Abu Dhabi and CBRE IM to buy Socimi Healthcare for 1 billion euros

Abu Dhabi and CBRE IM to buy Socimi Healthcare for 1 billion euros

The Abu Dhabi sovereign fund and international investors managed by CBRE Investment Management (IM) finalize the purchase of Healthcare Activos, the Socimi specialized in the elderly sector, from the Spanish firm Altamar Capital Partners and the American Oaktree Capital Management, according to elEconomista.

The operation has an estimated market value of over 1,000 million euros, capital (capex) and debt included. The change in the investor base of the Spanish company, which has declined to comment, will allow it to double its investments in the coming years, according to the sources consulted.

The signing of the transaction is expected in the next few days, although the closing will have to wait for the pertinent authorizations. The new investors land in the capital of Healthcare Activos with the aim of deepening the growth experienced since its creation in 2016.

The firm has a portfolio under analysis with more than 40 properties, either in full operation, for their rehabilitation and start-up, or as a land development project.

Not surprisingly, Healthcare Activos has not stopped its growth in the context of the pandemic and this year it has closed several important operations. Among them, the acquisition of five residences from Mapfre stands out, through the purchase of the Maquavit company, for 50 million euros. The entry into the capital of the sovereign fund of Abu Dhabi, the emirate that has various investments in Spain through vehicles such as Mubadala and ADIA, and of the American manager, through its subsidiary CBRE IM Netherlands, will allow the firm, in the same way, repaying outgoing investors and, with it, refinancing the debt.

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