Azora, together with the Twentytwo Real Estate Fund III, has acquired from the Emeis Group (formerly the Orpea Group) its Senior Independent Living business in France, adding to its portfolio 17 properties comprising a total of 1,850 apartments. These complexes are designed to meet the needs of older adults who are able to live independently but seek a safe and social environment. They offer a wide range of services focused on residents’ well-being, including landscaped gardens, a restaurant, café, TV and meeting lounges, as well as physiotherapy and spa facilities.
The acquired portfolio represents the highest-quality collection of assets in the Independent Living segment in France, with properties strategically located in the country’s main cities.
Following this transaction, Azora now manages €800 million in senior living assets across 53 properties, including a total of 5,000 nursing home beds and 3,000 senior Independent Living apartments. This positions the company as the leader in the Spanish senior real estate investment market, both in the nursing home and Independent Living segments.
With the completion of this acquisition in France, Azora expands its international footprint and adds a new geography to its solid investment and management track record, which already spans 12 countries. In addition to Spain, the firm has a strong presence in key markets such as the United States, Italy, Germany, Ireland, Greece, and Portugal.
France has been a pioneer in various real estate asset classes, particularly in senior independent living—a segment it began developing 25 years ago and which now includes 1,100 establishments and 95,000 housing units.
According to Javier Rodríguez-Heredia, Managing Partner at Azora: “This investment strengthens our commitment to addressing the growing need for social infrastructure, in this case within the senior living segment associated with Europe’s aging population, through the development of a high-quality real estate offering. At the same time, it opens up new investment opportunities in France, a country that, with 69 million inhabitants, is the third-largest market in Europe in terms of GDP and institutional real estate investment.”
Carlos Fernández de Araoz, Partner at Azora and head of the transaction, commented: “The acquisition of this portfolio marks another major milestone in Azora’s internationalization, extending our activities to one of the most important markets in Europe.”
The transaction, financed by Société Générale, involved several advisors: Orrick Herrington & Sutcliffe, CMS, and Thibiere for Azora and Twentytwo Real Estate; A&O Shearman for Société Générale; Franklin for Jardins d’Arcadie (Acapade); and Gide, Oudot, CBRE, and Crédit Agricole for the Emeis Group.
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