Renta Corporación has once again teamed up with the Dutch pension fund APG to enter a new market. The real estate company chaired by Luis Hernández de Cabanyes has launched the Socimi Wellder, specialising in residences for the elderly and with an investment capacity of 250 million euros in the first phase.
Wellder aims to create a portfolio of high quality real estate and care assets. In this regard, the company will give special consideration to properties that meet ESG criteria. The Socimi plans to make acquisitions of existing residential properties, both grade A and in need of investment for repositioning, and also plans to acquire plots of land for new real estate developments.
Specifically, it will invest in assets located in towns with more than 100,000 inhabitants, with a preference for provincial capitals, in areas of between 4,000 and 7,500 square metres with a range of between 80 and 140 beds per centre. Renta has no alliances with any operator and plans to work with several companies at the same time.
To set up the vehicle, Renta is repeating the same formula it put into practice with APG five years ago to launch Vivenio, which focuses on build-to-rent and already has a portfolio of more than 6,000 homes. The Catalan firm assumes a 3% stake in the vehicle and its management, while APG takes a 97% stake. Like all Socimi, Wellder has two years to go public, although no preference has been specified.