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This operation was carried out through the investment vehicle created by both companies in 2016: Healthcare Activos Investment, which already has 17 assets in its portfolio and, amongst operational and under development unities, the total offer is 2.100 beds.
This newly acquired senior residence is active and currently operates 43 rooms (single and double) and several common and outdoor areas. The asset is located at number 60 Carrer Enric Farreny and also includes a Day Care Centre with 10 rooms.
In order to expand the facilities, the two companies also acquired the terrains adjacent to the senior residence, where a new building will be developed. The intervention does not stop here, since it will also include a full refurbishment of the existing building, expanding the senior residence’s total area to 4.800 sqm and increasing its offer to 130 beds, it can be read in a release.
It is also known that the two companies reached an agreement with French operator Emera to manage the senior residence on the long-term. This unit should thus be integrated into Spanish chain Emera which already operates 12 residences and it will be called «Emera Lleida – Castrillón», assumed the operator in a release.
«We are very happy with the acquisition of an asset which, after the construction of a new building and the refurbishment of the old one will become a reference for the city of Lerida, managed on the long-term by a leading European operator, with proven management capabilities, always offering the best support to the residents, which must always remain the main goal of all those working in the Healthcare sector in Spain», explained Jorge Guarner, founder and president of Healthcare Activos.
Javier Romero, Emera España’s CEO, added that «it is a great satisfaction to continue our growth side by side with Healthcare Activos. The incorporation of this new residence reinforces, without a doubt, our bet on growing with projects with which to offer the high-quality, differentiated service which is identified with Emera».
This acquisition represents one more step within Spanish Healthcare Activos and American Oaktree’s vehicle’s long-term investment strategy, which includes acquiring growing operational assets or assets in need of either refurbishment or development.
Following this same strategy, Healthcare Activos acquired a working senior residence, operated by Emera and located in Palma de Mallorca, which will also be fully refurbished, at the end of October. The company also plans to acquire a unit located in Albacete.
For Albert Fernández, Healthcare Activos’ CEO, «this acquisition continues our strategy of creating value on the long-term for the operators, supporting them in their expansion, and offering them selected assets located in high-quality locations and designing projects which prioritise the segment’s and the operator’s care quality needs. This allows us to ensure guaranteed long-term rents with prime operators, generating attractive returns on the long-term with very limited risk for our investors».