Threestones Capital has signed a deal to acquire a nursing home site in Cambrils, Catalonia, Spain. The facility is operated by MutuaTerrassa, a leading healthcare operator in Spain. The purchase price was not disclosed. Occupying a complex of buildings covering over 3,400m², with an adjoining park and gardens of 43,000m², the nursing home is one of the region’s most popular facilities with space for 119 permanent residents (together with a day centre for an additional 40 people). Located just 20 kilometres 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 €600m. Launched in 2016, the fund is Threestones Capital’s fourth private equity real estate fund and its third fund focused on senior residential care.
Giovanni Perin, Partner, Threestones Capital, commented: “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. 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.”
