Adriano Care buys a senior residence in Benidorm for €29M

Adriano Care buys a senior residence in Benidorm for €29M

Adriano Care, the socimi specialized in investing in assets for the elderly and managed by Azora, has informed BME Growth of the acquisition of a complex for the elderly in Benidorm for a value of close to 29 million euros, its fifth purchase this year . With this new purchase, the company has committed nearly 70 million euros in the acquisition of these five assets in 2022 and thus exceeds the 200 million valuation of the assets in its portfolio, including the investment committed in the developments.

The residential complex for the elderly in Benidorm is a strategic enclave in terms of location and climate that attracts residents of a wide range of nationalities. It has 176 houses and 18 additional houses in project. The current manager will continue to manage the complex, guaranteeing a minimum net operating income.

Acquisitions in 2022

The rest of the assets acquired in 2022 include 3 residences with long-term leases with different specialized international operators and another housing complex for the elderly. Of the 3 residences, 2 are operational assets in Madrid with 147 beds in total and a new turnkey construction project in Vigo with 150 beds. On the other hand, the other residential complex for the elderly acquired by Adriano Care, in addition to the one in Benidorm, is located in the urban center of La Coruña.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!