Romano Senior, the new socimi recently set up by Azora in collaboration with Banca March and Indosuez Wealth Management, has acquired 11 care homes, in a sale and leaseback agreement, from the DomusVi Group.
The portfolio of assets acquired by Romano Senior consists of 11 homes for the elderly with a total of 1,400 beds located mainly in urban areas with a high population density and a great need for quality care homes. Four of the care homes are newly built in Seville, Gerona, Murcia and Vitoria, and the rest in Bilbao (Ribera, Miraflores, Arbidea and Aperribai), Galicia (Narón and Vigo) and Madrid.
The assets will continue to be operated by DomusV under a long-term lease agreement. The agreement includes a commitment to invest in its adaptation to the latest standards in the sector, sustainability criteria and a major upgrade of the Ribera care home in Bilbao to position it as one of the best residences in the city.
Javier Picon, partner at Azora, comments: "With Romano Senior we continue with our commitment to contribute to responding to the growing deficit of quality assets for the elderly in the face of the ageing population trend. This strategic commitment has resulted in an investment, between the different companies managed by Azora, of close to €500m in assets in the senior category, making us one of the main players in the market.”
The transaction was advised by Savills and Bird & Bird for DomusVi and Perez Llorca and Almar consulting for Romano Senior.
Image provided by FTI Consulting.
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