The King Street fund has signed a strategic alliance with Apanemi, a firm of Juan Velayos and Marcus Donaldson, to promote up to seven nursing homes in Spain, according to El Confidencial.
The first project will be a complex in La Moraleja, Madrid. To do this, the fund bought a 10,000-square-meter plot of land from Levitt real estate. The global investment management company will allocate 20 million euros, between the purchase of the site and the construction works. It is estimated that the senior residence becomes operational in 2023.
The residence will have 80 apartments of 50 to 100 square meters, with one or two bedrooms. The project intends to serve a luxury community with services such as a swimming pool, gym, green areas, an outpatient clinic and a restaurant.
The plans agreed between King Street and Juan Velayos include the promotion of between five and seven projects, in various cities: Madrid, Barcelona and Malaga. These assets will welcome people over 70 years of age with a high income level.