Cofinimmo invests €9M in a turnkey project for the elderly

Cofinimmo invests €9M in a turnkey project for the elderly

Cofinimmo will build a new nursing home in Jaén (Andalusia) for around nine million euros, as reported by the Belgian company specializing in the purchase, promotion and management of rental properties.

The future nursing home, which has been pre-rented from the operator Amavir for a period of 25 years, will have an area of 6,700 sqm and capacity for 160 people.

Works are expected to begin in the first quarter of next year, within the framework of a turnkey project, and to be completed in early 2024.

Jean-Pierre Hanin, CEO of Cofinimmo, said that, “thanks to this new project, the company continues to actively participate in the expansion and renovation of its portfolio of properties in the European healthcare real estate sector”. “This new purchase completes our portfolio of three nursing homes announced last September. In addition, it allows us to strengthen our collaboration with the Amavir group ", he added.

Alliance with Amavir

About two months ago, Cofinimmo announced the purchase of three nursing homes in Spain for 34 million euros.

Two of these properties, still under development, are located in Vallecas and Vicálvaro, in Madrid. Their works are expected to be completed in early 2022 and 2023, respectively. Specifically, the Vallecas building will have 5,900 sqm and 138 parking spaces, while the Vicálvaro building will have 5,500 sqm and 132 beds.

The third nursing home is located in Sarriguren, in Navarra. It has 8,500 sqm of surface and has 167 parking spaces.

The three residences will be rented to Amavir for 25 years.

The operator Amavir, which was born in 2017 from the merger of Amma and Adavir, two companies with more than two decades of experience in the geriatric care sector, is part of Maison de Famille, a group created in 2003 with 163 residences for the elderly in Spain, France, Italy and Germany with about 18,000 places. Specifically, the group manages 42 nursing homes in different autonomous communities of our country, which offer a total capacity of 8,000 places, both residential and care.

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