Almagro Capital, the first REIT dedicated to senior housing, enters MAB

Almagro Capital, the first REIT dedicated to senior housing, enters MAB


The new REIT managed by Spanish Orfila Management, estimates reaching 100 million euro in the mid term.

The expansion plan is focused on acquiring buildings in the main Spanish provincial capitals. Currently Almagro Capital has 14 assets located in Madrid, in the Chamartín, Goya, Chamberí, Princesa, Chopera, Lavapiés, Recoletos, Palacio, Salamanca, Viso, Chueca and Retiro areas. Approximately,  80% of its portfolio will be invested in prime areas. «This way, we will manage a conservative diversification, with 80% of its funds invested in assets with stable prices and stable risk.

With the remaining 20%, we get the flexibility to not miss opportunities to create value», explains Luis de Ulíbarri, lawyer and developer at Almagro Capital, together with two other entrepreneurs, Francisco López and Felipe de los Ríos. The company already has 72 investors.

«Our investment proposal is framed by the social need to propose solutions for the population’s aging and offers senior citizens an immediate alternative to the insuficient pensions they receive», explains de Ulíbarri. «The goal is to acquire dwellings from senior citizens who are looking for a way of monetizing their housing savings», he adds. «We intend to democratize real estate investment through a more flexible and efficient alternative to the reverse mortgage offered by the banks, or the sale of owned property offered by private investors».

Renta 4 acted as registered broker for the launch at MAB, while Gesvalt acted as evaluator and PwC as auditor and responsible for due diligence.

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