Romano Senior, the new socimi recently set up by Azora in collaboration with Banca March and Indosuez Wealth Management, has acquired 11 care homes, in Sale & Leaseback agreement, from the DomusVi group, the largest operator of care homes in the country.
The portfolio of assets acquired by Romano Senior consists of 11 homes for the elderly with a total of 1,400 beds located mainly in urban areas with a high population density and a great need for quality care homes. Four of the care homes are newly built in Seville, Gerona, Murcia and Vitoria, and the rest in Bilbao (Ribera, Miraflores, Arbidea and Aperribai), Galicia (Narón and Vigo) and Madrid.
The assets will continue to be operated by DomusVi, the leading operator in the Spanish market, under a long-term lease agreement. The agreement includes a commitment to invest in its adaptation to the latest standards in the sector, sustainability criteria and a major upgrade of the Ribera care home in Bilbao to position it as one of the best residences in the city.
With this transaction, Romano Senior, with a portfolio of 16 assets and 96.000 square metres, is one of the leading investors in real estate assets for the elderly, characterised by quality locations in urban areas, a high percentage of newly constructed buildings and long-term rental contracts with market-leading operators such as DomusVi, Colisee, Amavir and Emeis.
Javier Picón, partner at Azora, comments: "With Romano Senior we continue with our commitment to contribute to responding to the growing deficit of quality assets for the elderly in the face of the ageing population trend. This strategic commitment has resulted in an investment, between the different companies managed by Azora, of close to 500 million euros in assets in the senior category, making us one of the main players in the market".
The transaction was advised by Savills and Bird & Bird for DomusVi and Perez Llorca and Almar consulting for Romano Senior.
About Azora
Azora Group (hereinafter “Azora”) is a leading independent asset manager based in Spain, which has invested over €4bn of equity since its inception in 2003 and which currently manages c.€9.7bn of AuM (as of March-2024).
Its platform, one of the most important in Spain, has more than 200 professionals with great expertise through the whole real estate cycle, including deal sourcing, structuring and investment, new developments and repositioning, asset management and rental and sale of individual assets or portfolios.
Azora has traditionally focused on residential, hotels, offices and renewable energy, and is currently developing new investment themes in logistics, senior homes and alternative real estate debt. Azora currently manages one of the largest portfolios of residential units for rent, with more than 14,000 homes, and created the largest hotel portfolio in Spain under variable rent agreements with hotel operators with more than 13,000 keys, which was acquired by Blackstone in July 2018. In addition to Spain, it currently manages investments in Belgium, Portugal, Italy, Germany, the United Kingdom and Switzerland, among other countries, and has entered the US market.
About Romano Senior
Romano Senior, created in 2024 in collaboration with Indosuez Wealth Management España and Banca March with an investment target of approximately EUR 200 million, is a Spanish company whose main objective is to create a real estate portfolio of assets related to the elderly sector, with the aim of investing in the improvement and transformation of the industry in order to offer a better quality of service to our seniors.
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