produce investment-grade product – either on long term leases or enabling investors to buy into the operating net income.
Nuria Bejar, national director of healthcare at Savills Aguirre Newman commented that senior living in the form of retirement villages has huge potential in the medium to long-term in Spain – creating new residential formats for active elderly people, with good design and appropriate services focused on the physical and mental wellbeing of its clients.
For the operator of Forum Mare Nostrum, the sale is part of a bigger strategy to use the capital to invest in the extension of the existing property and to build a platform of similar assisted co-living complexes along the Mediterranean coast. A representative on behalf of the vendor commented: “We are very pleased to have teamed up with CPI on this transaction and look forward to a long-term relationship with our investor partner. This sector is very much in its early stages in Spain despite the significant growing international client demand for assisted living for active seniors along the coast”.
